东方红明鉴优选定开混合基金

Search documents
以学术为锚 在风险与收益间寻找平衡
Zheng Quan Ri Bao Wang· 2025-08-12 03:59
Group 1 - The public fund industry in China has reached a historic milestone, with total assets surpassing 34 trillion yuan as of June 30, marking a significant growth in the market [1] - Fund manager Yu Jianfeng from Dongfanghong Asset Management has demonstrated strong performance, with his three managed products achieving notable returns, including a net value growth rate of 26.79% for the Dongfanghong Mingjian Youxuan Fund [1][2] - Yu Jianfeng emphasizes the importance of risk premium in asset pricing, advocating for scientific risk management to achieve excess returns [2][3] Group 2 - Yu Jianfeng's investment strategy focuses on stock-bond hedging, utilizing the low or negative correlation between these asset classes to construct a high Sharpe ratio portfolio [2] - The target volatility model is crucial in Yu's approach, with a specific example of setting a 5% target volatility for the Dongfanghong Anying Zhenxuan Fund, allowing for dynamic adjustments based on market conditions [2][3] - Yu's risk management strategy involves comprehensive monitoring and adjustment throughout the investment process, ensuring that the fund can respond effectively to market fluctuations [3] Group 3 - Yu Jianfeng recognizes the unique characteristics of the Chinese market, such as the differences in market capitalization metrics, and incorporates macroeconomic factors into his investment considerations [3] - For the second half of the year, Yu maintains a cautiously optimistic outlook, suggesting that falling bond yields may increase risk appetite, while emphasizing the need for policy catalysts in the bond market [3] - In a low-interest-rate environment, Yu believes that "fixed income plus" or mixed products can better meet investors' needs for stable growth, leveraging stock-bond hedging and convertible bond strategies [3][4]