For years, investors have viewed "bond-plus" funds as a balanced choice between returns and risk, thanks to their strategy of anchoring with fixed income while boosting gains through equities. But how does one select a fund worth holding through market ups and downs? Funds that deliver consistent performance across multiple economic cycles are the true test of capability, and Zhang Yongzhi at Huashang Fund has certainly made a compelling case.

As the general manager of Huashang Fund's multi-asset investment department and a veteran of the firm's research team, Zhang joined Huashang Fund in 2007 and now brings over two decades of securities industry experience, including 16 years in investment management, to his roles overseeing funds like Huashang Stable Double Bond, Huashang Stable Growth Bond, and Huashang Convertible Bond.

Data from fund evaluation agencies reveals that as of August 31, 2026, the "bond-plus" products Zhang has managed since their inception—Huashang Stable Double Bond Fund A and Huashang Stable Growth Bond Fund A—have consistently ranked in the top 10% of their peer group across the past 1, 3, 5, and 7-year periods. Both funds maintain a portfolio structure where fixed income assets comprise at least 80% of total assets, with convertible bonds capped at 30% of net asset value and equity investments limited to no more than 20%.

The key distinction is that Huashang Stable Double Bond has a smoother net value trajectory, prioritizing drawdown control to deliver steadily consistent returns, making it better suited for conservative investors seeking stability. Meanwhile, Huashang Stable Growth Bond offers slightly more upside potential above its fixed income safety cushion, with its A-share class ranking third among 101 comparable funds over the past decade and second among 543 peers in the last year.

Notably, another of Zhang's products dedicated to convertible bonds has also performed impressively—Huashang Convertible Bond Fund A has ranked first in its category for the past 1, 3, 5, and 7-year periods. To navigate the ever-changing market, Zhang anchors his approach on macroeconomic asset allocation, building an integrated framework that coordinates bonds, equities, and convertible bonds, all aimed at achieving long-term sustainable absolute returns with an optimized risk-reward profile across multiple A-share market cycles.

In bond investing, he emphasizes balancing macroeconomic trends with micro-level issuer research, dynamically adjusting duration and security selection based on interest rate movements and credit conditions. For convertibles, he focuses on aligning valuation levels with the fundamentals of underlying stocks rather than following market sentiment blindly. On the equity enhancement side, he uses valuation as the core criterion, concentrating on sectors with strong macroeconomic correlation and opportunistically participating in high-certainty growth industries, all while striving to control risk and boost portfolio returns.

This mature and repeatable multi-asset methodology has consistently delivered results, thanks in large part to Huashang Fund's long-standing commitment to active management as its lifeblood. According to fund evaluation data as of June 30, 2026, Huashang Fund's actively managed fixed income funds ranked first in absolute returns over the past seven years among 116 companies in the same business.

Looking ahead, Zhang noted in the latest fund report that macroeconomic policy will likely deepen the domestic demand-driven strategy, with ample room for existing measures. Accelerated government bond issuance and increased fiscal spending are probable, and a moderately accommodative monetary policy should keep market liquidity ample. Yields may continue trending lower, and with ample easing room, the bond market might experience range-bound fluctuations, making the balance between win rates and payoff ratios crucial. On the equity front, the uptrend could persist, with promising opportunities in emerging sectors like AI as well as traditional industries showing improving trends and earnings growth. Convertible bond net supply is expected to remain negative with concentrated maturity pressures, but given lingering valuation concerns, volatility may stay high under a rising stock market, prompting a flexible trading approach to seize structural opportunities.

Data notes: The "bond-plus" strategy refers to a fixed income core supplemented by equity assets, aiming for steady long-term returns with strict risk control. Absolute returns indicate actual yields over specific periods without comparison to any benchmark. Peer rankings are from Galaxy Securities released in September 2026, covering data through August 31, 2026, with various measurement windows. Huashang Stable Double Bond (A-class) is categorized as a general bond fund (tier 2, A-class), ranking 5/634, 40/387, 15/235, 9/160, and 8/84 over the past 1, 3, 5, 7, and 10 years respectively. Huashang Stable Growth Bond (A-class) ranks 2/634, 8/387, 24/235, 5/160, and 2/84 over the same periods, while Huashang Convertible Bond (A-class) tops its category at 1/42, 1/31, 1/28, and 1/18 across the past 1, 3, 5, and 7 years. Industry focus areas referenced come from fund reports and reflect the manager's judgment for the reporting period only. As of June 30, 2026, Zhang has 20.4 years of securities experience, including positions at various Huashang funds since 2010. Company ranking and return data come from Guotai Haitong Securities, released in July 2026, with evaluations conducted per relevant regulations. Fund asset values are published post-custodian verification, and company-level absolute returns reflect asset-weighted NAV growth of actively managed funds. The manager pledges diligent management but does not guarantee profits or minimum returns; past performance does not indicate future results. Investors should review fund contracts and prospectuses carefully, and choose products matching their risk tolerance. Market risks apply to all fund investments.