中泰资管天团 | 唐军：资产配置如何避坑“伪分散”？

Core Viewpoint - The article highlights the unique investment approach of Tang Jun, a FOF fund manager at Zhongtai Asset Management, emphasizing his focus on asset allocation and the concept of "return streams" to achieve stable returns [2][10]. Group 1: Investment Philosophy - Tang Jun's investment strategy is characterized by a broad vision and a rich variety of return streams, resembling Bridgewater's "All Weather Strategy" [2]. - The core of asset allocation is to identify different "return streams," which represent independent asset returns, ensuring true diversification of underlying asset returns [10][12]. - Tang Jun believes that true diversification is not merely about holding more funds but capturing more independent return-driving logic [10]. Group 2: Methodology and Research - Tang Jun undertook a significant project to redefine industry classifications for over 1,600 listed companies, creating a more precise framework for quantitative stock selection [5][6]. - His classification resulted in 68 sub-industries, allowing for better comparability and understanding of different sectors [6]. - The experience of market constraints led Tang Jun to realize the limitations of quantitative strategies, prompting him to incorporate macroeconomic perspectives into his investment methodology [7][19]. Group 3: Asset Allocation Strategy - Tang Jun's asset allocation involves a three-tiered approach: macro-level judgments, mid-level analysis of industry or thematic expectations, and micro-level product selection [15][17]. - He emphasizes the importance of understanding the correlation between asset classes when making allocation decisions, rather than relying solely on the inherent risk of each asset class [12][20]. - The current macro environment influences Tang Jun's strategic asset allocation, focusing on credit expansion and monetary conditions to guide investment decisions [19][20]. Group 4: Future Outlook and Recommendations - Tang Jun expresses a desire for more diverse fund products, particularly in bond ETFs, Smart Beta funds, and commodity funds, to enhance his investment choices [21].