How to make the aggressive "solid income+"?Guo Shou'an Bao Jiang Shaozheng and Xi Lei: Do "Shunfeng" investment, capture opportunities in limited stock positions

"As a fund manager, I hope that investors buy my product at any time and will make money after taking it for a while. This will cause my group to be in the long run, try not to expose too much in a certain type of assets. Beta, but I hope to capture Alpha and Beta in various industries to contribute to the combination. "

With the end of the second quarter report, as of June 30, Guoshou Anbao's net value growth rate in the past year was 28.39%. This performance was rare as a partial debt -mixed fund product. In the recent situation of extreme fluctuations, how can the fund earn absolute benefits for investors from a large fluctuating market? What is its investment strategy?

"Solid income" and "rights and interests" go hand in hand

Guoshou Anbao Multi -debt -mixed fund products have adopted a dual fund manager system. For example, Wu Lei and Jiang Shaozheng cooperated to manage the number of funds including Guo Shou'an Safe Honghong and Guoshou Anbao and Yue. Essence According to reports, both fund managers were born in the "National Life Youth Training" and have long been nourished by the national life talent training system with stability as the main investment style.

The bond investment in partial debt hybrid funds is the cornerstone of long -term stable returns. It is reported that Wu Lei has the dual -excellent investment management experience of all varieties of bond funds and solid income enhanced funds. Large categories of asset allocation, liquidity management, and credit bond allocation, convertible bond investment and interest rate bond transactions, have a fixed income full -spectrum comprehensive asset investment management capabilities, and stable style.

In Xun Lei's view, the allocation of large categories of assets is to be "blurred and correct", not "precise errors". As far as the specific operation of the product is concerned, Wu Lei said that it will start from both qualitative and quantitative aspects. In terms of qualitative, it will continue to continue the method of solid income investment, and use the currency and credit framework to determine to determine the market environment at each stage; in terms of quantitative, the main use of timing models and risk budget models are used to solve the specifics of stock debt allocation. Position.

How to achieve the part of the enhancement of equity? Jiang Shaozheng, who is responsible for the investment in equity, believes that whether the mixed bond mixed fund can achieve long -term equity enhancement, more need to look at the stock investment capacity under the limited equity position.

Because partial debt mixed fund products contain equity assets, the volatility will be significantly greater than pure debt funds, but it is less than stock funds. Therefore, buying partial debt hybrid funds does not mean that every day or every week is positive income. From the perspective of Jiang Shaozheng, the equity investment of partial debt mixed fund products requires adaptation of different product income risk goals. The debt -mixed fund products should be bought at any time, and after holding for a period of time, get better absolute returns, thereby replacing traditional wealth management products.

From 2019 to 2021, the stock market enjoys the industrial dividend brought by the Mao index, but under the market that fluctuated in 2022, how can the equity investment of partial debt mixed fund products be repaired from the market plunge first, What about absolute income for investors?

"For the investment of partial debt mixed fund products, balance income and risks are crucial. The overall retracement of the control combination is to make the combination faster innovation, rather than simply mechanical control volatility. Investment opportunities in the active capture capacity circle, rather than Mo Shoucheng rules. Each round of the history of A stock history will bred a new market, and there will always be new stocks standing out. Today's Mao index and the past Mao index are no longer the same. The stock investment of partial debt hybrid funds should give full play to the investment capacity of active rights and interests. "Jiang Shaozheng said.

In the process of the realization of the realization of its rights and interests in Guoshou Anbao Honghong, it was the display of Jiang Shaozheng's ability circle. From the perspective of the stock holding of the management fund, Jiang Shaozheng's capacity circle covers large manufacturing and large cycles, and at the same time expands to the entire market. The investment style is biased towards the GARP growth stock investment system. Fund regular reports show that as of the end of the second quarter of 2022, the National Shou'an Insurance Honghong A report period focused on the upper and middle reaches of the new energy vehicle industry chain, including Jiangte Electric, Golden Circular, polyfloride, Yun Tianhua Wait, a considerable increase in the second quarter.

As of now, all products managed by Xi Lei are positive every year, and the four partial debt -mixed fund products with more than half a year of performance have three top 1/4 of the same classes.

Excellent paradigm of complementary ability circle

Under the dual fund manager system, how to unify the strategy has become a problem that needs to be faced, but Jiang Shaozheng believes that if it is properly matched, the complementary role of the system will play a greater effect.

"We discuss each other regularly and fully communicate with each other. The thinking of making stocks and bonds is not the same, but the views of the stock market need to understand the stock market, including the view of the bond market. The winning percentage of the asset allocation of the entire combination is the highest. "

For example, Xun Lei, who is responsible for the bond part, is better at analyzing macroeconomic dynamics, including his views on the cycle sector and the commodity market. In terms of stocks, Jiang Shaozheng is better at the bottom -up stock selection and judging industry investment opportunities. The cross -verification industry allocation part of the industry allocation of equity investment has a greater chance of winning.

