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摩根资产管理王琼慧:多元配置时代,让投资更从容
Zhong Guo Ji Jin Bao· 2025-07-31 11:33
Core Insights - The article emphasizes the importance of diversified asset allocation strategies in navigating market volatility and achieving stable investment returns over the long term [1][2][3] Group 1: Market Context - The rise of diversified asset solutions post-2008 financial crisis addresses three core investor pain points: the quest for yield in a low-interest environment, high asset price volatility, and frequent economic cycles [1] - The classic 60/40 stock-bond portfolio has achieved positive returns in 27 out of 36 years since 1990, with a 75% annual positive return rate, supporting the notion that asset allocation is the "only free lunch" in investing [1] Group 2: Company Strategy - Morgan Asset Management's global multi-asset product line has surpassed 3 trillion RMB, reflecting its commitment to long-term investment strategies that go beyond short-term speculation [2] - The company integrates global perspectives with local insights, utilizing over 1,300 investment experts across more than 70 locations to analyze market trends [2] Group 3: Product Innovations - Morgan Asset Management is launching the Morgan CSI A50 ETF in 2024, which will feature a mandatory quarterly dividend mechanism, contributing to a trend of increased dividends in broad-based ETFs [3] - The firm has introduced a range of Fund of Funds (FOF) products aimed at providing stable returns through diversified asset allocation, enhancing the overall investment experience for clients [3]
摩根资产管理王琼慧:多元配置时代,让投资更从容
中国基金报· 2025-07-31 10:20
市场犹如浩渺的未知海域,有人追逐浪花,有人畏惧风浪,而真正的航海家却会选择带上罗盘与耐心, 在潮起潮落中校准航向。2008年金融海啸过后,多元资产解决方案在全球快速崛起,其核心逻辑在于 跳出对单一资产的依赖,通过科学分散配置,力争让投资组合在市场波动中稳健前行。 近二十年间,多元配置策略直击投资者三大核心痛点:低利率环境下的收益渴求、资产价格的高波动困 扰、经济周期的频繁轮动。 正如航海家不会把命运交给一阵风,长期主义者也从不押注单一市场。当 市场波动成为常态,资产配置已从投资的"选修课"升级为"必修课"。 以经典的60/40股债组合(60%MSCI全球股票指数+40%彭博全球债券指数)为例,1990年初以来的 近36年间,27个年度实现正收益,年度正回报比例达75% ¹ , 这印证了诺贝尔经济学奖得主马科维茨 的经典论断:资产配置是投资中"唯一免费的午餐"。 资产配置就像均衡饮食一样,股票是"蛋白质", 债券是"碳水",黄金等商品资产则如同"维生素",真正的财富健康,源于科学的营养配比。 越来越多的投资者正形成共识:不怕慢慢变富,就怕坐过山车。为此,我们持续创新——注重分红与多 元配置,优化持有体验。 20 ...
摩根资产管理“红利工具箱”中3只ETF到点分红
Zheng Quan Ri Bao Wang· 2025-07-15 05:44
Group 1 - The demand for stable returns among investors is increasing, leading to a greater emphasis on dividend mechanisms [1] - Morgan Asset Management has launched a "Dividend Toolbox" that includes quarterly mandatory dividend mechanisms for its ETFs, such as the Morgan CSI A50 ETF, Morgan CSI A500 ETF, and Morgan CSI 300 Free Cash Flow ETF [1] - As of now, these three products have cumulatively distributed dividends amounting to 230 million yuan since their inception [1] Group 2 - The willingness and ability of A-share listed companies to distribute dividends have significantly improved due to ongoing fundamental enhancements [2] - The Morgan CSI A500 ETF, which tracks the CSI A500 Index, benefits from rising corporate profits in sectors like industrials and information technology, supported by policy and economic recovery [2] - The Morgan CSI 300 Free Cash Flow ETF selects companies with high free cash flow rates, requiring them to have positive operating cash flow for five consecutive years and to rank in the top 80% for earnings quality [2] Group 3 - Morgan Asset Management's "Dividend Toolbox" aims to provide a diversified dividend investment solution for Chinese investors, covering core A-share assets, Hong Kong dividend stocks, and free cash flow strategies [2]
