Core Viewpoint - The article emphasizes the increasing recognition among investors of the importance of global asset allocation to diversify risks and enhance multiple sources of returns in the context of declining domestic interest rates [1]. Group 1: Fund Overview - The Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF was officially launched on August 4, managed by Chief Investment Officer En Xuehai and Fund Manager Wu Chunjie, with En having nearly 30 years of investment research experience [1]. - The fund aims to explore a new "fixed income plus" solution for the Chinese market through a strategy of "bond foundation + overseas diversified asset enhancement" [1]. Group 2: Strategic Framework - The fund's allocation framework is based on a long-term capital market assumption (LTCMA) system, which has been tested and refined over 29 years, providing guidance for strategic asset allocation by predicting the risk-return characteristics of various asset classes over the next 10-15 years [2]. - En Xuehai noted that the combination of "bond foundation + overseas diversified assets" has a lower correlation than a simple "stock-bond mix," effectively reducing overall portfolio volatility [2]. Group 3: Risk Diversification - A rigorous screening mechanism has been established to select funds, with a focus on a "core + satellite" strategy for bond investments, selecting actively managed bond funds as core holdings while using bond ETFs for flexible adjustments [3]. - The screening process involves three layers: initial screening to eliminate low-scale and high-concentration funds, behavioral scanning to identify stable duration and credit characteristics, and platform validation to ensure strong active management capabilities [3]. Group 4: Equity Investment Strategy - For equity investments, a "quantitative first, qualitative second" screening system has been established, employing a combination of holding and net value analysis for domestic active equity funds, while monitoring premium rates and liquidity indicators for QDII products [4]. Group 5: Investor Education - The core value of FOF is to allow investors to focus on matching their risk preferences while leaving the rest to professional allocation, emphasizing the importance of understanding one's risk tolerance rather than merely selecting funds [6]. - En Xuehai believes that the current global environment of continued monetary easing and fiscal stimulus is likely to improve risk appetite, with expectations of rising inflation in the U.S. and a stable domestic market [6].
摩根资产管理恩学海： 多元配置破解低利率困局 探索“固收+”新解法
Zheng Quan Shi Bao·2025-08-03 19:47