Shout Out The Slogan Of "Don'T Lose Money". Who Is The Leader Of "Fixed Income +" Of The Head Public Offering Fund?

Since the Spring Festival, the A-share market has been in a big shock, and the equity fund has been hit hard, while the "fixed income +" fund, which is both offensive and defensive, is now on fire.

Generally speaking, "fixed income + fund" means that the fund portfolio takes bonds as the bottom position asset, and allocates some stocks, convertible bonds and other assets to increase the income, so as to pursue low volatility and long-term stable income.

Buy a fund to choose is the fund manager and the investment research team behind him.

However, when buying "fixed income +" funds, we generally encounter a difficulty. Compared with kunkun (Zhang Kun of e Fangda), Chunchun (Liu Yanchun of Jingshun Great Wall) and LAN LAN (Ge Lan of China Europe Fund), we are not familiar with "fixed income +" fund managers.

"Fixed income +" type big guys are basically very low-key, how to know who and whose fund is your dish?

From the research point of view, there are many star fund managers with "fixed income +" in the market, mainly secondary bond based and partial bond hybrid funds. Bond investment and research ability of these fund managers are the core, but the allocation ability of stocks is also a very important source of excess return. At the same time, we need to consider the allocation proportion of stocks and bonds, and carry out the proportion according to the macro and policy environment In order to achieve a better return to risk ratio, "fixed income plus" has higher requirements on the ability of fund managers.

According to the evaluation model of banks and institutions, there are many main criteria for evaluating the quality of "fixed income +" fund managers. For example, whether the research and investment ability of bonds is strong or not is a key link to whether the foundation can be laid; whether the ability of major asset allocation is strong or not, which mainly includes reducing the volatility of portfolio and improving part of excess return; the investment and research ability of stocks Due to the limitations of the types and Strategies of public offering investment, most of the "fixed income +" products increase their returns through stock investment. Therefore, the earning ability of stocks is an important link to achieve better excess.

Based on the above judgment, we observe the performance stability, risk control ability and the ability to obtain excess return of these fund managers in the past.

There are many good "fixed income +" fund managers in the market, and the leaders of the "fixed income +" (the scale of fixed income + is more than 20 billion) in the head of the Capital Research Institute of the 21st century.

This issue focuses on six top "fixed income +" fund managers, including Zhang Qinghua and Hu Jian of e fund, Wu Jianghong of huitianfu fund, sun Lumin of Nanfang fund, Zhang Qian and Tan Changjie of Guangfa fund. The next period will continue to take stock of other fixed income + fund managers.

Buy a fund to choose is the fund manager and the investment research team behind him. -Photo by Gan Jun

E-fund takes the lead in scale

At present, the scale of e fund's "fixed income +" products ranks first in the industry, with 51 funds in total, with a scale of 181.3 billion yuan.

Its typical fund manager is Zhang Qinghua. Its fixed income + representative Fund: e fund Yuxiang return (investment category: secondary debt base).

The representative of e fund's "fixed income +" team is Zhang Qinghua. Zhang Qinghua's management scale is 112.272 billion, which can be called "fixed income +" brother, and is the top fund boss with absolute income. Both bear market and bull market can achieve positive returns. Compared with the equity star fund managers such as Zhang Kun, Xiao Nan and Feng Bo, Zhang Qinghua is not so famous, but he is more favored by institutions, and his funds are held by fof.

Zhang Qinghua is currently the vice president of e fund and the director of e fund's mixed assets investment. He has been the fund manager since December 2013. At present, there are 10 funds under management (consolidated statistics of various shares).

Among them, the scale of e-fund Yuxiang return, e-fund Yufeng return, e-fund Yuexing holding for one year, e-fund Dafeng and e-fund reassuring return will be RMB 24 billion, 21 billion, 19.9 billion, 14.8 billion respectively by the end of 2020.

With a return of 24 billion, e fund Yuxiang is the largest fixed income + fund in the market. Established in 2016, the revenue in recent one year is 15.11%, that in recent two years is 27.74%, that in recent three years is 43.35%, and that in recent five years is 59.90%. In the market turmoil so far this year, the yield was 1.61% as of March 17.

