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选股专家的固收+就是不一样
熟悉汇添富的人都知道,他们一直主打主动权益投资这张牌,素有"选股专家"之称。数年前,基于对资产配置趋势的前瞻判断,汇添富就开始将主动权益 投资能力积极延伸至固收+等领域,是在固收+业务上起步较早、发展较快、规模较大的公司。 在公募基金高质量发展的背景下,汇添富始终在思考,如何提升投资者获得感,更好满足中低风险偏好投资者"稳健但不平庸"的收益需求。正如公司总理 经张晖所说,越是在市场面临多重因素变化的时间内,越是要脚踏实地,坚守成立以来一以贯之的投资理念,更强调投资研究的规则化,全面检视和不断 优化投资决策和管理流程,持续强化团队建设。 在波谲云诡的市场中,汇添富旗下一批风格清晰稳定的固收+产品脱颖而出,过去一年,不论是低波动、中波动、还是高波动组合,都能在严控回撤的前 提下取得亮眼业绩。这也吸引了广大机构和个人投资者关注,多只产品份额较上年末实现成倍增长。 表1汇添富低中高波固收+产品稳中有进类型 | 类型 | 名称 | 过去一年涨幅 | 业绩基准 | 最大回撤 | | --- | --- | --- | --- | --- | | 低波 | 汇添富保鑫 | 5.49% | 4.24% | -1.01% | ...
选股专家的固收+就是不一样
21世纪经济报道· 2025-09-25 23:56
熟悉汇添富的人都知道,他们一直主打主动权益投资这张牌,素有"选股专家"之称。数年前,基 于对资产配置趋势的前瞻判断,汇添富就开始将主动权益投资能力积极延伸至固收+等领域,是 在固收+业务上起步较早、发展较快、规模较大的公司。 在公募基金高质量发展的背景下,汇添富始终在思考,如何提升投资者获得感,更好满足中 低风险偏好投资者"稳健但不平庸"的收益需求。正如公司总理经张晖所说,越是在市场面临 多重因素变化的时间内,越是要脚踏实地,坚守成立以来一以贯之的投资理念,更强调投资 研究的规则化,全面检视和不断优化投资决策和管理流程,持续强化团队建设。 在波谲云诡的市场中,汇添富旗下一批风格清晰稳定的固收+产品脱颖而出,过去一年,不论 是低波动、中波动、还是高波动组合,都能在严控回撤的前提下取得亮眼业绩。这也吸引了 广大机构和个人投资者关注,多只产品份额较上年末实现成倍增长。 | 类型 | 名称 | 过去一年涨幅 | 业绩基准 | 最大回撤 | | --- | --- | --- | --- | --- | | 低波 | 汇添富保鑫 | 5.49% | 4.24% | -1.01% | | | 汇添富添添乐双盈 | 5.7 ...
五大产线多点开花 这家公司的固收+有何不一样
Core Viewpoint - The company has successfully leveraged its expertise in equity investment to enhance its performance in mixed equity and bond products, achieving significant recognition in the market through structured investment strategies and risk control measures [1][2][3] Performance Highlights - The company's high-wave product, Huatai Fuhua Industrial Bond A, achieved a net value increase of 18.21% over the past three years, ranking 2nd among 217 similar products [2] - The medium-wave product, Huatai Fuhua Stable Earnings, saw a net value increase of 11.05% over three years, placing it in the top 10% of its category [2] - The low-wave product, Huatai Fuhua Stable Return Bond A, recorded a net value increase of 8.64% in the past year, ranking in the top 20% of similar products [2] Growth in Scale - The company experienced organic growth in its mixed equity and bond products, with the total share of Huatai Fuhua Xinxiang Six-Month Holding increasing by over ten times in the second quarter [3] - The competitive landscape in the public fund industry necessitates unique strategies based on the company's strengths to establish long-term competitiveness [3] Team Structure and Investment Strategy - The company has restructured its stable income investment team into five specialized groups, each focusing on different aspects of investment management to enhance performance [4][5][6] - The investment strategy emphasizes a systematic approach, incorporating rules-based investment processes to ensure clarity in risk-return profiles and effective drawdown control [6][7] Risk Management and Performance Evaluation - The company has implemented a comprehensive drawdown management mechanism, including early warning systems and defined responsibilities to optimize risk management [6][7] - Performance evaluation is tailored to different product types, assigning varying weights to absolute returns, maximum drawdowns, and relative performance metrics [7]
汇添富基金晏建军:浅论规则化投资在债券市场的应用
当前中国10年期国债收益率已降至2%以下的低位,传统票息收益空间大幅压缩,相较于以往,债券投 资步入"低利率、低利差、高波动"的新常态。在此背景下,规则化投资通过系统化决策框架和纪律性执 行机制,或成为破解收益困境的关键路径。 汇添富基金总经理张晖指出,规则化投资的本质是将主动投研能力转化为可复制的策略体系,在混沌市 场中建立确定性抓手。在债券投资中,同样可以借鉴规则化投资的思路,基于既定规则和流程,通过系 统化的决策减少主观干扰,提高投资的科学性和精准性,包括系统化的资产配置、精细化的风险控制和 纪律性的投资决策等多个方面。 一是体现在仓位及资产配置的系统化。 例如,汇添富纯债将所有的持仓都严格区分为配置型和交易型两种仓位。配置型是底仓,首先要保证不 犯大错、不出现巨亏,所以主要顺大势、做季度以上的中期波段,同时不做信用下沉,以获取票息和曲 线凸点的骑乘收益为主。债市长期主要受经济基本面影响,而经济周期的轮动不会一蹴而就;中期主要 受政策面影响,顶层定调政策导向往往具备一定的连续性,不会朝令夕改;短期主要受资金面和情绪面 影响。可以说,债券的趋势性较强,适合顺大势。 对于配置型仓位,我们会密切跟踪宏观经济形 ...
