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]

Core Viewpoint - The article emphasizes the importance of long-term investment strategies and the commitment of Xin Yuan Fund's manager, Lu Yang, to create sustainable value for clients through a disciplined investment approach [1][2]. Investment Philosophy - Lu Yang's investment philosophy is rooted in a long-term perspective, viewing fund management as a business focused on generating long-term returns for investors [2]. - The investment strategy is based on the "first principles" of investing, prioritizing the allocation of funds to high-quality companies to optimize capital deployment and enhance clients' financial well-being [2]. Investment Criteria - The investment logic is defined by three key standards: good business, good company, and good price [3]. - "Good business" refers to ensuring that investments yield appropriate returns, with a benchmark of a real asset return rate exceeding 10% [3]. - "Good company" involves assessing a company's ability to sustain profitability through its culture, strategic planning, and adaptability to market changes [3]. - "Good price" emphasizes rational valuation judgments, focusing on acquiring growth companies at reasonable prices and value companies at undervalued prices [3]. Sector Focus - Lu Yang has concentrated his investment efforts in the manufacturing sector, favoring companies with lower valuations compared to peers, demonstrating patience and discipline in investment choices [4]. Risk Management - The core of long-term wealth accumulation lies in adhering to a robust investment strategy that prioritizes safety and risk control [5]. - Lu Yang has developed a consistent method for risk mitigation, avoiding unfamiliar sectors and market trends, maintaining low turnover rates to ensure stable and predictable returns for investors [5]. Performance Metrics - The performance of managed products reflects this investment philosophy, with the Xin Yuan Digital Economy A product showing a maximum drawdown significantly lower than the industry average, alongside a steadily increasing net value trend [6]. - As of the report, the Xin Yuan Digital Economy A has achieved a return of 41.74% over the past year, while the Xin Yuan Specialized and Innovative A has returned 30.03% in the same period [6].

Core Viewpoint - The primary goal is to achieve "sustained positive returns" amidst increasing volatility in the bond market and a low-interest-rate environment [1][3]. Group 1: Investment Strategy - Bond fund managers face dual challenges as investor risk appetite shifts towards equity assets, necessitating adaptive investment strategies [1][2]. - The focus should be on capturing event-driven opportunities and trading pricing discrepancies in bonds, rather than relying solely on individual bond selection for excess returns [2][3]. - Short-duration credit bonds are highlighted as a viable option for stable returns, serving as a supplement to financial management in the current low-yield environment [2][5]. Group 2: Market Conditions - The bond market has experienced fluctuations since September of the previous year, with historical data indicating that high-odds phases for bonds have become less effective due to ongoing interest rate declines [3][4]. - The current low-interest-rate environment has led to a significant reduction in deposit rates, making short-duration bond funds an attractive option for idle cash [5][6]. - Compared to money market funds and interbank certificates, pure bond funds offer a broader investment scope and can serve as a complement to cash management strategies [6]. Group 3: Performance Metrics - Since the management of the fund, the scale of the Guangda Ultra-Short Bond A has increased from several million to 2.1 billion, with consistent positive performance in each half-year period [3]. - As of June 30, the fund achieved a one-year return of 2.42%, outperforming the benchmark return of 1.89% [3].

Group 1 - The core viewpoint is that in a low-interest-rate environment, short-term bond funds are emerging as a new investment option for wealth management, despite challenges in generating stable returns in a "micro-profit" bond market [1][2] - Short-term bond funds are becoming increasingly popular as bank one-year fixed deposit rates fall below 1%, and money market fund yields have also entered the "1 era" [2] - The historical opportunity for short-term bond funds is highlighted by the observation of the Japanese market, where a drop in 10-year government bond yields led to significant growth in short-term bond funds [2] Group 2 - The core advantages of short-term bonds are identified as "three lows": low duration, low volatility, and low credit risk, making them suitable for risk-averse investors [2] - The importance of controlling drawdowns is emphasized as a critical factor for bond funds, particularly short-term products [3][5] - The risk control strategy of the fixed income team includes duration management, holding structure, and portfolio diversification to mitigate market volatility [4] Group 3 - The focus is shifting from single yield assessments to risk-reward ratios, Sharpe ratios, and the sustainability of monthly positive returns, reflecting a balanced approach to risk and return [5] - The trading ability in bond investments is becoming increasingly important in a low-interest-rate and credit expansion environment, with strategies such as reverse trading and interest rate arbitrage being employed [6] - Future market outlook suggests a moderate economic recovery with continued monetary policy easing, while certain industry bonds are expected to have improved safety due to changes in supply and demand dynamics [6]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2024年"924行情"至今，A股市场行情经历了不小的波动。虽然沪深300、上证指数等主流指数表 现相对平稳，但其间贸易争端、地缘冲突等事件扰动，又给行情带来较大的起伏！当市场走势良 好时，投资者们往往将收益当作衡量私募能力最重要的标尺。然而， 当市场阴云密布、风暴来临 时，回撤控制表现或许才是真正的 "试金石"。 另一方面，从行业发展的长远视角观察，回撤管理能力的提升将是私募基金行业走向成熟的重要 标志。随着监管环境的不断完善和投资者教育的持续深入，那些能够将回撤控制置于与收益追求 同等重要地位的私募机构，不仅能 大幅提升投资者的投资体验 ，也将在市场竞争中赢得更加持 久的优势。 基于此，本文将根据策略类别，对上半年私募产品的回撤数据进行整理，筛选出一批兼具亮眼收 益及回撤控制的私募产品 （入选产品上半年收益均超过10%，所属私募公司规模在5亿以上，且 符合私募排排网排名规则，下同） 。 0 1 绩优低回撤股票策略榜：晨耀私募、博弈资产、平方和投资等入围！ 2025年上半年，在采取股票策略的私募产品中，有多只产品在取得超过10%收益的同时，将回 ...

