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畅力资产宝晓辉: 以“固收+”筑基 保持理性与耐心
Zhong Guo Zheng Quan Bao· 2025-08-24 22:25
畅力资产的"固收+"策略,主要以高评级信用债、利率债为底仓,提供稳定票息与低波动的资产基础, 同时灵活配置权益资产并使用一定的衍生品工具增厚收益。"我们不做信用下沉,不盲目追求高风险收 益,而是在优质资产中寻找确定性。"宝晓辉介绍,公司拥有多个投研小组,覆盖固收、权益、量化、 衍生品等多领域,投研人员平均从业年限超过15年,核心成员多具备险资背景,形成了"稳健为先、均 衡配置"的投研文化。 作为从险资转身私募的领军人物,畅力资产董事长、投资总监宝晓辉的身上融合了险资管理者的稳健与 私募基金经理的灵活。她曾在中国人寿资产管理有限公司及中国人寿养老保险股份有限公司担任高级投 资经理及研究部负责人,参与管理过大规模资金,这段经历不仅塑造了她绝对收益导向的投资理念,也 为其后来创立畅力资产打下了坚实基础。近日,宝晓辉在接受中国证券报记者专访时,畅谈其投资哲 学、策略布局以及对当前市场的深度研判。 聚焦"固收+"策略 宝晓辉的投资生涯始于国内头部保险资管机构,这段经历让她深刻理解了大资金管理的风控艺术与长期 视角。"长期的险资从业履历教会我的不仅是如何获取收益,更是如何在不确定中控制回撤、守住底 线。"她表示。 201 ...
以“固收+”筑基 保持理性与耐心
Zhong Guo Zheng Quan Bao· 2025-08-24 20:10
□本报记者 王辉 作为从险资转身私募的领军人物,畅力资产董事长、投资总监宝晓辉的身上融合了险资管理者的稳健与 私募基金经理的灵活。她曾在中国人寿资产管理有限公司及中国人寿养老保险股份有限公司担任高级投 资经理及研究部负责人,参与管理过大规模资金,这段经历不仅塑造了她绝对收益导向的投资理念,也 为其后来创立畅力资产打下了坚实基础。近日,宝晓辉在接受中国证券报记者专访时,畅谈其投资哲 学、策略布局以及对当前市场的深度研判。 聚焦"固收+"策略 2015年3月,宝晓辉创立畅力资产,尽管公司成立初期即遭遇市场巨震,但其凭借着严谨的风控和清晰 的策略定位,在行业洗牌中稳步崛起,多年来持续位居行业中坚梯队。 在宝晓辉看来,投资的本质是理性与纪律的较量。"市场情绪起伏无常,但投资决策必须建立在深度研 究和严格纪律之上。"她表示,畅力资产从成立之初就坚持"绝对收益"的目标,不以短期排名为导向, 而是追求客户资产的长周期稳健增长。这一理念也深刻体现在公司的核心策略——"固收+"之中。 畅力资产的"固收+"策略,主要以高评级信用债、利率债为底仓,提供稳定票息与低波动的资产基础, 同时灵活配置权益资产并使用一定的衍生品工具增厚收益 ...
多资产配置穿越市场波动82只含权基金成佼佼者
Zheng Quan Shi Bao· 2025-08-20 22:47
Core Viewpoint - The discussion around a bull market is increasing as the Shanghai Composite Index surpasses 3700 points, but stock selection remains challenging due to the need for safety margins and rapid industry rotation [1] Group 1: Fund Performance - Guangfa JiYuan Bond Fund has achieved positive annual returns in all eight years since its establishment in January 2017, with a maximum drawdown controlled within 6%, significantly better than the average of 10.88% for similar funds [2] - The fund's five-year return rate is 25.37%, ranking in the top 15% of its category [2] Group 2: Investment Strategy - The fund manager, Liu Zhihui, employs a combination of top-down and bottom-up approaches for asset allocation, maintaining a stable stock investment ratio of 15%-20% over the past five years [2] - In bond investments, the focus is primarily on high-grade credit bonds, with an average duration of less than three years, but can be extended during favorable market conditions [2] Group 3: Market Outlook - Liu Zhihui holds a relatively optimistic view for the A-share market in the second half of the year, believing it is transitioning from "strong reality, weak expectations" to positive expectations, which is beneficial for large-cap stocks [3] - The preferred allocation strategy includes a balanced approach, focusing on sectors such as overseas expansion, resources, large financials, leading manufacturing, and innovative pharmaceuticals, selecting competitive companies with market share expansion and valuation protection [3]
杨帆 拟加盟汇华理财!
