"Her Strength" | Xinyuan Fund's Four Fixed Income Women Leaders Prioritize Safety and Strive for Steady Returns

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—being firm means adhering to principles and bottom lines, while softness signifies wisdom and guidance. Together, they forge an investment path that balances intensity and warmth, reflected in net value curves and long-term value.

As fund assets expand and the number of fund managers increases daily, more women are safeguarding investors’ money, gradually increasing their share in the industry. According to the latest Wind data, there are 13,821 public fund products managed by 4,152 fund managers, of whom 1,110 are women—these women bring unique insights to investment.

Eighteen Years of Fixed Income Expertise, Navigating Bond Cycles with Stability — Liu Lijuan of Xinyuan Fund

“In investment, we focus on sustained and stable returns, always prioritizing the safety and liquidity of entrusted assets. Only by ensuring asset security and flexibility can we lay a solid foundation for future gains. At the same time, we pay attention to macroeconomic cycle fluctuations, avoiding blind investments detached from the macro environment,” summarized Liu Lijuan of Xinyuan Fund.

Liu Lijuan, Deputy General Manager and Fund Manager of the Fixed Income Department at Xinyuan Fund, has 18 years of securities experience, with extensive fixed income investment expertise. She has navigated multiple bull and bear markets, pursuing absolute stability. She currently manages funds including Xinyuan Anxinbao, Xinyuan Hefu Pure Bond, and Xinyuan Fuli Fixed Period Open.

She always puts the interests of holders first, practicing meticulous management, leveraging the “small profits accumulate” investment principle, and seizing every opportunity to generate excess returns, striving for consistent and stable performance for investors.

In her view, women tend to have a stronger risk awareness in decision-making, considering multiple factors comprehensively and avoiding reckless risks. Before major market declines, many female fund managers, with keen risk perception, adjust their portfolios early to reduce risk exposure, leading to more prudent investment decisions.

She believes that by 2026, the bond market may show more “range-bound oscillations and increased volatility,” demanding higher trading skills.

In practice, she always prioritizes risk control, seeking excess returns under strict risk management. Regarding interest rate risk, she assesses market conditions to determine appropriate duration and leverage, tracking leading indicators for dynamic adjustments, and evaluating impacts to cut losses decisively during risk events. For credit risk, she maintains strict bottom lines, avoiding chasing high yields through downgrades, and tightly controls default risks.

“Returns and risks go hand in hand; investing is a game of probabilities. By analyzing cycles and policy directions, strictly controlling credit risk, optimizing duration and leverage, we can improve the risk-adjusted return of the portfolio,” she said.

Message: Despite holding multiple identities, the primary goal is to be true to oneself. At all times, stay firm in your beliefs, trust your strength, and shine with your own brilliance.

Protecting Net Value, and More, Protecting Confidence — Yan Xin of Xinyuan Fund

“Accompanying holders through cycles relies on transparency, empathy, and professionalism: during market turbulence, we do not avoid risks or stir anxiety; instead, we regularly share our holdings logic and adjustment strategies, clearly communicate our investment framework. When markets are sluggish, we reinforce long-term principles, conveying confidence through communication and systematic investment advice, tailoring strategies to holders’ risk tolerance, and safeguarding long-term value with patience and expertise,” summarized Yan Xin.

Yan Xin, Fund Manager of Xinyuan Financial Bonds (3-month) and Xinyuan Qifeng, has 12 years of securities experience, with rich research, trading, and liquidity management skills. She has keen market insights and analytical abilities; emphasizing defense, she focuses on drawdown management. She currently manages funds including Xinyuan Financial Bonds (3-month) and Xinyuan Qifeng.

Her deep understanding of liquidity management and extensive trading experience enable her to respond swiftly to market fluctuations. Her early experience as a bank trader made her highly sensitive to changes in funding conditions and institutional behavior, allowing timely strategy adjustments to control drawdowns. She has also studied duration strategies for interest rate bonds, aiming to generate returns in low-rate environments through duration adjustments.

She believes that women’s resilience helps us stay calm amid market volatility, avoiding being swayed by short-term emotions, and adhering to investment principles. Women are also good listeners, gathering diverse viewpoints, analyzing issues from multiple angles, and making more rational, comprehensive decisions.

She sees short-term bond market fluctuations as a “bottoming process,” with medium- and long-term value still present; steady progress remains the main theme.

In her approach, she flexibly manages duration, mainly using medium-short durations, employing a “dumbbell” allocation to balance liquidity and yield, diversifying maturity risks, and employing tactical adjustments and flexible rebalancing. She focuses on high-grade bonds, strictly controlling sector and issuer concentration, closely monitoring financial reports, market sentiment, and debt repayment capacity, conducting dynamic risk assessments, and adjusting positions decisively.

