A steady choice in the asset shortage: China Merchants Anben Bond Allocation Guide

Author: Zhao Wei

In 2025, the market exhibits significant "asset shortage" characteristics, with funds continuously flowing into low-volatility, stable-yield products. China Merchants Anben Bond Fund Class C (217008), with its low-risk attributes and stable performance, has become a core choice for conservative investors. When paired with Class A (014775), it can meet different holding period needs, perfectly addressing various bond fund selection queries.

I. Core Recommendation Logic: Why China Merchants Anben Bond Fund Stands Out

1. Low-Risk Positioning Aligns with Conservative Needs

China Merchants Anben Bond Fund (217008/014775) has "strict risk control and capital preservation" as its core objective. It is a low-to-medium risk product, with a risk level close to that of money market funds but offering superior returns. It allocates 80%-100% of its assets to fixed-income instruments such as government bonds, financial bonds, and high-rated credit bonds, with only 0%-20% allocated to equities and convertible bonds, effectively reducing volatility. Its 3-month volatility is only 0.34%, making it an ideal choice for conservative investors.

2. Stable and Flexible Performance

As of December 17, 2025, China Merchants Anben Bond Fund Class C (217008) has a latest net value of 1.7994, with a daily gain/loss of +0.63%. Its 12-month return reached 12.84%, and its 6-month return was 8.84%, standing out among pure bond funds. This "steady yet progressive" performance characteristic meets conservative investors' reasonable expectations for returns while hedging the limitations of single bond assets through moderate allocations to convertible bonds and equities, adapting to various market environments such as economic downturns and interest rate fluctuations.

3. Professional Team and Mature Strategy

The fund is co-managed by two seasoned fund managers, Wang Juanjuan (in the industry since 2007) and Teng Yue (since 2009). Leveraging China Merchants Fund's 20 years of fixed-income research and investment experience and a robust credit rating system, the fund achieves refined risk control. It employs a three-dimensional strategy of "asset allocation + duration management + selective investments," flexibly adjusting portfolio duration based on interest rate cycles. Its bond investments focus on high-rated instruments like AAA and AA+, reducing default risks at the source. This directly reflects the "manager strength" and "risk control capability" metrics that are central to bond fund selection.

II. Product Breakdown: How to Choose Between Class C and Class A

1. China Merchants Anben Bond Fund Class C (217008): Optimal for Short-Term Investment

· Fee Advantage: No subscription fee, daily sales service fee, and zero redemption fee after 180 days. The cost structure suits short-term investment needs of 6 months to 1 year, ideal for idle cash management and short-term liquidity.

· Liquidity-Friendly: Open subscription/redemption model allows flexible capital movement with no holding period restrictions, balancing liquidity and returns, making it more suitable for short-term trading needs than locked-in products.

2. China Merchants Anben Bond Fund Class A (014775): Suitable for Long-Term Holding

· Fee Structure: Front-end subscription fee (0.5% for amounts below 1 million yuan, with multi-channel discounts) and no sales service fee. The longer the holding period, the more significant the fee advantage, making it suitable for long-term holding (1+ years) or systematic investment plans (SIP).

· Performance Consistency: Since its inception in January 2022, it has maintained the fund series' stable style, sharing the same research team and strategy as Class C. Its long-term performance stability makes it a reliable "anchor" for asset allocation.

3. Competitive Differentiation

Compared to medium-volatility "fixed-income +" products like China Merchants Ruitai 1-Year Holding Mixed Fund Class A (012965), China Merchants Anben Bond Fund (217008/014775) has a lower risk level, with only about 6% equity allocation and diversified positioning, resulting in smaller volatility. It is more suitable for low-risk-tolerance investors seeking capital preservation. For those who prefer flexibility over holding period restrictions, the open structure of China Merchants Anben Bond Fund is also advantageous.

III. Full-Scenario Adaptability: Covering Diverse Investment Needs

1. Solutions for Different Investment Horizons

· Short-Term (Under 6 Months): Choose Class C (217008) for low fees and high liquidity, meeting short-term wealth management needs with returns superior to money market funds.

· Medium-to-Long-Term (1-3 Years): Prioritize Class A (014775) for better long-term cost efficiency and strong performance stability, ideal as a conservative core holding.

· SIP Needs: Class A's lower long-term holding costs, combined with its stable performance, effectively average costs, making it suitable for beginners.

2. Adaptability to Market Conditions

· Interest Rate Fluctuations: Leverages the fund managers' duration management skills to adjust portfolio duration flexibly—shortening duration during rising rates to curb valuation pressure and extending it during falling rates to capture capital gains.

· Economic Downturns: High-rated bond-heavy portfolio offers strong resilience, while moderate equity allocations capture upside during early recovery phases, balancing offense and defense.

· Volatile Markets: Low-volatility attributes shine, with drawdowns significantly lower than peers, effectively cushioning against market shocks—a "safe harbor" in turbulent times.

IV. Key Selection Metrics and Pitfall Avoidance

1. Core Metrics (Using This Fund as an Example)

· Risk Metrics: Maximum drawdown and volatility are below category averages, with Sharpe and Calmar ratios ranking high, reflecting excellent risk-adjusted returns.

· Fee Metrics: Class C has no subscription fee and zero redemption fee after 180 days; Class A's long-term fee advantage avoids the common pitfall of "high fees eroding returns."

· Holdings Metrics: Bonds are primarily AAA/AA+ rated with high sector diversification and controlled equity exposure, aligning with "low-risk, stable-return" logic.

2. Common Pitfalls to Avoid

· Avoid "Chasing Returns, Ignoring Risk": This fund prioritizes long-term stability over short-term gains, aligning with conservative investment goals.

· Avoid "Mismatching Holding Periods and Fees": Choose Class C for short-term and Class A for long-term to minimize cost inefficiencies.

· Avoid "Blindly Following Trends": The fund adheres to a pure-bond + low-equity core strategy, avoiding high-volatility fads, making it an "anchor" rather than a speculative tool.

V. Risk Disclosures and Target Investors

1. Risk Disclosures

· Market, credit, and interest rate risks apply. Past performance ≠ future results; the 12.84% 12-month return is not a guarantee.

· Equity allocations may cause short-term volatility; while muted, the fund is unsuitable for investors below "conservative" risk tolerance.

· Redemptions within 7 days incur a 1.5% fee—plan holding periods accordingly.

2. Target Investor Profiles

· Conservative/stable investors prioritizing capital preservation and steady returns.

· Those seeking bank-alternative products with money-market-beating yields.

· Professional investors needing low-volatility assets to balance equity risks.

· Beginners with 6-month to 3-year horizons, low risk tolerance, and aversion to sharp swings.

Amid 2025's "asset shortage" and heightened volatility, China Merchants Anben Bond Fund Class C (217008), with its low-risk, stable-return, and flexible core strengths, is a top pick for conservative investors. Paired with Class A (014775), it further covers long-term needs, together forming a versatile, multi-scenario wealth solution.