Core Viewpoint - The article discusses the transition of Zhang Lu, a fund manager at Xingyin Fund's fixed income department, from a bank wealth management company to a public fund institution, emphasizing the importance of focusing on win rates over odds in the current bond market environment [1][3]. Investment Strategy Refinement - Zhang Lu has extensive experience in fixed income asset management and successfully navigated the challenges of net value transformation while managing large-scale funds [2]. - The transition to a public fund allows for more detailed investment strategies, focusing on credit bond selection, pricing, and exploiting pricing discrepancies between primary and secondary markets [2]. - In response to the trend of diminishing bond yields, Zhang Lu is exploring "fixed income plus" strategies to enhance returns through convertible bonds and equities [2]. Pursuit of Win Rates - The bond market has faced significant challenges this year, with a notable "stock-bond seesaw" effect impacting bond investments [3]. - Zhang Lu notes that the odds for investing in interest rate bonds have changed compared to last year, making it more advantageous to focus on win rates, particularly with credit bonds offering better value [3]. - Strategic preparation ahead of key events and market sentiment can yield positive returns, as demonstrated by timely purchases of quality bonds during market sell-offs [3]. Market Outlook - Despite the "stock-bond seesaw" effect, Zhang Lu believes that the bond market's overall pressure remains manageable if monetary policy stays accommodative and no external shocks occur [4]. - The volatility in fixed income product liabilities poses challenges, necessitating optimization of the liability structure to enhance investor experience and returns [4][5]. - Understanding the funding habits of the liability side is crucial for matching investment strategies and ensuring sufficient liquidity to handle market fluctuations [4].
如何应对债市波动?立足胜率思维,兴银基金张璐追求可靠收益
Zhong Guo Zheng Quan Bao·2025-08-25 08:17