"Her Strength" | China-Canada Fund Yuan Su: Demonstrating True Colors Through Responsibility, Fixed Income Blossoms — Steady and Far-reaching Investment Commitment

In traditional understanding, strength is often associated with rigidity and sharpness, but the capital markets are never short of edge. Female fund managers are redefining professional strength by combining firmness and flexibility. The current “her power” breaks this binary—firmness means sticking to principles and bottom lines, while flexibility signifies wisdom and guidance. Together, they forge an investment path that balances intensity and warmth, reflected in net value curves and long-term value.

China-Canada Fund has a strong tradition of research and investment culture. Its fixed income investment team maintains sustainable long-term performance and adaptability across different markets, relying on a mature and continuously evolving integrated research system. The fixed income team specializes in areas such as liquidity, interest rates, macroeconomics, asset classes, and quantitative innovation, ensuring forward-looking research. Through efficient internal collaboration, communication, collective research, and cross-verification, they achieve rapid investment decision-making, improving relative accuracy.

With Responsibility as Our Foundation

With 14 years of experience, rooted in fixed income, I have continuously refined our investment research system through market cycles. We adhere to a dynamic, rational, and forward-looking approach to market changes, summarized by key investment principles: rigorous framework, long-termism, and a balanced offense and defense.

China-Canada Fund Bond Fund Manager Yuan Su

She believes in the principle of “steady progress and balanced offense and defense,” pursuing sustainable returns within controllable risks. She avoids reckless moves, prioritizes safety, and emphasizes long-term strategies, aiming to find optimal approaches in different market environments to generate sustainable returns for investors.

She joined China-Canada Fund in 2020 as a bond fund manager. Focusing on bond funds, her products cover medium- and long-term credit bonds, short- and medium-term credit bonds, and interest rate bonds, mainly emphasizing stable bond investments.

Her investment system now possesses three core strengths: a comprehensive research framework, strict risk control, and solid cyclical experience, enabling her to grasp certainty amid change.

“We always prioritize responsibility. Every investment decision considers the long-term interests and genuine needs of our holders. Through meticulous research and cautious thinking, we safeguard asset safety,” she says. Bond investment decisions combine top-down and bottom-up approaches, integrating macro judgments with micro execution.

Long-termism is at the heart of fixed income investing. Maintaining a long-term perspective allows for the power of compounding, building sustainable income, and giving the portfolio time to digest risks and accumulate value. This helps smooth short-term fluctuations, returning investment focus to intrinsic value and providing a more stable experience for investors.

Risk control is the foundation and prerequisite of a stable fixed income portfolio. We respect extreme market conditions, strictly maintain safety margins, and control drawdowns and volatility, prioritizing stability to truly realize long-term investment value.

The Domestic Fixed Income Market Enters a New Phase of Adjustment

“Recently, the bond market has focused on the pace and strength of fiscal policy implementation, mainly showing a volatile pattern, waiting for key signals to break through the range,” Yuan Su from China-Canada Fund said. From the perspective of interest rates, credit environment, and market liquidity, the current domestic fixed income market is entering a new phase characterized by low interest rates, low volatility expectations, and increasing actual volatility.

After a prolonged interest rate decline cycle, the risk-free rate has fallen to relatively low levels historically, with limited room and elasticity for further downward breakthroughs. Against this backdrop, traditional trend-driven gains are diminishing, and the market logic is shifting from “making money from trends” to “making money from trading and coupons.” Institutional and investor strategies are adjusting accordingly.

Yuan Su points out that two main factors influence the recent trend of the fixed income market: one long-term and one short-term. Over the medium to long term, the trend of price levels is a key focus. Due to endogenous growth momentum, indicators like PPI and GDP deflator are weak. If these price indices gradually rise, it could boost corporate earnings expectations and investment willingness, providing positive support for the nominal social interest rate center.

In the short term, rebalancing the supply and demand in the bond market is crucial. With steady progress in debt restructuring and weak real credit demand, the market is experiencing a structural asset shortage. As proactive fiscal policies continue, the scale, issuance pace, and maturity structure of bond supply will directly impact short-term performance of different bond types, becoming a key driver of market volatility.

It’s worth noting that, in the current environment lacking high-yield safety cushions and limited long-term capital gains, market sensitivity to short-term signals has increased, leading to amplified volatility, repeated expectations, and crowded trades. Yuan Su reminds investors to adhere to absolute return principles, establish clear and executable stop-loss and take-profit rules, and avoid blindly betting on one-sided trends.

Regarding specific investment strategies, first, focus on mean reversion. When liquidity premiums, credit spreads, and maturity spreads reach historical extremes driven by market sentiment, maintain rationality and restraint, and be alert to tail risks from extreme conditions. Second, return to the core of investment by filtering out false signals and avoiding blindly chasing high yields. Strengthen internal rating and tracking mechanisms, continuously monitor industries, regions, and issuers, identify potential risks early, and ensure prudent investment.

A Message:

Steady progress and balanced offense and defense summarize my investment style and my personal expectations. Moving forward, I will continue to explore, learn, and stay pragmatic—maintaining passion for research, respect for the market, and ongoing evolution and steady progress.

I sincerely thank every holder for their trust and support along the way. To me, this is recognition and a heavy responsibility. I will safeguard every trust and confidence, adhere to the principle of long-termism, and walk with holders through cycles toward a shared future.

Written by Xu Nannan, Edited by Xu Nan

(Edited by Xu Nannan)

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