Looking back at the capital market in 2021, the significant market differentiation is still vivid, and the investment to open the "hard" mode should be a common feeling for everyone. However, the "fixed income +" fund has become a bright "cub" in the market with excellent performance, sought after by the majority of investors, Wind data shows that in 2021, the newly established "fixed income +" fund totaled 383, with a total scale of 546.758 billion yuan. (Source: Wind, as of December 31, 2021)
At the beginning of 2022, the market has been shocked and pulled back, the style has changed greatly, and the high-prosperity track represented by new energy, military industry and medicine has generally been adjusted by a large margin; the low-value sector represented by the banking and real estate industry chain has been repaired to a certain extent. In this market environment, the "fixed income +" fund that pursues the absolute return target is more worthy of investors' attention.
At present, the Sino-European Rongxiang Gain One-Year Holding Hybrid Fund (Class A: 014657), which is planned to be led by Ceiblia "Fixed Income +" strength cadre Hua Licheng, is on sale!
Deeply cultivate the field of "fixed income +", and the excess performance in the past is not bad
Fund manager Hua Licheng has been in the industry for 7 years, with more than 3 years of fund management experience, from July 2014 to May 2016, he successively served as a fixed income researcher and special account product investment manager of SPDB AXA Fund, joined CEIBS Fund in May 2016, successively served as an assistant investment manager, an investment manager, and is now the core cadre of the CEIBS Multi-Asset Allocation Strategy Group. Although he is a post-90s emerging fund manager, he is well versed in the concept of absolute returns and has a good track record.
Hua Licheng currently manages the 7 funds, most of which are mixed products of partial debt, CEIBS Jintong is the fund with the longest management time of Hua Licheng, since he took over on March 29, 2018, the next three years, although after the shock downturn in 2018, and the growth style of the 2019 and 2020 in the past two years, the market with a volatile rise, the performance trend is still steady and upward, and the yields of CEIBS Jintong A in the past 1 year and 3 years are 8.25% and 31.05%, respectively. Compared with the performance comparison benchmark of the same period, the excess return was 3.7%, 7.14% (source: fund periodic report, as of September 30, 2021), and the complete natural year since he managed the fund, 2019 and 2020 have achieved positive returns for two consecutive years (source: fund 2019, 2020 annual report), creating a relatively good investment return for investors.
(Source: Fund Periodic Reports, as of September 30, 2021)
In addition to CEIBS Jintong, Hua Licheng also has a one-year holding and CEIBS Jinli management time of more than 1 year, and the yields since its establishment have reached 5.59% and 4.55% respectively, and the benchmark yield of performance in the same period is 4.48% and 3.3%, and the excess return is more significant.
Unique understanding, the formation of a professional and mature investment framework
Hua Licheng's overall performance is inseparable from his unique understanding of "fixed income +". In his view, "fixed income +" refers to the allocation of a certain proportion of stocks on the basis of the pursuit of stable returns from bonds, and strives to increase the flexible income of the portfolio, and combines various sub-strategies such as new and convertible bonds to further strive to improve the overall return of the portfolio.
Based on the relevant understanding, he mainly divided the "fixed income +" into four parts: asset allocation, bond investment, stock investment and income enhancement.
Asset Allocation Section:
Adhere to the asset allocation-driven portfolio management, according to the actual needs of customers and the long-term risk and return characteristics of various types of assets, and strive for long-term stable allocation center, and implement it into the entire investment process.
Bond Investment Section:
Credit does not sink, strictly control portfolio credit risk to strengthen the security and liquidity of the portfolio, maintain a stable duration, and strive to smooth the portfolio fluctuations through the relatively stable returns of bond assets.
Taking CEIBS Jintong as an example, the fund's 2021 third quarter report data shows that the top 5 bond positions of the product account for a relatively low proportion, totaling 13.41%. At the same time, rational allocation between long-term, medium-term and short-term bonds to minimize the impact of portfolio yields from changes in bond interest rates.
