聚焦低波锚定确定性 尽显稳健投资底色

Core Viewpoint - The investment strategy of Minsheng Jianyin Fund focuses on low volatility and high certainty in bond investments, emphasizing high-grade bonds while avoiding credit digging and sinking [1][3] Group 1: Investment Strategy - The fund manager, Pei Yuxiang, employs a macro tracking approach, strict risk control, and flexible trading strategies to achieve stable investment returns [1][3] - Pei's investment style is characterized by a focus on high-grade bonds, with a low tolerance for volatility and drawdown, aiming to control the duration of the bond portfolio [1][2] - The strategy for "fixed income +" involves selective convertible bond investments, only engaging in trades when clear opportunities arise [2][3] Group 2: Market Outlook - Pei believes that bonds still hold investment value due to favorable relative spreads and a downward trend in interest rates, as long as the core factors of economic trends, policy expectations, and external environments remain unchanged [1][5] - The second quarter saw a more aggressive management strategy due to a more relaxed funding environment compared to the first quarter, leading to adjustments in duration and leverage [3][4] Group 3: Risk Management - The team emphasizes communication and early positioning to dynamically adjust macro assessments, especially during periods of market volatility [3][4] - A quantitative model is utilized to assist decision-making, guiding actions for increasing or decreasing positions based on model outputs [3][4] Group 4: Current Market Conditions - Despite a strong performance in the A-share market, Pei assesses that there are still opportunities in the bond market based on relative spreads and future trends [4][5] - The absolute yield levels of bonds may be low, but they still present value compared to policy rates, with a potential spread of about 30 basis points for high-grade short-term credit bonds [4][5]