Core Viewpoint - The article emphasizes the investment philosophy of Liu Zhihui, a fund manager at GF Fund, focusing on achieving absolute returns in various market conditions, particularly through the management of the GF Jiyuan Bond Fund, which has achieved positive returns for seven consecutive years [1][2]. Group 1: Investment Strategy - Liu Zhihui's investment strategy is centered around absolute return opportunities, avoiding extreme relative rankings, and aiming for positive returns regardless of market conditions [2]. - The GF Jiyuan Bond Fund has maintained a cumulative return rate in the top 20% of the market since February 2020, with a probability of achieving positive returns over the past year exceeding 98% [1][2]. - The investment framework consists of three main components: "Dao, Fa, Shu," reflecting a combination of strong and weak investment strategies developed over Liu's career [3][4]. Group 2: Risk Management - Liu emphasizes proactive risk management, focusing on preemptive measures rather than reactive ones, utilizing strategies such as trend-following, value investing, and position management [2][4]. - A three-tiered warning system for drawdowns is established within the fixed income team, allowing for timely adjustments to positions in response to market conditions [2][6]. - The approach includes avoiding long-term holdings of declining assets and ensuring investments have a safety margin and favorable potential returns [2][4]. Group 3: Market Adaptation - Liu's investment decisions are adaptable to changing market conditions, as demonstrated during the significant market fluctuations in 2022, where he shifted strategies based on macroeconomic scenarios [3][6]. - The GF Jiyuan Bond Fund will continue to apply the same absolute return focus as it transitions to the new GF Jihui Bond Fund, aiming for stable net value growth in various market environments [3][6]. - Liu's strategy includes dynamic adjustments to asset allocation, such as increasing exposure to high-growth sectors like AI and innovative pharmaceuticals during market downturns, while also managing bond positions to mitigate interest rate risks [6].