Increased pressure in the equity market has prompted the "fixed income +" strategy to launch a defensive counterattack.

The "fixed income +" funds that pursue stable returns have been facing continued setbacks due to market volatility. Especially with the recent "deep dive" in the equity market, the performance of the "fixed income +" funds has been disappointing this year. It is understood from the industry that the "fixed income +" funds are indeed facing some redemption pressure on the liability side recently, as some funds pursuing absolute returns choose to exit. Some fund managers have made arrangements in advance in terms of reserving liquidity space, position adjustment, etc., and at the same time, investment managers have generally shifted towards a "defensive counterattack" approach to prevent the volatility of various assets from soaring. Previously, in a good equity market environment, the "fixed income +" funds attracted a large amount of funds with low risk preferences, leading to rapid expansion of their scale. However, with the increase in volatility in the equity market, the model of relying on the unilateral rise of equities to generate returns in the past will be unsustainable. Industry institutions believe that fund managers should not increase their exposure to equities in line with market style shifts, but should always prioritize risk control; meanwhile, they should avoid irrational buying and selling caused by short-term fluctuations through continuous investor support and communication; additionally, they should be cautious of the risk of strategy congestion under industry homogenization competition, deepen investment research, optimize the ability of large asset allocation, and ensure that products can operate smoothly in different market environments.