Navigating the fluctuations between stocks and bonds to find a point of certainty and building long-term returns through market cycles is the hallmark of a seasoned investor. Zhang Yongzhi, the General Manager of the Multi-Asset Investment Department at HuaShang Fund, with over 15 years of investment experience, is precisely such a veteran who has been tested by market cycles.
According to fund rating agency data, as of June 30, 2026, the HuaShang Convertible Bond Fund managed by Zhang Yongzhi ranked first in its category for both its 3-year and 5-year performance, while its 1-year performance ranked second. Beyond convertible bond products, the secondary bond fund he manages, the HuaShang Stable Interest Increase Bond Fund, also ranks within the top ten of its category across short, medium, and long-term time horizons, delivering a strong medium-to-long-term performance record for investors.
Performance Highlights of Zhang Yongzhi's Representative Funds
Data Note: The above data is from a fund rating agency, published in July 2026, with data as of June 30, 2026. For more details, please refer to the data notes at the end.
Zhang Yongzhi
General Manager, Multi-Asset Investment Department, HuaShang Fund
Fund Manager, HuaShang Convertible Bond Fund
Fund Manager, HuaShang Stable Interest Increase Bond Fund, among others
As a founding figure within the investment and research team at HuaShang Fund, Zhang Yongzhi currently serves as General Manager of the Multi-Asset Investment Department, with over 20 years of experience in the securities industry and more than 15 years in securities investment. He adheres to a stable and balanced investment philosophy, excelling at starting from a macro perspective to identify "certainty anchors" through major asset allocation between stocks and bonds.
In fixed income, he is skilled at implementing proactive investment management strategies based on thorough research of macro market conditions and micro market participants. In equities, he uses valuation levels as the core decision-making criterion, focusing on industries with strong correlations to the macroeconomy and tactically participating in high-growth sectors with clear opportunities, aiming to achieve steady returns while controlling risk.
Looking ahead, Zhang Yongzhi stated that macro policies will focus on the high-quality development of the capital market, with a moderately accommodative monetary policy maintaining ample liquidity, leading to more pronounced institutional characteristics in the bond market. The upward trend in the equity market is expected to continue, with industry differentiation coexisting alongside structural opportunities. Emerging industries like AI and new energy, along with the upgrade of traditional industries, offer stronger certainty for profit growth and are becoming the core focus for market opportunities.
Specifically regarding convertible bond investments, he anticipates that the convertible bond market will be shaped by a consistently tight supply-demand dynamic and the performance of the underlying equity market. Overall, it may exhibit characteristics of "high valuation maintenance, volatility dependent on underlying stocks, and increasingly structural opportunities." Broadly speaking, the supply-demand situation in the convertible bond market remains favorable, the valuation anchor may shift upward, the trend of household funds shifting towards the capital market will further support convertible bond performance, highlighting their attractive risk-return profile.
"In a complex and ever-changing market environment, we insist on independent thinking, avoiding herd mentality and blind following. We make buying and holding decisions with an absolute return mindset, striving to create long-term, stable returns for investors through flexible asset allocation and strict credit risk control," Zhang Yongzhi remarked. His investment approach at HuaShang Fund is essentially about finding certainty within uncertainty. Using bonds as an anchor and equities as a sail may be a sound strategy in a market characterized by low interest rates and increased volatility.
Data Note: Fund performance rankings in the article are from Galaxy Securities, published in July 2026, with data as of June 30, 2026. The HuaShang Convertible Bond Fund (Class A) is classified as a Convertible Bond Fund (Class A); the HuaShang Convertible Bond Fund (Class C) is classified as a Convertible Bond Fund (Non-Class A); the HuaShang Stable Interest Increase Bond Fund (Class A) is classified as an Ordinary Bond Fund (Secondary) (Class A); the HuaShang Stable Interest Increase Bond Fund (Class C) is classified as an Ordinary Bond Fund (Secondary) (Non-Class A). Past fund managers for the HuaShang Convertible Bond Fund: Zhang Yongzhi (December 22, 2017 to present). Past fund managers for the HuaShang Stable Interest Increase Bond Fund: Liang Weihong (June 24, 2016 - August 4, 2017), Zhang Yongzhi (March 15, 2011 to present). A fund's absolute return refers to its actual realized rate of return over a specific period, not compared to any benchmark index or market performance. Information herein represents the fund manager's investment philosophy; the fund's specific investment strategy is detailed in its legal documents. The views above are from the fund's periodic reports and reflect judgments on the current market; they are not guarantees of future performance and do not constitute investment advice.
