Annie Chen, Senior Product Specialist at Allianz Investment, said that as inflation continues to drop, the Federal Reserve has started a rate-cutting 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 yield of short-term high-yield bonds is higher than that of high-grade bonds, and the volatility is relatively low. Additionally, the predictability of companies' short-term financial performance can provide investors with a more stable income choice. Short-term high-yield bonds refer to bonds with a maturity period of up to five years, which are attractive due to the good balance between risk and return. Although they are called high-yield bonds, short-term bonds typically have lower interest rate risk than long-term bonds. Chen explained that because of the relatively shorter maturity period of short-term bonds, investors can more effectively predict companies' cash flow and financial condition, making the trend of short-term bonds more stable. In the current environment of continued economic growth in the US, coupled with indicators showing a moderation in employment and inflation, the market for high-yield bonds appears particularly favorable. Currently, the yield in the US high-yield market exceeds 7%, with default rates consistently below long-term average levels. Chen mentioned that this provides support for the performance of short-term high-yield bonds. Compared to other regions, US high-yield corporate bonds can provide investors with relatively high visible returns. Currently, Annie Chen and her team manage the Allianz US Short Duration High Yield Bond Fund, focusing on investing in high-yielding short-term bonds. She pointed out, "Our goal is to provide investors with stable yield income, rather than focusing on short-term capital appreciation. This strategy can help investors achieve a more stable return in uncertain markets." When discussing investment strategies, Chen emphasized the importance of diversification. "Our short-term high-yield bond fund avoids excessive concentration on individual industries or companies to maintain good diversification," she said. The fund management team closely monitors companies' cash flow and financial condition to select companies with sound financial performance. In addition to the short duration bond strategy, investors can also consider another diversified asset - income and growth strategy, which can provide investors with a one-stop choice for income and growth in parallel. The diversified asset income and growth strategy can focus on US high-yield bonds, convertible bonds, and stocks to target the yield of these assets and distribute realized profits to investors. She emphasized that the volatility of mixed strategies is lower than that of pure stock strategies, providing better risk management and stable yield income, while also capturing the potential growth of the US stock market, suitable for investors deploying in the currently expensive US market to achieve an ideal risk-return ratio. Annie Chen further pointed out that the above strategies are not based on predicting market trends. The focus is on selecting companies that have profit growth and can capture future market share, or choosing some companies with excellent financial performance from an asset-liability perspective. In the US market, high-quality companies still have a high likelihood of achieving future profit growth, while small and medium-sized enterprises benefit from rate cuts, providing good long-term support for US assets.