Core Viewpoint - The article analyzes the performance and strategies of the "Guangfa Juxin" fund, highlighting its long-term success and the stable management by fund manager Zhang Qian since 2015, which allows for a comprehensive understanding of its investment approach [2][29]. Group 1: Fund Performance - "Guangfa Juxin" has been established for over twelve years and has achieved an annualized return of over 9%, making it a standout in the 10-year performance category [2]. - The fund has significantly outperformed representative "fixed income +" fund indices, with an annualized excess return exceeding 4% compared to the Wind Mixed Bond Secondary Index [10][7]. - The fund demonstrates resilience, quickly recovering from downturns and consistently generating excess returns [10]. Group 2: Investment Strategy - The fund employs a dual strategy of equity and bond investments, effectively utilizing a "stock-bond seesaw" approach to mitigate volatility [13]. - The bond investment strategy focuses on leveraging, duration management, and credit risk assessment, maintaining a leverage ratio around 120% for stability [18][20]. - The equity investment strategy emphasizes growth stocks, with a concentrated portfolio that avoids mainstream sectors, instead focusing on underappreciated industries like military and Hong Kong stocks [27][31]. Group 3: Risk Management - The fund manager exhibits a cautious approach to credit risk, having shifted away from low-rated bonds post-2020, demonstrating strong risk sensitivity [24][25]. - The duration of the bond portfolio is managed to remain within a safe range, avoiding excessive risk from interest rate fluctuations [20]. Group 4: Conclusion - The fund manager is characterized as a dynamic alpha hunter, adept at navigating both equity and bond markets, with a focus on growth-oriented strategies [30][31]. - The analysis concludes that the fund's success can be attributed to its balanced approach in managing systemic risks while capitalizing on market opportunities [32].

Core Viewpoint - The article emphasizes the importance of early and comprehensive investment in fixed income products, highlighting that only five fund companies have successfully established a complete product line in this area over the past decade [1][2]. Group 1: Fund Management and Strategy - Fund companies that planned and established a complete product line ten years ago demonstrate strong research and investment team capabilities, as well as foresight in niche category layouts [2]. - Some products have been managed by the same fund manager for the past ten years, indicating stability in the talent pool of companies like E Fund and GF Fund [2]. - The naming conventions of funds a decade ago were straightforward, often reflecting the company's name combined with "pure bond" or "dual bond," showcasing the foundational products of these companies [2]. Group 2: Product Performance and Management - GF Fund has several long-standing pure bond funds and rights-based bond funds, with the earliest rights-based fund, GF Enhanced Bond, established in 2008, now having 17 years of operational experience [3]. - Notable products managed by the same fund manager for the last decade include GF Ju Xin, GF Ju Li LOF, and GF Dual Bond Enhanced, with significant cumulative returns of 181.10%, 144.59%, and 76.46% respectively [4]. - The "Ju" series of products has been designed to cater to diverse investor needs, with five of the seven products achieving annualized returns exceeding 5% since inception [5]. Group 3: Risk and Return Profiles - GF Ju Yuan, a pure bond product, has maintained positive returns for ten consecutive years since its inception in 2013, with an annual return of 7.28% in 2024 and a maximum drawdown of only 0.74% [7]. - GF Ju Tai, another rights-based bond fund, has also achieved positive returns in all natural years since its current manager took over in 2021, with a three-year net value return of 11.80% [8][10]. - GF Ju Cai Credit Bond, categorized as a medium volatility product, has shown a three-year annualized return of 5.50% under the management of Wu Di, who has a strong background in convertible bonds [11]. Group 4: Long-term Growth and Stability - The "Ju" series has evolved from initial investments to a robust product line, reflecting GF Fund's proactive strategy, professional depth, and talent cultivation [13]. - The series includes stable products like GF Ju Yuan and GF Ju Tai, as well as high-performing products like GF Ju Xin, showcasing a balanced approach to risk and return [13]. - The fixed income team at GF Fund has built an integrated system of investment, research, and trading, ensuring the sustainable growth of their product offerings [14].