Core Viewpoint - The article highlights the shift of investors towards low-volatility "fixed income +" funds amid market fluctuations, showcasing the unique investment approach of Feng Fan, a prominent fund manager at Yinhua Fund, who utilizes quantitative methods to manage multi-asset portfolios [1][3]. Group 1: Investment Strategy - Feng Fan's investment strategy is characterized by a "top-down" approach, contrasting with the prevalent "bottom-up" strategy in the domestic public fund sector, emphasizing the importance of overall portfolio management over individual asset classes [7][17]. - The tactical asset allocation principles employed by Feng focus on understanding the current macroeconomic environment rather than predicting future trends, allowing for precise asset matching based on existing information [9][11]. - A scoring system is utilized to evaluate asset selection, analyzing macroeconomic cycles and asset pricing dynamics to inform investment decisions [11][13]. Group 2: Risk Management - Feng Fan's risk management framework is divided into three phases: pre-investment, during investment, and post-investment, with specific withdrawal control lines set based on targeted annualized returns [16]. - Dynamic adjustments to the portfolio are made during the investment phase using a win-rate and odds system, while post-investment monitoring ensures adherence to risk thresholds [16]. - The emphasis on comprehensive risk management and the ability to precisely time re-entry into the market positions Feng as a key figure in the evolving landscape of investment management [17].

Core Insights - The article highlights the growing preference for low-volatility fixed income plus (multi-asset) funds among investors due to market fluctuations and structural changes [1][3] - Feng Fan, a unique fixed income plus fund manager at Yinhua Fund, has demonstrated a new trend in managing these products through quantitative methods, achieving better performance than the CSI 300 index in most years [3][10] Investment Strategy - Feng Fan's investment strategy is characterized by a top-down approach, emphasizing a comprehensive view of the market and macroeconomic factors [6][10] - Her educational background in international economics and financial mathematics has equipped her with both macro and quantitative analytical skills, forming a robust investment framework [7][8] Tactical Asset Allocation - Feng Fan focuses on matching asset allocation with the current macro environment rather than making predictions about future economic changes [12] - She aims to optimize the risk-return profile of the portfolio by carefully considering the equity exposure and bond duration [13][15] Risk Management - The risk management process is divided into three phases: pre-event, during the event, and post-event, with specific targets for maximum drawdown based on expected annual returns [19][20] - Feng Fan employs a quantitative system to guide the timing of increasing positions after a drawdown, ensuring a disciplined approach to risk control [22]

Core Viewpoint - The article discusses the rising popularity of low-volatility fixed income plus (multi-asset) funds among investors due to market fluctuations and structural changes, highlighting the emergence of fund managers specializing in this area who aim for higher returns than traditional fixed income products [1][4]. Group 1: Investment Strategy - Feng Fan, a unique fixed income plus fund manager at Yinhua Fund, has demonstrated the new trend of applying quantitative methods in managing fixed income plus products, with her fund outperforming the CSI 300 Index in most years over the past five years [4][6]. - Feng Fan's investment framework emphasizes a top-down approach, focusing on overall portfolio management and risk-return characteristics before asset allocation, which she refers to as "portfolio management + quantitative methods" [14][15]. - The importance of the overall portfolio is prioritized over individual asset classes, ensuring that asset allocation serves the portfolio's objectives rather than jeopardizing it [15][16]. Group 2: Tactical Asset Allocation - Feng Fan's tactical asset allocation principles include matching asset allocation with the macro environment rather than making predictions about future economic changes, believing that understanding the present is more reliable than forecasting [18][19]. - She advocates for utilizing the multi-asset and multi-strategy features of fixed income plus products to achieve higher risk-adjusted returns, adjusting equity exposure based on the risk-return ratio of stocks and convertible bonds [20]. - Feng Fan also employs a contrarian approach to tactical asset allocation, taking advantage of extreme market pessimism to make opportunistic investments while maintaining strict control over drawdowns [21][22]. Group 3: Risk Management - A significant aspect of Feng Fan's fund management is drawdown management, which is divided into pre-, during, and post-event phases, with specific targets set for maximum drawdown based on expected annual returns [25][26]. - During the management period, dynamic adjustments are made based on the win rate and odds of the asset allocation, with a focus on reducing correlations among factors to manage drawdowns effectively [26][27]. - Post-event management involves assessing portfolio volatility and implementing risk warning mechanisms to reduce exposure when drawdown targets are breached, ensuring a disciplined risk control approach [26][27].