专访友邦人寿首席投资官：“固收+”策略让险资走出低利率困境

Core Insights - The arrival of a low-interest-rate environment has created dual challenges for insurance fund investment management, necessitating a balance between risk and return through the "fixed income +" strategy [1][2] - The "fixed income +" strategy has evolved from merely enhancing fixed income returns to becoming a crucial means of compensating for declining bond yields [2][6] Group 1: Definition and Evolution of "Fixed Income +" - The essence of the "fixed income +" strategy is to use fixed income assets as a base while adding other assets and strategies to achieve higher returns under controlled risk [2] - The changing yield structure in a low-interest-rate environment has shifted the focus of the "fixed income +" strategy, making the "add-on" portion more critical for enhancing returns [2][3] Group 2: Characteristics of Insurance Funds - Insurance funds have unique characteristics such as stable liabilities, long duration, and rigid cost structures, which differentiate their "fixed income +" strategies from other financial institutions [4][5] - The stability and low liquidity demands of insurance liabilities allow for a focus on long-term alternative assets, such as private equity and real estate [4] - The long duration of liabilities leads insurance funds to prefer ultra-long-term bonds in their fixed income base, while other institutions may favor shorter-duration credit bonds [5] Group 3: Opportunities in a Low-Interest-Rate Environment - The low-interest-rate environment has created new opportunities for the "add-on" portion of the strategy, allowing for higher valuations of various assets [6] - The market's "fixed income +" strategies have increasingly relied on equities, gold, and REITs, with a notable performance from high-growth technology stocks [6][7] - AIA Life has adjusted its strategic asset allocation to increase equity exposure, focusing on a mix of growth stocks and high-dividend stocks [7] Group 4: Future Directions and Considerations - Future directions for the "fixed income +" strategy may include exploring diverse avenues such as bond southbound channels, gold investments, and public REITs [8] - While the "fixed income +" strategy can enhance returns, it also introduces risks that require careful management through diversification and risk hedging [8] - The focus should be on the risk-return ratio rather than just returns, emphasizing the importance of value investment and maintaining a margin of safety [8]