Look at the underlying assets
1. In the long run, why can household basic fund management continue to allocate short-term bond funds?
Historically, due to the short maturity time of short-term bond assets, the macro changes and policy risks faced are limited, and the overall drawdown is relatively small, which can better balance investors' needs for profitability and risk control.
Taking short- and medium-term interest rate bonds as an example, the 0-3 year index of government bonds and government and financial bonds has achieved positive returns in the past ten full years, and the drawdown rate is less than -1.5% (data source: Wind, as of 2024/3/31; the past performance of the index is not indicative of the future. The market is risky, and investors need to be cautious. ）。
Source: Wind, statistical period: 2013/01/1-2023/01/1; Past performance of the index is not indicative of the future. The market is risky, and investors need to be cautious.
2. There has been some volatility in the bond market recently, why is it still possible to allocate short-term bond funds in this market environment?
In general, the longer the average maturity time of the bond assets held by the fund, the longer the portfolio duration and the higher the level of potential interest rate risk it needs to take. As a result, long-term bonds are characterized by higher returns and higher volatility; On the other hand, if you invest in bonds with shorter maturities, the volatility of the fund portfolio will be more limited.
Therefore, we can see that since its inception, the historical maximum drawdown of the short-term bond fund index (-0.14%) is significantly better than that of the medium- and long-term pure bond fund index (-2.71%), and it is more suitable for investors who pay attention to comprehensive investment experience in the context of increased bond market volatility (data source: Wind, as of 2024/3/31; the past performance of the index is not indicative of the future. The market is risky, and investors need to be cautious. ）
Look at fund investments
3. As a short-term bond fund, why is AXA SPDB Ji Xin 90 Days worth paying attention to?
Focus on short-term bonds and strictly control risks: The Fund's investment in bonds shall not be less than 80% of the Fund's assets, of which the proportion of investment in short-term bonds shall not be less than 80% of non-cash assets, maintain a short duration, do not invest in equities, and strictly control portfolio risks.
Enrich strategies and strive for good experience: carefully select credit bonds to consolidate the basic coupon income; And use the band of interest rate bonds to strive to thicken the performance of the portfolio. Through the flexible use of coupons, bands and leverage, we strive to bring investors a better investment experience.
Flexible subscription and redemption, strong liquidity: The fund has a 90-day holding period, which is suitable for investors with short-term capital needs.
4. What is the portrait of Cao Zhiguo, manager of AXA SPDB Ji Xin 90 Days?
Assistant Director of Fixed Income Investments
Fund Manager: Cao Zhiguo
Graduated from the banking department, he has rich experience in fixed income investment research. 9 years of experience in the securities industry, 4.5 years of experience in public fund management;
Good at making bond market research and judgment and seizing opportunities; Strictly abide by investment discipline and control risks for investors;
Pay attention to the safety of the bottom position, stop loss and take profit in time; Follow your own investment research framework and don't blindly follow market sentiment
5.What is the past performance of the Fund?
SPDB Jixin 90-day A/C returns in the past year were 3.76%/3.56%, which was significantly higher than the benchmark increase of 2.54%. (Data source: wind, as of 2024.3.27, the results have been reviewed by the custodian bank)
The share of class A of the fund has ranked in the top 1/5 (127/649) and the top 1/5 (90/449) respectively in the past year and the past two years; The share of class C ranked in the top 1/3 (185/649) and the top 35% (153/449) in the same period, ranking among the top in the same category. (Data source: Haitong Securities, classified as a short-term bond fund, as of 2024/3/30)
Data source: wind, as of 2024.3.27, the results have been reviewed by the custodian bank. Past performance is not indicative of future performance, funds are risky, and investment should be cautious
6. What is the investment strategy that fund manager Cao Zhiguo is good at?
Fund manager Cao Zhiguo is good at thickening the foundation of high-grade credit bonds and adopting a swing trading strategy based on interest rate bonds. After several years of product operation, SPDB's fixed income team has a more mature framework and experience in swing trading strategies.
This makes it possible for us to have a rich and proven investment toolbox to strive for a good investment experience for investors in the context of the continuous decline in interest rates.
7. How does the fund manager control risk during the management process?
AXA's fixed income team attaches great importance to controlling volatility in short- and medium-term bond investment, and we hope to achieve a similar investment experience for investors regardless of their suitability. Therefore, AXA SPDB Ji Xin 90 Days mainly adopts the strategy of high-grade credit bonds as the bottom position and interest rate bonds as the main trading strategy. Strictly control the proportion of volatile bonds such as perpetual bonds, and have a short duration, reduce interest rate risk, and strive to bring investors a lower volatility portfolio performance with such a strategy.
