in 2021, the volatility of the equity market intensified, staged a structural differentiation market, and the valuation of some core assets callback, while the small and medium-sized market performed better. The rise and fall of CSI 300 and CSI 500 in the whole year were – 5.2% and 15.58% respectively. Looking forward to the future, the downward pressure on the macro economy is large, superimposed with uncertain factors such as repeated outbreaks and the Federal Reserve’s interest rate hike, and the stock market is expected to remain volatile. In this market environment, the absolute return products represented by “fixed income +” funds are at the right time.
in this period, one stock bond hybrid product and three “fixed income +” products with stable medium and long-term performance and strong pullback control ability are selected. Investors can build a relatively balanced portfolio according to their own configuration needs and risk appetite, and obtain long-term and stable returns on the basis of risk control.
dynamic balance of Jingshun Great Wall
Jingshun Great Wall power balance is a flexible allocation fund, which was established on October 24, 2003. As of December 31, 2021, the latest scale is 1.35 billion yuan, and the current fund manager is Liu Su. The performance comparison benchmark of the fund is the yield of Shanghai and Shenzhen 300 index × 50% + yield of China’s total bond index × 45% + yield on interbank deposits × 5%。
Product features
With stable and excellent performance, Liu Su has been in the forefront of similar funds for a long time: Liu Su has taken over as a fund manager since September 2015. As of February 16, 2022, the annualized return on his tenure has reached 16.45%, and the cumulative excess return relative to the CSI 800 index is 132.61%, ranking among the top 15% of similar funds in the same period.
Adhering to the resonance concept of “good industry, good enterprise and good opportunity”, select high-quality enterprises for long-term investment: fund managers adhere to the principle of “small downside risk and large upside space”, adhere to the investment concept of combining good industry, good enterprise and good opportunity, and tap companies with great growth potential and strong competitive advantage and cycle leaders at a low ebb.
Over allocation of consumption and medicine, and the bond side turns to Treasury bonds: the level of fund positions is relatively stable. Since the fund manager took office, the equity position has remained at about 70%, and the dynamic adjustment proportion is basically within 5%. From the perspective of equity, the current allocation of the fund industry is dominated by consumption and medicine, followed by banks, TMT and other sectors. From the bond side, the fund has long-term allocation of financial bonds, and nearly all bond positions shifted to allocation of treasury bonds in the fourth quarter of 2021.
The value investment style is stable, and the products are well recognized by the market: Liu Su, the fund manager, has nearly 10 years of investment management experience, adopts the investment strategy of focusing on the bottom-up and supplemented by the top-down, takes the enterprise quality (cash flow and ROE) as the primary screening standard, and believes that the enterprise profit quality is the necessary condition for the stock price to realize excess return. Focus on the long-term value of high-quality stocks and adjust positions according to market sentiment.
Hua’an Ankang
Hua’an Ankang is a flexible allocation fund, which was transformed from partial debt to flexible allocation fund in August 2018. As of December 31, 2021, the latest scale is 17.96 billion yuan, which is now managed by dual fund managers, including Lu Ben and Shi Yuxin respectively. The performance comparison benchmark of the fund is the yield of Shanghai and Shenzhen 300 index × 60% + yield of China’s total bond index × 40%。
Product features
Strong performance sustainability and outstanding pullback control ability: Lu Ben began to serve as a fund manager in September 2018. As of February 16, 2022, the annualized rate of return reached 15.76%, which was 27.81% compared with the cumulative excess return of CSI 800 index, and the pullback control was excellent, and the Kama ratio was far higher than the average of the same category.
Double fund manager management to create high-quality “fixed income +” products: Hua’an Ankang’s products are positioned as “fixed income +” funds, and adopt the management mode of stock bond warehouse separation and double fund managers. Lu Ben, the fund manager in charge of equity side investment, has focused on macro and industry research since his employment, covering non-ferrous metals, new energy, environmental protection and other industries, with a current management scale of 33.48 billion yuan; Shi Yuxin, the fund manager in charge of bond side investment, has more than 12 years of experience in building a credit evaluation system and nearly 7 years of experience as a fund manager, with rich investment experience.
Controlling equity position and industry diversification: the fund stock position remains within 30% and relatively stable. The allocation of equity side industries is decentralized and balanced, and the investment follows the prosperity investment, not only the track theory.