摩根中证A500增强策略ETF(563550)今日上市,中证A500赛道首添场内增强策略利器
Sou Hu Cai Jing· 2025-05-15 23:50
Group 1 - The Morgan CSI A500 Enhanced Strategy ETF (563550) is the first listed enhanced strategy ETF in China, officially launched on May 16 [1] - The fund was established on May 8 with a total size of 1.016 billion yuan and 7,765 effective subscription accounts, marking the largest fundraising scale for an enhanced index ETF in the past two years [1] - The fund manager has invested 30 million yuan of its own funds in the ETF, demonstrating confidence in the investment value of the CSI A500 index [1] Group 2 - As of April 2025, the CSI A500 index has achieved a cumulative return of 343.21% since its base date, with an annualized return of 7.83%, indicating strong long-term performance [2] - The CSI A500 index is considered an ideal target for enhanced strategies due to its broad sample domain, balanced industry distribution, and inclusion of leading companies in emerging industries [2] - The fund manager anticipates a recovery in the A-share market's risk appetite, with potential opportunities for low-cost positioning in core assets as inventory and capacity cycles are expected to resonate positively in the second half of the year [2] Group 3 - The Morgan CSI A500 Enhanced Strategy ETF aims to help investors achieve excess returns on core Chinese assets at a low cost [3] - Morgan Asset Management is committed to providing distinctive ETF products and differentiated investment experiences, leveraging international perspectives and local practices [3]
中证A50指数ETF今日合计成交额12.15亿元,环比增加46.77%
Core Viewpoint - The trading volume of the CSI A50 Index ETFs reached 1.215 billion yuan today, an increase of 387 million yuan from the previous trading day, representing a growth rate of 46.77% [1] Trading Volume Summary - The Dachen CSI A50 ETF (159595) had a trading volume of 344 million yuan today, up 154 million yuan from the previous day, with a growth rate of 81.56% [1] - The Morgan CSI A50 ETF (560350) recorded a trading volume of 99.578 million yuan, an increase of 67.805 million yuan, with a growth rate of 213.39% [1] - The Ping An CSI A50 ETF (159593) had a trading volume of 279 million yuan, up 38.4547 million yuan, with a growth rate of 15.96% [1] - The top increases in trading volume were seen in the Morgan CSI A50 ETF (560350) and the Jiashi CSI A50 ETF (562890), with growth rates of 213.39% and 133.26% respectively [1] Market Performance Summary - As of market close, the average increase for ETFs tracking the CSI A50 Index was 1.40%, with notable performers including the Xinhua CSI A50 ETF (560820) and the Yifangda CSI A50 ETF (563080), which rose by 1.73% and 1.48% respectively [1]
会分红的摩根“现金牛”今日上市!沪深300自由现金流ETF摩根(563900)助力投资者布局相对“确定性”优质资产
Sou Hu Cai Jing· 2025-05-07 00:01
国信证券认为,在向存量经济切换的换档转型期,市场更为关注企业切实的创造现金流的能力。此外,当前的低利率环境使得现金流高的公司估值受益明 显,在信用收缩期,自身创造现金流能力强的公司往往更具韧性。 摩根沪深300自由现金流ETF也是继摩根中证A50ETF和摩根中证A500ETF之后,又一设置了特色季度强制分红机制的ETF产品。所谓季度强制分红机制,即 每季度最后一个交易日ETF相对标的指数的超额收益率为正时,会强制分红,收益分配比例不低于超额收益率的60%。(分红条款具体内容以《基金合同》 为准。) 在利率新常态下,摩根资产管理致力于为投资者把握相对"确定性"优质资产的投资机会,并通过特色分红机制让"红利"落袋为安。随着摩根沪深300自由现 金流ETF的推出,填补了摩根"红利工具箱"中自由现金流因子产品的空白,也为投资者提供了布局A股市场长线投资的新选择。 公告显示,摩根沪深300自由现金流ETF(扩位简称:沪深300自由现金流ETF摩根,证券代码:563900)5月7日起在上交所上市交易。摩根沪深300自由现金流 ETF,是首批跟踪沪深300自由现金流指数(932366.CSI)的ETF产品。作为摩根"红利工 ...
