With the launch of the "new asset management regulations", trillions of funds have overflowed from bank wealth management, which can enter the investment products in the replacement sequence and become the layout of various asset management institutions. The reporter of Investment Times noticed that Public Offering of Fund's fixed-income funds, especially the low-risk fund products in the fixed-income camp, are becoming the "darlings" of investors.
Since the beginning of this year, the A-share market has continued to fluctuate, investors' risk appetite has decreased, the number and scale of equity funds have continued to bottom out, and investors are hovering in risk aversion. As a result, low-risk funds such as short-term debt funds and interbank deposit certificates funds have been opened all the way, and both the scale and the number of new issues have "made great strides". Data show that at the end of the first quarter of this year, the scale of short-term debt funds reached 59.817 billion yuan, a sharp increase from 49.53 billion yuan at the end of last year.
The related research of China Merchants Bank also shows that after the announcement of the new asset management regulations, among the newly-developed fixed-income fund holders' structures from June 218 to 221, the "fixed-income+"products and FOF (product types providing scenario solutions) are the main substitutes for individual investors; Medium and long-term pure debt funds and passive index debt bases are more favored by institutions; As a product positioning of "money+",short-term debt funds are welcomed by both individuals and institutions.
if there is a good short-term debt fund and a "fixed income plus" FOF product with both advantages of "fixed income plus" and fof, what will you consider?
The reporter of Investment Times learned that, in line with investors' demand, the Wells Fargo Fund, a "big company with solid income", aimed at the wealth management income range of banks and the products with low and medium-risk fluctuations, so as to provide investors with products or scenario solutions with stable income and controlled fluctuations. Recently, the company has joined the new army in short-term debt fund and "fixed income+"FOF. What are their characteristics? Is it worth choosing?
Enhanced Monetary Fund
Can short-term debt funds invest now?
With the increasing volatility of the stock market and the transformation of traditional bank wealth management products, many investors with low-and medium-risk preferences have been actively looking for new wealth management tools in recent two years. The investigation on the daily cash financing needs of ordinary investors shows that the investment products they expect should have the characteristics of low threshold, profitability, robustness and flexibility. Compared with various investment products, short-term debt funds, as an important coping plan, have attracted much attention.
According to the reporter of Investment Times, short-term debt funds have been positioned by the market as an enhanced cargo base, focusing on investing in short-term bonds, that is, bond assets with a remaining maturity of less than 397 days, and the risk-return characteristics are between money funds and ordinary pure debt funds. Due to the short duration of short-term debt, the net value of short-term debt funds is not easily affected by market fluctuations, and its performance is relatively stable; At the same time, due to the short remaining term of short-term debts, the possibility of sudden changes in the business conditions of enterprises is relatively small, and the risk of stepping on mines is relatively small.
One data that can be corroborated is that since the base period (December 31st, 22), the CSI Short Debt Index, a representative index for measuring short-term bonds, has accumulated a return of 8.94% and an annualized return of 3.21%. The maximum retracement was -1.31%, and the maximum retracement recovery time was 92 days. This means that the return on short-term debt is relatively stable, and the income is relatively higher than that of monetary assets.
such a flexible cash management tool, which can be called a sharp weapon for stability, is superimposed on the current market environment or a good time for short-term debt investment.
According to Zhang Bo, the fund manager of Rich Country Short-term Debt Fund (hereinafter referred to as "Rich Country Short-term Debt"), as the economy continues to weaken, monetary policy is easy to loosen but difficult to tighten, and liquidity remains sufficient; At the same time, with the deepening of the bond bull market, the subsequent fluctuations may increase. In the current environment, short-term debt faces a better liquidity environment and can better cope with bond market fluctuations.
Zhang Bo, the short-term debt fund manager of Fuguo
The reporter noted that Fuguo's short-term debt mainly invests in short-term bonds with high liquidity, and does not participate in stocks, warrants, convertible bonds and bonds payable. It is "insulated" from the primary and secondary markets, with pure debt, strict risk control and high liquidity.
Compared with money funds, short-term debts of rich countries have more diversified investments, and can use higher leverage and more strategies, so as to strive for a better income experience on the basis of effectively controlling fluctuations. In addition, compared with the common debt base, the overall portfolio of short-term debt funds has a shorter duration and is less affected by market trends. It can better control the retracement when the market falls, which will bring investors a more stable investment experience.
It is understood that rich countries will adopt a prudent investment strategy, pay attention to the layout of bond purchases at key points, and make appropriate use of leverage in a timely manner to improve the investment return of the portfolio. In addition, the short-term debt of rich countries can also adopt the arbitrage strategy, and strive to bring investors higher than the money fund, while pursuing a more stable investment income than the ordinary debt base.
