Core Viewpoint - The article discusses the increasing focus on "fixed income +" funds, particularly those utilizing quantitative strategies to enhance returns amid a declining bond market and a stable stock market [1][2]. Group 1: Investment Strategy - The "fixed income +" funds are gaining attention from investors, with a notable shift towards quantitative strategies that aim to capture equity alpha [1]. - Wu Di, the General Manager of the Specific Strategy Investment Department at GF Fund, emphasizes the importance of a quantitative alpha strategy model to optimize stock selection and convertible bond allocation [1][3]. - The investment style of Wu Di is characterized by "stability" and "precision," focusing on small wins to achieve larger victories through meticulous management [2]. Group 2: Performance Metrics - The fund "GF Xinhe" recorded a return of 13.50% in 2024, with a maximum drawdown of only 1.03%, showcasing strong performance in its category [2]. - Over the past year, "GF Xinhe" achieved an 8.11% return, and a 13.82% return over the past two years, ranking among the top in its peer group [2]. Group 3: Quantitative Integration - The integration of quantitative strategies into "fixed income +" funds is becoming a trend, with teams adding quantitative research personnel to enhance stock selection [3][4]. - The introduction of quantitative models allows for comprehensive coverage of market themes and the construction of cost-effective portfolios based on data analysis and factor modeling [3]. Group 4: Risk and Return Management - Balancing returns and drawdowns is a primary challenge in the mid-to-high volatility "fixed income +" strategy, with a focus on the speed of drawdown recovery and the relationship between returns and drawdowns [5]. - Wu Di's team emphasizes four optimization paths: strict credit risk control, maintaining high liquidity assets, diversified investments, and dynamic allocation of high cost-performance assets [5]. Group 5: Future Outlook - The article suggests that the deep integration of quantitative strategies with active management may become a significant trend in the industry, as market conditions continue to evolve [5]. - The company aims to further explore the synergy between quantitative methods and multi-asset strategies to enhance risk control and provide better investment experiences for clients [5].

Core Viewpoint - The "fixed income +" fund market has been experiencing continuous growth since 2025, reaching approximately 1.5 trillion yuan by the end of June, with an increasing number of funds incorporating quantitative strategies [1] Group 1: Fund Performance - The "fixed income +" fund managed by Wu Di, namely Guangfa Xinhao, achieved a one-year return of 8.23% as of July 25, with a maximum drawdown of 1.94%, resulting in a Calmar ratio of 4.28, indicating a favorable risk-return profile [1] - Two other funds managed by Wu Di, Guangfa Hengxiang and Guangfa Jirui, reported net value growth rates of 4.91% and 3.54% respectively over the last six months, significantly outperforming their benchmarks [2] - The maximum drawdown for both Guangfa Hengxiang and Guangfa Jirui was kept under 2%, showcasing excellent risk-return characteristics [2] Group 2: Investment Strategy - The investment strategy for the bond segment involves an active flexible duration approach to enhance win rates in a volatile bond market [3] - For the equity segment, both stocks and convertible bonds are managed using quantitative long strategies, employing data analysis, factor modeling, and deep learning to cover various market themes comprehensively [3] Group 3: Asset Allocation - Guangfa Hengxiang limits its equity investments to no more than 20% of its total assets, with a maximum of 50% of that in Hong Kong stock connect stocks, while Guangfa Jirui also maintains a similar cap on equity investments [2] - As of the latest disclosures, Guangfa Hengxiang's equity investments accounted for nearly 18% of its assets, with stock investments at approximately 9.41% and convertible bonds at 8.07% [2] - Guangfa Jirui's equity investments totaled around 10%, with stock investments at about 5.24% and convertible bonds at 4.64% [2]

Core Viewpoint - The "fixed income +" fund market has been experiencing continuous growth since 2025, reaching approximately 1.5 trillion yuan by the end of June, with an increasing number of funds incorporating quantitative strategies [1] Group 1: Fund Performance - The "fixed income +" funds managed by Wu Di, including Guangfa Xinhao, Guangfa Hengxiang, and Guangfa Jirui, have shown strong performance, with Guangfa Xinhao achieving a one-year return of 8.23% and a maximum drawdown of 1.94% as of July 25 [1] - Guangfa Hengxiang and Guangfa Jirui, which Wu Di took over on May 7, reported net value growth rates of 4.91% and 3.54% over the last six months, significantly outperforming their benchmarks [2] - The maximum drawdown for both Guangfa Hengxiang and Guangfa Jirui was kept under 2%, indicating excellent risk-return characteristics [2] Group 2: Investment Strategy - The investment strategy for "fixed income +" funds requires high standards for both bond and equity investments, utilizing an active duration strategy in the bond market to enhance win rates [3] - On the equity side, a quantitative long strategy is employed, leveraging data analysis, factor modeling, and deep learning to cover various market themes comprehensively [3] Group 3: Asset Allocation - Guangfa Hengxiang limits its equity investments to no more than 20% of total assets, with a maximum of 50% in Hong Kong stock connect stocks, while Guangfa Jirui also maintains a similar cap on equity assets [2] - As of the latest reports, Guangfa Hengxiang's equity investments accounted for nearly 18% of total assets, with stock investments at approximately 9.41% and convertible bonds at 8.07% [2] - Guangfa Jirui's equity investments totaled around 10%, with stock investments at about 5.24% and convertible bonds at 4.64% [2]

受益于向好的股票市场，2025年以来"固收+"基金规模呈现持续增长走势，截至6月末规模达到1.5万亿 元左右，引入量化策略的"固收+"产品也日渐增多。广发基金特定策略投资部总经理吴迪认为，通过量 化策略模型对股票个股和可转债个券方面进行优化调整，可在控制好回撤的基础上更好地获取回报。 从业绩表现来看，吴迪在管"固收+"基金中任职时间最长的是广发鑫和，截至7月25日的近1年收益达 8.23%，区间最大回撤为1.94%，卡玛比率(年化收益率与最大回撤的比值)达到4.28，体现出较好的风险 收益性价比。 广发恒祥和广发集瑞的前十大重仓股呈现出"行业分散、个股分散"的特点。具体体现为两点：一是前十 大重仓股所属行业各不相同；二是前十大持仓的投资总市值占基金净值的比例较低，分别为3.79%和 2.10%，占股票持仓市值的40%左右。 吴迪于2014年加入广发基金，有着近11年证券从业经历、5年投资管理经验，在中长期纯债基金、债券 指数基金、二级债基等固收细分品类积累了丰富的管理经验。根据基金二季报，吴迪管理的广发鑫和、 广发恒祥和广发集瑞均在股票和可转债投资中加入了量化阿尔法策略模型。 吴迪认为，"固收+"对债券端和权 ...