国海富兰克林基金刘怡敏：双轮驱动 捕捉“双低”优质可转债机遇

Core Viewpoint - The convertible bond market presents investment opportunities, driven by supply-demand mismatches and strong underlying stocks, with a positive outlook for the equity market and potential for further exploration of undervalued convertible bonds [1][5]. Group 1: Investment Strategy - Liu Yimin and her team have developed a systematic quantitative investment framework for convertible bonds over three years, focusing on capturing market momentum and identifying quality opportunities through a bottom-up approach [1][2]. - The "Double Low" strategy emphasizes investing in undervalued and low-premium convertible bonds, which are often overlooked by the market, indicating strong upside potential [2][3]. - The team has established three types of quantitative investment strategies: defensive, balanced, and aggressive, tailored to different market conditions, enhancing the portfolio's resilience [3]. Group 2: Market Analysis - The current convertible bond market is experiencing high valuation levels, influenced by strong underlying stocks and a significant increase in demand against a backdrop of reduced supply [5][6]. - Liu Yimin maintains a bullish outlook on the A-share market, anticipating a dual rise in earnings and valuations driven by supportive policies and liquidity [5]. - The approval of convertible bonds has accelerated since November, which could lead to a balanced supply-demand situation, benefiting the long-term stability of the convertible bond market [5]. Group 3: Performance and Adjustments - The fund's investment in convertible bonds accounts for 38.38% of its net asset value, with strong performance metrics over the past year, placing it in the top 10 among similar funds [4]. - The team is currently maintaining a neutral to slightly low position in convertible bonds, focusing on individual bond opportunities while balancing risk [6]. - Continuous monitoring of both technology and traditional sector convertible bonds is essential, especially as policies supporting domestic demand and economic recovery are implemented [6].