6月9日，备受瞩目的首届"券中实盘大赛"即将拉开帷幕。近日，大赛主办方特邀一位投资界传奇人物：前券商研究员，现个人投资者----"剩者为王"。这 位从2017年至今斩获580.83%收益率、回撤几乎为零的民间炒股高手，首次公开分享其投资心法，并透露将强势加盟本次大赛。他以八年磨一剑的实战经 验，向市场宣告：这不仅是一场实力对决，更是所有投资者检验策略、突破自我的黄金舞台。 从规避风险到拥抱风险：八年磨一剑的复利密码 "2010年刚入行时，恩师告诉我'三年三只翻倍股，100万就能变千万'，这句话至今刻在我心里。"回忆起投资起点，这位高手坦言，从2014年短暂离开， 到2015年确立信念，他的投资生涯历经"规避风险、认知风险、拥抱风险"三阶段蜕变。 在其资产轨迹图中，2017年至今收益率曲线陡峭上扬，相较沪深300指数14.33%的涨幅，超额收益达566.5%。"控制回撤的核心是'开仓如履薄冰'。"他透 露，每一笔交易必从基本面、资金面、盘面三重逻辑验证，"就像富临精工，当年股权激励公告和交易所问询函回复，就是我重仓介入的关键信号。"这种 对细节的极致把控，让他在锂电池行情爆发时精准捕获50%以上涨幅个股，每年至 ...

以下文章来源于债券今天有蛋吗 ，作者债券汪汪队 债券今天有蛋吗 . 最及时的债券公众号，每日13:30-14:00更新当日债市变化，买债基必备 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：表舅是养基大户 来源：雪球 今天看到了招商证券做的一个测评 ， 针对的是天弘基金的固收+产品线 ， 文章叫 《 锚定绝对收益目标 》。 从招商证券的这篇文章 ， 正好探讨一下关于固收+基金 ， 控制回撤的问题 ， 我觉得很适合个人投资者朋友 们学习一下 ， 我直接援引一下文章里的一些图片 ， 作为辅助 。 第一 ， 权益市场走强过程中 ， 往往伴随着固收+业务的大发展 。 下图 ， 是天弘旗下固收+基金的年度收益 ， 和全市场的比较 ， 这个图比较有看点的一点在于 ， 天弘的固 收+产品数量 ， 在2022年接近翻倍 ， 而此前的2021年 ， 恰恰是上一轮牛市的高潮 ， 这说明权益转牛推动 固收+业务发展的逻辑 ， 是没问题的 。 | 麦5:天弘旗下固收+美念近十年单年度收益率平均值 | | | | | | | | | | | | | --- | --- | --- | -- ...

Core Viewpoint - The recent market environment has led to increased risk aversion among investors, making bond funds, particularly those with strong drawdown control and excess returns, an attractive option for stable income [1] Group 1: Performance of Guangfa Tianying Bond Fund - Guangfa Tianying Bond Fund's scale increased from 142 million to 926 million yuan in Q1 2023 [1] - The fund achieved a net value growth rate of 4.25% over the past year, outperforming the average of similar funds at 3.45% [2] - The fund's maximum drawdown was limited to 0.34%, significantly lower than the average maximum drawdown of 1.06% for similar funds [2] Group 2: Risk Management and Performance Metrics - Guangfa Tianying Bond Fund demonstrated excellent drawdown control with a maximum recovery time of only 7 days [2] - The fund's Sharpe ratio is 3.15, and its Calmar ratio is 12.48, indicating a strong risk-return profile compared to the average Calmar ratio of 4.48 for similar products [2] Group 3: Fund Management and Strategy - The fund is managed by experienced professionals, Fang Kang and Li Xiaobo, who have extensive backgrounds in securities and investment management [2] - In Q1 2023, the fund increased its allocation to credit bonds, particularly bank perpetual bonds, while slightly raising duration and leverage [3] - The fund's strategy focuses on prioritizing coupon income and selecting short to medium-term credit bonds, with flexible adjustments based on market conditions [3] Group 4: Market Outlook - The bond market's trading focus is expected to remain on changes in liquidity and market risk appetite, with potential for policy easing amid growth pressures [3] - The impact of macroeconomic data on market risk preferences and the effects of trade tensions on domestic industries will significantly influence credit expansion and bond yield pricing [3]