#精品长文创作季#
Author: Xu Feng, Editor: Xiao Shimei
In the domestic mainstream fund category, FOF funds are relatively "niche", known as funds within funds, and indirectly hold stocks, bonds and other assets by constructing a basket of funds, thereby reducing the investment threshold and risk of the fund, and the main focus is the risk-return ratio.
In the FOF fund, according to the different positioning of the fund, it is mainly divided into pension FOF fund and ordinary FOF fund, of which the pension FOF fund, as the name suggests, is designed for pension investment, and strives to pursue stable income in a longer cycle. At present, it occupies half of the mainland public FOF market.
In recent years, the volatility of the stock market has increased significantly, and the performance of the stable fund represented by the pension FOF fund is remarkable. With the release of the first quarterly report of the fund, a number of pension FOF funds managed by China Europe Fund and Bank of Communications Fund have achieved good returns.
In the layout of the pension FOF fund, what are the investment secrets of the fund masters?
[CEIBS Fund Deng Da: A Moderate Faction Focusing on Long-term Excess Returns]
Compared with equity funds, pension FOF funds have different final yield performance due to the different fund positioning, expected returns and fund trading styles.
Although the investment target of FOF fund is built on the fund, it is no less difficult to invest in the face of massive funds than other equity funds. Especially under the situation of large fluctuations in the stock market in recent years, whether the net value growth of the fund can be stable will test the fund manager's keen market insight and ability to allocate large types of assets.
In this regard, CEIBS Fund Deng Da is a typical active and stable player, striving to achieve excess returns while pursuing steady and appreciative returns. In recent years, the net value of funds under management has been eye-catching.
Taking CEIBS Foresight Pension 2025 Holding A as an example, according to the fund's quarterly report, the net value has increased by 5.26% in the past three years, significantly outperforming the performance benchmark of -1.11%. At the same time, according to Wind data, as of April 22, the fund's annual return was 2.3%, which is higher than the average return of target-date FOF funds.
In addition, the three-year holding of CEIBS Foresight Pension 2040 managed by Deng Da also performed well. As of April 22, the fund has achieved a return of 2.61% since the beginning of the year, ranking 4th among 191 funds of the same kind.
In terms of operation strategy, Deng Da, as a senior investment cadre with more than 11 years of experience, carries out flexible asset allocation through comprehensive research and judgment of economic cycles, economic indicators, monetary policies and other factors.
For example, CEIBS Foresight Pension 2025 holds A as a target-date FOF fund, and flexibly invests in a variety of funds and other assets with different risk-return characteristics in accordance with the investment strategy of "seeking progress while maintaining stability, diversification and diversification".
At the same time, the fund allocates large types of assets according to the downward curve, and gradually reduces the allocation ratio of equity assets as the set target date approaches. The top 10 holdings of funds in the first quarter were all bond funds, and the proportion of holdings also decreased from 73% at the end of 2022 to 60.79% in the first quarter.
In terms of specific operation, in order to create more excess returns through active management, Deng Da maintains a stable allocation while also allocating a small amount of equity assets, and flexibly allocates them according to market conditions.
In the fund's first quarterly report, Deng Da mentioned that when the market gradually declined before the Spring Festival, he added some small-capitalization varieties, which made a positive contribution to the fund's income.
Another example is the three-year holding of CEIBS Foresight Pension 2040, which is also a target date type, and its strategy is more active on the basis of maintaining stability due to the distance from the target maturity date. In the first quarter, when the market was at a low level, it seized the opportunity to increase investment in equity varieties, and 3 of the top 10 heavy funds were equity funds.
[Cai Zheng of Bank of Communications Fund: Flexible allocation, both offensive and defensive]
Cai Zheng is a veteran of BOCOM Fund Management for many years, joined BOCOM Fund Management as a researcher in 2009, and has been a fund manager since 2012.
At that time, Cai Zheng mainly managed thematic equity funds such as Internet finance, new energy and environmental protection, as well as index ETF funds, and had deep experience in industry research and macro analysis, which was also very helpful for the management of FOF funds in the future.
Although Cai Zheng only manages 2 pension FOF funds, Bank of Communications Anxiang Stable Pension One Year is the FOF fund with the largest share at present, with a scale of nearly 6 billion, which is the top brand of Bank of Communications Fund in the field of pension FOF funds.
Cai Zheng's trading style is mainly flexible and stable, and through the analysis of macro fundamentals, volatility, liquidity, etc., he flexibly adjusts stock and bond positions and asset allocation.
