ICBC Credit Suisse Tianyi Express Money Market Fund is a money fund wealth management product issued by ICBC Credit Suisse. The Fund mainly invests in instruments with good liquidity, including cash, call deposits, bank time deposits, bonds, asset-backed securities and medium-term notes with a remaining maturity of less than one year (including one year) and a resale period of less than 397 days (including 397 days); Bond repurchase with a maturity of less than one year (including one year), central bank bills with a maturity of less than one year (including one year), short-term financing bills and other money market instruments allowed by laws and regulations or China Securities Regulatory Commission for fund investment.
The Fund mainly invests in instruments with good liquidity, including cash, call deposits, bank time deposits, bonds, asset-backed securities and medium-term notes with a remaining maturity of less than one year (including one year) and a resale period of less than 397 days (including 397 days); Bond repurchase with a maturity of less than one year (including one year), central bank bills with a maturity of less than one year (including one year), short-term financing bills and other money market instruments allowed by laws and regulations or China Securities Regulatory Commission for fund investment.
If laws, regulations or regulatory agencies allow money market funds to invest in other money market instruments, the Fund may participate in the investment of other money market instruments without holding a share holders' meeting on the premise of not changing the investment objectives and risk-return characteristics of the fund, and its investment ratio shall comply with the laws, regulations or relevant regulations in force at that time.
If laws, regulations or regulatory agencies allow investment in other varieties of the Fund in the future, the fund manager can include them in the investment scope after performing appropriate procedures, and the investment ratio will follow the laws, regulations or relevant regulations that will take effect at that time.
The Fund will adopt active investment strategies such as interest rate strategy, credit strategy and relative value strategy. Under the premise of strictly controlling risks, we will explore and use the investment opportunities provided by market imbalance to realize portfolio appreciation.
1, interest rate strategy
Through the comprehensive study of major economic variables such as GDP, prices, employment and international payments, this paper analyzes the possible scenarios of macroeconomic operation, predicts the macroeconomic policy orientations such as fiscal policy and monetary policy, and analyzes the changing trend and structure of capital supply and demand in financial markets. On this basis, the changing trend of interest rate level and the slope of financial market yield curve are predicted.
2. Credit strategy
According to the stage of the national economic operation cycle, this paper analyzes the development prospects, development status, market position, financial status, management level and debt level of bond issuers, and evaluates the credit risk of bond issuers. Track the changes in the credit quality of bond issuers and bond instruments themselves, and determine the investment decision of fund assets in the corresponding bonds in combination with the credit rating results of external authoritative rating agencies.
3. General configuration strategy
Study the relationship between supply and demand of funds in national economy, money market and capital market, as well as market investment hotspots in different periods, analyze the spread level of different bond types such as national debt, financial debt and corporate debt, evaluate the relative investment value of different bond types, and determine the allocation ratio of portfolio assets among different bond types.
4. Personal coupon selection strategy
The Fund believes that the valuation of ordinary bonds is mainly based on the fitting of yield curve. On the basis of correctly fitting the yield curve, find out the bonds that deviate from the market yield in time, and find out the reasons for the bond price deviation due to investor preference, supply and demand, liquidity and credit spread. At the same time, based on the yield curve, we can judge the period of high and low pricing, so as to guide the relative value investment and choose the bond varieties with lower valuation.
For bonds with resale clauses, the Fund only buys bonds within 397 days from the resale date, and resells or sells them before the resale date.
5. Relative value strategy
The Fund believes that the market is generally ineffective and the impact of short-term factors is exaggerated. There are many participants in the bond market, and their investment behavior, risk preference, financial and tax treatment are different. Exploring the relative value between these different factors is also an important aspect for the fund to find investment opportunities. The Fund pays close attention to the changes of national laws, regulations and systems. Through in-depth analysis of the positions and viewpoints of market participants, it makes full use of market segmentation, market investors' different risk preferences or tax treatment to form a relative value investment strategy, and uses trading tools such as repurchase and forward trading contracts to carry out arbitrage transactions between different maturities, different varieties or different markets, thus bringing added value to fund investment.
6, other financial instruments investment strategy
The Fund will closely follow the movements of commercial bills such as bank acceptance bills, commercial acceptance bills and various derivatives. When laws and regulations allow the Fund to participate in the investment of such financial instruments, the Fund will formulate an investment strategy in line with the investment objectives of the Fund based on the study of the financial instruments in force at that time, and make prudent investment under the premise of fully considering the risk and return characteristics of investment products.