AGRICULTURAL BANK OF CHINA(SH:601288) Zheng Quan Zhi Xing·2025-07-18 06:14Core Viewpoint - The report provides an overview of the performance and investment strategy of the Anxin Target Yield Bond Fund for the second quarter of 2025, highlighting its focus on achieving returns that exceed the benchmark of the 3-month Shanghai Interbank Offered Rate (Shibor3M) while maintaining strict risk control [2][3]. Fund Overview - Fund Name: Anxin Target Yield Bond Fund - Fund Manager: Anxin Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 5,823,112,437.68 shares [2]. Investment Strategy - The fund employs a macroeconomic research approach, focusing on monetary policy and interest rate studies to determine asset allocation among various bond types, including ordinary bonds, floating interest bonds, convertible bonds, and asset-backed securities [3]. - The investment strategy includes tracking bond issuance market conditions, analyzing spread changes, and assessing issuer characteristics and credit levels to actively participate in the primary bond market [3]. Performance Metrics - The fund's net asset value (NAV) growth rates for different periods are as follows: - Last three months: 1.11% - Last six months: 1.84% - Last year: 0.31% - Last three years: 14.84% [4][11]. - The fund's NAV at the end of the reporting period was 1.4401 CNY for Class A and 1.3952 CNY for Class C [11]. Financial Indicators - The fund's total assets allocated to bonds amounted to 7,705,266,232.91 CNY, representing 92.08% of the total fund assets [12]. - The fund's investment in policy financial bonds was 4,421,892,831.47 CNY, accounting for 53.29% of the fund's net asset value [17]. Share Changes - The total shares at the beginning of the reporting period were 3,594,122,167.91 for Class A and 1,570,223,188.01 for Class C. - During the reporting period, the total subscription for Class A was 849,606,552.06 shares, while the total redemption was 583,890,273.93 shares [16].