(Source: 2021 Fund Third Quarterly Report)
Stock Investment Section:
The style of cost-effective as the basis for the balanced allocation between blue-chip stocks and growth stocks, give full play to the advantages of active equity investment and research in China and Europe, fully excavate high-quality stocks from top to bottom, and strive to obtain excess returns.
Still taking CEIBS Jintong as an example, the top ten heavy stocks of the fund are both blue-chip stocks such as Ningde Times and Guizhou Moutai, and companies with considerable future growth space such as Jingchen Shares and WuXi AppTec can be seen, with a more balanced allocation, and strive to avoid a sharp decline in the net value of the fund caused by black swan events.
Revenue Enhancements:
Actively use strategies such as new and convertible bonds to create diversified returns for the portfolio and pursue thickened overall returns without significantly increasing the risk of the portfolio.
In the long run, a stable allocation center can effectively reduce the number of mistakes made in the shock market, better play the advantages of diversified investment in equity and debt, in order to obtain long-term stable returns; reasonable portfolio structure and strategic adjustment, can grasp the trading opportunities of subdivision assets; the mining of high-quality stocks and individual bonds is expected to bring considerable alpha returns to the portfolio.
Hua Licheng is more good at multi-asset allocation, has his own unique views on the mixed investment of stocks and debt assets, and also enhances the income through strategies such as new and convertible bonds, and the circle of ability is more comprehensive.
Multi-strategy thickening portfolio revenue, new product highlights are quite numerous
The one-year holding (Class A: 014657) that Hua Licheng intends to manage also plays a large-scale asset allocation advantage, maintains a certain equity position on the basis of maintaining a relatively stable fixed income bottom position, seeks products with high Sharpe ratio and excellent investment returns, and strives to obtain long-term excellent returns under less risk through a reasonable combination of stocks and bonds and multi-strategy thickening the overall return.
Trinity Investment Strategy:
Specifically, CEIBS Rongxiang first uses interest rate bonds and high-grade credit bonds as the bottom position to seek stable returns while taking into account the safety and liquidity of the portfolio; then give full play to the equity investment advantages of ceibus funds, select high-quality stocks from top to bottom, and combine them with a variety of strategies such as new, bond transfer, interest rate bands, etc., to provide diversified and decentralized flexible income sources for the portfolio.
The one-year holding period brings a better holding experience:
As a 1-year holding period fund, CEIBS's fund contract clearly stipulates that each share needs to be "locked for 1 year". The advantage of this is that, on the one hand, it can effectively avoid irrational operations such as ordinary investors chasing up and killing down, reduce the timing mistakes caused by emotional investment, and strive to improve the investment winning rate; on the other hand, fund managers can be based on a long-term perspective and focus on mining assets with long-term value.
"+" new gameplay, the strength of the CEIBS investment research team to help:
Fund management is not a "single fight" of the fund manager alone, team combat, play the advantages of the platform, is expected to create more excess returns. Conversely, this is also the investment advantage that CEIBS Rongxiang has – backed by the entire CEIBS investment research team.
CeIBS Multi-Asset Strategy Group has rich investment and research experience, which will build a defensive line for CEIBS Rongxiang, such as providing research support such as bond research and macro convertible bond research, focusing on the risk-return ratio; the CEIBS equity investment and research team with rich strategies and diverse styles will exert efforts at the offensive end, give full play to the overall advantages of equity investment, select high-quality stocks in the whole market, and help increase portfolio income.
New Year meets Xinji, investment renovation! At the beginning of 2022, you may wish to try "fixed income +" to add a sense of calm to your own ups and downs in the ups and downs of the A-share market.
