How Harvest's Secondary Bond Funds Piled Up Ratings and Assets

China's fixed income plus fund category hit a record 3.5 trillion yuan in assets as of the end of the second quarter of 2026, according to mutual fund quarterly reports cited in the original fund marketing piece. Secondary bond funds — products built on a bond base with some allowance for equity and convertible bond exposure — delivered more than 80% of the growth.

In the latest quarterly rating cycle from Jijin Anxin, Harvest Fund Management received both three-year and five-year five-star ratings for secondary bond funds. Among the products highlighted, Harvest Duoli Income Bond A (160718) reported a one-year net value gain of 25.92% against a benchmark gain of 1.51%; Harvest Duoyi Bond A (020857) gained 18.31% against 3.08%; and Harvest Wenhong Bond A (003458) gained 39.60% against 1.51%. All figures are dated 30 June 2026.

Harvest presents the three products across different volatility bands: Duoli and Duoyi sit in the medium-volatility range, while Wenhong is a higher-volatility product with a larger equity and convertible bond tilt. Share-class fees differ sharply. For example, A-class shares of Duoli charge a front-end fee of 0.80% for purchases under 1 million yuan, with redemption fees of 1.5% within seven days and 0.30% between seven and 30 days. C-class shares waive the front-end load but charge an annual service fee.

The broader pitch is that a platform-based, multi-strategy investment system is now the key to managing these products, rather than a simple bond-plus-stock formula. But the promotional framing means the performance numbers should be read alongside the risk and fee disclosures before any comparison.

The Equity Risk Hidden Inside Fixed Income Plus Returns

High stated returns are not bond income

Double-digit one-year returns from products labelled as bond funds come from equity and convertible bond exposure, not from coupons. The gap between Harvest Wenhong's 39.60% one-year gain and the 1.51% benchmark is not a credit-spread bonus; it reflects the fund's higher equity and convertible bond positioning. That is why the same fund lost 14.69% in 2022 while its benchmark fell only 2.06%.

Three funds with one label but different risk destinations

Harvest Duoli's medium-volatility positioning produced a -3.89% return in 2022, a much smaller drawdown than Wenhong's -14.69%. Duoyi, launched in May 2024, has no full-cycle record but returned 3.91% in 2024 against a 6.07% benchmark, underperforming in a year when its equity exposure likely had less time to help. The products are not interchangeable simply because all are fixed income plus funds.

Manager changes undercut the long-term track record

Duoli and Duoyi both changed lead managers around April 2026. The three-year and five-year ratings cited for Duoli, and the shorter record for Duoyi, therefore largely reflect earlier managers. For Duoli, the current managers have been in place only since 1 April 2026, so the historical rankings should not be treated as a direct guide to what the current team will do.

Scale growth is a double-edged signal

Harvest Duoli's fund shares grew by more than 19.3 billion units over four consecutive quarters through June 2026, and Duoyi grew by more than 5.8 billion units in the first half of 2026. Strong inflows validate the marketing, but they often arrive after the strongest performance. A larger asset base can reduce the flexibility of deploying fresh capital into convertible bonds and smaller equity positions, particularly after prices have already risen.

What a Fund Buyer Should Check in Harvest's Product Disclosures

For an investor comparing these products, the fee schedule and drawdown history are more informative than the one-year return table.

  • Match the product to your loss tolerance, not the advertised return. Duoli's 25.92% one-year gain came after a -3.89% 2022 return; Wenhong's 39.60% gain came after a -14.69% 2022 loss. A portfolio that can tolerate a 4% loss may not be able to handle a 15% loss.
  • Choose the share class based on holding period. A-class Duoli purchases under 1 million yuan carry a 0.80% front-end fee and a 0.30% redemption fee between seven and 30 days. If you may redeem early, those costs reduce the headline return. C-class shares charge a 0.35% or 0.40% annual service fee, which compounds for long-term holders.
  • Discount the star ratings where managers changed. Duoli's current managers began on 1 April 2026, so the three-year and five-year rankings mostly reflect the previous team. For a forward-looking decision, what matters is the current portfolio's equity and convertible bond exposure, not the historical star.
  • Ask how far the fund can fall in an equity downturn. The 2022 numbers show the risk hidden in the product: Wenhong fell 14.69% while its bond benchmark fell only 2.06%. Before buying the higher-volatility option, check how much of the portfolio is in stocks, convertibles and credit bonds compared with the standard bond index.