Who Is The Leader Of "Fixed Income +" Of Head Public Offering Fund

In the past two years, the "fixed income plus" of public funds has rapidly developed into a red sea.

However, many investors are not familiar with the "fixed income plus" funds which have sprung up in recent two years. In fact, although the fixed income plus funds are widely recognized by institutional investors such as banks, they are less interviewed because of their low profile, and investors are quite unfamiliar with them.

So, when investors start to switch to "fixed income +" funds, who and whose "fixed income +" funds are your dishes? How are they doing? What are the characteristics? How should investors choose a "fixed income +" fund manager suitable for their own style?

"There are many star fund managers with" fixed income + "in the market, mainly secondary bond based and partial bond hybrid funds. These fund managers' bond investment and research capabilities are the core, but the allocation ability of stocks is also a very important source of excess return. For ordinary investors, it is suggested to observe whether the fund manager has the ability of dual allocation of fixed income and equity assets, not only based on the performance and experience, but also on the investment preference and ability circle, so as to see the performance of more than three years as far as possible. The comprehensive evaluation of the performance price ratio of performance and risk can be measured by the Sharpe ratio index. " Zhang Ting, chief strategist of Ge Shang financial management, said.

Following the leaders of "fixed income +" of head public offering companies such as e fund, huitianfu, Nanfang and Guangfa in the previous period, this period will continue to take stock of the "fixed income +" star fund managers of bank fund companies, insurance fund companies, and head fund companies.

Du Haitao, the boss of ICBC Credit Suisse

Among the bank fund companies, ICBC Credit Suisse fund is backed by "universal bank" and its "fixed income +" business advantage is very prominent.

Wind data shows that ICBC Credit Suisse has 39 "fixed income +" funds, with a scale of 53 billion yuan.

In the field of public offering "fixed income +", ICBC Credit Suisse has established "fixed income +" star products represented by ICBC double interest, ICBC industrial bonds, ICBC Tianyi and ICBC enhanced income bonds. The scale of ICBC double interest and Industrial Bank industrial bond exceeded 10 billion yuan, and the scale of ICBC double profit was close to 24 billion yuan.

In terms of long-term performance, as of December 31, 2020, 19 "fixed income +" products of ICBC Credit Suisse have achieved annualized returns of more than 7%.

With more than 15 years of long-term accumulation, ICBC Credit Suisse fund has formed a luxury lineup in the field of "fixed income +", including not only famous figures widely recognized in the industry, such as Du Haitao, Ouyang Kai and he Xiuhong; there are also rising stars, such as Zhang Yang; in addition, Li Jianfeng and his pension investment center team, who are recognized by institutional investors.

The leading figure is Du Haitao, deputy general manager of ICBC Credit Suisse. He joined the fund manager of ICBC Rui trust in 2006 and grew up to be the deputy general manager of the company. He won various kinds of fixed income fund awards and won soft hand.

The management scale of Du Haitao is 1.397 billion. The two "fixed income plus" products of ICBC Tianyi bond and ICBC enhanced income bond under its management are both old and excellent debt bases established for about 10 years. As of March 17, the returns of ICBC enhanced yield bonds and ICBC Tianyi bonds since their establishment have reached 142.73% and 139.8% respectively, with annualized returns of 6.61% and 9.53% respectively.

The fixed income team of ICBC Credit Suisse led by Du Haitao has been strengthening the awareness of risk management. He believes that "as long as investment is risky, risk management must be active."

Du Haitao believes that the first step in investment is to strive to survive, keep the bottom line, prevent major mistakes in investment decisions, and control volatility and withdrawal.

It is worth mentioning that although he attaches great importance to risk control, Du Haitao is extremely resolute about his own opportunities.

In addition to strict risk awareness, Du Haitao believes that in order to be an excellent fund manager, there are three cognitions: one is to recognize customers. Recognize what the customer's risk preference is, what is the expected return, what is the product assessment requirements, and formulate investment strategy closely around the customer's goal, and strive for excess return;

Second, recognize yourself. Everyone has the ability radius. For a fund manager, the weakness exposed in investment needs to be guided and restricted by the system of the company and the team, so as to ensure that the fund manager can focus on his own ability circle and become better and stronger;

Third, cognitive market. Fund managers need to maintain an open mind and the motivation of continuous learning, fully study and judge all kinds of assets in the capital market, which is a huge challenge for individuals.

