The curtain will end in 2021, the transition period of new asset management regulations will end, the compliance of various asset management products will continue to improve, and a healthy asset management ecology is gradually taking shape. Net worth transformation also brings development opportunities to professional asset management institutions that have always paid attention to active management ability.
After nearly two decades of capacity-building and performance accumulation, insurance asset management has become an important pole in the large asset management industry. Facing the changeable capital market in 2021, the performance of relatively low-key and mysterious insurance asset management products is not inferior.
Statistics show that based on the insurance asset management products that publicly disclose the performance data in 2021, the yield of several stock insurance asset management products in 2021 exceeded 50%, and the cumulative yield in recent three years exceeded 200%. In addition, the performance of insurance asset management “fixed income +” and fof products is equally amazing, and the yield of some products exceeds that of similar funds.
the highest yield of stock products is 65.93%
In 2021, the style of the A-share market was structurally differentiated. Although the CSI 300 index represented by large cap stocks and blue chips fell, the gem and the new third board index represented by small and medium cap stocks and innovative enterprises increased significantly. Cycle, new energy, military industry and other sectors have become hot spots in turn. The core assets once sought after, such as consumption and medical treatment, experienced a significant retreat and ushered in a slight rebound at the end of the year.
How to obtain excess returns in the volatile market? This tests the market judgment and investment research ability of various asset management institutions. The advantages of asset allocation and stock selection ability of head insurance asset management institutions accumulated for a long time have been fully reflected in the extreme market last year.
According to the data of , there were 158 stock insurance asset management products that disclosed performance data last year, with an average yield of 4.24%.
Among them, thanks to the promotion of the “double carbon” strategy and the activity of the new energy sector in the A-share market, Ping an asset management Ruyi No. 41 (selection of new energy themed stocks) had a yield of 65.93% last year, ranking first in the performance of stock insurance asset management products. It is understood that this product has been heavily invested in new energy since its establishment in June 2020. It is evenly distributed in the upstream, middle and downstream industrial chains such as photovoltaic, new energy vehicles and parts. It pays attention to the selection of individual stocks, and the return rate of one and a half years after its establishment is 208.75%.
In addition, life assets Fuying No. 1 and Taikang assets cycle selection also achieved a yield of more than 50% last year. These products basically bet on last year’s “tuyere”, layout relevant themes and industries in advance, and reaped good returns at the end of the year. Top 5 earnings of stock insurance asset management products in 2021
As one of the indicators to investigate the long-term investment ability, there are five stock insurance asset management products in the performance list in recent three years, with a cumulative rate of return of more than 200% in recent three years. Taikang assets, sunshine assets, everyone assets and ping an asset management have achieved such excellent results respectively. Top 5 earnings of stock insurance asset management products in recent three years
hybrid product ping an asset management won the title
as the product carrier of multi asset allocation of shares and bonds, 145 hybrid insurance asset management products recorded performance data last year, with an average yield of 4.40%.
Among them, Ping an asset management Ruyi No. 47 (flexible optimization) had a yield of 37.28% last year and won the performance champion of hybrid insurance asset management products. Zhongying Yili Jingsheng No. 1 and Minsheng Tonghui Xinhui No. 2 followed, with yields of 30.31% and 30.11% respectively last year. Top 5 revenue of hybrid insurance asset management products in 2021
from the three-year dimension, hybrid insurance asset management products also show a good profit-making effect. ping an asset management Ruyi No. 28 (partial share flexible configuration) has a cumulative yield of 171.09% in recent three years, ranking first in the performance of three-year hybrid insurance asset management products. In addition, there are 12 hybrid insurance asset management products with a cumulative income of more than 100% in recent three years. Among them, two products of Taiping assets and Xinhua assets are the second and third respectively, with a yield of 145.91% and 131.49% respectively. Top 5 hybrid insurance asset management products in recent three years
An insurance asset management investment manager told reporters that due to the characteristics of the industry, insurance asset management products are mainly aimed at institutional investors and the public awareness is not high. However, as a large institution with huge capital in the market, the long-term experience in large-scale fund management determines that while pursuing excess returns, insurance asset management should also pay attention to long-term stable returns and reduce pullback and volatility, Give investors a more stable holding experience. The seemingly “coincidental” bet on the track is behind the market opportunity exploration ability and prediction ability accumulated by insurance asset management for a long time.
solid income + and pure debt products yield considerable
Last year, the market interest rate decreased slightly, and the bond sector rose slightly as a whole, becoming one of the few sectors in the capital market to achieve positive returns. Among the 522 bond insurance asset management products that disclosed performance data in 2021, only 14 had negative returns, and the average yield of bond products was 5.05%, showing a good ability to obtain absolute returns.
Among them, the three products “houkun No. 5”, “houkun No. 1” and “houkun No. 3” of our assets ranked among the top three bond insurance asset management products with yields of 67.81%, 65.49% and 23.29% respectively, far higher than the industry average. The reporter inquired with relevant personnel of the group and learned that the reason why the yield of the above three bond insurance asset management products of the company was significantly higher than the industry average last year was that “the net value fluctuated sharply due to the huge application for redemption during the existence of the products”. Top 5 revenue of bond insurance asset management products in 2021
To say that the bond market will be the “most beautiful” in 2021, we have to mention the “fixed income +” product. Under the background of the gradual breaking of financial exchange and the gradual downward movement of risk-free interest rate, the strategy of “fixed income +” products bottoming out with fixed income and enhancing income with equity assets has been favored by some investors. In 2021, 10 billion yuan burst “fixed income +” funds appear frequently, which shows its popularity.
