Core Insights - The article discusses the changing investment landscape in China, particularly the decline in yields of traditional low-risk products, prompting investors to seek higher returns through multi-asset and multi-strategy funds [1][2][16]. Group 1: Market Environment - The yield on China's 10-year government bonds has dropped from approximately 3.2% to a low of 1.6% in recent years, disrupting traditional investment habits [1]. - The annual interest rate for three-year fixed deposits at state-owned banks is currently 1.25%, while the average yield of money market funds over the past year is around 1.4%, expected to decrease to about 1.18% soon [1]. Group 2: Investment Shifts - Investors with a low-risk appetite are finding it increasingly difficult to locate suitable low-risk products with adequate yields [2]. - Experienced investors have begun to shift towards slightly riskier mixed private and public funds that invest across multiple asset classes [2]. Group 3: Multi-Asset and Multi-Strategy Funds - Multi-asset or multi-strategy products are gaining popularity among investors, driven by the need for diversified investment approaches [3][6]. - The theory behind these products, rooted in Harry Markowitz's 1952 paper "Portfolio Selection," emphasizes the importance of covering a variety of asset types to minimize volatility while achieving target returns [5][6]. Group 4: Successful Examples - The Jiashi Duoli Yield Bond Fund has achieved a 15.85% return over the past year, significantly outperforming its benchmark of 2% [8]. - The fund's manager, with 15 years of experience, utilizes a diversified asset allocation strategy, maintaining a bond allocation of 80.90% to 83.90% and adjusting stock and convertible bond allocations based on market conditions [10][11]. Group 5: Investment Strategy and Experience - The success of multi-asset strategies relies heavily on the experience and skills of fund managers, as well as the research capabilities of the fund company [14][15]. - The Jiashi Duoli fund manager employs a macroeconomic perspective to determine asset allocation and uses a bottom-up approach for stock selection, focusing on credit risk management and diversification [15]. Group 6: Future Outlook - The article suggests that there are still opportunities for multi-asset and multi-strategy investments, particularly in the context of ongoing economic recovery and structural market opportunities [16]. - The combination of fixed income and equity investments can provide a balanced approach, helping to mitigate volatility while capturing potential gains in a fluctuating market [16][17].
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3 6 Ke·2025-11-13 11:48