Look at the product features
8. What are the advantages of the 90-day holding period of AXA SPDB Jixin?
Compared with the long-term products with three-month, six-month and one-year tenors, the holding period of 90 days per fund share is shorter, which can better meet the needs of investors with certain liquidity requirements.
Different from the longer holding period of some wealth management products, the fixed-term nature of bank deposits is more convenient for investors to apply for and redeem, which is conducive to the flexible management of funds.
9. What is the rate of SPDB AXA Jixin for 90 days?
10.What is the risk level of AXA SPDB Jixin 90-day period?
The Fund is R2-low to medium risk, with higher expected return and expected risk than money market funds, but lower than hybrid funds and equity funds.
SPDB AXA Ji Xin 90-day Rolling Holding Short-term Bond Securities Investment Fund Class A/C was established on 2021-06-08, the fund risk level is R2-medium and low risk, and the benchmark of fund performance is the yield of China Bond Composite Wealth (less than 1 year) index * 90% + bank one-year time deposit interest rate (after tax) * 10%. According to the fund's regular report, as of 2023/12/31, the cumulative net value return of the fund's A/C shares in 2022-2023 is 2.48%/2.28% and 3.76%/3.56% respectively, and the benchmark growth rate of fund performance in the corresponding range is 2.26% and 2.53% respectively, and the return rate of return since the establishment of the fund is (A/C%) 8.84%/8.29% respectively, and the benchmark growth rate is (A/C%) 6.31% in the same period.
The similar products managed by the fund manager are:
SPDB AXA Wenxin 120-day Rolling Holding Short and Medium Bond Securities Investment Fund Class A/C was established on 2022-06-22, the risk level of the fund is R2-medium and low risk, and the benchmark of fund performance is the return rate of China Bond Composite Wealth (1-3 years) index * 45% + the return rate of China Bond Composite Wealth (less than 1 year) index * 45% + one-year time deposit interest rate (after tax) * 10%. The annual return of the fund's A/C share in 2023 is 4.04%/3.83%, compared to 2.96% over the same period, and the return of the fund since its inception is (A/C)5.91%/5.57%, respectively, and the benchmark growth rate is (A/C) 3.96% over the same period.
SPDB AXA Short and Medium Term Bond Securities Investment Fund Class A/C was established on 2018-10-25, the fund risk level is R2-medium and low risk, and the benchmark of fund performance is the return rate of China Bond Total Wealth (1-3 years) index * 80% + one-year time deposit interest rate (after tax) * 20%. According to the fund's regular report, as of 2023/12/31, the cumulative net value return of the fund's class A/C shares from 2023 to 2019 is 3.47%/3.36%, 2.10%/2.00%, 3.29%/3.19%, 3.01%/2.86%, and 3.88%/3.68%, respectively, and the benchmark growth rates of fund performance in the corresponding range are 2.60%, 2.48%, 3.27%, 2.37%, and 3.39% respectively. Since the inception of the fund, the return rate has been (A/C) 17.63%/16.84%, respectively, and the benchmark growth rate over the same period is (A/C) 16.08%.
SPDB AXA Joy Enjoy 30-day Holding Period Bond Securities Investment Fund was established on 2023-12-06, with a risk rating of R2-medium and low risk, and the benchmark is the yield of China Bond Composite Full Price Index * 90% + 1-year time deposit interest rate (after tax) * 10%. If the fund has been established for less than six months, the performance will not be displayed for the time being.
Risk Warning: Funds are risky, and investment should be cautious. The fund manager promises to manage the fund assets diligently and responsibly in accordance with the principle of integrity and rigor, but does not guarantee that the fund will be profitable, nor does it guarantee a minimum return. Past performance of the Fund is not indicative of its future performance and does not constitute a guarantee of investment income or investment advice. Mainland funds have been in operation for a relatively short period of time and do not reflect all stages of market development. To understand the details of the fund, please be sure to carefully read the "Fund Contract" and "Prospectus" and other legal documents. If you need to purchase this fund, please pay attention to the relevant regulations on investor suitability management, do a good risk assessment in advance, and purchase fund products with matching risk levels according to your own risk tolerance. The opinions and comments provided in this material are for informational purposes only and do not constitute any operational advice or recommendation of the securities mentioned. The views expressed in the materials are personal and do not represent the position of the company, are not intended as investment advice, and are time-sensitive and for reference only.