China Fund News Wei Zhongzhe
Editor's note: "Data analysis fund managers, deeply restore investment portraits." Yinghua Character Library launched a new column "Digitals", using vivid language to analyze the fund managers behind the data to restore three-dimensionality for investors. Investment portrait. Let you explore the source of returns of funds and choose a person first. After the previous strong rebound, the market has entered the third quarter of 2022, and the market has entered the volatile rest period again. The growth track, which has been advancing rapidly from May to June, has slowed down again, and the value style has resilient. As the valuation of A-shares is further digested, the cost-effectiveness of investment is expected to increase in the future.
However, compared with the situation where there are still doubts about whether the equity market has been polished to the end, the fixed income market has shown a relatively certain growth. According to data released by the China Securities Investment Fund Industry Association, as of July, the net value growth of money funds and bond funds this year was 10.4% and 9.7% respectively, reaching 11.09 trillion yuan and 4.83 trillion yuan. It is not difficult to see from this that after experiencing the V-shaped market in the first half of the year, investors' sentiment has begun to tilt towards the "stable" side of the balance.
Although the current fixed income market is facing a downward trend in interest rates, in the view of Sima Yimaiti, the head of the fixed income department of Dongxing Fund and fund manager, the stage of coexistence of strong policies and weak reality is actually not unfamiliar with the market during this period. The problem is that the current environment is still beneficial to bonds. Although the turning point will make people feel a little worried, empirically speaking, it is more important to find the coordinates for observing marginal changes in the economy at this time.
"Internet celebrity", "school master", and "sold men of the Western Regions" are all tags that Sima Yimaimaiti is often talked about. Although his fund management time has not been long, he has been deeply involved in the financial industry. Rest of years.
In a famous school like Shanghai Jiaotong University, Sima Yimaiti studied electrical engineering and automation during his undergraduate studies, and his master's degree specializes in mathematics. His profound comprehensive background in science and engineering laid the foundation for his rigorous investment and stabilization. Before formally managing fund products, I had experienced more than 9 years of industry precipitation in securities companies, focusing on studying the fixed income market, and also traveled through multiple bull and bear cycles during this period. Since 2019, we have officially joined the fund company and started our career in the fund industry. In 2021, we have joined Dongxing Fund. We are currently the general manager and fund manager of the fixed income department of Dongxing Fund. We have managed 10 products so far, and the management scale has also achieved a 6-fold increase in one year. Become a manager of the "10 billion level". He has a relatively complete investment and research system with , a stable investment style, pursues stable returns, is good at credit mining and strictly controls credit risks, and can effectively control net value drawdowns.
At present, Sima Yimaimaiti has a total of 8 products under management. As of September 9, its fund management period was 1.37 years, and the annualized return since its management was 5.17%. During the same period, the return of CSI's total bond was 5.86%. The total scale is 29.959 billion yuan.
According to Zhijun Technology, compared with CSI's full bonds, Sima Yimait's overall style is more stable, and the overall yield fluctuations are more stable. According to the data tracking his past, Sima Yimaiti has good certainty in obtaining returns, and its profitability and performance stability are relatively excellent.
Combined with Sima Yimaimaiti's previous career experience and duration, although its current performance is slightly weaker than that of CSI's full bond, due to its investment philosophy of "stable" as the top priority, it still maintains a certain profit in the volatile market. .
Simayimaiti's investment keywords can be summarized as follows three points: Downplays cycle factors, pays attention to absolute returns, and strictly controls return fluctuations.
When Sima Yimai Mait began to settle in the securities industry, he had experienced several bull and bear cycles. Faced with the ups and downs of the market, Sima Yimai Mait gradually formed his own system: "Don't take economic cycles as Transferred investment profit model”. Under this model, he believes that even when facing economic situations and market conditions at different stages, advance prediction and control should be made. As a fixed income fund manager, the holder’s expectation for the product is to “seek progress with stability”. This concept is implemented in his investment, so he always has strategies to deal with volatility measures to slow down profit fluctuations. , strengthen the certainty of investment returns.