It is worth mentioning that e-fund Yuxiang has achieved positive returns in both bull and bear markets. The maximum withdrawal in recent one year was 2.02%, and this year's maximum withdrawal was 1.96%.

The + part of e-fund Yuxiang's return mainly comes from stocks, which account for 20% of net value and convertible bonds.

Zhang Qinghua currently manages a total of 10 funds (different fund shares are calculated together).

Among them, e fund's new income mix is a biased flexible allocation fund, holding nearly 89% of the stock market value at the end of last year.

The return of e-fund's safety profit, e-fund's reassuring feedback, and e-fund's six-month holding are partial bond hybrid funds. In terms of the stock ratio of these three funds, they belong to the stock bond revolving fund. They held 18% - 50% of the stock market value at the end of last year.

E fund's reassuring return, e-fund Fenghua, e-fund-yufeng, e-fund-yuxiang, e-fund-dafeng and are secondary debt bases, with the market value of these six funds accounting for no more than 20%.

Zhang Qinghua believes that although a single asset can bring excessive returns to investors, it is also highly volatile, especially in the case of stock and debt disasters. It is difficult to obtain absolute return on a single asset every year, so we need to allocate different assets to hedge and spread the risk.

Zhang Qinghua's idol is Korean talented chess player Li Changhao. It is Li Changhao's outlook on life that he should not be greedy and accumulate small victories for great victories. Zhang Qinghua often says that "it's OK to miss some opportunities" and "to do something and not to do something".

Another representative of e fund, Hu Jian, fixed income + representative Fund: e fund stable income a (investment category: secondary bond base).

Hu Jian managed a fund of 70.57 billion yuan. In charge of 12 funds, e fund is the deputy general manager level senior manager of e fund, the head of e fund fixed income research department.

Founded on September 19, 2005, e-fund has a stable income, with a total scale of 17.9 billion yuan.

E fund's steady income a has gained 1.35% since this year, 7.51% in recent one year, 25.42% in recent three years, 36.26% in recent five years and 132.49% in recent 10 years.

The maximum withdrawal in recent one year was 2.44%, and this year was 1.43%

The + part of e fund's steady income mainly comes from stocks and convertible bonds. At the end of the fourth quarter of 2020, the market value of the shares accounted for 15.48%.

"In this complex market, looking for the most sure and sure investment opportunities.". Hu Jian believes that it is the specialty of institutional investors to accurately grasp the investment opportunities brought about by uncertain factors.

Huitianfu, Southern Star camp

Wind data shows that huitianfu has 43 "fixed income +" funds, with a scale of 84.9 billion yuan.

Wu Jianghong of huitianfu is taken as an example. Fixed income + representative Fund: huitianfu convertible bonds (investment category: secondary bond base).

The representative of huitianfu's "fixed income +" team is Wu Jianghong, whose convertible bonds of huitianfu were established in June 2011 with a total scale of 8.6 billion yuan. Huitianfu convertible bond a ranked fifth in the secondary bond base in recent five years.

Huitianfu convertible bond a has a yield of - 0.28% since this year, 21.17% in recent one year, 39.71% in recent three years and 57.42% in recent five years.

The largest withdrawal this year and in the past year was 8.95%.

Wu Jianghong is the general manager of huitianfu's stock and debt mixing department and the leader of huitianfu's stock and debt mixing team. He has nearly 10 years of working experience and 5 years of investment experience. He is also a rare fund manager with the ability to invest in stocks and bonds. His product characteristic is sharp ratio highest, attack and defense two aspects combine well, this also has huitianfu's stock selection advantage.

Wu Jianghong said that in the management of the "fixed income +" portfolio, we adhere to long-term investment in high-quality securities, and strive to continue to highlight the excess earnings; at the same time, we maintain the relatively stable position of stocks and bonds, and do position deviation only at critical moments, and strive to achieve the goal of "making progress in stability".