In addition to Du Haitao, Ouyang Kai of ICBC Credit Suisse is also a star fund representative of "fixed income +", and he manages a "fixed income +" Fund -- ICBC Credit Suisse double interest bond. According to wind data, the scale of the fund is 22.6 billion, which is quite large.

This is a secondary bond base, which was established in August 2010. The income of the past one year, the recent three years, the recent five years and the recent 10 years were 6.32%, 24.31%, 31.14% and 115.91% respectively, and the annualized income was 7.58%. The "+" part of "fixed income +" mainly comes from stocks.

Han Haiping, leader of "fixed income +" of CITIC Prudential

CITIC Prudential fund is a leader in public offering of insurance, and has unique advantages in the "fixed income +" public offering team.

At present, the product scale of "fixed income +" of CITIC Prudential fund is about 25 billion, and its investment research team's three camps of fixed income, equity and quantification are the escort of "fixed income +" products.

Han Haiping is the leader of "fixed income +" of CITIC Prudential fund. He is in charge of most of the "fixed income +" products of CITIC Prudential fund. He is currently the head of fixed income of CITIC Prudential, with 16 years of experience in Securities and fund industry and 9 years of management experience. Han Haiping currently manages five funds with a total scale of 22.6 billion yuan.

The representative product of Han Haiping's "fixed income +" strategy is Xincheng Zhiyu (003282), which is an equity class flexible allocation fund, relatively less in the "fixed income +". At the end of last year, the stock position accounted for 18%.

The scale of Xincheng Zhiyu fund is 5.076 billion. Wind data shows that Xincheng Zhiyu was established in September 2016. As of April 1, 2021, the income of Xincheng Zhiyu in recent one year is 19.44%, that in recent three years is 29.65%, and the average annual income is 7.59%.

It is worth mentioning that in the big shock of A-share market at the beginning of the year of the ox, the maximum withdrawal of Xincheng Zhiyu was controlled within 5%, while the average maximum withdrawal of flexible allocation funds was 12.46%.

On March 5, a "fixed income +" fund managed by Han Haiping, the one-year holding hybrid fund of CITIC Prudential Prudential, was established, with an initial raised scale of 10.33 billion. This is also the largest "fixed income +" fund raised since the year of the ox. When the market is not good, it is rare to have such a fund-raising scale.

In fact, a large number of new fund raising has been extended since the year of the ox, which shows the market appeal of Han Haiping and the strength of CITIC Prudential fund.

Han Haiping is characterized by focusing on grasping the trend of economic development, especially good at large categories of asset allocation, and can maintain a stable rise in the net value of products under the premise of controlling the withdrawal.

Han Haiping believes that after two consecutive years of ultra-high growth, the market needs to lower its expected earnings this year, and the "fixed income plus" with both attack and defense is still the focus of the future market; in terms of strategy, fixed income assets should be used as the base, and excellent companies with stable return on capital, long-term business growth and stable growth rate should be preferred for equity assets.

Han Haiping said that this year, the "fixed +" strategy has also been adjusted, and the "+" part will prefer companies with good free cash flow and light assets, which can effectively hedge some interest rate risks. In terms of stock selection, first of all, for those stocks with long-term allocation, we should pay more attention to the supply side rather than the demand side, because economic growth looks at demand in the short term and supply in the long run. If a company can provide long-term competitive products or services, it will have a long-term allocation value; secondly, we should mainly choose large cap stocks, because the scale of "fixed income +" products is relatively large Third, choose growth stocks, because the value of enterprises comes from the growth of free cash flow; finally, choose companies with higher return on capital, which requires less capital expenditure to maintain the same growth rate, which is conducive to improving the free cash flow of enterprises.