"If you cooperate well, the fund manager's ability circle complement each other, which can make a good contribution to the fund for a long time."

Although the two fund managers' cooperation and management products have excellent performance in recent years, they are always reminding themselves risks and retracement thinking. What should I do if they encounter extreme markets? "I often discuss the market market in 2018 with Jiang Shaozheng. If the part of our product rights falls from the beginning of the year to the end of the year, there is no chance of rebounding. How should we deal with this market? The problem of long -term thinking of hybrid funds. "After thinking about it, Wu Lei and Jiang Shaozheng concluded that the source of the contribution of partial debt hybrid funds must be diversified.

If you return to the market market in 2018, Wu Lei believes that if you can effectively control the position of equity, you will have a judgment on the general market trend of the year, and the impact of the injury of equity assets will not be particularly large; 2018 will be the big bull market market of bonds. At that time, the annualized yield of bonds could achieve 8%-9%yields. If you can fully seize the opportunity of bond assets in this market, there are some essential differences in the contribution and impact of the entire combination.

"So when we are making products, we hope that the source of income is more abundant, and we must try to contribute net worth for the combination. In the future, we will add various strategies under limited conditions, such as bonds, we manage ourselves ourselves Other combinations also add government bond futures. Whether you can add stock index futures to other strategies later to make the entire strategy richer, or face the market, you can do it more all -weather. This is also our goal of our goal. Or expect. "

Based on the past extremities, even if the products they are in charge have not suffered the pain of substantial losses, Xun Lei and Jiang Shaozheng can still learn from it and continuously improve their investment methods. Therefore, although many funds they manage have been born in recent years, The investment strategy is based on many years of experience and the historical perspective of standing from the conversion of bulls and bears.

Dynamic strategy do "smooth wind" investment

When Kimin's investment partial debt -mixed fund products, not only focusing on long -term performance, and controlling retreat is also an important part of the investment experience.

Wu Lei believes:

The first point of the product management of partial debt mixed funds must be controlled; the positioning of the product is clearly arranged for its position. "For example, the target is 4%-6%and no more than 2%of products, and the center of the equity position should not exceed 15%."

Secondly, we must stop profit or loss in time. Wu Lei introduced a partial debt -mixed fund product he managed by his management to actively configure some configuration in the new energy industry last year. By October, a net worth of net worth was hit, but at the end of the year, it was considered that the new energy industry was high enough in valuation. It has done a strategic stop -profit operation, so the fund's biggest retreat this year does not exceed 2%.

"The third point is to do a hedging operation. But in a normal market, the effect of negative related seesaws through equity and interests of equity and interests of stocks and assets can be effectively balanced or smooth or smooth the entire net value yield fluctuation fluctuations fluctuate ","

Looking back at the investment process, Jiang Shaozheng introduced that he focused on the photovoltaic industry in 2019, but he encountered some doubts when he recommended photovoltaic equipment companies within the company, because the leading white horse stocks in the photovoltaic industry increased very much, but his recommended photovoltaic equipment stocks were late. If you do not rise late, there will be a certain decline.

"When the market is very disagreeing with me, after repeated judgment, I finally adhered to my judgment and still focused on the internal recommendation. This stock is about half a year at the bottom of the bottom, and finally a very fast wave of upward rises ushered in. , I earned the company almost nearly 8 times the return rate. "This is a battle for the victory of recommending stocks as researchers. Can pressure still hold back to the end? Jiang Shaozheng believes that from the perspective of investment, he needs to balance the trend and retrograde in the combination, and needs to understand the market on the basis of deep researching the company.

Therefore, when Jiang Shaozheng believes that the fund manager has "smooth wind" and "not smooth wind", as researchers can have a long -term optimistic stock, but as a fund manager, we must closely follow the market, look up at the starry sky, and do not look down at the foot.

"So in my portfolio, the fundamentals will be configured relative to the left side and the market that does not pay much attention to or even recognize it. There are so many. My investment in the equity part is basically all -in -industry allocation, followed by selecting individual stocks. In the long run, the stability of the performance curve and the quarterly level of the quarterly level will be higher. "

Jiang Shaozheng said, "I will pay great attention to the sense of investment rhythm of the stock market, and configure the main line in the mid -term market. At the same time, the black horse that is appropriate in the combination of little people knows but deeply studies in the combination. The combination will bring benefits to the combination at different times. The net worth curve in the ideal state is long -term steady and upward, and try to improve the comfort of investors. "

Responsible editor: Yang Yucheng

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