民生加银基金裴禹翔： 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][2] 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][2] - The strategy includes a cautious selection of convertible bonds, only engaging in trades when clear opportunities arise [1][2] - Pei Yuxiang maintains a focus on high-grade bonds, with a low tolerance for volatility and drawdown, and avoids excessive leverage during market fluctuations [2][3] Group 2: Market Outlook - For the second half of the year, the bond market is expected to retain investment value, driven by stable economic trends, policy expectations, and external environments [1][7] - The fund manager believes that despite low absolute yield levels, there remains a configuration opportunity in the bond market due to the relative spread compared to policy rates [6][7] - The anticipated downward trend in bond market yields is expected to continue, with a significant decline projected in the second half of the year [7] Group 3: Research Framework - The solid research framework of the company includes macro, industry, and micro-level analyses to assess credit risks effectively [3][4] - The team emphasizes dynamic adjustments to macro assessments through frequent communication and data validation [4] Group 4: Recent Adjustments - In the second quarter, the management strategy became more aggressive due to a more relaxed funding environment and a shift in the central bank's stance towards the bond market [6] - Adjustments made in late March to early April included increasing duration and leverage in the portfolio [6]