Liu Xingyu, with 10 years of experience in securities, has been managing public funds since March 7, 2023. He holds a bachelor's degree from Chinese Minmin University and a master's degree from Columbia University, and is currently the head of the absolute return investment department of Yongying Fund, and was the deputy general manager of the fixed income department of Bank of Communications Wealth Management and the senior investment manager of the private bank wealth management department of the asset management center of Bank of Communications. At present, the funds under management include Yongying Teli Bond (007199, 007200), Yongying Tiantian Xin (014892, 014893) and Yongying Tianyue (014678, 014679). The proposed fund manager's Yongying Yuexiang (020055, 020056) is on sale.
The conversation with Liu Xingyu is relaxed and pleasant, and she always has a faint smile on her face, just like the fund products she manages, striving for stable and low volatility, and bringing investors a comfortable holding experience.
From BOCOM Wealth Management to Yongying Fund, from managing wealth management products to managing public funds, Liu Xingyu's career path is relatively special.
Since 2016, the products she manages have ranged from money market funds to medium and long-term pure bond funds to "fixed income +" funds, and her rich investment experience has allowed Liu Xingyu to gradually establish a cognition: make as much money as possible that should be earned. "In the process of communicating with ordinary investors, I feel more intuitively that everyone's thinking is very simple, and most of what is needed is not to earn more than 10% of the income every year, but to be able to sleep peacefully when holding products. ”
Judging from the performance of the public funds currently under management, we can really feel Liu Xingyu's simple wish to protect investors. Wind data shows that as of the end of March 2024, Liu Xingyu's four products that have been managed for half a year, Yongying Taili, Yongying Tiantianxin, Yongying Tiantian Yue and Yongying Xinchen, have all achieved positive returns, which are significantly more than similar ones (data as of 2024/3/31, the tenure performance of Tiantian Xin A/Tiantian Yue A/Xinchen A is 3.86%/3.10%/0.31% respectively; The performance of the same kind of Wind Partial Debt Mixed Fund Index was -2.14%; The benchmarks for the same period were 1.34%/1.34%/-2.19%, respectively. The tenure performance of Telly A is 3.66%, and the performance of the same kind Wind medium and long-term pure bond fund index is 2.97%; The benchmark for the same period was 2.34%).
Talk about the concept: Capture stable income and effectively protect investors
"If the product is positioned as an absolute return, the revenue goal is to make as much money as possible, so that the buyer show and the seller show match. When valuations are more expensive, or when deals are crowded, I may choose to retreat a little earlier and settle down. After years of tempering in the investment management of wealth management subsidiaries, Liu Xingyu has deeply engraved the concept of absolute return in his mind and formed muscle memory. After coming to the public offering, she still adhered to her original intention and continued the investment idea of absolute return.
"As an absolute return fund manager, it is a very big test to grasp the most likely to make money or have good odds of winning at different times. Liu Xingyu said that fixed income is the process of making hard money, the current credit spread has reached the extent of no pressure, the future for the credit bond fund manager will be more and more severe, need to pay more attention to credit risk, timely according to market public opinion and other changes in the adjustment of individual bonds. At the same time, we will also pay attention to the opportunity of swing trading of interest rate bonds, so as to firmly grasp the yield of bonds.
No one can promise returns, but you have to clarify the source of every penny of income in order to truly settle down. Liu Xingyu believes that the so-called absolute return idea pays great attention to the allocation of large types of assets, and it is necessary to think about the position of each type of asset and the corresponding approximate return. "For absolute return product managers, the choice of position can often determine the winner or loser of the year. For example, in the partial debt hybrid fund I manage, the position of the ETF will be flexibly increased when the market has the opportunity, but it usually does not remain high all year round, and the industry ETF would rather not participate if it has no opportunity. ”
Performance: The representative works are in the top 5% of the same category, and the absolute income team is fully supported
Yongying Tian Tianxin A is regarded as Liu Xingyu's "low wave fixed income +" masterpiece, this product reached the top 5% of the same kind (63/1276) in the early year of her tenure, the 3.86% tenure increase is not only far more than the same period average (-2.14%), -0.55% of the maximum drawdown of the term is also far lower than the same period average (-6.05%), the curve trend since her tenure has shown a "steady low wave" upward state ( Data source: Wind, 2023.3.7-2024.3.31, the same kind is a partial debt hybrid fund, see figure).
Due to the diversification of investment products and the variety of strategic combinations of "fixed income +" products, there may also be higher requirements for the team's comprehensive investment and research strength. When asked about the steady performance of Yongying Tianxin, Liu Xingyu said that the contribution of "team-based operation" is also significant.
"Our team has its own embedded quantitative researchers, and all operations are tracked and traced through quantitative means on the internal system as much as possible, and then to review and reflect on the direction of future optimization. Subjective and quantitative teams break down silos and collaborate effectively. As the team leader, Liu Xingyu said that the team members have their own unique advantages in asset allocation, credit bond investment, bond conversion investment and quantitative strategy mining, and this is also to hope that they can give full play to their respective areas of expertise, and finally converge into a combination that has both offense and defense and can be better adapted to different styles of the market, rather than relying solely on individuals to bet on a certain style or track to win short-term gains.
It is worth mentioning that the team has also built a Vientiane fixed income + investment research system, covering asset allocation (SAA), equity bond timing (TAA), industry rotation, stock selection strategy and other fields, comprehensively assisting investment decisions related to asset and industry allocation, and prompting market opportunities and risks in a timely manner. This is also an important part of Liu Xingyu's products under management to obtain a source of sustainable and stable performance.
Talk about opportunities: fixed income + bonus double engine, both offensive and defensive
Looking at today's fixed income market, Liu Xingyu admits that it is not easy to easily buy assets with a yield of more than 3.5%. In terms of equity, the dividend style has been significantly advantageous since the beginning of this year. The reporter learned that since April last year, Liu Xingyu's team has been more optimistic about the dividend sector. "Because the assets in this sector are mainly central state-owned enterprises, whether it is to increase the dividend rate or buy back shares, it will help to increase the valuation of stocks in the long run. She pointed out that investors who want to strive for excess returns on a stable basis can try a combination of "fixed income + dividends".
Specifically, in this year's flexible, moderate, precise and effective sound monetary policy environment, the long-term downward trend of bond yields may be inevitable. Liu Xingyu believes that the current yield is at a low level, and if the bond market adjusts in the later period, it is another opportunity to get on the bus. "In terms of dividends, from the perspective of current PB and dividend yield, it is still a high investment value for money. Judging from the dividend excess timing indicator, the macro environment still supports the relative performance of the dividend sector. ”
The reporter noted that the new fund with Liu Xingyu as the fund manager - Yongying Yuexiang bond is currently being issued, which is a "fixed income +" product with a dividend and low volatility strategy, Liu Xingyu said that he hopes to provide ordinary investors with more diversified choices and enrich the investment categories of stable products. "Long-term bonds with CSI dividend full return can obtain a better risk hedging effect, and should ultimately be able to give investors a relatively comfortable holding experience. Reporter Zhao Qiwei