Data source: Fund regular report, index rise and fall from wind, as of 2021/9/30, CEIBS Lean, CEIBS Fengli bond management is less than 6 months, do not show their performance. On the establishment date of CEIBS Jintong A 2015/11/17, the performance comparison benchmark is the yield of the CSI 300 Index * 50% + the yield of the China Bond Composite Index * 50%, the increase in 2016-2020 is 2.37%, 5.29%, 5.20%, 10.15%, 12.74%, and the performance comparison benchmark is 0.70%, 8.60%, -11.03%, 17.99%, 13.50% respectively. Since its inception, it has risen by 47.16%, and the performance benchmark is 27.76%. Past fund managers under management: Sun Tian 15/11/17-16/12/22, Wu Qiquan 15/11/17-16/12/22, Liu Deyuan 15/11/27-17/06/27, Zhang Yuepeng 15/11/27-20/7/9, Zhu Chenjie 17/4/7-18/8/21, Hua Licheng 2018/3/29 so far. In September 2016, the Fund revised its investment scope to include government-backed institutional bonds, treasury bond futures and stock options as investment targets. In October 2020, the investment scope was revised to add depository receipts as investment targets. On the establishment date of CEIBS Tianyi A 2020/10/22, the performance comparison benchmark is the yield of the CSI 300 Index ×15% + the Yield of the China Securities-Hong Kong Stock Connect Composite Index (RMB) * 5% + the yield of the China Bond Comprehensive Wealth (Total Value) Index ×80%, an increase of 5.59% since its inception, and the performance benchmark of 4.48%. Previous fund managers under management: Hua Licheng 20/10/22-present. On the establishment date of CEIBS Jinli A 2020/12/30, the performance comparison benchmark is the yield of the CSI 800 Index ×18% + the yield of the China Securities Hong Kong Stock Connect Composite Index (RMB) *2% + the yield of the China Bond Comprehensive Wealth (Total Value) Index ×80%, an increase of 4.55% since its inception, and the performance benchmark of 3.30%. Previous fund managers under management: Hua Licheng 20/12/30-present. CEIBS Rongyi Holds A Inception Date 2021/3/4 for one year, and the performance comparison benchmark is the yield of the China Bond Comprehensive Wealth (Total Value) Index *80% + the yield of the CSI 300 Index * 17% + the yield of the China Securities-Hong Kong Stock Connect Composite Index (RMB) * 3%, the rise and fall of 3.18% since its inception, the performance benchmark of 0.37%, the previous fund manager management period: Hua Licheng 21/3/4 -present. The one-year rolling bond A of China-Europe Rolling Profit was established on 2019/11/27, and the performance comparison benchmark is the yield of the China Bond Composite Index, and the yield and performance comparison benchmark since its establishment are 5.04%/2.13%, and the yield and performance comparison benchmark in 2020 are 3.88%/-0.06% respectively. Past fund managers: Huang Hua (20191127-20210513), Hua Licheng (20210513 to date). The Fund is a hybrid fund with an expected level of return and expected risk that is higher than that of bond funds and money market funds, but lower than that of equity funds. The Fund may also invest in stocks subject to the Hong Kong Stock Connect and bear the unique risks arising from differences in the investment environment, investment targets, market systems and trading rules under the Hong Kong Stock Connect mechanism. At the same time, the fund is a holding product, set a lock-up holding period, the lock-up holding period of each fund share is 1 year, and the fund shares do not handle redemption and conversion and transfer out business during the lock-in holding period.
Funds are risky and investments need to be done with caution. The above materials are for reference only, do not indicate future performance, and are not intended as any investment advice, the views and forecasts therein represent only the views at that time and may change in the future, please do not quote or reprint without consent. The Fund Manager manages and uses the assets of the Fund in accordance with the principles of due diligence, good faith, prudence and diligence, but does not guarantee that the Fund will be profitable or guarantee a minimum return. This product is issued and managed by CEIBS Fund, and the distributor does not assume the responsibility for investment, redemption and risk management of the product. Past performance of the Fund is not indicative of its future performance and the performance of other funds managed by the Manager does not constitute a guarantee of the Performance of the Fund. Please carefully read the product legal documents such as the fund contract, the fund prospectus and the fund product information summary.