民生加银基金裴晓辉：固收投资从来不是一个人的单打独斗

Core Viewpoint - Minsheng Jianyin Fund is undergoing strategic adjustments in its public fund structure, highlighted by the recruitment of Pei Xiaohui, a veteran in fixed income investment, to enhance its research and management efficiency [1][4]. Group 1: Leadership and Experience - Pei Xiaohui has over 20 years of experience in the fixed income sector, previously holding significant positions at various financial institutions, including as the head of fixed income at Guotai Fund and as an executive director at Harvest Fund [4]. - His expertise includes the launch of China's first five-year treasury futures-related bond index product and achieving notable performance in fixed income management [1][4]. Group 2: Investment Philosophy - Pei Xiaohui emphasizes a "empty cup" mentality in investment, advocating for continuous reflection and optimization of investment frameworks to maintain objective decision-making [1]. - He is influenced by Warren Buffett's investment philosophy and practices contrarian investing, believing that extreme market emotions often present significant investment opportunities [4][5]. Group 3: Team Collaboration - Team collaboration is deemed crucial for success in fixed income investment, with Pei Xiaohui promoting a flat management structure that encourages open communication and collective decision-making [6][7]. - This collaborative approach has led to improved decision accuracy and team cohesion, allowing members to leverage their strengths in investment strategies [7]. Group 4: Market Outlook and Strategy - The current market is viewed as a critical turning point, with expectations of continued monetary policy support amid global economic challenges [9]. - Pei Xiaohui advocates for timely adjustments in portfolio positions and durations based on market fluctuations, emphasizing the importance of risk control while seizing opportunities [9]. - The future direction for investment is seen in diversified asset allocation, with "fixed income plus" products being a key development area to meet investor needs [8][9].