Recently, many people in Shanghai have been happily "watching the boat".
On the occasion of the 75th anniversary of the founding of the People's Navy, the hospital ship "Peace Ark" and the Zibo ship of the People's Navy berthed at the pier of the Shanghai North Bund International Passenger Transport Center for the first time. The Navy warship is in the same frame as the Pudong "three-piece suit" and the Oriental Pearl TV Tower.
The ship does not get lost for thousands of miles, which is the goal of sailing, and it is also the true meaning of investment. We are like explorers investing in the ocean, hoping to find reliable ships and helmsmen who will not lose their way in the high winds and waves.
Investing in the ocean is stormy – don't panic, it's not a big problem!
In recent years, the A-share market has experienced many shocks, and many fund products have been affected by this, and their net value has fluctuated frequently. On the whole, compared with equity funds, bond-related indices have less volatility as a whole, showing a steady upward trend.
The performance of various indices in previous stock market shocks since 2010
In the environment of low interest rates and increased volatility in the A-share market, more and more investors have begun to invest in bond assets.
According to the fund's annual report, as of the end of 2023, the total scale of bond funds (including partial debt hybrid funds) in the whole market exceeded 9 trillion yuan, and the number of holders exceeded 140 million.
Since 2020, the scale and number of bond funds (including partial debt mixed) have increased
(Source: Fund Periodic Report, Wind, data in the above chart as of March 31, 2024, and data in the figure below as of December 31, 2023.) The scope of bond funds in the figure below includes Wind secondary classification: medium and long-term pure bonds, short-term pure bonds, hybrid bond level 1, hybrid bond level 2, convertible bonds, passive index bonds, enhanced index bonds, and partial debt hybrid funds (partial debt hybrid fund definition: funds that meet the difference between the upper and lower limits of the equity investment scope ≤50%, the lower limit of equity investment <25% or the upper limit ≤50%)). Continental funds and indices have been in operation for a relatively short period of time, and past performance is not indicative of the future. Funds are risky and should be invested with caution. ）
Now, there is a ship called "Cathay Pacific Tongyi", or a good companion for investment voyages!
Steady Beacons: A Low-Risk Investment Strategy
Guotai Tongyi 18-month Holding Mixed Fund adopts a stable investment strategy, focusing on fixed income asset investment, and strives for low volatility and small drawdown of products.
In terms of fixed income investment, we will flexibly use a variety of investment strategies such as duration strategy, yield curve strategy, and credit bond strategy to build a bond asset portfolio, and dynamically adjust the portfolio according to the prediction of the bond yield curve shape and interest rate spread changes, so as to strive to survive shocks and obtain stable returns.
18-month sailing cycle: taking into account the investment experience and income needs
Cathay Pacific Tongyi has set an 18-month holding period
For fund managers, not entangled in short-term liquidity and reducing short-term market sentiment interference will help improve the efficiency of capital use in the investment process and pursue a higher investment winning rate.
For investors, it can avoid short-term blind chasing up and down, which helps to dilute the impact of short-term market fluctuations, take into account liquidity needs, and get a better investment experience.
The sea sails by the helmsman
Liu Songyang, the captain of the "Cathay Pacific Tongyi", has a stable investment style, is good at the alpha strategy of credit bonds, and obtains excess returns through the fluctuation of credit spreads, maturity spreads and individual bond spreads, and does not overtake credit risks.
Judging from the performance of its products under management——
Cathay Herong A has a return of 14.01% in the past 3 years, ranking among the top 8% in the same category;
Guotai Nonghuiding has a yield of 14.72% in the past 3 years, ranking among the top 15% in the same category;
Guotai Fengxin's return rate in the past 3 years is 13.26%, ranking among the top 15%.
(Data source: Haitong Securities, Galaxy Securities, fund quarterly report; Performance data as of 3/31/2024. The performance of the product has been reviewed by the custodian bank. Guotai Herong, Guotai Nong Hui Dingkai and Guotai Fengxin are bond funds, and their expected risks and expected returns are higher than those of money market funds, and lower than those of hybrid funds and equity funds, which are products with lower expected risks and expected returns. Guotai Herong and Guotai Fengxin refer to the long-term pure bond bond fund (Class A) of Galaxy Securities, ranking 42/587 and 73/587 respectively. Guotai Nonghui Dingkai refers to the Galaxy Securities General Bond Fund (Convertible Bonds) (Class A), with a specific ranking of 69/591. The mainland fund has been in operation for a short period of time, and past performance is not indicative of future performance. )
Now, we invite you to board the "Cathay Tongyi 18-month Holding Mixed Fund".
