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 emerged as a safe haven for funds in a volatile market, driven by investor demand for stable returns and trust in fund managers' capabilities [1] Group 1: Market Outlook - The potential return rate in 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 a price-to-earnings ratio of 15-20 times, indicating significant potential for price appreciation if market confidence returns [4] Group 2: Investment Strategy - The fund manager has successfully captured beta trends in the market, particularly by increasing exposure to Hong Kong stocks and convertible bonds at opportune moments [2] - A balanced and diversified portfolio is maintained, with no single industry exceeding 10% of the total allocation, and a focus on stocks with high return on equity (ROE) and stable growth [2] - In fixed income investments, the strategy emphasizes the unity of safety, yield, and liquidity, primarily focusing on high-grade credit bonds with a short to medium duration [3] Group 3: Fund Performance - The fund managed by the company has achieved positive returns for three consecutive years since its inception in the second half of 2021 [2] - The recent quarterly reports indicate a systematic increase in equity positions while significantly reducing convertible bond allocations, reflecting the manager's market expectations [4] Group 4: Defensive Positioning - The current bond portfolio has a lower duration compared to the previous year, indicating a defensive stance in response to low absolute yields and tight credit spreads [5]