Taking Bank of Communications Anxiang Stable Pension for one year as an example, as a partial debt hybrid target risk FOF fund, it is different from the target date type in that it mainly allocates assets and controls risks according to specific risk appetite.
In terms of asset allocation, Cai Zheng is more cautious about the Bank of Communications to enjoy a stable pension for a year, in recent years, the top ten heavy stocks are still dominated by bond assets, the top ten heavy funds accounted for 66.64% in the first quarter, of which only one is an equity fund, which makes the fund yield achieve steady growth in the stock market in recent years.
According to Wind data, as of April 22, it has achieved a yield of 2.16% in the past three years, significantly outperforming the CSI 300. The yield of 1% since the beginning of the year is also higher than the average yield of the partial debt hybrid FOF.
Regarding the asset allocation of the fund, Cai Zheng said in a quarterly report that in terms of fixed income assets, due to the overall strong trend of the bond market, it has maintained a high position in the medium and long-term pure bond fund.
At the same time, Cai Zheng also pointed out the shortcomings in investment, which increased the drawdown of the portfolio when the market retreated at the beginning of the quarter due to the overweight of the equity asset Chinese medicine sector and the holding style of the small and mid-cap market.
Therefore, in late January, Cai Zheng reduced his position in the pharmaceutical sector to reduce the impact of equity positions on net value under large market fluctuations, and took the opportunity to increase his position in active equity funds and dividend value index funds that pursue absolute returns, improving the risk-return ratio of the portfolio.
For the outlook for the second quarter, Cai Zheng believes that the domestic economy will recover moderately, the cost performance of equity asset allocation is still in the medium and long term, and the internal and external environment has also undergone positive changes, and there may be some phased and structural opportunities in the market. The volatility of the bond market may increase, and it is necessary to closely track the changes in policies and capital levels, and do a good job in portfolio risk management.
[China Merchants Fund Zhang Gewu: Industry veteran who prefers absolute returns]
Like Cai Zheng, Zhang Gewu is also an old China Merchants Fund person, and unlike most pension FOF fund managers, he was engaged in the research of social security funds in the early days of joining China Merchants Fund, and has many years of experience in the operation and management of pension stocks and bonds.
At present, there are 4 funds under management of Zhang Gewu, in addition to a MOM fund, the other three pension FOF funds although the positioning is different, but the overall trading is biased towards absolute return of the stable style. Among them, China Merchants and Yue Stable Pension, which are positioned as debt-biased funds, performed the best in one year.
As Zhang Gewu's signature fund, the top 10 heavy position funds of China Merchants and Yue Stable Pension are all bond funds, with a current scale of more than 800 million. According to Wind data, as of April 22, the fund's return in the past three years was 6.72%, ranking fourth among 62 similar funds in the same period, and the annualized return since its inception has also exceeded 5%.
Partial debt FOF funds are different from bond FOF funds, and the expected returns are relatively higher while pursuing stability, but Zhang Gewu is still mainly stable. Zhang Gewu mentioned in the first quarterly report that the fund is a relatively stable fund among the target risk FOF funds.
In addition, China Merchants Heyue Balanced Pension Three-Year A is positioned as a balanced hybrid type, and the expected risk and return level is higher than that of the bond type, but in the first quarter, 9 of the top 10 heavy fund allocations are bond funds, and only one is an ETF tracking the CSI 300, which is less risky than other active equity funds.
For the operation of the fund, Zhang Gewu also mentioned in the first quarter financial report that the allocation is dominated by equity assets, because of the relatively cautious attitude towards the market, the allocation of equity assets to maintain a neutral and cautious operation, so that the volatility of the portfolio is controlled in a low range.
Because of this, China Merchants Heyue Balanced Pension Three-Year A has achieved an annualized rate of return of nearly 3.5% since its establishment in December 2019.
On the whole, the three pension FOF fund managers have different trading methods due to the different fund positioning and expected returns, but the pursuit of steady appreciation and excess returns is the common goal.
And achieving this goal is not an easy task. For pension FOF funds, stability means low volatility, but the pursuit of excess returns will inevitably expand volatility at the expense of some stability. To truly achieve the compatibility of the two, it is necessary to test the fund manager's ability to analyze the large types of assets, macro and micro and industry analysis.
This is also the comprehensive quality that an excellent fund trader must have.
From the perspective of national asset allocation, with the increasing volatility of the stock market and the gradual increase of uncertainties at home and abroad, the pension FOF fund is a good choice, with unique advantages in anti-risk and steady asset appreciation. At present, the domestic pension FOF fund is still in its infancy, and there is still a lot of room for development in the future.
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