锚定优质底层贝塔 敏锐捕捉阿尔法机遇
Core Insights - The article highlights the career journey of Hu Di, who has developed a unique perspective on quantitative investment strategies through her experiences in both international and domestic markets [1][5] - Hu Di emphasizes the importance of continuous innovation in quantitative investment, focusing on refining models and exploring new data sources and algorithms to adapt to changing market conditions [1][2] Investment Strategy - Hu Di leads a team at Morgan Asset Management (China) that focuses on a "Core Beta + Enhanced Alpha" framework, aiming to create a product system that balances efficiency and resilience while pursuing long-term risk premiums and stable excess returns [1][5] - The team has identified around 200 commonly used factors, with 40% being fundamental factors, 40% price-volume factors, and the remaining 20% derived from machine learning and alternative factor systems [2][3] Factor Analysis - The team employs a multi-dimensional approach to factor analysis, enhancing traditional methods to capture excess returns more effectively by considering various dimensions of factors like reversal [3][4] - Machine learning techniques are integrated into the factor generation process, leading to a "logic-driven + data-enhanced" paradigm that spans factor discovery, return prediction, and portfolio optimization [3][4] Market Adaptation - Hu Di notes that the impact of U.S. tariff policies on China has diminished over time, and the focus has shifted to diversifying export markets and mitigating external shocks through policy measures [5][6] - The introduction of the Morgan CSI A500 Enhanced Strategy ETF is positioned as a response to current market conditions, prioritizing leading companies in emerging industries while reducing exposure to traditional sectors [6][7] Risk Management - The investment strategy emphasizes strict control over industry and style risks, ensuring that the sources of returns remain independent and minimizing excessive exposure [4][8] - Hu Di advocates for a "core + satellite" asset allocation approach, where core positions are based on stable beta assets adjusted for volatility, while satellite positions target growth or policy-driven assets [8][9] Product Development - The timing of product launches is critical, with successful ETFs launched in 2023 and 2024 showing significant growth in scale, indicating effective market entry strategies [9] - The company prioritizes investor education alongside product offerings, aiming to provide tailored asset allocation solutions based on individual risk preferences and return expectations [9]
机构:中国股票市场中短期仍具备相对韧性!摩根沪深300自由现金流ETF(认购代码:563903)今起发售,一键布局高财务健康度优质企业
Sou Hu Cai Jing· 2025-04-07 02:57
Group 1 - The Morgan CSI 300 Free Cash Flow ETF has commenced its fundraising period from April 7 to April 18, 2025, allowing investors to participate through online cash subscriptions, offline cash subscriptions, and offline stock subscriptions [1] - The fund aims to closely track the CSI 300 Free Cash Flow Index, which selects 50 listed companies with high free cash flow rates from the CSI 300 Index sample, ensuring companies have positive operating cash flow for five consecutive years and rank in the top 80% for earnings quality [3] - The CSI 300 Free Cash Flow Index reflects the overall performance of listed companies with strong cash flow generation capabilities within the CSI 300 Index [3] Group 2 - Recent attention on free cash flow ETFs is attributed to their focus on real profitability and financial health, distinguishing them from traditional dividend ETFs by excluding high-debt or financially manipulated companies [4] - The CSI 300 Free Cash Flow Index emphasizes large-cap blue-chip stocks, offering lower volatility, higher dividend yields, and stronger dividend stability [4] - Morgan Asset Management has launched a series of dividend-focused funds, including the largest Hong Kong dividend index ETF and others, providing diversified investment solutions across A-shares, Hong Kong stocks, and Asian markets [4]
规模同类最大的港股红利指数ETF(513630)连续5天获资金净流入,红利资产备受机构看好
Jie Mian Xin Wen· 2025-03-24 07:03
Group 1 - The Hong Kong Dividend Index ETF (513630) has seen continuous net inflows for five days, indicating strong institutional interest in dividend assets [1] - As of March 21, 2025, the ETF's latest scale reached 9.488 billion yuan with 7.117 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - The ETF has attracted a total net inflow of 350 million yuan over the past five days, with a peak single-day inflow of 170 million yuan [1] Group 2 - Over 120 A-share listed companies announced cash dividend plans alongside their 2024 annual reports, with 13 companies offering dividend yields exceeding 3% [2] - Despite a cooling trend in dividend asset markets, the stable profitability and low valuation of these assets provide a safety margin, suggesting a favorable time for repositioning in the dividend sector [2] - Morgan Asset Management has launched a series of international "Dividend Toolbox" funds, offering diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Group 3 - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, excluding Japan, and has won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] - The Morgan CSI A50 ETF targets core A-share assets and has implemented a quarterly mandatory dividend mechanism, accumulating nearly 100 million yuan in dividends for 2024 [3] - The Morgan CSI A500 ETF also features a quarterly dividend mechanism and is among the first index funds included in personal pension plans, providing more investment options for individual pension investors [3] Group 4 - In the context of a new normal in interest rates, Morgan Asset Management aims to identify relatively "certain" quality asset investment opportunities, leveraging its global market insights and research capabilities [4]