Several characters | Dongxing Fund Sima Yi Buy and Buy: Deepen the principle of the economic cycle, explore the way of stabilizing and seeking victory

China Fund News Wei Zhongzhe

Editor's note: "Data Analysis Fund Manager, deeply restore investment portrait." Yinghua Body Library launched a new column "Digital Person", which uses image language to analyze the fund manager behind the data to restore the three -dimensional investment portrait for investors. Take you to explore the source of the fund's income, choose the foundation first.

After the previous strong rebound, since the third quarter of 2022, the market has re -entered a period of shock rest. From May to June, the growth of the growth of the growth track slowly slowed down again, and the value style reproduced toughness. As the estimates of A shares have been further digested, the cost -effective investment is expected to increase later.

However, compared to whether the equity market has been worn in the end, the solid income market has shown a more certain growth. According to data released by the China Securities Investment Fund Association, as of July, the net value of the currency funds and bond funds has increased by 10.4%and 9.7%, respectively, reaching 11.09 trillion yuan and 4.83 trillion yuan. It is not difficult to see from it. After experiencing the V -character market in the first half of the year, the emotions of investors began to tilt to the side of the balance.

Although the current solid income market is facing interest rate shocks downward, it seems that the person in charge of the fixed income department of Dongxing Fund and the fund manager Sima Yi seems to be no stranger to the stage of strong policies and weak reality coexistence. The current environment is still beneficial to bonds. Although the inflection point will make people feel a little worried. At this time, it is more important to find coordinates that observe economic marginal changes.

"Internet celebrities", "Xueba", and "Handsome guys in the Western Regions" are all labels that are often talked about by Sima Yicai. Although the fund management has not been long, he has cultivated more than ten in the financial industry for more than ten ten more than ten deeper cultivation in the financial industry. year.

In a famous school such as Shanghai Jiaotong University, Sima Yisai studied electrical engineering and automation during the undergraduate period, and the master's degree specializing in mathematics. The deep science and engineering comprehensive background laid the base of his rigorous investment and stability. Before the official management fund products, the securities company has experienced more than 9 years of industry precipitation, focusing on researching the solid harvest market, and during the period, it also crosses more bull and bear cycles. Since 2019, the Fund Co., Ltd. has opened the fund career of the fund. In 2021, he joined Dongxing Fund. He is currently the general manager and fund manager of the fixed income department of Dongxing Fund. So far, there are 10 management products. Return to the "tens of billions" managers. He has a relatively complete investment and research system, a stable investment style, pursuing a stable return, good at credit mining and strictly controlling credit risks, and can effectively control net worth retrieval.

At present, Sima Yi Buy has a total of 8 management products. As of September 9, its fund management period is 1.37 years, and the annualized return since management is 5.17%. A total of 29.959 billion yuan.

According to Zhijun Technology, Sima Yi ’s overall style is more stable compared to the CSI full debt, and the overall style of the income fluctuations is more stable. According to the data that tracks its past, Sima Yicai has a good certainty, and its profitability and stability of performance are relatively excellent.

Combining Sima Yi's past experience and duration, although its current performance is slightly weaker than the CSI's full debt, due to the investment philosophy of its "stable" word, it still maintains a certain income under the shock market.

The investment keywords of Sima Yi's purchase can be summarized as follows three points: dilute the cycle factors, focus on absolute income, and strictly control the fluctuation of income.

When Sima Yimi started precipitation in the securities industry, he has experienced several bull and bear cycles. In the face of the ups and downs of the market, Sima Yicai has gradually formed a system of his own: "The economic cycle is not transferred as the transfer of the transfer as the transfer of transfer as the transfer of transfer. Investment profit model ". In this model, he believes that even in the face of different stages of the economic situation and market conditions, they should make advance pre -judgment and control. As the manager of a solid income fund, the holder's expectation of the product is to "steadily advance". This concept is implemented in his investment. , Enhance the certainty of investment income.

