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 journey of Pan Huanhuan, who transitioned from various roles in the finance industry to founding a private equity firm, emphasizing a multi-asset, multi-strategy investment approach aimed at achieving resilient absolute returns [1][5]. Investment Philosophy - The multi-asset, multi-strategy investment philosophy was developed during Pan's tenure at a brokerage, where he observed the limitations of single-asset investment structures, particularly during market downturns [3][4]. - This approach allows for capturing investment opportunities across various asset classes while controlling overall risk through diversification, especially when asset correlations are low [4]. 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 [5]. - The multi-asset strategy combines top-down macro analysis with bottom-up asset valuation to achieve diversified allocation [5]. - The fixed increase strategy focuses on discounted fixed increases and bulk trading to balance returns and liquidity risks [5]. - The convertible bond strategy employs financial engineering tools to create a multi-factor driven investment strategy [5][6]. - The arbitrage strategy encompasses various elements, including convertible bonds, stocks, commodities, and overseas markets [5]. Future Outlook - The company is optimistic about the investment value of convertible bonds, particularly in a low-interest-rate environment, where they can provide a balance of equity and debt characteristics [7][8]. - The firm has developed seven sub-strategies for convertible bond investments, focusing on diversification and specific market conditions [8]. - The expectation is that as market volatility increases, convertible bonds will offer better risk-adjusted returns due to their unique attributes [8].