Low Risk, High Yield, Help Increase, Fund Managers Turn Passive

Although cargo base and other guaranteed funds are at low risk, the corresponding product returns are relatively low, and the yield of such funds has been declining this year, so the attractiveness of investors has naturally decreased. Some investors may be more willing to choose insurance products or internet financial products.

In addition, although the performance of the bond fund in the first quarter is quite outstanding, but as the bond market continues to break out the "black swan" incident and lead to increased market risk, it is expected that the heat of the bond fund will decline in the future.

The downturn and continuous turmoil have made more and more fund managers begin to look for fixed growth businesses.

Looking ahead to this year's investment environment, Liu Qin, a fund manager of UBS, Rui Sheng, believes that the market will be more likely to be around 3000 shocks.

In the light of income and risk ratio, as long as the market is not rising unilaterally, it will be a good time to participate in the increase.

Warburg securities statistics show that as of April 14th, a number of fund companies including Boshi, Yinhua, Cathay Pacific and South China have also declared fixed incremental fund products.

The Xincheng Dingli dingzeng fund, the first public offering product of the Fidelity Fund, was recently issued, with a total investment of 1000 yuan. The closure period of the fund is 18 months. It is not open to redemption. Investors can pfer the fund shares through the Shenzhen Stock Exchange after the listing of the fund and have higher liquidity.

In Zhao Luchen's view, the reason why fixed growth business is favored is that it meets the two demands of current investors for low risk and relatively substantial income.

There are mainly three sources of investment income of fixed income increase: discount rate, market fluctuation income beta and stock growth income alpha.

Discount rate to a certain extent is a safety cushion and source of income for the fixed increase project, and it is an important index that affects the yield of fixed investment.

If the market runs smoothly, the discount of the fixed income and the growth income of the individual stock will provide a certain safety cushion. Once the market rebounded, the market volatility yield will bring a higher profit to the increased project.

The data show that from 2006 to 2015, when the Shanghai composite index was below 2500, the total annual floating earnings of the 494 one-year projects included in the statistics were 84.81%, of which 434 were profit items, accounting for 88%. When the market was between 3000 and 3500, the total amount of 172 items added to the total amount was 10.

"In the past 10 years, the fixed price increase is generally 20% to 30% discount than the market price.

At a discount of 20%, it is quite attractive to take stock at about 2500 o'clock in the current market.

Yin Xiaodong, managing director of investment bank of Fidelity Fund, said.

"The lower the market position, the higher the fixed point."

The bigger the space, the higher the "discount buying", the "excess earnings" and "high growth" are the outstanding characteristics of low investment growth.

Yin Xiaodong said, "after the A share market has undergone a deep adjustment, the valuation and PE level of many listed companies are in a reasonable range, and the increase has already had relatively ideal investment value."

As more and more fund companies focus on fixed market, the advantages and disadvantages of products and products are also gradually highlighted.

"Although there is discount rate as a safety cushion and revenue source, the fixed products are, however,

Whether a person wants to get a high return or not depends largely on the growth of stocks and the timing of intervention. This also requires higher fund managers' ability to choose stocks and management capabilities.

Zhao Luchen said.

Although the wealth effect has been increasing in recent years, the rate of return of different fixed income increases greatly.

Data show that in 2013, the 10 best performing stocks increased by 224% compared with the 10 worst performing stocks, and in 2014, the figure was as high as 777%.

In view of the stock market downturn and the aggravation of the bond market risk, more and more fund companies want to get a share in the fixed market.

Therefore, the fund manager has also made passive channel business from now on, and gradually turned to more active management.

"Fund companies have natural advantages in participating projects."

Yin Xiaodong said, "according to the relevant provisions, listed companies must increase the number of fund companies, and many fund companies are passive in doing some channel business. Now we intend to start our own initiative management in this area."