Risk aversion sentiment rises amid geopolitical conflicts, highlighting the dual advantage of secondary bond funds in both stocks and bonds

Since the beginning of this year, global macroeconomic uncertainty has surged, significantly increasing market volatility. Against the backdrop of rising risk aversion, secondary bond funds that balance the safety of bonds and the aggressiveness of equities are entering a window of opportunity for allocation. The China Universal Dual Benefit Enhanced C (012747) stands out with its excellent performance, providing a noteworthy option for investors seeking stability.

Strong Gains with Resilience Against Declines

From historical performance, it is evident that China Universal Dual Benefit Enhanced adapts well to market conditions, achieving significant excess returns regardless of market style shifts. Over the past two years, the bond and stock markets have performed differently; as a secondary bond fund that can capitalize on both stock and bond opportunities, this product has not only achieved consecutive annual positive returns but has also consistently outperformed the average level of its peers, showing strong aggressiveness. According to Wind data, in 2024 and 2025, China Universal Dual Benefit Enhanced achieved returns of 6.08% and 8.50%, respectively, while the average returns of secondary bond funds during the same period were 4.90% and 5.59%, highlighting the significant excess returns of China Universal Dual Benefit Enhanced.

From the perspective of the past year, in the face of accelerated sector rotation in the stock market and persistent fluctuations in the bond market, the asset allocation and timing abilities of China Universal Dual Benefit Enhanced have been fully validated. As of March 23, 2026, the fund’s one-year return reached 11.00%, while the average level for similar funds was only 5.60%, nearly doubling the returns of its peers.

While the ability to gain is indeed valuable, the ability to resist declines showcases deeper skills. In a complex market, how to strive for higher returns while safeguarding the bottom line of risk is an important issue, and China Universal Dual Benefit Enhanced has delivered an outstanding answer in this dimension. Data shows that while achieving significantly higher returns in the past year, China Universal Dual Benefit Enhanced’s Sharpe ratio was 2.14, while the average level of similar funds was only 1.50, demonstrating a clear advantage in the return-to-risk ratio. This also means that the fund manager, through precise macro asset allocation, can balance the investment experience of holders while pursuing returns, truly achieving the investment goal of “lower volatility, higher returns.”

The outstanding performance of China Universal Dual Benefit Enhanced has been recognized in the industry. According to the long-term performance ranking of China public funds by Galaxy Securities, as of February 28, China Universal Dual Benefit Enhanced C ranked in the top 10 among 557 similar funds (ordinary bond-type funds (secondary) (non-Class A)) in terms of one-year performance.

Global Vision at the Helm: Macroeconomic Judgments Create Excess Returns

Behind the excellent performance is a capable fund manager team. China Universal Dual Benefit Enhanced is currently managed by two experienced fund managers, Zhang Yuhao and Zhu Chenjie. Zhu Chenjie has a deep focus on fixed income and fixed income + investments, with management experience covering pure bond funds, primary bond funds, secondary bond funds, and bond-mixed funds, honing solid macro asset allocation abilities; Zhang Yuhao’s background is also noteworthy, as he comes from a sell-side macro chief role and has worked for many years at well-known overseas institutions, possessing keen intuition about global market trends and expertise in top-down macro analysis and asset allocation.

The strong collaboration between the two is vividly reflected in practice. Based on years of macro analysis and research accumulation, the key decisions of China Universal Dual Benefit Enhanced appear to be “decisive.” In March last year, when the market had an optimistic outlook on overseas tariff policies, the fund manager had already anticipated risks in advance, reducing equity positions early and significantly increasing bond duration. This forward-looking layout effectively mitigated the impact on the fund during the global capital market crash on April 7.

Considering the fund contract, the investment scope of China Universal Dual Benefit Enhanced covers A-shares, Hong Kong stocks, and various bonds, especially given the high volatility and investment difficulty of the Hong Kong stock market. The fund managers, equipped with macro analysis capabilities and domestic and international macro asset allocation skills, undoubtedly provide a trustworthy option for investors looking to allocate Hong Kong stock assets in a “fixed income +” portfolio.

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Editor: Guo Xutong