In the first quarter of 2022, the A-share market as a whole declined due to multiple factors such as the Russian-Ukrainian conflict, global economic policy uncertainty and inflation expectations continued to rise, as well as the outbreak of the epidemic in many places.
In the face of this situation, investors often think about a question: although the drawdown returns are long and long, can I balance it and find a fund that rises relatively well and resists the decline?
This year has received a lot of attention, and last year's performance was not lost to similar results
Since the beginning of this year, in the secondary debt base, TEDA Manulife Kiuli A (fund code: 162210) has been particularly eye-catching, and has received a number of media reports.
From the perspective of historical income level, in 2021, TEDA Manulife's performance return was 8.2%, while its performance benchmark was 5.24%, and its performance benchmark significantly outperformed the performance benchmark of 56.49%.
(Source: Periodic reports.) Historical performance does not represent future performance, the historical performance of other funds managed by the fund manager does not indicate future performance, the fund is risky, and investment needs to be cautious. The full performance of the fund is detailed in the remarks below)
Steady and stable, strong ability to resist falling
In the face of continuous adjustment of the market, fixed income products have a certain degree of anti-fall attributes relative to equity products.
So, how should the anti-fall attribute be measured?
We can look at the Shanghai Composite Index, which represents the stocks of the Shanghai Stock Exchange, from 2011 to 2020, where the maximum drawdown was more than 15% in 7 years and more than 20% in 5 years. In 10 years, the index still has a maximum drawdown of more than 20% in half of the time, which shows that for the stock market, the drawdown at about 20% is a norm. (Source: Choice)
Therefore, investors can consider their own risk tolerance, if you do not like the stock market rise and fall, then you can pay attention to the fund, and in the fund products, you can choose to pay attention to fixed income + products.
Investing in fixed income +, the most important purpose of investors is to appropriately avoid the market fluctuation risk of full position equity, obtain relative risk controllable returns, reflected in the performance of the fund, one of the important data is to reduce the maximum drawdown of the net value of the position. If you hold a fixed income +, the maximum drawdown is like the Shanghai Composite Index, then the fixed income + also loses its meaning.
According to Choice data, in the past year, the maximum drawdown of hybrid bonds (secondary) is 6.22%, and the maximum drawdown of TEDA Manulife Collective Bond A in the past year is 2.47%, and the maximum drawdown is lower than that of similar types. (Data source: Choice, the statistical range is the last year, that is, April 15, 2021 to April 15, 2022, the maximum retraction refers to the maximum value of the yield retracement range of a fund at any historical point in the selected period, and the product value reaches the lowest point, and the calculation period is weekly. Classification basis - Choice: Mixed bond type (secondary). Historical performance does not represent the future, the market is risky, investment needs to be cautious. )
Gains & Drawdowns
In fact, investment is a game between drawdown and return.
Fixed income + is a combination, fixed income refers to fixed income assets, mainly bond assets, usually interest rate bonds, financial bonds or medium and high-grade credit bonds and other bond assets; "+" refers to flexible income assets, can be stocks, convertible bonds, new stock subscription, quantitative, commodity futures, etc.
In the fixed income part, according to the 2021 annual report, the concentration of interest rate bonds and financial bonds has increased the allocation, corporate bonds, corporate short-term financing bonds, medium-term notes, convertible bonds, etc. have been reduced, such a configuration strives to control risks and build a solid investment.
In the "+" part, in the fourth quarter of 2021, the fund managers of the collective were allocated pro-cyclical, anti-inflation, low valuation, high dividend yield varieties, and at the same time actively carried out industry rotation through top-down macro judgment. (Remarks: Past positions do not represent current positions, and fund managers can adjust their positions according to laws and regulations, fund contracts and market conditions.) ）
Among the top ten heavy stocks disclosed in the latest disclosure of the 2021 annual report, the top ten heavy stocks of jili are concentrated in coal, real estate, banking, agriculture and other sectors, and these sectors can be described as leading the rise in the first quarter of this year, and jili strives to grasp high-quality stocks and has outstanding capabilities in the field of "+". (Remarks: Past positions do not represent current positions, and fund managers can adjust their positions according to laws and regulations, fund contracts and market conditions.) ）
Collective fund managers believe that efforts to enable investors to be able to hold steady and hold is the basis for forming a long-term mutually beneficial and win-win relationship with investors, so we must strive to let investors buy at any point in time and get a relatively good investment experience.
remark:
TEDA Manulife Jili (Class A) was established on September 26, 2008, the fund performance comparison benchmark: 90% × the SSE Treasury Bond Index yield + 10% × the CSI Dividend Index yield, the current fund managers of the fund Li Yulu (November 11, 2021), Song Jiawang (January 22, 2021 to present), the fund managers have been the fund managers Li Xiangyuan, Fu Hao, Liu Yang, Ding Yujia, Yang Chao, Zhuo Ruowei, Xiong Zhuang, Shen Yi, Xu Jie. The Performance of the Fund in 2016, 2017, 2018, 2019, 2020 and 2021 was -2.9%, 3.13%, -1.14%, 9.93%, 3.18% and 8.20%, respectively, and the performance benchmarks for the same period were 2.46%, 2.28%, 2.99%, 5.58%, 3.86% and 5.24%, respectively, which originated from the annual reports of the Fund.
Risk Warning: This material is provided by TEDA Manulife Fund Management Limited and does not constitute investment advice or commitment. The above views, data, and other information are for reference only and are not intended as legal documents for the sale of funds, do not constitute any opinion, and do not constitute a recommendation for any product transaction. Investors should make their own judgment based on their own risk tolerance, and TEDA Manulife Fund Management Limited shall not be liable for any losses. Mainland funds have been in operation for a short period of time and do not reflect all stages of stock market development. The Manager does not guarantee that the Fund will be profitable or guarantee a minimum return. The historical performance of the fund does not represent future returns, and the ranking data of the fund ranking agency does not constitute a guarantee of the performance of the fund. Investors are requested to carefully read the Fund Contract, Prospectus and related announcements of each fund. Before investing, fund investors should confirm that they know and understand the characteristics of the fund products and the related risks, have the corresponding risk tolerance, and invest cautiously.