民生加银基金刘欣：不做市场的“预言家”，做资产配置的“践行者”

Core Insights - The article emphasizes the increasing demand for low-volatility, absolute return products in the current low-interest, high-volatility environment, with public FOFs (Fund of Funds) emerging as a key tool to meet this demand [1] - Liu Xin, the assistant general manager and head of asset allocation at Minsheng Jianyin Fund, is highlighted for his pragmatic investment philosophy that focuses on asset allocation rather than short-term market predictions [2][4] Investment Philosophy - Liu Xin's investment philosophy is characterized by "market reverence" and "weakness thinking," acknowledging the complexity of markets and the limitations of individual perception [2][3] - The focus is on addressing solvable investment issues, such as long-term asset patterns and risk correlation analysis, rather than attempting to predict short-term market movements [3] Asset Allocation Strategy - The essence of asset allocation is to "acknowledge uncertainty," aiming for sustainable investment returns through diversified portfolios that hedge against uncontrollable risks [4] - Liu Xin advocates for a "localized all-weather" FOF strategy that emphasizes multi-asset diversification rather than merely selecting top-performing funds [5][6] Performance Metrics - Under Liu Xin's leadership, the Minsheng Jianyin Kangning Stable Pension Target One-Year FOF has achieved a net value growth rate of nearly 8% since 2025, surpassing its performance benchmark by 3.51% with a maximum drawdown of -1.95%, indicating strong stability [1] Market Outlook - Liu Xin holds a relatively optimistic view on the A-share market, citing its reasonable valuation and sustainable upward trend, making it a core equity asset for strategic allocation over the next two to three years [9] - The A-share market is currently at a medium valuation level, providing a safety margin compared to other global markets [9] Bond Market Perspective - Bonds are viewed as a "stabilizer" in the portfolio, with a focus on interest rate bonds for risk hedging rather than yield generation, while credit bonds are selected through experienced active fund management [10] - The current bond market is characterized by low overall interest rates, but bonds still offer "insurance value" against economic downturns [10] New Fund Launch - A new fund, Minsheng Jianyin Multi-Dimensional Stable Allocation 3-Month Holding Period Mixed FOF, is set to be launched, which will implement the "localized all-weather" strategy and dynamically optimize asset allocation [11]