In the second half of the year, the stock market was full of twists and turns, and investors' income was also ups and downs. At the beginning of the year, the hot investment circle was solid and the product heat warmed up again.

From the beginning of the year to the end of the year, where is the magic of steady income+? Today, I will take the performance and holding experience of Xincheng Zhiyu as an example to see what is good about fixed income+.

Since the beginning of this year, both the stock market and the bond market have experienced great fluctuations, and opportunities and risks coexist, which provides a relatively good sample for testing the investment ability of fixed income+products. The market is constantly expanding. Can Xincheng Zhiyu "block the enemy with water"?

It can be seen that since the holiday, A shares have experienced two big rises and callbacks; After the bond market entered May, it was generally in a downward trend. In the case that A-shares rise more and fall less, and the bond market falls more and rise less, Xincheng Zhiyu makes full use of the advantages of the stock market and the bond market, and by virtue of the excellent stock selection of fund managers, it has achieved "ups and downs can be followed, shocks can be carried, and shocks can rise", and a small victory is a big victory. As of 9. 14, Zhiyu A's net value has increased by 15.93% this year, significantly outperforming the Shanghai Composite Index (7.

Analysis of a fixed income+product, there are two indicators also worth reference:

Maximum retracement refers to the maximum return retracement when the net product value reaches the lowest point at any historical point in the selected period, or the maximum loss value in the statistical period. It is worth noting that the maximum retracement does not necessarily mean a loss. For example:

In 6543810-August, the fund * * * had two waves of withdrawal, of which the withdrawal scale was the largest in March-April (a). However, even investors who bought at the high point in March and immediately experienced the biggest retracement can still get positive returns if they hold them until August.

It can be seen that the biggest retracement does not necessarily lead to losses. The significance of the biggest retracement is that it depicts the investment experience of investors when they hold a fund. It's like taking a bus to your destination. Do you want to ride smoothly or bump? If the road is too bumpy, passengers are likely to get off halfway and can't reach the finish line. A fund manager who can control the withdrawal, just like an old driver, can not only take you on the road smoothly, but also help you "stop" and avoid chasing up and down, giving up halfway.

Since the management of fund manager Han, in the past year, after experiencing the impact of many risk events such as the escalation of Sino-US trade war and the collapse of overseas markets, the maximum retreat to Chongqing A was only 3.6%, and the maximum retreat in half a year was only 1.56%, which was excellent.

Let's take a look at the innovation ability of the fund.

Looking back at the chart, we can see that since the fund's net value hit a new high in August, even if there are two waves of retracement in the middle, investors who bought it as long as they hold it until August can achieve positive returns. It is difficult to predict the short-term changes in the market, and it will inevitably fall when buying. But if a fund can keep hitting new highs, then you don't need to worry too much about when to get on the bus.

Wind data shows that the net value of Zhiyu A has reached a new high of 69 times this year. Low retracement and innovative ability give customers a good holding experience, which is reflected in the net worth chart and is a steadily rising curve:

In the context of the global economic slowdown, central banks have released water in succession, and domestic monetary policy is also in a relatively loose stage. In the long run, it is inevitable that interest rates will fall. In this environment, how to find high-yield assets has become a difficult problem for all stable investors.

In the past few years, with the decline of yield, the bond market is in a small bull market, and the yield of bond funds is very considerable. However, with the interest rate center coming to a relatively low level, it is more difficult for pure debt products to continue to obtain stable and high returns in the short term.

In the long run, the equity market has good investment opportunities, but it also fluctuates greatly.

Looking forward to the market outlook, Han, manager of Xincheng Zhiyu Fund, said: "The momentum of economic recovery has not changed. The recent adjustment of the equity market is mainly due to the previous rise and the valuation is more expensive. The market has been consolidating for some time. Looking forward to the future, investment opportunities for valuation switching are expected to gradually unfold. "

Add a little income to bonds and a little stability to stocks. Can rise and fall, the road to prosperity has just begun.

Risk warning: This material is for reference only, not for fund promotion. The above views are only the views of the fund manager at that time, and do not represent the prediction of the future, nor do they constitute any investment suggestions. The information in this material comes from published materials, and CITIC Prudential Fund does not guarantee the accuracy and completeness of this information. If this material reprints third-party reports or materials, the reprinted content only represents the views of the third party and does not represent the position of CITIC Prudential Fund. Prudential Fund does not undertake the obligation to update the contents of this material. The investment strategy, investment proportion and investment target of the Fund will be adjusted within the scope permitted by the contract according to market conditions. Please read the prospectus, fund contract and other legal documents carefully before investing. The fund does not guarantee a certain income, nor does it guarantee the minimum income and principal security. Investment is risky, so choose carefully.