这个多资产基金经理有些“不一样”

Core Viewpoint - The article discusses the rising popularity of low-volatility fixed income plus (multi-asset) funds among investors due to market fluctuations and structural changes, highlighting the emergence of fund managers specializing in this area who aim for higher returns than traditional fixed income products [1][4]. Group 1: Investment Strategy - Feng Fan, a unique fixed income plus fund manager at Yinhua Fund, has demonstrated the new trend of applying quantitative methods in managing fixed income plus products, with her fund outperforming the CSI 300 Index in most years over the past five years [4][6]. - Feng Fan's investment framework emphasizes a top-down approach, focusing on overall portfolio management and risk-return characteristics before asset allocation, which she refers to as "portfolio management + quantitative methods" [14][15]. - The importance of the overall portfolio is prioritized over individual asset classes, ensuring that asset allocation serves the portfolio's objectives rather than jeopardizing it [15][16]. Group 2: Tactical Asset Allocation - Feng Fan's tactical asset allocation principles include matching asset allocation with the macro environment rather than making predictions about future economic changes, believing that understanding the present is more reliable than forecasting [18][19]. - She advocates for utilizing the multi-asset and multi-strategy features of fixed income plus products to achieve higher risk-adjusted returns, adjusting equity exposure based on the risk-return ratio of stocks and convertible bonds [20]. - Feng Fan also employs a contrarian approach to tactical asset allocation, taking advantage of extreme market pessimism to make opportunistic investments while maintaining strict control over drawdowns [21][22]. Group 3: Risk Management - A significant aspect of Feng Fan's fund management is drawdown management, which is divided into pre-, during, and post-event phases, with specific targets set for maximum drawdown based on expected annual returns [25][26]. - During the management period, dynamic adjustments are made based on the win rate and odds of the asset allocation, with a focus on reducing correlations among factors to manage drawdowns effectively [26][27]. - Post-event management involves assessing portfolio volatility and implementing risk warning mechanisms to reduce exposure when drawdown targets are breached, ensuring a disciplined risk control approach [26][27].