In terms of positions, Buffett's "greedy fear theory" was fully used by Sima Yicai to use it in personal investment. He said, "The bull market must be available, and the bear market must be empty." And this also allowed him to obtain actual profit in his previous investment and research experience to proof of this theory.

Sima Yicai Shi Ti said that in the field of solid income, "attack and defense" is relatively concerned, which is basically corresponding to the volatility of the assets they invested.

The lower the risk of the investment, the more stable the combination. From the perspective of the performance, the more it looks like a defensive product;

The higher the risk of the investment, the greater the fluctuations. When the rise, the attack will show the situation.

Sima Yicai Shi Ti said that from the perspective of solid income, the bull market that has the opportunity to have the opportunity to bonds as much as possible, increased long -term and leverage to attack, while reducing leverage and long -term periods when the bond bear market is used to keep. If the bond bear market encounters a stock bull market, you can configure some assets with an equity nature to increase the attack, and the effect will be better.

As mentioned earlier, the investment strategy of Sima Yi bought and buying is a major focus. Since Sima Yicai's self -management fund products, the profit fluctuations are stable and controlled between 0.01%~ 0.06%, and the overall is significantly better than the 0.04%to 0.09%range of the CSI full bonds. By observing dynamic retracement, you can see that Sima Yi ’s investment in“ steady ”is“ steady ”, and the retracement is significantly better than the CSI full debt. stability.

According to the interim report representing non -goods products on Sima Yimi, the performance benchmark for winning the performance in the past three months to the past year (the fund products will be managed by Sima Yicai from April 27, 2021), As the largest fund product under Sima Yimi, we can get a glimpse of its active management income acquisition ability.

According to Zhijun Technology, as of the end of the second quarter of 2022, 87.75%of Sima Yiyi bought the positions of its products under its products to allocate fixed income assets. Among them, more than 46%of net assets allocated short -term financing coupons, while financial bonds and midterm of bills accounted for 14.63%and 12.68%, respectively.

Among the stock assets with the lowest proportion of its positions, the stocks they allocate are also based on value wind. The top three heavy stocks are in turn as China Merchants Bank, CITIC Securities and Oriental Securities, and also equipped with consumption and electricity -related stocks.

In the face of the introduction of the recent continuation of steady growth and the domestic bond market has also entered a period of shock adjustment, Sima Yicai said in the recent visit of China Fund "Investment Hot Story". An inertial thinking is to think that the economy will go down endlessly. "But in fact, the probability of the long -term accumulation of loose accumulation will still begin to have a positive role in the economy at a certain point."

"For the bond market, the stage of strong policies and weak reality coexistence is actually no stranger. The problem facing the market during this period is that the current environment is still beneficial to bonds, but this inflection point will be a little worried." Go, Sima Yicai believes that at this time, it should be more important at this time to find coordinates that observe economic marginal changes, and the current real estate sales and social finances may be two key indicators.

In the face of the misalignment of the economic cycle at home and abroad today, Sima Yiyi Shimoti said that there are many views in China that they will think that the Federal Reserve ’s interest rate hikes will have a certain impact on the monetary policy of the Chinese Bank of China, but this has already been in history. Pseudo -falsification too many times. He believes that the trend of interest rates in China and the United States has no obvious correlation. If investors want to pay attention to the possible risk points in the macroeconomic situation, Sima Yi's proposal can pay attention to the trend of the US dollar: "The US dollar itself can fully reflect the information of the vast majority of the macro -micro -level overseas, and in the stage of strengthening the US dollar stronger, the US dollar is stronger. The domestic bond market usually also performs strong, and the domestic bond market often performs poorly during the weak US dollar period. This is an effective law that has experienced repeatedly verifying history. "

(Note: If there is no special indication of the chart data in this article, it comes from Zhijun Technology and Wind data)

Risk reminder: The fund has risks, and investment needs to be cautious. Fund's past performance does not indicate its future performance. Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors. Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

- END -