Focus on absolute return stock selection, both offensive and defensive: fund manager Lu Ben maintains a balanced investment style and pursues a better risk return ratio in the medium and long term. In the selection of individual stocks, the combination of top-down and bottom-up attaches importance to the growth space. For companies with different growth, the valuation tolerance is different. In addition, more excellent companies can be found through the mining of second-line excellent targets and fine molecule industry leaders.
e fund Yuhui return
E-fund Yuhui return is a partial debt hybrid fund. The product is opened regularly and the operation period is 6 months. The fund was established on December 17, 2013. As of December 31, 2021, the latest scale is RMB 3.196 billion. The current fund manager is Hu Jian. The performance benchmark of the fund is the three-year bank fixed lump sum deposit and withdrawal deposit interest rate (after tax) + 1.75%.
Product features
The attribute of absolute return is prominent, with positive returns every year: Hu Jian has served as a fund manager since the establishment of the fund. As of February 16, 2022, the annualized rate of return has reached 11.19%, the cumulative excess return relative to the CSI 800 index is 48.53%, and the maximum pullback is only 3.91%.
Flexible investment operation and focus on risk control: in terms of asset allocation of major categories, through the analysis of macroeconomic trends, monetary and fiscal policies, carry out dynamic allocation between stocks, fixed income and other assets to determine the optimal allocation weight. In terms of individual bond investment, the top-down method is used to invest in interest rate bonds, the bottom-up method is used to mine credit bonds with investment opportunities, and decentralized investment is adopted to strictly control the level of portfolio default risk.
Preference for high-grade credit bonds, balanced allocation in the stock industry: the fund equity position is low, basically within 10% in the past five years. The fund is evenly allocated to banking, transportation, building materials and other industries, and the shareholding style is biased towards value. The bond side is mainly configured with high-grade credit bonds, and the convertible bond position is low. The fund is mainly held by institutional investors. At present, institutional investors account for more than 98%.
Solid income investment research has rich experience and pays attention to fundamental research: fund manager Hu Jian has nearly 10 years of investment management experience and 15 years of solid income research experience. He is in charge of 12 fund products, mostly pure debt and “solid income +” products, and the performance ranking is relatively high. Fund managers pay attention to the research on macro and microeconomic fundamentals and are good at combining top-down and bottom-up strategies to obtain excess returns.
Wanjia Ruixiang
Wanjia Ruixiang is a flexible allocation fund under Wanjia fund, which was established on November 17, 2016. As of December 31, 2021, the latest scale of the fund is 1.008 billion yuan, and the current fund manager is Su moudong.
Wanjia Ruixiang’s performance comparison benchmark is the yield of Shanghai and Shenzhen 300 index × 50% + yield of China Securities all bond index × 50%。
Product features
Long term stable performance and offensive ability: Su moudong has taken over as a fund manager since August 2018. As of February 16, 2022, the annualized rate of return on his tenure has reached 8.4%. In the past five years, except 2018, the yield of a single year was greater than 5%.
Steady “fixed income +” positioning and absolute income orientation: Wanjia Ruixiang takes steady “fixed income +” as the positioning and absolute income as the goal, realizes short-term absolute income and medium and long-term excess income through top-down asset allocation and bottom-up refined stock selection and securities selection, and improves the holding experience through strict withdrawal control. Fixed income assets are the source of absolute return and the safety cushion for the portfolio when equity assets withdraw, so the first priority of bond bottom position is to accumulate coupon.
Prudently control the position, and the shareholding style is biased towards value: the allocation proportion of major categories of assets is relatively stable, and the equity position has remained at about 10% in the past year. At present, the equity side mainly focuses on the undervalued sectors such as finance and real estate and the varieties with callback valuation such as consumption, and carries out the core configuration of high-quality industry leaders with stable roe and reasonable valuation; The bond side is mainly configured with financial bonds and high-grade credit bonds, without too much credit sinking, and the investment style is relatively stable.
The veteran of fixed income investment pursues long-term stable return: Su moudong, the fund manager, has nearly 9 years of experience as a fund manager and 13 years of experience in fixed income investment and research, and attaches great importance to the safety margin. The investment style is biased towards value, preferring to underestimate the value of high-quality leading companies. At the same time, it also participates in the investment of growth stocks. It is believed that underestimated value and higher growth represent the margin of safety.
