植根团队沃土 打造稳健方舟

Core Viewpoint - The article discusses the investment strategies and philosophies of the multi-asset investment team at Yinhua Fund, led by Yu Lei, emphasizing a systematic and collaborative approach to asset allocation that aims for long-term stable growth rather than short-term gains [1][2]. Group 1: Investment Philosophy - The investment philosophy focuses on long-term value maximization while controlling drawdowns, shaped by Yu Lei's extensive experience in pension fund management [1][3]. - The team aims to provide a comprehensive solution that aligns with clients' risk-return needs, leveraging a platform that integrates collective wisdom and systematic processes [1][2]. Group 2: Platform Ecosystem - Yinhua Fund's multi-asset team has developed a dynamic "platform ecosystem" that fosters collaboration and knowledge sharing among team members, enhancing their investment capabilities [2][3]. - The team emphasizes a culture of sharing and collaboration, ensuring that strategies and knowledge flow smoothly within the team to create a strong collective force [2][3]. Group 3: Performance and Strategy - The performance of the "Fixed Income Plus" product, Yinhua Shenghong Bond, shows a net value increase of 6.81% since Yu Lei's tenure, significantly outperforming the benchmark by 5.53 percentage points [2][3]. - The team employs a multi-layered drawdown management strategy and dynamic asset allocation, focusing on the "fund-weighted return" to enhance investor experience [3][4]. Group 4: Market Outlook - The team maintains a cautious yet optimistic view on the A-share and Hong Kong markets, anticipating significant investment opportunities in 2024 and 2025, driven by valuation recovery [4][5]. - In the bond market, the team views the current environment as favorable but acknowledges limited room for further yield declines, adopting a cautious stance on convertible bonds due to high valuations [5].