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汇华趋势指南(固收添益):以全球多元资产配置应对低利率时代
Sou Hu Cai Jing·2025-06-18 11:21

Core Viewpoint - The current low interest rate environment poses challenges for investment, but the company has successfully navigated these conditions to achieve positive returns through diversified asset allocation strategies [1][6]. Group 1: Investment Strategy - The company employs a flexible asset allocation strategy that includes interest rate, credit, and cross-border investments to enhance portfolio yield potential [1][2]. - The product has maintained a short duration strategy, keeping the portfolio duration within 0.2 years to effectively manage risks and capture positive returns [2][5]. - The management has executed a disciplined trading approach, including timely profit-taking actions to safeguard gains from foreign exchange exposure [5][6]. Group 2: Performance Metrics - As of May 21, the product achieved an annualized return of 3.02%, exceeding the performance benchmark by 64 basis points [1][7]. - The company’s dollar-denominated product has shown a one-month annualized return of 5.4%, outperforming the average of similar products by 177 basis points [7]. - The maximum drawdown for the dollar product was only -1 basis point, significantly lower than the average drawdown of similar products [7]. Group 3: Market Outlook - The company anticipates potential recovery opportunities in U.S. Treasury bonds due to attractive coupon yields and easing pessimism regarding dollar assets [8]. - The expectation of one to two interest rate cuts by the Federal Reserve this year may lead to a valuation recovery for U.S. Treasuries, creating capital gain opportunities [8]. - The company suggests that holding a certain exposure to USD/RMB foreign exchange may be beneficial as the market adjusts [8].