圆桌论坛 | 从“可选项”到“必选项” 多资产多策略成资管行业共识

Core Viewpoint - The asset management industry is entering a new era where redefining the risk and return structure is essential due to accelerated economic cycle changes, increased global uncertainty, and continuously declining domestic interest rates [1] Group 1: Multi-Asset Strategy Necessity - Multi-asset allocation has transitioned from an optional strategy to a necessary one for asset management institutions, driven by rising uncertainties in the global economic cycle and geopolitical environment [2] - The low correlation between different asset classes is crucial for effectively reducing portfolio volatility and enhancing investment stability, especially in a low-interest-rate environment [2] - The traditional fixed-income strategies are becoming less effective in providing stable returns, necessitating a balance between reducing volatility and enhancing returns through multi-asset and multi-strategy approaches [2] Group 2: Long-Term Value Creation - The banking wealth management sector serves as a vital support for residents' wealth growth, leveraging a "universal toolbox" of multi-assets and multi-strategies to provide comprehensive wealth management solutions [3] - Long-term capital management perspectives highlight the importance of multi-asset strategies, especially as the risk-free return rate trends downward and traditional credit guarantees are no longer reliable [3] Group 3: Evolving Investment Logic - There is a need to upgrade the investment logic from merely "allocating assets" to a combination of "allocating assets and strategies," particularly in the context of shrinking non-standard assets [4] - Active management strategies like "fixed income plus" are being utilized to fill the yield gap left by the contraction of non-standard assets, demonstrating the integration of multiple asset classes [4] Group 4: Systematic Investment Capability - Public funds are also pushing for the systematic and industrialized approach to multi-asset and multi-strategy investments to address the asset allocation challenges faced by investors in complex market environments [4] - The investment returns from multi-asset strategies are generally derived from the beta of selected assets, alpha generated from strategies, and configuration alpha from the combination of various assets and strategies [5] Group 5: Risk Management Challenges - Effective risk control management is critical in multi-asset and multi-strategy approaches, as the risk budget of individual assets and their correlations significantly impact the overall portfolio risk and return [6] - The challenges of balancing these factors require long-term data accumulation and analysis, with AI models potentially assisting in addressing these issues [6]