"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 upholding 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. Their proportion in the industry is gradually rising. According to the latest Wind data, there are 13,821 public funds managed by 4,152 fund managers, of whom 1,110 are women—these women bring unique insights to investment.

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

With 18 years of securities industry experience and extensive fixed income investment expertise, she has navigated multiple bull and bear markets, pursuing absolute stability. She currently serves as Deputy General Manager and Fund Manager of Xinyuan Fund’s Fixed Income Department, managing funds such as 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, enabling 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 cutting losses decisively when risks materialize. 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 managing credit risk, optimizing duration and leverage, we can improve the risk-return ratio of the portfolio,” she states.

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, More So Protecting Confidence — Yan Xin, Xinyuan Fund

“Accompany holders through cycles with transparency, empathy, and professionalism: during market turbulence, avoid risk avoidance or panic; regularly share holdings logic and adjustment ideas; clearly communicate investment frameworks. When markets are sluggish, reinforce long-term principles, convey confidence through communication and systematic investment suggestions, and flexibly optimize strategies based on holders’ risk tolerance, safeguarding long-term value with patience and expertise,” summarized Yan Xin.

Yan Xin, Fund Manager of Xinyuan Financial Bonds (3-month) and Qifeng Funds

With 12 years of securities industry experience, she is skilled in research, trading, and liquidity management, with sharp market insights and analytical skills. She emphasizes defensive strategies, focusing on drawdown management. Currently managing funds such as Xinyuan Financial Bonds (3-month) and Qifeng Funds.

Her deep understanding of liquidity management and rich trading experience enable her to respond swiftly to market fluctuations. Early banking trading experience heightened her sensitivity to changes in funding and institutional behavior, allowing timely strategy adjustments to control drawdowns. She has also studied duration strategies for interest rate bonds extensively, 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 and analyzing issues from multiple angles to make more rational and comprehensive decisions.

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

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 trades and flexible rebalancing. She focuses on high-grade bonds, strictly controlling sector and issuer concentration, monitoring financial reports, market sentiment, and debt repayment capacity, conducting dynamic risk assessments, and adjusting positions decisively.

“When markets are volatile, shorten duration and increase allocation to rate bonds to protect net value; during stable periods, moderately increase high-quality credit bonds to enhance yields. Always prioritize drawdown and liquidity, pursuing sustainable steady returns under controlled risks, accompanying investors through cycles smoothly,” she states.

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 — Guo Hui, Xinyuan Fund

“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 traverse cycles,” summarized Guo Hui.

Guo Hui, Fund Manager of Xinyuan Chunli Fixed Period Open and Xinyuan Huixiang Pure Bond (3-month)

With 15 years of securities experience, combining research and trading expertise in both sell-side and buy-side. She excels in macro and rate trading, demonstrating strong timing and security selection skills. She currently manages funds such as Xinyuan Chunli Fixed Period Open and Xinyuan Huixiang Pure Bond (3-month).

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, while safety derives from detailed fundamental research and verification. During investment, maintaining clear thinking, understanding income sources, and ensuring prudent investment are essential.

She notes that women’s intuition and empathy help better understand investor needs and market sentiment, enabling more rational decision-making.

She sees the bond market as likely to experience narrow-range oscillations amid moderate economic recovery and liquidity conditions.

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

“Bond investment decisions combine top-down macro analysis with bottom-up security selection: starting from macro, policy, and liquidity assessments to determine duration, leverage, and asset allocation, then selecting individual securities with detailed trading. Continuous monitoring and dynamic balancing optimize returns and safety through regular review and attribution analysis,” she explains.

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.

Anchored in macro and micro analysis, using quantitative intelligence to navigate bond cycles — Huang Shi, Xinyuan Fund

“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; rises and falls happen gradually. We need to grasp current long-term factors and combine them with short-term variables to make informed decisions,” summarized Huang Shi.

Huang Shi, Fund Manager of Xinyuan Wenfeng Rate Bonds and Xinyuan Xingli Fixed Period Open

With extensive practical experience, she has developed a unique decision-making system, especially skilled in using quantitative tools to extract core signals from trading data and accurately judge short-term market changes.

With six years of securities experience, including banking and non-bank research, she specializes in fixed income quantitative trading, adept at applying data-driven tools in investment. She currently manages funds such as Xinyuan Wenfeng Rate Bonds and Xinyuan Xingli Fixed Period Open.

She emphasizes that women’s patience in research is especially valuable, as it helps identify potential issues amid daily details, 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, voicing doubts and anxieties alleviates pressure temporarily. For investors, market swings also bring stress, so during major fluctuations, we communicate promptly, interpret market changes, and share investment ideas to ease their anxiety and accompany them through turbulent times.

She believes that with the arrival of spring, the first quarter is the right time for bond allocation. After a year of market adjustments, the bond market may have passed its toughest phase. The first quarter is both spring and a good period for bond allocation this year.

In her practice, she pays close attention to policy developments, uses macro and micro data to analyze fundamentals, monitors bank asset-liability positions 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 macro data models and micro trading data, combined with quantitative timing and security selection, and regular macro-micro data reconciliation, we aim to avoid interest rate and credit risks. We build a resilient defense system through diversified allocation and concentration management,” she states.

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.