The data shows that Fuguo Short-term Debt A has been in a stable overall trend since its establishment in January 219 (as of the end of March this year), with a cumulative increase of 1.84% in net value and an annual income level ranging from 3.% to 3.5%, significantly outperforming the China Securities Short-term Debt Index of 9.29%, the performance benchmark of 8.45% and the China Bond-Comprehensive Full Price (Gross Value) Index of 2.76% in the same period. In particular, it is worth mentioning that the short-term debt A of rich countries has good retracement control ability. Even in the second half of 22, the retracement is still small and can be repaired quickly.
with such excellent performance, its performance continues to rank high. The data shows that the short-term debts of rich countries ranked 117/32, 35/246 and 47/121 in the past year, two years and three years, respectively. They have always been in the forefront of the industry and won five-star praise from Haitong Securities.
It is worth noting that Zhang Bo's investment career experienced the difficult times of "money shortage" in 213 and 216, and his rich experience forged Zhang Bo's outstanding cash management ability and rich experience in managing large funds. According to the fund's regular report, Zhang Bo is currently managing nearly 3 billion yuan.
low risk tolerance
"fixed income+"fof has become a new choice
Since the beginning of this year, due to the adjustment of the equity market, the overall scale of "fixed income+"funds has declined. According to the research data of Guohai Securities, as of March 31, 222, the median return level of 1,571 different types of "fixed income+"funds in the first quarter was less than zero, and the biggest withdrawal performance of various "fixed income+"funds was the worst in each quarter since 221. Affected by the sluggish performance, the total scale of "fixed income+"funds was 2.44 trillion yuan, a decrease of 2.8% compared with the end of last year.
However, an interesting contrast phenomenon is that in the downward trend of the overall scale of the industry, the data of Guohai Securities also shows that the scale of the "fixed income+"fund under the Wells Fargo Fund increased significantly in the first quarter, and its proportion in the market scale increased by .6 percentage points compared with the end of 221.
this means that "fixed income+"fund products control portfolio volatility through asset allocation, which has natural advantages in asset allocation, but there are still great management differences among different fund managers. Facing the recent fluctuation of "fixed income+",for individual investors with low and medium risk preference, "fixed income+"FOF may be another new alternative for bank financing.
according to Zhang ziyan, the proposed fund manager of fuguo Zhihua wenjin FOF, "fixed income+"FOF combines the operation strategy of "fixed income+"with fof products, and mainly allocates fixed income funds to build basic income; It is supplemented by a small number of equity funds to enhance portfolio flexibility.
Zhang Ziyan, the proposed fund manager of Fuguo Zhihua's steady progress in FOF
Therefore, the transition period of new asset management regulations ended at the end of last year. Under the constraint of net worth management, traditional wealth management products decreased, and the double diversification risk characteristics of "fixed income+"FOF can better match and meet the financial needs of ordinary people. At the same time, the "fixed income+"FOF is expected to solve the problems of ordinary investors' base selection, timing, position adjustment and rotation in one stop, and adjust and rebalance the market style in a timely and flexible manner.
The reporter of Investment Times learned that the newly-launched Fuguo Zhihua Steady Advance FOF of Fuguo Fund is suitable for investors with moderate and low risk tolerance, aiming to make investors easily manage their finances with the "fixed income plus" FOF, and provide investors with a more comfortable foundation experience and relatively stable returns. Under the premise of strict risk control, this fund will anchor low risk and low volatility through asset allocation and fund selection strategies, and strive to achieve long-term stable appreciation of fund assets.
However, the reporter also noticed that for most investors, there may be a strange feeling that they are just familiar with the "fixed income+"fund and then encounter the "fixed income+"FOF. What are the specific differences between the two?
the reporter of investment times learned that "fixed income plus" fof has four advantages compared with general "fixed income plus" products.
one is to achieve secondary diversification on the basis of asset allocation by investing in different types of funds; The second is to directly hit the pain point of investment, which is simpler. It can solve the problems of selecting bases, timing, adjusting positions and rotating with one key, optimize high-quality funds in the whole market, diversify portfolio risks and strictly control retracement; Third, the liquidity constraint is low and faster, and the liquidity constraint is relatively low when investing in sub-funds, whether buying or redeeming funds; Fourth, the adjustment of duration exposure is more flexible, and it can switch between medium and long-term debt bases and short-term debt bases, which is convenient for calmly coping with changes in the situation, looking forward to the layout and grasping opportunities.
Only a fund with sustainable and predictable returns is a truly good fund. Zhang Ziyan revealed that at the level of fund optimization, the word "stable" will be adhered to. He will understand the correlation between past performance and future performance of fund managers from three aspects: the stability of investment strategy, the stability of performance during holding period and the balance of "attack" and "defense" of fund managers, and find a good fund with stable excess returns under high confidence.
In his view, due to the market decline in the early stage, it provides a good time to open positions. At present, it is a 12-month holding period of "fixed income+"FOF gold opening period.
"From the current point of view, A shares have fallen sharply in the previous period, and their valuation has fallen back to the bottom area. In the short term, the unfavorable factors still need to be digested, and the market is still at the bottom stage. However, in the long run, the configuration value of some high-quality companies is prominent. "
In addition, in the bond market, the loose and weak fundamentals of short-term funds are favorable factors for the bond market, and the subsequent expectation of "wide credit" may be repeated. "For the' fixed income +'FOF with a 12-month holding period, it is a good time to open a position."
investment times reporter Li _ Chen.