As of June 30, 2026, Zhang Yongzhi has 20.4 years of experience in the securities industry, including 3.0 years in securities trading, 1.6 years in securities research, and 15.8 years in securities investment. Past funds managed by Zhang Yongzhi include: HuaShang Stable Double Interest Bond Fund (August 9, 2010 to present), HuaShang Stable Interest Increase Bond Fund (March 15, 2011 to present), HuaShang Stable Additional Interest Bond Fund (February 17, 2015 - March 16, 2020), HuaShang Ruixin Regular Open Bond Fund (August 24, 2016 to present), HuaShang Convertible Bond Fund (December 22, 2017 to present), HuaShang Return No.1 Hybrid Fund (July 27, 2018 - December 15, 2020), HuaShang Income Enhanced Bond Fund (July 27, 2018 to present), HuaShang Double Wings Balanced Hybrid Fund (July 27, 2018 - April 26, 2021), HuaShang Double Bond Fengli Bond Fund (July 27, 2018 - March 16, 2020), HuaShang Ruifeng Short-term Bond Fund (May 24, 2019 - August 23, 2019), HuaShang Convertible Bond Selection Bond Fund (September 29, 2020 - April 10, 2026), HuaShang Stable Additional Interest One-Year Holding Hybrid Fund (January 11, 2022 - November 4, 2025), HuaShang Stable Huili One-Year Holding Hybrid Fund (April 19, 2022 - June 19, 2024), HuaShang Stable Hongli One-Year Holding Hybrid Fund (May 16, 2023 - June 10, 2026).
HuaShang Convertible Bond Fund: The subscription fee for this fund varies based on subscription amount (M). For Class A: M < 1 million CNY, fee 0.8%; 1 million ≤ M < 3 million, fee 0.5%; 3 million ≤ M < 5 million, fee 0.3%; 5 million ≤ M, fee 1000 CNY per transaction. Class C has no subscription fee. Redemption fees vary based on holding period (N). For Class A redemption: N < 7 days, fee 1.5%; 7 days ≤ N < 1 year, fee 0.1%; 1 year ≤ N < 2 years, fee 0.05%; 2 years ≤ N, fee 0%. For Class C redemption: N < 7 days, fee 1.5%; 7 days ≤ N < 30 days, fee 0.1%; 30 days ≤ N, fee 0%. Sales service fee: Class A, 0%; Class C, 0.4% per annum. Please refer to the fund's prospectus and related announcements for details.
HuaShang Stable Interest Increase Bond Fund: The subscription fee for this fund varies based on subscription amount (M). For Class A: M < 1 million CNY, fee 0.8%; 1 million ≤ M < 3 million, fee 0.5%; 3 million ≤ M < 5 million, fee 0.3%; 5 million ≤ M, fee 1000 CNY per transaction. Class C has no subscription fee. Redemption fees vary based on holding period (N). For Class A redemption: N < 7 days, fee 1.5%; 7 days ≤ N < 1 year, fee 0.1%; 1 year ≤ N < 2 years, fee 0.05%; 2 years ≤ N, fee 0%. For Class C redemption: N < 7 days, fee 1.5%; 7 days ≤ N, fee 0%. Sales service fee: Class A, 0%; Class C, 0.4% per annum. Please refer to the fund's prospectus and related announcements for details.
Pension fund clients subscribing through the company's direct sales center are subject to specific subscription fee rates; please refer to the fund's prospectus and related announcements.
Risk Warning: The fund manager is committed to managing and utilizing fund assets with honesty, diligence, and prudence, but does not guarantee that the fund will be profitable or promise a minimum return. The fund's past performance and net asset value do not predict its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. The past performance of the fund manager does not guarantee the performance of new funds. Please read the fund contract, prospectus, fund product summary, and other legal documents carefully. The fund manager's views herein are based on current market conditions and may adjust with market changes; specific investment strategies are detailed in the fund's legal documents. The above does not constitute investment advice. The market involves risks, and fund investment requires caution. Investors are advised to choose products that match their risk tolerance and investment objectives.