Zhong Guo Ji Jin Bao· 2025-08-20 14:37
Core Viewpoint - Yang Fan, a former executive at Bosera Funds, is set to join Huizhong Wealth Management as Deputy General Manager and Chief Investment Officer, pending internal procedures and regulatory approval [1][2]. Company Overview - Huizhong Wealth Management is China's first foreign-controlled joint venture wealth management company, with 55% ownership by European asset management giant Amundi and 45% by Bank of China Wealth Management. The company was established on September 30, 2020, with a registered capital of 1 billion RMB [1]. Management Changes - Yang Fan previously held significant roles at Bosera Funds, including Managing Director and Head of Pension Investment, and has extensive experience in absolute return equity investment [2]. - The company has seen a series of leadership changes, with Wang Qian, who has a strong background in asset management, appointed as General Manager in March 2024 [5]. Investment Strategy - Yang Fan will lead the investment research team to enhance asset allocation capabilities and leverage his experience in managing "fixed income plus" pension portfolios, aligning with Huizhong's focus on absolute returns [3]. - Huizhong emphasizes a top-down asset allocation approach, complemented by bottom-up stock selection to enhance returns [3]. Product Development - Huizhong Wealth Management has developed a product brand system called "Global Navigation," which includes four sub-series aimed at achieving absolute return objectives [5]. - The company is also focused on cross-border wealth management and has launched a series of dollar-denominated wealth management products [6]. Performance Metrics - As of August 15, Huizhong's mixed-asset wealth management products had a one-year annualized return of 14.64%, ranking it among the top performers in the industry [7]. - The company's current management scale is approximately 28 billion RMB, showing significant growth compared to the beginning of the year, although it has decreased from its peak [7]. Distribution Channels - Huizhong is actively expanding its distribution channels beyond its parent bank, having signed agency sales agreements with several banks, including Bank of China and Standard Chartered Bank (China) [7].
杨帆,拟加盟汇华理财!
中国基金报· 2025-08-20 14:30
Core Viewpoint - Yang Fan, a former executive from Bosera Fund, is set to join Huizhong Wealth Management as Deputy General Manager and Chief Investment Officer, pending internal procedures and regulatory approval [2][4]. Company Overview - Huizhong Wealth Management is China's first foreign-controlled joint wealth management company, with European asset management giant Amundi holding 55% and Bank of China Wealth Management holding 45% of the shares. The company was established on September 30, 2020, with a registered capital of 1 billion RMB [2][4]. Leadership Changes - Yang Fan has extensive experience in pension account investment management, which aligns with Huizhong's focus on absolute returns and asset allocation. The company has seen several leadership changes, including the recent appointment of Wang Qian, who previously led Qingyin Wealth Management with significant asset management experience [4][7]. Investment Strategy - Huizhong Wealth Management emphasizes a top-down asset allocation approach, complemented by bottom-up stock selection to enhance returns. Yang Fan's expertise in "absolute return" strategies will be leveraged to strengthen the company's asset allocation capabilities [4][9]. Product Development - The company has launched a product brand system called "Global Navigation," which includes four sub-series focused on absolute returns. These products aim to provide stable returns and emphasize asset quality and liquidity management [7][8]. Performance Metrics - As of August 15, Huizhong Wealth Management's mixed wealth management products had a weighted average annualized return of 9.57% over the past six months and 14.64% over the past year, indicating competitive performance in the market [9][10]. Growth and Challenges - The current management scale of Huizhong Wealth Management is approximately 28 billion RMB, showing significant growth since the beginning of the year, although it has decreased from its peak. The company is actively expanding its distribution channels through partnerships with various banks [10].
