Annie Chan, a Senior Product Specialist at Allianz Investment, expressed that as inflation continues to decline, the Fed has started a rate-cut cycle. Many investors should consider locking in higher returns when interest rates are high. Short-term high-yield bonds in the US can provide an attractive option for investors. The main reason is that the coupon yield of short-term high-yield bonds is higher than that of high-grade bonds, with relatively lower volatility. Furthermore, the predictability of companies' short-term financial performance can offer investors a more stable income choice. Short-term high-yield bonds refer to bonds with a maturity of less than five years, and their attractiveness lies in the good balance between risk and return. Despite being called high-yield bonds, short-term bonds typically have lower interest rate risk than long-term bonds. Annie Chan explained that because of the relatively short maturity of short-term bonds, investors can more effectively predict companies' cash flow and financial conditions, leading to a more stable performance of short-term bonds. In the environment of sustained economic growth in the US, coupled with moderate indicators for employment and inflation, the market for high-yield bonds appears particularly favorable. Currently, the yield in the US high-yield market is over 7%, and the default rate has been below the long-term average. Annie Chan mentioned that this supports the performance of short-term high-yield bonds. Compared to other regions, US high-yield corporate bonds offer investors relatively higher visible returns. Currently, Annie Chan and her team manage the Allianz US Short Duration High Yield Bond Fund, focusing on investing in high-coupon short-term bonds. She pointed out that their goal is to provide investors with stable coupon income, rather than seeking short-term capital appreciation. This strategy helps investors achieve relatively stable returns in uncertain markets. When discussing investment strategies, Annie Chan emphasized the importance of diversification. "Our short-term high-yield bond fund avoids excessive concentration in individual industries or companies to maintain good diversification." She stated that the fund management team closely monitors companies' cash flow and financial conditions to select companies with strong financial performance. In addition to short-duration bond strategies, investors can also consider another diversified asset - income and growth strategy, which can provide investors with a one-stop choice for income and growth simultaneously. The diversified asset income and growth strategy can focus on high-yield bonds, convertible bonds, and stocks in the US market, aiming to generate income and dividends from these assets and distribute realized profits to investors. She emphasized that the volatility of mixed strategies is lower than pure equity strategies, providing better risk management and stable income, while also capturing potential growth in the US stock market, making it suitable for investors deploying in the currently expensive US market to achieve the ideal risk-return ratio. Annie Chan further pointed out that the above strategies are not based on predicting market trends. The focus is on selecting companies with profit growth potential and the ability to capture future market share, or choosing some companies with excellent financial fundamentals from an asset-liability perspective. In the US market, high-quality companies still have a high probability of achieving future profit growth, while small and medium-sized businesses benefit from rate cuts, providing good long-term support for US assets.