As the “bottom warehouse” for the use of insurance funds, insurance asset management actually laid out the “fixed income +” strategy early, and relevant products also achieved good returns last year.
The investment manager of a large insurance asset management company told reporters that “fixed income +” is a good choice to control fluctuations and win profits in a volatile market environment. There are also various forms, including “fixed income + stock”, “fixed income + stock index futures”, “fixed income + innovation”, “fixed income + fixed increase”, “fixed income + convertible bonds”, “fixed income + quantification”, etc. Due to the addition of equity assets, it is also necessary to conduct more bottom-up research and Analysis on specific companies. Therefore, it is more important to test the ability of institutions to allocate large categories of assets.
After searching the secondary classification of wind insurance asset management products, the reporter found that 195 hybrid bond secondary insurance asset management products with the characteristics of “fixed income +” recorded performance data in 2021, with an average yield of 5.69%. Taking ping an asset management Ruyi No. 18 (enhanced partial debt strategy) as an example, the yield of the product was 7.68% last year, with a maximum pullback of 1.50, showing good income elasticity under the premise of strict control of pullback.
As one of the largest participants in China’s bond investment, pure bond investment has always been the strength of insurance asset management. Among the 56 medium and long-term pure debt products, the product performance of Taikang assets, everyone assets, Ping an asset management and Taibao assets ranked among the top 10, with a yield of more than 6.40%. Among the 2542 medium and long-term pure debt public funds, only 170 have a yield of more than 6.40%, which fully shows the long-term accumulation of insurance asset management institutions in pure debt investment. Top 5 medium and long-term pure debt insurance asset management products in 2021
fof products ushered in a double explosion of scale and performance
2021 is also a big year for the release of fof products. Compared with public funds, insurance asset management has a longer history of participating in fund investment through fof and has relatively rich investment experience. Since last year, wind has recorded 18 fof insurance asset management products. Among them, the top five are from stock fof products. Top 5 revenue of insurance asset management fof products in 2021
From the perspective of three-year dimension, the cumulative yield of three fof products in recent three years has exceeded 100%, including Ping an asset management Ruyi No. 11 (new power fof), Ping an asset management Ruyi No. 9 (fund selection fof) and The Pacific Securities Co.Ltd(601099) excellent wealth preferred 50 fund types. The yield in recent three years has reached 171.23%, 123.16% and 112.73% respectively, far exceeding the performance champion of public fof, southern pension 2035a (64.92%), It shows the leading advantage of insurance asset management in fof investment and research. Top 5 revenue of insurance asset management fof products in recent three years
Insiders said that in recent years, the proportion of Chinese residents in financial asset allocation has shown an upward trend, and their recognition and attention to fof investment are also increasing. However, with the sharp increase in the number of funds, serious performance differentiation and intensified market volatility, some investors still have pain points such as limited professional ability and difficult fund selection. Therefore, fof products with balanced and stable ability have great potential, which can be used as an effective investment tool to alleviate these problems and help investors effectively realize more diversified asset allocation.
In addition, with the promotion of individual pension policy in the future, fof is an important carrier to undertake pension and is expected to usher in greater development space. It is worth looking forward to how insurance asset management can use its decades of fof investment and research experience to empower China’s wealth management market.
where are the investment opportunities in 2022?
Looking back on 2021, although problems such as covid-19 pneumonia epidemic and global supply chain tension still exist, the A-share market has withstood the test and ended perfectly with the three consecutive positive years of the Shanghai stock index. How will insurance funds pursuing steady returns find deterministic investment opportunities in 2022 amid uncertainty?
Ping an asset management believes that corporate profits will face certain pressure this year. Combined with the historical downward cycle experience of profits and superimposing the tone of stable growth policy, it is expected that there will be no lack of structural opportunities this year. It is mainly based on the bottom-up structural stock selection idea and based on the medium-term prosperity stock selection layout, especially the plates that can still maintain high prosperity or upward reversal of prosperity this year.
Specifically, first, pay attention to some consumer sectors that transmit PPI to CPI or whose performance is expected to hit the bottom, such as food and beverage, agriculture, etc; Second, look for sectors with low policy resistance and high prosperity, such as new energy vehicles and clean energy industry chain under the theme of “carbon neutralization”, specializing in special and new related semiconductors, military industry, biopharmaceutical, machinery, etc.
Under the “double carbon” strategy, energy transformation may have long-term deterministic investment opportunities. According to the analysis of the Investment Research Report of a large insurance investment institution, from the perspective of energy construction, wind power, Cecep Solar Energy Co.Ltd(000591) , energy storage investment and power grid investment are the main line. At the same time, the investment in energy consumption end such as the renewal and transformation of various terminal electrical equipment, new energy vehicles and intelligent environmental protection buildings is another main line.
(Shanghai Securities News)
