招商基金固定收益混合投资团队：以左侧逆向为核心的绝对收益之路

Core Viewpoint - The "fixed income +" product model has become mainstream, but there is a growing demand for more flexible options as the equity market valuation recovers. The article highlights the unique characteristics of the mixed investment team at China Merchants Fund, which aims to provide diverse investment opportunities for both institutional and individual investors. Group 1: Investment Style - The mixed investment team at China Merchants Fund adopts a left-side contrarian investment style, buying during market panic and selling during exuberance [1][3]. - Their investment philosophy is centered around absolute returns, focusing on high win rates through left-side buying and selling strategies [3][5]. - The team emphasizes cyclical thinking, believing that undervalued assets will eventually rebound while overvalued assets will decline [4]. - They prioritize valuation protection by buying assets at lower valuations, which provides stronger protection against market fluctuations [5][6]. Group 2: Asset Allocation - The team pursues high win rates in asset allocation, recognizing the importance of macroeconomic data, global policy directions, and asset valuations [7][8]. - They have demonstrated the ability to capitalize on market opportunities, such as increasing stock positions during significant market downturns [7][8]. - The team effectively transforms market volatility into a source of returns through strategic asset allocation [8]. Group 3: Investment Strategies - The mixed investment team employs diverse investment strategies, including stock selection, convertible bond investments, credit bond trading, and tactical asset allocation [2][11]. - They are not conservative in their rights-holding investments, focusing on growth potential while maintaining valuation discipline [9][10]. - The team has achieved over 10% returns in various products over the past year, showcasing their ability to provide unique product offerings [10]. Group 4: Innovation and Assessment - Continuous innovation is a hallmark of the team, encompassing product design, investment methods, and assessment models to enhance absolute returns and user experience [17][18]. - The team has developed a differentiated assessment approach based on user channels, focusing on long-term performance and client profitability [14][16]. - They aim to create a sustainable absolute return for clients by integrating various asset classes and strategies into their product offerings [19][20].