Text/Miss Erma
Recently, there has been a lot of discussion about "fixed income +" products.
In the first quarter, the market adjusted sharply, the stocks and bonds all fluctuated greatly, and the fixed income + inevitably encountered a certain drawdown. However, at this time, let's do some data statistics, but we can see the very real side of these products.
This year's drawdown is small, and the historical performance is good
I listed a few filter criteria that are not complicated:
1 Some of the bond funds with the highest yields over the past 10 years.
2 In the top of the ranking of the debt base, find some of the smaller drawdowns this year.
3 At the same time, it is better to meet the return of the past 5 years, take the intersection.
To put it simply, the core idea is to find some historical long-term performance is relatively good, at the same time, this year's drawdown is relatively small secondary debt base. Finally, we get the following table (since many funds have two kinds of AB share classification, this table is actually about 20 if you only look at the main code).
The fund managers in the table have many familiar industry veterans, and there are also mesozoic or newcomers in management. For investors who are interested in fixed income + income, this list can be dug up.
For example, if we look for fund managers who have withdrawn less than 2% this year, we will find two veterans - one is Zhang Yongzhi of Chinese businessmen, and the other is Wang Xiaochen of E Fangda, both of whom have been in office for more than 10 years.
Data deadline: March 21, 2022
Zhang Yongzhi: Bond fund manager with characteristics in stock selection
By the way, Zhang Yongzhi of China Businessmen is actually a very interesting one among the fixed income + fund managers. His main feature is actually his ability to select stocks. We've always joked that he's one of the bond fund managers who's best at talking about stocks, and he talks about stocks.
Zhang Yongzhi joined China Commercial Fund as early as 2007 and grew from a trader and assistant fund manager to a fund manager. Over 11 years of experience managing Fixed Income+.
The main products currently in the tube are shown in the following figure. It includes four secondary debt bases. The longest establishment time is the steady double interest of Chinese businessmen, and the stable increase in profits of Chinese businessmen, as of March 21, the annualized yields of the fund managers of these two bond-based funds are 6.13% and 7.61% respectively.
Deadline: March 29, 2022
Zhang Yongzhi is very characteristic in stock selection. In the past, we used to say that observing the holdings of a fixed income + fund manager may be more enlightening than an equity fund manager.
His main strategy in equities is to select individual stocks, and he is not only satisfied with obtaining the beta of the market as a whole, but prefers to tap structural opportunities. For example, select sectors with good profit trends in the industry, as well as stocks with good profit trends and reasonable valuations. Basically do not choose the time, through the selection of individual stocks to avoid individual stock risks.
From the top ten heavy stocks with stable and double profits of Chinese businessmen, we can also get a glimpse of one or two. As of the end of last year, the bond-based stock holdings included banking, real estate, steel, and nonferrous metals. Looking back now, it is obvious that the rhythm is still quite accurate.
Overall, Zhang Yongzhi's style can be classified as "balanced". His core concept has three points: one is to judge the macro policy trend from top to bottom in terms of bonds; the second is to select sectors and stocks with good fundamental trends in the industry; the third is to pay attention to the efficiency of capital use and pay attention to observing the long-term factors that determine the trend.
As he himself said, "I think the investment of stocks and bonds should still be based on their own laws, stocks should grasp structural opportunities, and bonds need to make a directional prediction of the macro economy, especially the future monetary policy of the central bank." ”
Zhang Yongzhi also recently issued a new product, Huashang Steady Huili One-Year Holding Mix. The position of stocks, convertible bonds and convertible bonds of this product is not higher than 40%.
Several strategies for fixed income +
Finally, let's talk about the fixed income + strategy.
Generally speaking, the return of pure bond funds is relatively low, if you want to enhance the income, there are no more than five strategies, such as bonds plus leverage, convertible bond investment, stock new, stock secondary market investment, and derivatives investment.
The following table is from Everbright Securities, which counts the debt base data from 2018 to May 2021. Most of the fixed income + belongs to the secondary bond base, 97.75% uses the bond plus leverage strategy, 100% invests in convertible bonds, and 95.51% invests in the secondary market of stocks.
Therefore, we can also understand the source of income of fixed income + products, and the linkage with convertible bonds and stock secondary markets is relatively close. This is also why when the market fluctuates sharply, such products will also produce a certain drawdown.
Data from wind, Everbright Securities Research Institute; data statistics range: 2018.01.01-2021.05.25
However, in the long run, the income level of fixed income + products is still very attractive. As shown in the table below, the debt base of different strategies is also obvious for income enhancement.
This article does not represent investment advice, investment should be cautious!