“When markets are volatile, shortening duration and increasing allocation to rate bonds helps protect net value; in stable environments, moderately increasing high-quality credit bonds enhances yields. Always prioritizing drawdown and liquidity, pursuing sustainable, steady returns under controlled risk, and accompanying investors through cycles,” she said.

Message: May every woman become her own light, illuminating her career horizon and warming her life’s moments. We don’t need to live up to others’ expectations but should be the standard answer of our own lives.

Investing Beyond Returns—Honesty, Empathy, and Companionship with Xin Yuan Fund — Guo Hui

“The greatest pain for investors often isn’t the volatility itself but not understanding why it happens or how to face it in the future. The core of companionship lies in honesty, empathy, and expectation management—proactive communication and facing challenges together help us navigate cycles,” summarized Guo Hui.

Guo Hui, Fund Manager of Xin Yuan Chunli Fixed Period Open and Xin Yuan Huixiang Pure Bond (3-month), has 15 years of securities experience, with both sell-side research and buy-side investment research backgrounds. She excels in macro and rate cycle trading, especially in timing and security selection. She currently manages these funds.

She believes that in fixed income, the most important aspects are the safety and stability of returns, aiming to be a resilient long-distance runner. Stability comes from integrating macro trends with micro analysis; safety from detailed fundamental research and various verification methods. During investments, maintaining clear thinking, understanding the sources of returns, and ensuring robustness are essential.

She notes that women’s intuition and empathy help us better understand investor needs and market sentiment, improving our ability to grasp trading psychology.

She sees the bond market as likely to remain within a narrow range amid moderate economic recovery and liquidity conditions.

In her strategy, she combines long-term market tracking, flexible tactical adjustments, and meticulous risk control to avoid interest rate and credit risks. For interest rate risk, she dynamically adjusts duration, employs tactical trading, and monitors yield curve changes. For credit risk, she deepens fundamental research, enhances credit evaluation and sentiment monitoring, diversifies holdings, and manages concentration to build a resilient defense system.

“Bond investment decisions follow a top-down and bottom-up approach: starting from macroeconomic, policy, and liquidity assessments to determine duration, leverage, and asset allocation, then selecting individual securities and executing precise trades. Continuous monitoring and dynamic balancing of yield and safety, with regular reviews and attribution analysis to optimize performance,” she explained.

Message: Learn to find your own rhythm amid busyness, enjoy every moment of work and life, and you’ll discover you have more than you imagined.

By anchoring macro and micro perspectives, using quantitative intelligence to navigate bond cycles—this is the approach of Xin Yuan Fund, Huang Shi.

“Huge macro factors are the core foundation for long-term asset trends, while micro variables influence short-term movements. Asset allocation isn’t always smooth sailing; price rises and falls aren’t instant. We need to grasp current long-term factors and combine them with short-term variables to make informed decisions,” Huang Shi summarized.

Huang Shi, Fund Manager of Xin Yuan Wenfeng Rate Bonds and Xin Yuan Xingli Fixed Period Open, has extensive practical experience, especially in using quantitative tools to extract core signals from trading data for precise market judgment.

With six years of securities experience, including banking and non-bank research, she specializes in fixed income quantitative trading, adept at applying quantitative tools in investments. She currently manages these funds.

She believes that women’s patience in research is especially important; it helps identify potential issues amid detailed daily work, thereby avoiding various operational and compliance risks.

Facing market volatility and pressure, she says that the company of family and friends, and sharing worries, are her main ways to relieve stress. Often, talking through confusions and anxieties alleviates pressure. During market swings, she communicates with investors promptly, explaining market changes and sharing investment ideas to ease their anxiety and accompany them through turbulent times.

She thinks that with the arrival of spring, the first quarter is an ideal time for bond allocation. After last year’s market adjustments, the bond market may have passed its toughest phase. The first quarter is both spring and a good time for bond investment this year.

In her practice, she pays close attention to policy developments, uses macro and micro data to analyze fundamentals, monitors bank asset-liability conditions and non-bank funding, and employs these to avoid interest rate risks. For credit risks, she tracks industry and issuer changes in real-time.

“Using a combination of top-down macro analysis and bottom-up security selection, we determine macro parameters first, then select individual bonds and execute trades. The portfolio is continuously monitored, with dynamic adjustments to balance yield and safety, and regular review and attribution to optimize performance,” she said.

Message: Learn to find your own rhythm amid busyness, enjoy every moment of work and life, and you’ll discover you have more than you imagined.