海富通基金江勇： 权益潜在回报可期 “固收＋”布局正当时

Core Viewpoint - The "fixed income +" strategy has become a safe haven for funds in a volatile market, driven by investors' urgent demand for stable returns and trust in fund managers' investment capabilities [1] Group 1: Market Outlook - The potential return rate of the equity market is viewed optimistically for at least the next two to three years [1] - The current market shows strong characteristics, with opportunities for rotation in undervalued sectors that have long-term growth potential [4] - The valuation of many quality leading companies has dropped to 15-20 times earnings, indicating significant potential for price appreciation if market confidence is restored [4] Group 2: Investment Strategy - The fund manager emphasizes a balanced approach in asset allocation, maintaining a single industry exposure of no more than 10% and diversifying stock selections [2] - In equity investments, safety is prioritized, focusing on reasonable valuations, sound financial data, and avoiding companies with negative news [2] - The strategy involves increasing equity positions while reducing convertible bond holdings, reflecting a proactive adjustment to market conditions [4] Group 3: Fixed Income Investment - The focus in fixed income investments is on the unity of safety, yield, and liquidity, primarily investing in high-grade credit bonds with a preference for medium to short durations [3] - The current bond portfolio has a lower duration compared to the previous year, indicating a defensive posture in response to low absolute yield levels [5]