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 downgrading [2][3][8] Investment Strategy - The fund manager, Pei Yuxiang, employs a selective convertible bond strategy within the fixed income plus (固收+) approach, only seizing trading opportunities when market conditions are favorable [2][3] - Pei maintains a low tolerance for volatility and drawdown, preferring to set a duration center and avoid excessive leverage during market fluctuations [3][4] Market Outlook - Pei believes that bonds still hold investment value due to favorable relative spreads and a downward trend in interest rates, maintaining an active portfolio configuration as long as key economic, policy, and external factors remain stable [2][8] - The second quarter saw a more aggressive management strategy due to a more relaxed funding environment, leading to adjustments in duration and leverage [7] Research Framework - The fixed income research framework of the company includes macro, meso, and micro levels, allowing for a comprehensive analysis of credit risks based on standardized indicators and regional economic data [5][6] - The team emphasizes dynamic adjustments to macro assessments through frequent discussions and the use of quantitative models to guide investment decisions [6] Risk Management - The company aims to control drawdowns close to industry neutral levels while striving to enhance returns, acknowledging the challenges posed by a volatile market environment [4][5] - In a fluctuating market, the core challenge is the low margin for error, making it crucial to avoid significant missteps at critical turning points [5][6]
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
Zhong Guo Zheng Quan Bao·2025-08-25 00:49