摩根资产管理张一格：打造“防御型底仓” 债券投资需精耕细作

Core Viewpoint - The investment philosophy of Morgan Asset Management's China Bond Investment Director emphasizes the importance of proactive risk management and creating a defensive investment strategy in a low-interest-rate environment [1][2]. Group 1: Investment Strategy - The investment team focuses on strict drawdown control and detailed strategy layout to create a "defensive bottom warehouse" for investors [1]. - Zhang Yige has developed a dual-track risk control mechanism that emphasizes proactive risk assessment through real-time monitoring of market sentiment, policy signals, and yield curve shapes [2]. - The Morgan Rui Xin interest rate bond fund, launched in May 2024, exclusively invests in government bonds and policy financial bonds to avoid credit risk, targeting investors who wish to completely avoid credit risk [2]. Group 2: Fund Performance - Since its establishment, the Morgan Rui Xin interest rate bond fund has achieved a net value growth of 4.19% as of May 30, 2025, outperforming its benchmark return of 2.92% [3]. - The fund's one-year return is 4.10%, exceeding the benchmark of 2.80% and the Wind long-term pure bond index of 3.01% [3]. - The fund's maximum drawdown over the past year was -0.70%, significantly better than the average maximum drawdown of -1.56% for similar funds [3]. Group 3: Team and Resources - Morgan Asset Management has over $3.7 trillion in assets under management globally, with more than 310 fixed income research personnel [4]. - The China team combines global perspectives with local characteristics, with an average industry experience of over 10 years [4]. Group 4: Market Outlook - Zhang Yige identifies fiscal policy direction as a key variable affecting the bond market, with trade negotiations potentially influencing fiscal stimulus [5]. - The monetary policy is expected to remain accommodative but moderate, leading to continued market fluctuations and lower return expectations [5]. - Concerns about the impact of increased supply of ultra-long-term government bonds on the market are mitigated by stable long-term bond yields, with the core focus being on supply-demand dynamics [5].