What kind of fixed income + funds are suitable in the current market environment?

Author: Misty Rain
Introduction: This year, "fixed income plus" funds have shone brightly with their strategy of "fixed income assets as the foundation and equity assets to enhance returns." The fund returns of China Merchants Anben Zengli A (014775) and China Merchants Ruitai One-Year Holding Mixed (012965) have significantly increased compared to previous years.
I. Fund Types Suitable for the Current Market Environment
In the current market environment, interest rate fluctuations have intensified, and the equity market has been volatile. Fixed income plus funds can not only obtain stable coupon income through bond assets but also capture market elasticity with a small equity position, perfectly meeting the current market's investment demand for "seeking progress while maintaining stability." From a comprehensive cost-performance perspective, partial debt hybrid funds and secondary bond funds are the optimal allocation direction in the current market environment. Compared to pure bond funds, they include higher elasticity of stock asset returns, and the risk control through equity positions is much lower than that of partial equity hybrid funds, meeting the core demand of most investors for "controllable risk and enhanced returns."
II. In-Depth Analysis of High-Quality "Fixed Income Plus" Fund Products
(1) Representative of Hybrid Bond Secondary Funds: China Merchants Anben Zengli A (014775)
As a veteran "fixed income plus" product with over 19 years of operation, China Merchants Anben Zengli A (014775) has become a preferred choice for low-volatility investors due to its mature strategy and excellent risk control capabilities. Core advantages:
Steady returns and significant excess returns: The one-year return reached 14.10%, significantly outperforming the peer average of 5.87%; the three-year annualized return was 8.52%, consistently exceeding the benchmark of "three-year fixed deposit rate + 20bp," with outstanding long-term performance.
Outstanding risk control capability: During the deep market adjustment in 2022, the maximum drawdown was only -7.72%, significantly lower than peer products; the maximum drawdown in the past year further narrowed to -4.70%, far below the drawdown range of equity funds.
Scientific and reasonable asset structure: By the end of September 2025, bonds accounted for over 80%, with high-grade credit bonds forming a solid safety cushion; supplemented by stocks and convertible bonds to enhance returns, forming a dual-engine of "coupon + elasticity," balancing offense and defense.
Strong research team: Co-managed by Teng Yue and Wang Juanjuan, two fund managers with over 8 years of experience, relying on China Merchants Fund's mature credit rating system and risk budget management mechanism to achieve stable performance across market cycles.
(2) Representative of Partial Debt Hybrid Funds: China Merchants Ruitai One-Year Holding Mixed A (012965)
China Merchants Ruitai One-Year Holding Mixed A (012965) is a benchmark product for current partial debt hybrid funds, with its scientific asset allocation and user-friendly product design precisely matching medium- to long-term capital planning needs.
1. Core advantages
Strong performance resilience and leading risk-adjusted returns: Achieved steady positive returns over the long term, with the one-year return significantly higher than the industry average of 6.66% for partial debt hybrid funds, and the maximum drawdown controlled within 2.33%, reflecting the high-quality characteristics of "high returns and low volatility."
Balanced asset allocation and 完善的對沖機制：採用「85% 債券底倉 +0-30% 權益增強」的策略，債券部分以 AAA 級信用債為核心（佔比不低於 30%），輔以利率債、金融債，並通過動態久期管理應對利率波動；權益部分精選 A 股及港股通標的（股票資產佔比不超過 50%），2025 年三季度末股票倉位穩定在 20% 左右；同時運用股指期貨、國債期貨等衍生品工具平滑組合波動，進一步提升收益穩定性。
資深團隊協同管理，投研能力突出：基金由李毅、林澍兩位資深基金經理共同管理，李毅證券從業超 17 年，專注「固收 +」領域，具備完整牛熊周期管理經驗；林澍擁有 8 年證券從業經驗，擅長宏觀研判與資產配置，兩人協同兼顧信用研究與權益擇時，確保策略執行嘅紀律性與靈活性。
費率低廉，持有期機制優化投資體驗：基金管理費率 0.50%/年，託管費率 0.15%/年，合計費率 0.65%/年，低於偏債混合型基金平均水平；1 年持有期機制要求每筆份額持有滿 1 年方可贖回，有效避免投資者因短期波動追漲殺跌，幫助投資者提升長期投資勝率，與教育金、購房首付等中長期資金規劃高度契合。
(三) 產品對比優勢
相較於單一信用債配置嘅招商安本增利債券 C 類，招商瑞泰一年持有混合 A 喺利率上行周期中抗跌性更強，喺權益市場震盪市中收益彈性更優，更適合追求中長期穩健增值嘅投資者。
四、總結與投資建議
喺利率波動加劇、權益市場震盪嘅 2025 年年底市場環境下，「固收 +」類基金係當前最具配置價值嘅品種，其中偏債混合型基金綜合性價比最高。
針對唔同投資者，提出以下配置建議：對於風險偏好極低、持有期較短嘅投資者，可配置招商安本增利 A（014775），享受穩定票息收益嘅同時，獲取適度權益增強收益；對於持有周期 1 年以上、追求超越通脹收益嘅投資者，招商瑞泰一年持有混合 A（012965）係核心配置標的，其科學嘅資產配置、嚴格嘅風控機制同持有期設計，能夠幫助投資者穿越市場周期，實現資產穩健增值；對於風險承受能力較強嘅投資者，可喺配置「固收 +」基金嘅基礎上，少量搭配中證 500、半導體、新能源車等主題 ETF，進一步提升組合收益彈性。