这个多资产基金经理有些“不一样”

Core Insights - The article highlights the growing preference for low-volatility fixed income plus (multi-asset) funds among investors due to market fluctuations and structural changes [1][3] - Feng Fan, a unique fixed income plus fund manager at Yinhua Fund, has demonstrated a new trend in managing these products through quantitative methods, achieving better performance than the CSI 300 index in most years [3][10] Investment Strategy - Feng Fan's investment strategy is characterized by a top-down approach, emphasizing a comprehensive view of the market and macroeconomic factors [6][10] - Her educational background in international economics and financial mathematics has equipped her with both macro and quantitative analytical skills, forming a robust investment framework [7][8] Tactical Asset Allocation - Feng Fan focuses on matching asset allocation with the current macro environment rather than making predictions about future economic changes [12] - She aims to optimize the risk-return profile of the portfolio by carefully considering the equity exposure and bond duration [13][15] Risk Management - The risk management process is divided into three phases: pre-event, during the event, and post-event, with specific targets for maximum drawdown based on expected annual returns [19][20] - Feng Fan employs a quantitative system to guide the timing of increasing positions after a drawdown, ensuring a disciplined approach to risk control [22]