How does "fixed income +" control the withdrawal? Wu Jianghong said: first, we should select high-quality securities from the bottom-up to reduce portfolio volatility by capturing assets with relatively higher risk return ratio; second, we should allocate assets with weak correlation, and stocks and bonds have a certain negative correlation; at the same time, we should invest in industries with weak driving force to smooth the impact of economic and industrial cycles.

Currently, there are 56 "fixed income plus" funds with a scale of 62.9 billion yuan.

The representative is sun Lumin. Representative fixed income + fund: China Southern Antai (investment category: partial bond hybrid fund).

Nanfang Antai, established on September 22, 2016, has a scale of 2.433 billion yuan.

The income in the past one year is 17.87%, that in the past three years is 34.92%, and the annualized income is 8.38%.

The maximum withdrawal rate in recent one year was 2.46%.

Sun Lumin, CO chief investment officer of China Southern Fund and managing director of China Southern Fund, was once the fund manager of the first capital protected fund in China, which was mixed with risk aversion and value-added.

Sun Lumin's fund management scale is 10.097 billion yuan, and currently manages 4 funds.

He believes that good investment is not only about "track theory", but also on whether enterprises can build sustainable competition barriers and realize winner take all. And good track will change with time, just a stage of enterprise growth.

Based on the analysis of macro and meso background, he believes that investors should pay attention to risk control in 2021 and fight a "offensive and defensive war". It is a feasible choice to allocate "fixed income plus" to put some equity assets into safe deposit.

GF 55.5 billion followed

At present, there are 49 "fixed income plus" funds with a scale of 55.5 billion yuan, represented by Zhang Qian of Guangfa fund.

The fixed income + fund is represented by GF Juxin bond a (investment category: secondary bond base).

Guangfa Juxin was established in June 2013, with a scale of 13.7 billion yuan of Guangfa Juxin bonds, with a yield of 13.79% in recent one year, 40.07% in recent three years and 47.30% in recent five years.

This year, and in the past year, the largest withdrawal was 3.53%.

GF Juxin's bond position is no less than 80%, and its stock position is no more than 20%.

The + part of GF Juxin bond a mainly comes from stocks and convertible bonds.

In 2019, GF Juxin bond a (000118) Annual Cumulative Return of 29.52%, ranking first among all secondary bond bases.

Zhang Qian is currently the deputy general manager and fixed income investment director of Guangfa fund, with a fund scale of 22.028 billion.

In the past, some people selected according to various criteria such as "fund establishment years + fund manager working years" and "top 50 yield of the past 1-5 years". Guangfa pure debt and Guangfa Juxin managed by Zhang Qian were all listed.

Zhang Qian's investment style is stable and does not drift. Talking about how to grasp the general trend of the market, Zhang Qian thinks that it is "strange and artistic feeling". Investment has both scientific and artistic aspects.

In the multi round bond market bull bear conversion, the forward-looking allocation layout among major assets is considered as the core competitiveness of Zhang Qian.

Another representative of GF fund, Tan Changjie, whose fixed income + fund representative is GF Jubao hybrid a (investment category: secondary debt base).

Guangfa Jubao hybrid was established in April 2015, with a scale of 1.1 billion, with a return rate of 19.71% in recent one year, 26.05% in recent three years and 47.98% in recent five years.

The maximum withdrawal rate in recent one year was 2.10%.

GF Jubao bond a + part, mainly from the 20% position of the stock.

Tan Changjie's "fixed income plus" strategy is an absolute income target, and the current management scale is 34.155 billion.

Tan Changjie said, "my most basic investment goal for my products is to pursue positive annual returns. I have always adhered to this style. Every investment will repeatedly weigh whether it can bring absolute returns." don't lose money "has become the minimum goal of portfolio management

Tan Changjie believes that although the fund operating with the absolute return strategy may not get a high annual return, it will have a small withdrawal and a good long-term accumulated compound interest income. This kind of products are more suitable for investors who do not require high returns but pay more attention to volatility and risk.

Tan Changjie said that his preference for medium and low risk is just suitable for the investment style of his management fund. Two quarters or three quarters of his family assets directly buy the products under his management, which are absolute income targets.

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