恒立私募总经理潘焕焕： 以多资产多策略为盾 追求有韧性的绝对收益

Core Viewpoint - The article highlights the investment philosophy of Pan Huanhuan, emphasizing a multi-asset, multi-strategy approach to achieve absolute returns while maintaining defensive measures against significant drawdowns [1][3]. Group 1: Investment Philosophy - The multi-asset, multi-strategy investment concept was developed during Pan's tenure at a brokerage, where traditional single-asset teams often faced risks during market downturns [2]. - This approach allows for capturing various asset trends and controlling overall risk through hedging mechanisms, leading to more stable investment returns [2][3]. - The philosophy is likened to fishing in multiple ponds, where understanding diverse asset classes is crucial for successful investment [2]. Group 2: Main Strategies - The company has established four primary strategies: multi-asset strategy, fixed increase combination strategy, convertible bond combination strategy, and cross-market arbitrage strategy [4]. - The multi-asset strategy combines top-down macro analysis with bottom-up asset valuation to achieve diversified allocation [4]. - The fixed increase strategy focuses on discounted offerings and large transactions to balance returns and liquidity risks [4]. - The convertible bond strategy employs financial engineering tools to create a multi-factor driven investment strategy [4][5]. - The cross-market arbitrage strategy encompasses various elements, including convertible bonds, stocks, commodities, and overseas markets [4]. Group 3: Future Outlook - The company is optimistic about the investment value of convertible bonds, particularly in a volatile market, as they offer a balance of equity and debt characteristics [6][7]. - The investment strategy includes a diversified approach where no single convertible bond exceeds 5% of the portfolio, and no single industry exceeds 15% [7]. - The changing supply-demand dynamics in the convertible bond market are expected to enhance their investment value [7].