绝对收益时代的平台型公司范本

Core Viewpoints - The selection of major asset allocation is often the "deciding factor" for fixed income + investments, and only by achieving excellence can the company hope to generate more returns for clients [1] - By utilizing a negatively correlated asset portfolio, the company aims to first control overall volatility before pursuing returns [2] - Clients can achieve average returns while only bearing one-third of the risk, which aligns with the goal of high-quality development [3] - Investment decisions are not made impulsively; every decision is documented in the system to identify and rectify mistakes [4] - The concept of "integrated research and investment" ensures that the results produced by researchers are trusted and utilized by fund managers, leading to positive returns and a virtuous cycle [5] Fund Performance - The fund "Yongying Tiantian Yue" experienced a dramatic increase in scale from 0.58 billion to 93.15 billion within six months, marking a nearly 160-fold growth [6] - As of May 31, the fund (Class A) achieved a return of over 10% in the past two years while maintaining a maximum drawdown of less than 0.9%, ranking in the top 9% of its category [6] Investment Strategy - The "Wanshang System" serves as a digital brain for fixed income + investments, assisting in asset allocation, stock-bond timing, industry rotation, and stock selection strategies [4][5] - The system allows for cross-asset comparisons and provides framework judgments for annual allocation directions [6] - The system captures signals and provides risk warnings, enabling the team to make informed decisions on whether to increase or decrease positions [7] - The investment process is systematic and traceable, ensuring that decision-making is based on clear, verifiable data [8] Research and Investment Integration - Yongying Fund has developed multiple interconnected systems to support research and investment, fostering a culture of open sharing and collaboration [10] - Monthly investment decision meetings allow for cross-team collaboration and the sharing of research findings [11] - The integration of research and investment is not merely a label; it involves active participation from both researchers and fund managers in strategy development [11] Dynamic Balance of Returns and Volatility - The investment philosophy emphasizes a dynamic balance between returns and volatility, with a focus on multi-strategy combinations to enhance returns [15] - The top layer of the strategy involves 70% Beta, focusing on major asset allocation, while the second layer includes 20% Smart Beta, targeting specific industries and sectors [16] - The third layer consists of 10% Alpha, emphasizing meticulous management of drawdowns to enhance client experience [17] User-Centric Product Strategy - Each fund manager is viewed as a product manager, ensuring that investment strategies align with client needs [20] - The product line is designed to match different user requirements, offering solutions for varying levels of volatility [21] - The company has achieved significant growth in fixed income products, ranking among the top firms in the industry [22] Conclusion - Yongying Fund's approach combines intelligent systems, multi-asset strategies, and a user-oriented product matrix to create a controlled drawdown and expected returns for investors [23]