「踏空」很难受,该怎么办呢?|投资小知识
银行螺丝钉· 2025-08-19 14:04
Core Viewpoint - The article emphasizes the differences in risk and reward between fund managers and ordinary investors, highlighting that while fund managers may benefit from aggressive strategies, ordinary investors should focus on absolute returns to avoid long-term losses that could impact their purchasing power [3][5]. Group 1 - Ordinary investors take on greater risks without guaranteed rewards, unlike fund managers who can see significant performance boosts and income increases from aggressive strategies [3]. - Fund managers prioritize relative returns, aiming to outperform other funds, while ordinary investors should focus on absolute returns to ensure profitability [4][5]. - The article advocates for investing during undervalued phases to minimize losses, suggesting that even in a rising market, investors should consider fixed-income products to balance their portfolios [6]. Group 2 - The article mentions various investment advisory combinations available, including index enhancement and active selection, designed to simplify investment for individuals [7].
「踏空」很难受,该怎么办呢?
银行螺丝钉· 2025-08-13 07:48
Core Viewpoint - The article discusses the concept of "missing out" on market gains, emphasizing that for ordinary investors, missing out is not a risk, while losing money is the real concern [2][10]. Group 1: Fund Managers' Perspective - For fund managers, missing out on market gains poses a significant risk, as it can lead to underperformance compared to the market, resulting in investor dissatisfaction and a substantial decrease in fund size [4][6]. - A decline in fund size directly impacts the management fees collected by fund companies, leading to reduced revenue [5]. - To mitigate this risk, many fund managers opt to maintain a high stock allocation consistently, aiming for excess returns through careful stock selection [7][8]. Group 2: Ordinary Investors' Perspective - Ordinary investors face different circumstances; they do not receive rewards for taking on greater risks, and aggressive investment strategies do not guarantee higher returns [11][14]. - Ordinary investors often need to liquidate assets for cash flow to meet living expenses, which can be problematic during market downturns [15][16]. - Unlike fund managers, who focus on relative performance against other funds, ordinary investors should prioritize absolute returns to ensure each investment is profitable and does not negatively impact their purchasing power [20][17]. Group 3: Investment Strategy - The article emphasizes the importance of investing during undervalued market phases to minimize potential losses [21][23]. - It highlights that purchasing high-quality assets at lower valuations can lead to higher long-term returns while reducing risk [22][23]. - As of August 12, 2025, the market is still considered relatively cheap, presenting an opportunity for investors to accumulate quality assets [26].
不止于绝对收益!一个风控优先的基金经理与他的稳健风格打法
聪明投资者· 2025-08-10 23:53
Core Viewpoint - The article discusses the investment strategies and performance of fund manager Sheng Zhenshan, highlighting his unique approach to risk management and asset allocation in a volatile market environment [2][3][6]. Group 1: Market Environment and Fund Performance - The market has experienced significant fluctuations from early 2024 to mid-2025, with a notable drop below 2700 points and subsequent recovery [2]. - A set of equity mixed funds and ordinary stock funds was analyzed, focusing on those with a maximum drawdown of 10% and a scale exceeding 100 million, achieving returns above 8% in 2025 [2]. - Sheng Zhenshan's fund, "Industrial Bank Selected Return," achieved a maximum drawdown of 8.1% and a recovery time of only 11 days, with a return of 29.43% since its management began [3]. Group 2: Investment Philosophy and Strategy - Sheng Zhenshan emphasizes risk management as a core principle, shaped by his early experiences in unfavorable market conditions [6][20]. - His investment approach is characterized by a balanced asset allocation strategy, avoiding extreme bets and maintaining a diversified portfolio [7][11]. - The focus is on identifying undervalued assets through a dynamic valuation process, considering both growth and valuation aspects [8][9]. Group 3: Sector Focus and Asset Allocation - Sheng Zhenshan's portfolio is heavily weighted towards aviation and gold stocks, diverging from traditional sectors like energy and utilities [4]. - He adopts a supply-side perspective to assess industry cycles, prioritizing sectors with potential for capital improvement rather than those experiencing rapid growth [10][29]. - The investment strategy includes holding a diversified basket of low-correlation assets to mitigate risks and enhance returns [11][43]. Group 4: Insights on Specific Assets - The article discusses Sheng Zhenshan's views on gold, indicating a long-term bullish outlook despite short-term volatility, with a focus on the underlying asset's future value rather than immediate profits [50][52]. - In the aviation sector, he believes that current valuations are low, and the industry is nearing a recovery phase, making it an attractive investment opportunity [56][57]. - The approach to dividend stocks emphasizes the importance of sustainable earnings and dividends over mere historical performance [58][59].
