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德邦基金固收投资总监邹舟:低利率时代,以精耕细作博弈超额收益
Sou Hu Cai Jing·2025-07-24 01:20

Core Viewpoint - In the current macroeconomic environment, fund managers must maintain objective and calm investment decisions amidst market noise and emotional fluctuations, emphasizing the importance of logical reasoning and client-centric approaches [1][3]. Group 1: Investment Strategy - The investment framework for fixed income must transition from a coarse management approach to a more refined one due to the ongoing low interest rate environment and scarcity of quality assets [4]. - The investment framework is summarized as "three bowls of noodles": macro fundamentals, market policy, and micro sentiment [4]. - The era of achieving considerable returns through a few major market movements is over; higher frequency tracking and precise judgment are now essential for generating excess returns [4][6]. Group 2: Client Orientation - The focus on client needs requires balancing relative and absolute returns, with absolute returns being the core investment demand [6]. - A multi-strategy framework is employed in investment portfolios, aiming to secure more return opportunities across different market phases [6]. - Liquidity management and drawdown control are tailored to the product's positioning and the risk tolerance of the liability side [6]. Group 3: Market Outlook - The overall direction of the bond market remains positive, supported by a loose monetary policy and the need for economic transition towards high-quality development [9]. - Various pure bond investment targets, such as credit bonds, interest rate bonds, and local government bonds, are expected to present good investment opportunities in the second half of the year [9]. - Convertible bonds are highlighted as valuable due to their fixed income characteristics and potential for capital appreciation, which can enhance portfolio returns while mitigating overall risk [10].