Using a model that combines a bond foundation with equity upside potential, "bond-plus" funds have increasingly become a preferred option for investors seeking a balance between returns and risk. The question is how to identify a fund worth holding over the long term. Products that maintain strong performance across multiple market cycles demonstrate true resilience, and in this regard, Zhang Yongzhi of Huashang Fund has delivered a compelling track record.

Zhang Yongzhi serves as the General Manager of the Multi-Asset Investment Department at Huashang Fund and manages several funds, including the Huashang Stable Dual Income Bond Fund, the Huashang Stable Income Bond Fund, and the Huashang Convertible Bond Fund. As a veteran of the investment team, Zhang joined Huashang Fund in 2007 and has accumulated over 20 years of securities industry experience, including more than 16 years in securities investment.

Fund evaluation data shows that as of August 31, 2026, the "bond-plus" products Zhang has managed since their inception—the Huashang Stable Dual Income Bond Fund A and the Huashang Stable Income Bond Fund A—have consistently ranked in the top 10% of their peer group over the past 1, 3, 5, and 7 years. Both funds maintain an investment portfolio allocation where bonds and other fixed-income assets account for no less than 80% of fund assets, with convertible bonds capped at 30% of net asset value, while equity investments are limited to no more than 20% of fund assets.

The key distinction lies in their risk profiles. The Huashang Stable Dual Income Bond Fund prioritizes drawdown control to deliver steady, consistent returns, making it well-suited for risk-averse investors seeking stability. In contrast, the Huashang Stable Income Bond Fund offers slightly higher flexibility on top of a solid fixed-income foundation, with its A-class shares ranking third among 101 comparable funds over the past decade and second among 543 peers over the past year.

Notably, Zhang's dedicated convertible bond product has also delivered outstanding results. The Huashang Convertible Bond Fund A has ranked first in its category over the past 1, 3, 5, and 7 years. In his investment approach, Zhang anchors on macro asset allocation, building an integrated framework that connects bonds, equities, and convertible bonds to pursue sustainable absolute returns with an optimized risk-reward profile across multiple A-share market cycles.

For bond investing, he emphasizes research on both macroeconomic conditions and micro-level issuers, dynamically adjusting duration and security selection based on interest rate trends and credit conditions. In convertible bond investing, he focuses on the alignment between valuation levels and the fundamentals of underlying stocks, avoiding pure sentiment-driven moves. For the equity enhancement component, he anchors on valuation levels, concentrating on sectors with strong macroeconomic correlations and participating in high-certainty opportunities during industry booms, all while managing risk to enhance portfolio returns.

This mature and repeatable multi-asset methodology relies heavily on Huashang Fund's long-standing commitment to active management as its core strength. Data from fund evaluation agencies shows that as of June 30, 2026, Huashang Fund's actively managed fixed-income funds posted the highest absolute returns over the past 7 years among 116 companies operating in the same space.

Looking ahead, Zhang noted in the latest fund report that macroeconomic policy will continue to deepen the domestic demand-driven strategy. With ample policy headroom, accelerated government bond issuance and increased fiscal spending are likely, while a moderately accommodative monetary policy should sustain ample market liquidity. The yield curve may remain low, and the overall bond market could see range-bound volatility, making the balance between win rates and payoff ratios critical. In the equity market, the uptrend is expected to continue, with opportunities in AI and other emerging industries, alongside traditional sectors showing improving industrial trends and earnings growth. The net supply of convertible bonds is expected to remain negative with concentrated maturity pressure, but given lingering valuation concerns, volatility may persist even in a rising equity market, warranting flexible trading to capture structural opportunities.

Data notes: The "bond-plus" strategy refers to a fixed-income core supplemented by equity assets, aiming for long-term stable returns under strict risk control. Absolute returns reflect actual yields over specific periods without comparison to benchmarks. Peer rankings come from Galaxy Securities, published in September 2026 with data through August 31, 2026. The Huashang Stable Dual Income Bond Fund (A-class) ranks 5/634, 40/387, 15/235, 9/160, and 8/84 over the past 1, 3, 5, 7, and 10 years respectively, while the Huashang Stable Income Bond Fund (A-class) ranks 2/634, 8/387, 24/235, 5/160, and 2/84 over the same periods. The Huashang Convertible Bond Fund (A-class) ranks 1/42, 1/31, 1/28, and 1/18 over the past 1, 3, 5, and 7 years. As of June 30, 2026, Zhang has 20.4 years of securities industry experience. Fund company rankings data comes from Guotai Haitong Securities, published in July 2026. The fund manager's previous performance does not guarantee future results, and investors should carefully review fund documents before purchasing. Market risk applies, and fund investment requires caution.