It's time for the opening of the year again. In the past three years, the A-share market has continued to fluctuate, where to find "stable happiness"?
Thanks to the professional division of labor and refined management, the performance of many bond funds under the Great Wall Fund has been stable and improving, and the steady profit increase of the Great Wall managed by Wei Jian, a strong fixed income general, is one of the bright ones.
The strength is strong, and the performance is steady and improving
According to the quarterly report, as of the end of 2023, the performance return of Great Wall Steady Profit A in the past year reached 5.92%, exceeding the performance benchmark of 4.67% and the medium and long-term pure bond fund index of 3.61% in the same period. Compared with similar ordinary bond funds (Level 2) (Class A), Great Wall Steady Profit Increase A ranked 7th in the past year, ranking 7/401, and its performance in the past three years also ranked among the top, ranking in the top 10% (20/267). (The performance data comes from the fund's regular report, the index performance comes from Wind, and the ranking data comes from Galaxy Securities, as of 2023.12.31, the past performance of the fund does not represent future returns, and the evaluation results are not a prediction of future performance, the fund is risky, and investment must be cautious)
In addition to good performance returns, "stable happiness" also depends on the product's ability to resist risks. Since the management of the product on July 10, 2020, fund manager Wei Jian has paid attention to risk management and strictly controlled the drawdown, except for the extreme situation in the bond market in 2022, the maximum drawdown of Great Wall Steady Profit A in the past years has not exceeded 0.4%, and the drawdown control is strong.
(The data comes from Wind, the statistical period is 2020.7.10-2023.12.31, the past performance of the fund does not represent future returns, there is a risk of income fluctuations, the fund is risky, and investment should be cautious)
The excellent performance of the product has also been unanimously affirmed by authoritative evaluation institutions. As of the end of 2023, Great Wall Steady Profit A has successively received the latest five-star ratings for the three-year period of Galaxy Securities, the three-year/five-year period of China Merchants Securities, and the three-year/five-year/ten-year period of Tianxiang Investment Advisor. (Rating data from Galaxy Securities, as of 2024/1/5, as well as China Merchants Securities and Tianxiang Investment Advisors, as of 2023/12/31.) Past performance of the fund is not indicative of future performance, the evaluation results are not a prediction of future performance, the fund is risky, investment should be cautious)
Strong strategy! Select high-quality coupons
Solid performance is inseparable from the fund manager's deep understanding of the bond market and meticulous management of asset allocation.
Fund manager Wei Jian has more than 15 years of experience in the securities industry, including 7 years of annuity and pension management experience, and more than 3 years of public fund investment management experience.
Wei Jian's investment philosophy is to focus on the cycle theory, the allocation of large types of assets, the absolute return strategy, taking into account the relative returns, and the overall investment style is relatively stable. In particular, in terms of controlling drawdowns and volatility, he is good at adjusting the proportion of various assets in the portfolio according to the position of the cycle, managing portfolio liquidity, and emphasizing the allocation of bottom-up short-term coupon assets, and striving to hedge market volatility through static income.
Taking Great Wall's steady profit growth as an example, Wei Jian adopts a medium- and long-term pure debt investment strategy of "based on coupon income and flexible allocation of portfolio strategy". In terms of asset allocation, he prefers high-grade credit bonds as the bottom position allocation, and hopes to obtain more credit investment returns through moderate credit sinking, and at the same time moderately participates in the investment of interest rate bonds and commercial financial bonds, and strives to increase returns.
In terms of portfolio scheduling, Wei Jian believes that response is more important than prediction. He pointed out in the quarterly report that "based on the prediction of the macro economy and capital side, the tracking of trading trends by quantitative models and the forward-looking research of credit strategies, we have achieved timely addition and subtraction of portfolio duration and seized greater thematic opportunities in the bond market, basically realizing the rapid growth of portfolio net value under the premise of controllable credit risk, and bringing customers a better holding experience."
Looking ahead, Wei Jian believes that the bond market is currently less risky and remains good in the first quarter. Specifically, in the first two months of the year, there was little fundamental data, and the core tone of high-quality development is expected to remain unchanged before the convening of the National People's Congress and the National People's Congress in 2024. Therefore, the possibility of introducing incremental policies in the first quarter is relatively limited, which is conducive to the smooth operation of the bond market. Overall, the bond market is less risky in the short term. In a neutral scenario, the bond market is expected to remain positive in the first quarter, mainly to see if there is any change in the policy tone and whether the central bank's monetary easing can be realized soon.
Wei Jian's performance description of similar funds under management: (1) The Great Wall Steady Yield Bond Securities Investment Fund Class A was established on August 27, 2008, and the successive fund managers in the past five years are Cai Min (2015.5.11-2020.7.17) and Wei Jian (2020.7.10 to present), and the performance in the past five years is as follows: Class A performance/performance comparison benchmark increases of 1.89%/4.36% and 2.65% respectively in 2019, 2020, 2021, 2022 and 2023/ 3.07%、5.0%/5.69%、1.50%/3.37%、5.92%/4.67%。 Class C was established on February 3, 2020, and the successive fund managers are Cai Min (2020.2.3-2020.7.17) and Wei Jian (2020.7.10 to present), and the performance since its establishment is as follows: 2020.2.3-2020.12.31, 2021, 2022, and 2023 Class C performance/performance benchmark increases are 2.98%/2.24%, 4.79%/5.69%, 1.19%/3.37%, and 5.58%/ 4.67%。
(2) Great Wall Positive Yield Bond Securities Investment Fund Class A / C was established on April 12, 2011, and the previous fund managers in the past five years are Ma Qiang (2017.7.27-2020.7.20), Wei Jian (2020.7.20 to present), Daniel Zhang (2020.9.1 to present), the performance in the past five years is as follows: 2019, 2020, 2021, 2022, 2022, 2023 Class A performance/Class C performance/performance comparison benchmark increase is 3.33%/2.92% / 4.59%、8.48%/8.04%/2.98%、5.19%/4.75%/5.09%、-15.58%/-15.92%/3.31%、0.72%/0.31%/4.78%。
(3) Great Wall Joy Return Bond Securities Investment Fund Class A / C was established on June 22, 2021, and the successive fund managers are Wei Jian (2021.6.22 to present) and Daniel Zhang (2022.4.13 to present), and the performance since its establishment is as follows: 2021.6.22-2021.12.31, 2022, 2023 Class A performance/Class C performance/performance benchmark increase is -0.42%/-0.63%/2.18%, -13.68%/- 14.03%/1.06%、-0.44%/-0.84%/3.12%。
(4) The A/C class of the Great Wall Yuexiang Profit Enhancement Bond Securities Investment Fund has been transformed and established since November 23, 2021, and Wei Jian has served since the establishment of the transformation, and the performance since the establishment of the transformation is as follows: the A-class performance/C-class performance/performance comparison benchmark increase in 2022 and 2023 will be -0.69%/-1.01%/0.98%, 1.95%/2.59%/3.10% respectively.
(5) Data from the Fund's periodic report as of December 31, 2023.
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