海富通基金江勇: 权益潜在回报可期 “固收+”布局正当时
Zhong Guo Zheng Quan Bao· 2025-08-10 21:10
□本报记者魏昭宇 随着资管新规打破刚兑、理财净值化转型,兼具稳健与弹性的"固收+"策略已成为震荡市的资金避风 港。今年7月,由海富通基金混合资产投资部总经理江勇掌舵的产品海富通添合收益首发募集规模超12 亿元,成为当下市场中的亮色。这背后,是投资者对稳健收益的迫切需求,更是对掌舵人投资能力的信 任投票。 "当前权益市场的潜在回报率较高,至少两到三年内我都持较乐观的态度。"在接受中国证券报记者采访 时,江勇如此概括对市场的核心判断。这位旗下产品屡创净值新高的基金经理,正以"绝对收益"为锚, 在股债间构建攻守兼备的配置矩阵。 成功把握贝塔行情 翻开江勇管理的海富通悦享一年持有期混合、海富通添利收益一年持有期债券等多只"固收+"产品的二 季报,一个共性操作跃然纸上:权益仓位相较2024年底系统性提升,可转债仓位显著压缩。这种"一增 一减"的调仓,折射出他对当下市场的预判。 "当前市场已具备强势特征,各估值合适、长期具备一定增长空间以及过去长期被压制的板块都有轮动 机会。"江勇用"估值弹性修复"解释加仓逻辑。在他看来,经历长期调整后,A股核心资产性价比凸 显:"目前不少优质龙头公司的市盈率已回落至15-20倍,若市场 ...
权益潜在回报可期 “固收+”布局正当时
Zhong Guo Zheng Quan Bao· 2025-08-10 21:05
Core Viewpoint - The "fixed income +" strategy has emerged as a safe haven for funds in a volatile market, driven by investor demand for stable returns and trust in fund managers' capabilities [1] Group 1: Market Insights - The current equity market has a high potential return rate, with a positive outlook for at least the next two to three years [1] - The market has strong characteristics, with opportunities for rotation in sectors that have reasonable valuations and long-term growth potential [4] - The core assets in the A-share market have become more attractive, with many leading companies' price-to-earnings ratios falling to 15-20 times, indicating significant potential for price appreciation if market confidence returns [4] Group 2: Investment Strategy - The investment strategy emphasizes a balanced approach, maintaining a diversified portfolio across various sectors while focusing on safety and return elasticity [4] - In equity investments, safety is prioritized, with a focus on reasonable valuations, stable financial data, and avoidance of companies with negative news [2] - In fixed income investments, the strategy focuses on high-grade credit bonds with a preference for medium to short durations, while strictly controlling credit risk [3] Group 3: Fund Performance - The fund managed by Jiang Yong, Hai Fu Tong Tian He Yield, raised over 1.2 billion yuan in its initial offering, reflecting strong investor demand for stable returns [1] - The fund has successfully captured beta trends in the market, achieving positive returns for three consecutive years since its inception in the second half of 2021 [1][2] - Jiang Yong's management has led to a systematic increase in equity positions while significantly reducing convertible bond holdings, indicating a strategic adjustment based on market predictions [3]