【晨星焦点基金系列】：施罗德亚洲高息股债

Core Viewpoint - The article discusses the performance and investment strategy of the Schroder Asian High Yield Bond Fund, highlighting its competitive returns and the expertise of its management team [3][4]. Fund Overview - Fund Code: 968165 - Fund Type: Large-cap balanced - Fund Size: 137.78 billion RMB as of February 25, 2025 [2]. - Fund Manager: Keiko Kondo, with 31 years of investment management experience [4]. Investment Strategy - The fund focuses on high-yield stocks, with recent adjustments to include more cyclical stocks from sectors like finance and information technology, enhancing capital growth potential while maintaining high dividend yields [9]. - The bond investment primarily targets investment-grade Asian dollar bonds to support returns and reduce volatility [10]. - The asset allocation strategy involves a diversified approach across Asian stocks (30%-70%), Asian bonds (20%-70%), global assets (0-20%), and cash (0-20%) [6]. Performance Metrics - From September 2021 to January 2025, the fund achieved an annualized return of 2.86%, outperforming the Morningstar peer benchmark by 92 basis points, ranking in the 17th percentile among similar funds [11]. - The fund's volatility, measured by standard deviation, was 7.16%, lower than the benchmark's 9.05% and the average of 10.40%, placing it in the 7th percentile [11]. - The fund's 12-month distribution yield as of January 31, 2025, was 6.72% [11]. Management Team - The fund is supported by a robust research team, including approximately 10 members in the diversified asset investment team and around 40 equity research analysts [5]. - The bond management is overseen by Jian An Huang, who has 14 years of investment management experience, under the supervision of Peng Fong Ng, who has been with Schroders for 16 years [4]. Cost Structure - The fund's annualized total expense ratio, excluding transaction costs, is 1.56%, which is below the median of 1.75% for similar funds [13].