(Class A: 010834 Class C: 010835)
(Liu Songyang has been managed since 2023/11/23)
Set sail on your investment journey
The ship is in place, just waiting for you to board!
Risk Warning
The views expressed in the article are for reference only and do not constitute any investment advice or commitment. Cathay Tongyi is a hybrid fund, and theoretically, its expected risk and expected return level is lower than that of equity funds, and higher than that of bond funds and money market funds. When the Fund's assets are invested in Hong Kong stocks, it will be exposed to the unique risks brought about by the differences in investment environment, investment targets, market systems and trading rules under the Hong Kong Stock Connect mechanism. Past performance of a fund is not indicative of its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund. The mainland fund has been in operation for a relatively short period of time and does not reflect all stages of the development of the stock market. The fund manager undertakes to manage and use the fund assets in good faith, diligence and responsibility, but does not guarantee that the fund will be profitable, nor does it guarantee a minimum return. Investment is risky, investors should carefully read the Fund's Prospectus and Fund Contract before making investment decisions, fully consider investors' own risk tolerance, and invest prudently. Funds are risky and should be invested with caution.
Remark:
The performance and performance benchmark performance of the fund and other funds managed by the fund manager from 2019 to 2023 mentioned in the article are as follows: Guotai Nonghui Regular Open Bond Securities Investment Fund (establishment date 2019/03/20, performance comparison benchmark is the yield of CSI Composite Bond Index, managed by Liu Songyang since 2020/07/03): 2.85%/3.59%, 2.19%/2.97%, 5.75%/5.23%, 2.09%/3.32%, 5.68%/ 4.81%;Cathay Herong Pure Bond A (establishment date 2019/12/26, performance comparison benchmark is 100%*CSI Composite Bond Index, Wei Wei has been managed since 2023/06/02, Liu Songyang has been managed since 2020/07/10): 0.05%/0.17%, 2.88%/2.97%, 4.84%/5.23%, 2.48%/3.32%, 5.64%/4.81%; Guotai Fengxin Pure Bond Securities Investment Fund (establishment date 2019/09/17, performance comparison benchmark is 100%* CSI Composite Bond Index yield, managed by Liu Songyang since 2020/07/03): 0.72%/1.19%, 1.52%/2.97%, 5.47%/5.23%, 1.78%/3.32%, 5.51%/4.81%; 03/25, the performance comparison benchmark is the yield of the CSI Composite Bond Index, managed by Liu Bo since 2023/04/24, and managed by Liu Songyang since 2020/07/10): 2.43%/3.51%, 2.53%/2.97%, 5.04%/5.23%, 2.24%/3.32%, 4.23%/4.81%; 07/26, the performance comparison benchmark is 100%* CSI Composite Bond Index yield, Hu Zhilei has been managed since 2023/06/02, Liu Songyang has been managed since 2023/07/05): 1.67%/2.08%, 3.16%/2.97%, 4.40%/5.23%, 2.50%/3.32%, 3.66%/4.81%; 10/31, the performance comparison benchmark is the three-year fixed deposit interest rate (after tax) + 1.5% announced on each closed start date, Liu Songyang has managed since 2020/07/03): 0.44%/0.72%, 2.92%/4.25%, 3.06%/4.25%, 2.73%/4.25%, 2.39%/4.25%;Guotai Juying Three-year Regular Open Bond Securities Investment Fund (establishment date 2019/12/26, performance comparison benchmark is 100%* CSI Composite Bond Index, managed by Liu Songyang since 2020/07/03): 0.03%/0.17%, 2.35%/2.97%, 2.34%/5.23%, 2.50%/3.32%, 2.77%/4.81%;Guotai Ruitai Pure Bond Securities Investment Fund (established on 2021/07/08, performance benchmark is 100%*CSI Composite Bond Index, managed by Liu Songyang since 2021/08/27): 1.62%/ 2.78%, 2.27%/3.32%, 4.81%/4.81%;Guotai Xinrui Pure Bond Securities Investment Fund (establishment date 2022/11/15, performance comparison benchmark is 100%*CSI Composite Bond Index, Suo Feng has been managed since 2022/11/15, Liu Songyang has been managed since 2023/05/18, Hu Zhilei has been managed since 2023/08/25): 2.95%/4.81%. Cathay Tongyi's tenure is relatively short (2023/11/23), and past performance is not listed for the time being. Data source: product regular report, data as of 2023/12/31.