First Plus Asset Management says investors need cross-asset diversification as correlations rise

• First Plus Asset Management executives outlined a shift toward cross-asset allocation at I&M’s Global Macro Allocation Insight Summit in Beijing on Sept. 18, 2026.
• Asset Allocation Director Zhuang Yuan warned cross-asset hedges are scarcer as equity-bond-credit correlations rise, despite lower sector and factor correlations.
• He advocated a three-step framework: diversify within markets, diversify across regions, then add low-correlation assets to improve resilience.
• CEO Yang Lu highlighted structured credit, citing Asia-Pacific ABS as a low-volatility, high-cash-flow strategy.
• Lu said the ABS approach can target 50-100 basis points of excess return versus similarly rated corporate bonds, supported by historically low defaults.

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