安信基金袁玮:以足够的安全边际,追求稳定的超额收益
点拾投资· 2025-05-23 10:11
Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the interests of fund holders, shifting the industry focus from scale to user returns [1] Group 1: Industry Development - Since 2020, public funds have experienced rapid growth, particularly in equity funds, but overall investor experience has been lacking [1] - The new plan is expected to stimulate positive changes in the public fund ecosystem, allowing managers who prioritize long-term benefits for holders to stand out [1] Group 2: Investment Strategy of Yuan Wei - Yuan Wei, a fund manager, emphasizes creating absolute returns even during adverse market conditions by dynamically managing a high-margin safety stock portfolio [2][3] - His investment philosophy is rooted in value investing, assessing a company's worth over its entire lifecycle, which differs from the market's focus on short-term trends [2][3] Group 3: Investment Framework - Yuan Wei's investment framework consists of three parts: understanding a company's long-term return rate, constructing a portfolio that meets client risk-return requirements, and trading to keep the portfolio aligned with optimal targets [12][17] - The focus is on the "total score" of a company's lifecycle value rather than short-term profit changes, which is a departure from mainstream market strategies [19][21] Group 4: Case Studies and Examples - Yuan Wei's early investments in sectors like new energy vehicles and artificial intelligence demonstrate his ability to identify long-term value before market trends catch up [26][27] - His approach to real estate investment focuses on companies with strong cash reserves, ensuring their survival during downturns, contrasting with the market's emphasis on growth metrics [28][29] Group 5: Performance and Risk Management - The performance of Yuan Wei's managed fund, "Anxin Value-Driven Three-Year Holding," has achieved over 70% returns since its inception, attributed to strict adherence to investment rules and continuous optimization of strategies [14][15][20] - The fund's strategy includes a focus on non-popular assets and diversification to reduce volatility, which has led to consistent net asset value growth [33][34]
汇添富基金2024实现营业收入48.28亿元 净利润15.47亿元
Cai Jing Wang· 2025-03-28 12:43
Core Insights - Oriental Securities released its 2024 annual report, highlighting the performance of its affiliate, Huatai Fund, which achieved operating revenue of 4.828 billion yuan, main business profit of 2.047 billion yuan, and net profit of 1.547 billion yuan for the year [1] - As of December 31, 2024, Huatai Fund reported total assets of 14.353 billion yuan and net assets of 10.778 billion yuan [1] - Huatai Fund aims to enhance its business quality in 2024, adhering to a long-term operational philosophy and prioritizing customer value [1] Business Performance - Huatai Fund's total asset management scale reached approximately 1.16 trillion yuan, growing over 9% from the beginning of the year, with public fund scale (excluding money market funds) at around 500 billion yuan, increasing by about 10% [2] - The fund launched 32 new public funds during the reporting period and received approval for the first medical warehousing logistics REIT in the country [2] Strategic Initiatives - The company plans to deepen the construction of a rule-based investment system, enhance customer service and operations, and innovate in personal pension services, public REITs, and international business [3] - Huatai Fund is committed to improving compliance risk management, business digitalization, and team effectiveness to drive high-quality development [3]