银华基金于蕾：多资产投资的术与道

Core Viewpoint - The article emphasizes the investment philosophy of Yu Lei, focusing on achieving absolute returns through multi-asset and "fixed income plus" strategies while controlling drawdowns and providing tailored asset allocation solutions for clients [1][2][38]. Investment Philosophy - The core investment philosophy is to maximize long-term returns while controlling drawdowns, emphasizing the importance of price over absolute asset quality [2][38]. - Yu Lei identifies the importance of dynamic asset allocation to capture investment opportunities across different market environments, highlighting the varying cost-effectiveness of different asset classes [1][2][38]. Performance Metrics - As of September 30, the representative product in the "fixed income plus" category, Silver Hua Sheng Hong Bond A, achieved a net value growth of 6.81% since Yu Lei's appointment on February 18, outperforming the benchmark by 5.53% [3][39]. Multi-Asset Strategy - The multi-asset team under Yu Lei offers four main strategies: fixed income, equity, "fixed income plus" allocation, and FOF, each with various sub-strategies to meet diverse client needs [2][18][39]. - The platform's ecological solution capability includes asset allocation, team culture, information technology, and multi-strategy Alpha, which are essential for effective investment management [3][19][39]. Team Dynamics - The team culture emphasizes collaboration and knowledge sharing, which enhances overall investment management efficiency and performance [3][22][39]. - The team consists of over 50 members with clear roles, focusing on asset allocation and maintaining sensitivity to key investment areas [3][23][39]. Future Outlook - The "fixed income plus" product line is expected to have significant growth potential, as it provides asset allocation solutions that many investors currently lack [2][44]. - Yu Lei's investment approach combines defensive strategies from insurance with the aggressive growth potential of public funds, aiming for a balanced investment strategy [2][29].