And in terms of holding positions, Buffett's "greed and fear theory" has also been fully used by Sima Yimamaiti in his personal investment. He said, "You must be able to hold the bull market and you must be able to hold the bear market." This also allowed him to obtain actual profits from his previous investment research experience to support this theory.
Sima Yimaimaiti said that in the fixed income field, "offense and defense" are also relatively speaking, which basically correspond to the volatility of the invested assets. The lower the risk of the target investment in
investment, the more stable the portfolio is. In terms of performance, it is more like a defending product; the higher the risk of the target investment in
investment, the greater the volatility, and when it rises, it will show an offensive trend.
Sima Yimaimaiti said that From the perspective of fixed income, it is necessary to increase duration and leverage when the bond has opportunities, and to reduce leverage and duration in a bear market. Keep it. If you encounter a stock bull market during a bear market, you can allocate some assets with equity to increase the intensity of attack, and the effect will be better.
mentioned in the previous article that in Sima Yimaiti's investment strategy, return fluctuation control is a major focus. Since Sima Yimai Maiti has managed fund products, its return fluctuations have been stably controlled between 0.01% and 0.06%, which is significantly better than the 0.04% to 0.09% range of CSI's total bonds.
By observing the dynamic drawdown, it can be seen that Sima Yimaimaiti's investment implements the word "stable" first, and it is significantly better than CSI's full bond in terms of drawdown. It still maintains an outstanding performance of no more than 0.11% under the market fluctuation, ensuring performance stability.
According to the interim report of Sima Yimaimai, it has outperformed the performance benchmark in the past three months to the past year (the fund product is managed by Sima Yimaimai from April 27, 2021) As the largest fund product under Sima Yimaiti, we can get a glimpse of its active management ability to gain income.
According to Zhijun Technology, as of the end of the second quarter of 2022, 87.75% of Sima Yimaimaiti's holdings in its products were used to allocate fixed income assets. . Among them, more than 46% of the net assets are allocated short-term financing bonds, while financial bonds and medium-term notes account for 14.63% and 12.68% respectively.
. Among the stock assets with the lowest proportion of positions, configurable stocks are also centered on value trends. 's top three heavily held stocks are China Merchants Bank, CITIC Securities and Oriental Securities, and are also equipped with consumption and electricity related Individual stocks.
In the face of the recent introduction of continuous measures to stabilize growth and the domestic bond market has also entered a period of volatile adjustment, Sima Yimai Maiti recently said when he was a guest on the China Fund News "Investment Hot Spots" program that it is easy to form in the downward stage of the economy. One of the inertial thinking is that the economy will continue to decline endlessly. “But in fact, the accumulation of previous loosenings is likely to start to have a positive effect on the economy at a certain point."
" For the bond market, the stage of coexistence between strong policies and weak reality is actually not unfamiliar. The problem faced by the market during this period is that the current environment is still beneficial to bonds, but this turning point will make people feel a little worried. "For how to go in the future, Sima Yimaimaiti believes that Experience is more important at this time to find the coordinates to observe marginal changes in the economy, and current real estate sales and social financing may be two more key indicators.
Faced with the current misalignment of economic cycles at home and abroad, Sima Yimaimaiti said that there are many opinions in China that they believe that the Federal Reserve's interest rate hike will have a certain impact on the monetary policy of the People's Bank of China, but this has been in history It has been falsified many times. He believes that the trend of interest rates between China and the United States is not significantly correlated. If investors want to pay attention to possible risk points under the macroeconomic situation, Sima Yimaimaiti suggests that you can pay attention to the trend of the US dollar: "The US dollar itself can fully reflect most macro and micro-level information overseas. In the stage of strengthening the US dollar, the domestic bond market usually performs strongly, and in the period when the US dollar is weak, the domestic bond market usually performs poorly. This is a matter of An effective law that has been repeatedly verified by history. ”
(Note: If the data in this chart is not specified in special terms, they are all from Zhijun Technology and Wind data)
risk warning: The fund has risks, and investment should be cautious. The fund's past performance does not predict its future performance. Fund research and analysis Does not constitute investment consulting or consulting services, nor does it constitute any substantial investment advice or commitment to readers or investors. Please read the "Fund Contract", "Recruitment Prospectus" and related announcements carefully.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-