Core Viewpoint - The A-share market is experiencing a volatile atmosphere as it hovers above 3800 points, creating a dilemma for investors between exiting the market and holding onto positions, with "fixed income +" products offering a balanced approach for both offensive and defensive strategies [1] Investment Strategy - "Fixed income +" products operate on a mechanism of "fixed income as a base, equity as an enhancement," supported by a diversified asset allocation system [1] - The focus is on the methodology of how to enhance returns rather than just the type of assets involved [2] Fund Management Approach - Fund manager Feng Fan employs a combination of "portfolio management + quantitative methods," emphasizing a top-down approach to asset balance and risk control [3] - The Silver Hua Enhanced Income Bond Fund, managed by Feng Fan, aims for a "medium-high volatility fixed income +" strategy, targeting long-term risk-reward advantages rather than short-term performance [3][8] Performance Metrics - As of June 30, the Silver Hua Enhanced Income Bond A achieved a one-year cumulative return of 9.46%, outperforming its benchmark by 4.36%, ranking in the top 14% among similar funds [3] Transition to Quantitative Strategies - Feng Fan transitioned from active management to quantitative strategies, aiming to reduce reliance on subjective views and enhance the sustainability of returns [8] - The strategy includes a systematic approach to stock selection and bond investment, focusing on risk-reward asymmetry [9][10] Tactical Asset Allocation Principles - Feng Fan's tactical asset allocation is guided by three principles: matching current macro conditions rather than predicting them, utilizing multi-asset strategies for synergy, and implementing contrarian moves during extreme market pessimism [11][12] - A scoring framework based on win rates and odds is used to assess macroeconomic conditions and asset pricing, updated monthly but providing clear signals only a few times a year [13] Conclusion - The application of quantitative strategies is rooted in an understanding of active investment, aiming for a structured and rule-based expression of investment methodologies [14] - Feng Fan emphasizes the importance of maintaining an open mindset and effective diligence for continuous improvement in investment practices [15][16]

7月23日，上证指数于年内首次突破3600点关键点位，权益资产投资热度升温，但连续上涨又多少让 人"恐高"。在此背景下，低风险偏好的投资者如何参与其中？或可考虑关注"固收+"。 提升权益资产比例，为何可关注"固收+"？ 具体来看，建议大家可以综合考虑自身风险偏好，再结合"固收+"产品的产品定位、历史业绩、投资策 略、波动特点等，来选择适合自己的"固收+"产品。 以银华基金为例，旗下就建立了一批不同定位、不同策略的优质"固收+"序列，力争满足投资者多元化 的投资需求—— 所谓"固收+"，主要包括"固收"和"+" 两部分。整个投资组合以固定收益类资产打底，固收类资产仓位 占比较高，以此来争取获得基础收益；"+"的部分通过适当投资股票、可转债等权益类资产，来尽可能 博取更高的收益。 根据权益仓位，又可以将"固收+"大致划分为三个品类： 低波"固收+"：权益仓位在10%以内，力争严格控制回撤和波动，业绩弹性则相对较低，更注重客户持 基的体验感和获得感。 中波"固收+"：权益仓位5%-20%，风险收益特征介乎与低波和高波产品中间， 高波"固收+"：权益仓位20%-30%，相对中低波产品而言，高波"固收+"在期望博取更高 ...