Core Viewpoint - The article highlights the performance and strategies of the Guangfa Pure Bond Fund, managed by Song Qianqian, emphasizing its focus on high-grade credit bonds and flexible trading strategies to enhance returns while maintaining a robust risk management framework [2][3][14]. Fund Overview - Fund Type: Credit Bond - Fund Size: 28.392 billion yuan as of June 30, 2025 [2]. - Fund Manager: Song Qianqian, who has 14 years of experience in bond trading and 9 years in investment management [3]. Investment Strategy - The fund primarily invests in high-grade credit bonds, utilizing flexible credit spread and interest rate spread trading strategies to enhance returns [2][7]. - The portfolio maintains a duration of 3 years or less, focusing on stable coupon income [7]. - Credit trading positions typically range from 10% to 30%, while interest rate trading positions are between 0% and 20% [7]. Performance Metrics - As of July 31, 2025, the fund achieved an annualized return of 4.16%, ranking in the 5th percentile among credit bond funds [2][14]. - The fund's volatility, measured by standard deviation, is higher than the peer average, but its risk-adjusted returns, measured by Sharpe ratio, are significantly better than the average [14]. Fee Structure - The fund's annual comprehensive fee rate is 0.66%, lower than the peer average of 0.93% [18]. Team and Research Support - The fixed income research team consists of nearly 20 members, focusing on macro strategy, credit rating, and equity research [4]. - The fund benefits from a large bond trading team, ensuring efficient execution of trades [14]. Risk Management - The fund manager sets a drawdown control target of within 2%, successfully maintaining this target during the management period [14]. - The fund's strategy has historically outperformed in volatile credit spread and interest rate environments, although it may lag in stable conditions [14].

Group 1 - The core viewpoint of the article highlights the continued growth of public FOF (Fund of Funds) in the second quarter of 2025, following a recovery in the first quarter, with a total scale of approximately 165.7 billion yuan, reflecting a quarter-on-quarter increase of about 14.6 billion yuan, or 9.68% [1][2] - The demand for stable FOFs has significantly increased, with the proportion of stable debt-mixed FOFs reaching 31% of the total public FOFs, while the issuance of new public FOFs in the second quarter amounted to approximately 18.6 billion yuan [2][3] - The net subscription of bond-type FOFs has seen substantial growth, with the most significant increase in the fund shares of the bond-type FOFs, indicating a preference for stable investment options [4][5] Group 2 - The enthusiasm for ordinary FOF products among public fund managers is high, with 85 institutions managing FOFs, and the top ten managers holding 60.8% of the market share [6] - The asset allocation strategy of public FOFs has shifted towards increasing the proportion of passive bond funds while reducing the allocation to pure index stock funds, reflecting a trend towards multi-asset allocation and passive investment [7] - The FOFs have shown a preference for solid performance funds, particularly in the fixed income category, with notable increases in holdings of passive bond and short-term pure bond funds [8][9]