Han Haiping said frankly that this year, we should lower the income expectation, not rely too much on a certain kind of assets, but through the dual wheel drive of stocks and bonds, so as to achieve the balance of income and risk.

Guo Jun, representative of Boshi fund's "fixed income +"

In the past two years, the market has spread the view that "stocks are better than funds". However, it is easy for the fund to achieve good short-term performance, but difficult to achieve long-term good performance. The same is true for fixed income plus funds.

Guo Jun, the representative of Boshi fund's "fixed income +", managed the secondary bond fund, which was the champion of debt base performance in the past 10 years.

Of course, Boshi fund's overall "fixed income plus" strength is not weak. Wind data shows that Boshi fund has 46 "fixed income +" funds, with a scale of 39 billion yuan.

Guo Jun is the managing director of Boshi Fund / head of index and innovation group of fixed income headquarters. He has nearly 20 years of experience in securities industry. He has been a fund manager since 2004 and is a big fixed income man. At present, it manages three funds, with a scale of 5.4 billion yuan.

The "fixed income +" represented by Guojun management is Boshi credit bond, which is a secondary bond base with a total scale of 3.9 billion yuan. It has been managed by Guojun since its establishment on June 10, 2009.

As of March 31, 2021, the return rate of Boshi credit bonds since its establishment is as high as 242.68%, with an annualized yield of 10.99%, ranking first among all 10-year bond funds.

As "fixed income +", the part of "+" mainly comes from stocks and convertible bonds. Boshi credit bonds have a 20% stock position at the end of 2020 and hold a large number of convertible bonds.

From the perspective of investment situation, when there are relatively large opportunities in the market, Guojun can well grasp the opportunities. For example, in the two consecutive bull markets of a shares in 2019 and 2020, as a "fixed income +" product, the yield of Boshi credit bonds in these two years reached nearly 20%, 18.86% and 17.28% respectively.

It is worth mentioning that in the A-share bear market in 2018, Boshi credit bonds still have a yield of 3.13%, which is very rare. We should know that in 2018, the performance of partial equity funds was completely destroyed, with an average return of - 26.18%.

In short, Boshi credit bonds have indeed been able to meet the market's expectation of "fixed income +" funds in the operation of more than 10 years: "bull market returns can keep up, bear market returns can be maintained, and both attacks and defences in volatile markets can be maintained.".

Guo Jun has always been very low-key, rarely interviewed by the media, but people in the investment circle believe that he writes regular reports with great care. The 2020 annual report published recently has a comprehensive content. From the review and Prospect of the investment market to the operation of the fund, it is worth seeing.

In the newly issued annual report of 2020, Guo Jun made a judgment on the interest rate bonds, credit bonds, convertible bonds and equity markets in 2021.

Guo Jun said that the interest rate bond market may face the pressure of inflation expectations, and the future opportunities will mainly observe whether the economy can further continue to grow.

In the credit bond market, we should insist on coupon as the main factor, and there should be enough diversification in investment, corresponding to the possible impact of default and periodic depletion of liquidity; the gradual standardization and legalization of default treatment cases will be conducive to the increase and diversification of investors in this field, which breeds new investment strategies.

In the convertible bond market, the valuation is already more expensive, and the future performance will be more biased towards the performance of positive stocks; the correlation with individual stocks, rather than the overall position proportion, is the key to obtain excess return of convertible bond investment in 2021.

Investment should be sufficiently dispersed to guard against the risk of default and liquidity depletion. While emphasizing security, Guo Jun also imagined that there might be new investment strategies in high-yield bonds in the future.

In terms of convertible bonds, the view of the fourth quarter report of last year was continued, emphasizing that attention should be paid to the performance of principal stocks. It is no longer advisable to improve the yield by simply increasing the position. For individual bonds, we should pay special attention to the fundamentals of principal stocks and the rationality of valuation. Quality has become the primary concern. The strategy of turning waste into treasure may face greater risks, which is also reflected in the first quarter of this year.

In terms of equity investment, Guo Jun focused on the speed of credit contraction. He pointed out that infrastructure real estate would be damaged by the gradual normalization of monetary policy, while the manufacturing industry might outperform the market.

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