---
title: "Upholding integrity and striving for the long term, Liu Wenliang from Southern Fund seizes convertible bond opportunities through industry cycles"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283292023.md"
description: "Liu Wenliang from Southern Fund has built a convertible bond investment system that combines both offensive and defensive strategies based on industrial cycle analysis, adopting an investment style of \"economic growth + cyclical resonance.\" His investment strategy includes deeply exploring equity-type convertible bonds, diversifying the allocation of balanced convertible bonds, conducting swing trading on large-cap convertible bonds, and positioning in low-priced, oversold debt-type convertible bonds. The net asset value growth rates of the Southern Changyuan Convertible Bond and Southern Guangli Return Class A shares over the past year were 60.74% and 37.33%, respectively, significantly surpassing the performance benchmark during the same period"
datetime: "2026-04-20T03:49:07.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283292023.md)
  - [en](https://longbridge.com/en/news/283292023.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283292023.md)
---

# Upholding integrity and striving for the long term, Liu Wenliang from Southern Fund seizes convertible bond opportunities through industry cycles

Southern Fund's Liu Wenliang, based on solid composite investment research capabilities and anchored by industrial cycle judgment, adheres to an investment style of "prosperity growth + cyclical resonance." He maintains a principled and long-term approach amidst the fluctuations of both the stock and bond markets, establishing a convertible bond investment system that combines offense and defense.

For convertible bond investments, Liu Wenliang has constructed four core "building blocks": deeply exploring equity-type convertible bonds and making long-term heavy allocations; implementing diversified allocations for balanced-type convertible bonds; conducting swing trading to enhance returns on large-cap convertible bonds with relatively stable volatility ranges; and strategically allocating low-priced, oversold debt-type convertible bonds to seize valuation recovery opportunities.

The products managed by Liu Wenliang have shown impressive performance. According to Tonghuashun data, as of April 17, the net value growth rates for the Southern Changyuan Convertible Bond and Southern Guangli Return Class A shares over the past year were 60.74% and 37.33%, significantly outperforming the performance benchmarks of 18.60% and 1.56% for the same period.

Southern Changyuan Convertible Bond Fund (Class A: 006030, Class B: 025400, Class C: 006031)

Southern Guangli Return Bond (Class A/B: 202105, Class C: 202107)

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