Since the beginning of this year, the A-share market has been under continuous pressure and intensified by factors outside China, and the "fixed income +" products are also facing great withdrawal pressure. At present, more than 90% of the "fixed income +" funds in the whole market have lost their yield, with a performance difference of nearly 30 percentage points from the beginning to the end, and the most money losing funds have fallen by more than 20% this year.
A number of "fixed income +" fund managers said that the central fluctuation of the valuation of A-share assets has increased, and the impact on the overall portfolio fluctuation has also increased. In the current market environment, the choice of stocks first emphasizes the safety margin, and focuses on long-term holding. The core profit comes from sharing the value appreciation of enterprises
more than 90% of the revenue was lost, with a performance difference of nearly 30 percentage points from the beginning to the end
According to wind data, as of March 25, the average rate of return of 1140 "fixed income +" funds in the whole market (according to the statistics of partial debt mixture and secondary debt base, the combined calculation of shares) was - 3.84%, of which 1068 funds had a negative rate of return this year, accounting for 93.68%, that is, the proportion of negative income funds exceeded 90%, and 25 "fixed income +" funds had a decline of more than 15% in the beginning of the year, which was comparable to that of equity funds.
Under the situation that the whole market "fixed income +" funds had a bad start in the new year, some products also achieved positive returns against the market. As of March 25, 67 of the "fixed income +" funds had achieved positive returns this year, and Anxin min, with the highest rate of return, had steadily increased by A. so far this year, it had achieved a positive return of 3.85%, 27.82 percentage points lower than the first and last performance of the products ranked last. In addition, Anxin robust Jushen holds a, Jingshun Great Wall Anxin return a and other "fixed income +" funds for one year, with a yield of more than 2% this year.
As for the reasons for the poor performance of the "fixed income +" fund and the great differentiation of performance this year, Zhao Xuzhao of Huatai Baoxing Fund believes that part of the income of the "fixed income +" product is relatively stable, and the "+" includes three parts: stock bottom position, new shares and convertible bonds. These three parts of earnings are related to the performance of the stock market. Since the beginning of this year, A-Shares have been significantly adjusted. At the same time, the new earnings have decreased significantly, and the CSI convertible bond index has also decreased by 7%. Therefore, the poor performance of the "fixed income +" fund this year is mainly affected by the sharp adjustment of the stock market. The large differentiation of performance is mainly due to the difference between stock positions and industry allocation. Since the beginning of the year, the value style has performed relatively well, and the growth style has decreased greatly. The high stock positions and partial growth style stock allocation will lead to a large net worth pullback range, while the low stock positions or partial value style stock allocation will pullback relatively small, or even obtain positive income.
Chen Lei, director of fixed income research of deppon fund, said that fixed income + products mostly exist in the form of bonds + stocks, and the so-called + assets are mainly stocks and convertible bonds. This year, from the perspective of the income of large categories of assets, the pure debt varieties as a whole still achieved positive income, but stocks and convertible bonds fell one after another, which significantly dragged down the overall performance of the products.
Li Jun, deputy general manager of mixed asset investment department of Anxin fund, said that recently, affected by the geopolitical conflict between Russia and Ukraine, the price of bulk commodities fluctuated violently, some resource stocks fluctuated greatly, and the Chinese market also fluctuated sharply. Historically, the valuation center of A-share assets fluctuates greatly, which also has a great impact on the fluctuation of the overall portfolio. Our choice of stocks first emphasizes the safety margin and focuses on long-term holding. The core profit comes from sharing the value appreciation of the enterprise. Although the market volatility has intensified this year, our "fixed income +" strategy is still robust and effective, thanks to the effective risk management system and our portfolio allocation strategy system.
balanced configuration with consideration of safety margin
do a good job in defense and counterattack
Since the beginning of the year, affected by factors outside China, the A-share market has continued to suffer severe shocks. A number of "fixed income +" fund managers said that the balanced allocation of portfolio will increase the consideration of safety margin, and they are ready to defend and counterattack at any time according to the market conditions.
Li Jun, deputy general manager of the mixed asset investment department of Anxin fund, said that in terms of management objectives, he is committed to pursuing the highest possible return under the established risk level, or reducing the risk fluctuation as much as possible under the general return goal. The asset allocation strategy of major categories is carried out from bottom to top. The essence of the strategy is based on three bottom asset portfolios: pure debt, convertible debt and stock. Pure debt mainly pursues relatively stable income and good liquidity. It is the asset we use to realize the safety cushion. The safety of this part of assets comes first and does not take credit sinking. The main allocation direction is interest rate debt and high-grade credit debt, which have relatively high safety. At the same time, the duration is also controlled in the medium and short term to maintain good liquidity, so that the market can respond to changes at any time. The stock portfolio and convertible bond portfolio are mainly committed to improving the income of "fixed income +" portfolio on the basis of a certain margin of safety. For stocks and convertible bonds, the core standard for us to select the target is the risk return ratio. Because our management goal is to achieve income enhancement on the premise of bearing limited risks, the proportion of equity positions in products should be constrained by the risk budget, and the most appropriate asset is naturally the asset with better risk income ratio. When we look at assets from the perspective of pricing, we become the first standard. Therefore, a large part of our quarterly position stocks have the characteristics of undervalued and high dividend. Such positions are often not popular stocks in the market.
Zhao Xuzhao of Huatai Baoxing Fund said that the "fixed income +" product Huatai Baoxing Kerong hybrid fund managed by us has achieved positive returns. On the one hand, we have maintained a neutral stock position, on the other hand, we have focused on the breeding sector in the industry allocation, contributing to an obvious excess return. This year, the volatility of the stock market has increased. We keep the overall idea of balanced allocation unchanged, increase the consideration of the safety margin of stock selection, and hope to take advantage of the market volatility to make some defensive counterattacks.
Zhou Haidong, manager of Chinese business Hengyi steady mixed fund, said that looking forward to 2022, China's monetary and fiscal policy environment is more favorable for growth, but the strength and sustainability are still uncertain, the tail risk of real estate still exists, and the economy is likely to show a rhythm of stabilization. The international environment also presents great uncertainty. The overseas epidemic, monetary and growth environment are not clear, especially the tightening expectation of the monetary environment is more obvious. Overall, the market will face great challenges in 2022. Due to the high valuation, the growth direction will face the test of changes in the monetary environment. At present, the industry is still optimistic about the cycle and value direction, including nonferrous metals, coal, banks, etc. in order to give consideration to the stability of the combination, there is also some attention to the growth direction, mainly for the computer, green power operation and other sectors.
For the equity part of "fixed income +" products, how to find allocation opportunities in the current volatile A-share market, Ding Jin, manager of Xingye Juhua hybrid fund, said that on the main line, he will focus on independent innovation and new infrastructure, including new energy strategy, independent security, scientific and technological innovation (chip, automation, intelligence), medicine (innovative medicine) and other sectors. In terms of interest rate debt, he said that the medium and short end varieties are relatively deterministic and have relative allocation value; In terms of credit bonds, he stressed that the coupon value is prominent, and will focus on financial bonds and medium and short-term industrial bonds. However, it is necessary to control the credit qualification and duration of industrial bonds of strong cyclical industries in the upstream, and pay close attention to the credit risk of real estate bonds. In the field of convertible bonds, Ding Jin admitted that since 2022, convertible bond assets have also started to adjust with the index, and it is indeed more difficult for the valuation to obtain excess returns under the shock of the current high level. Considering the large volatility of convertible bond assets, his response is to properly control his position and patiently wait for the opportunity after adjustment.
