How to do a good job in asset allocation?The author believes that the key is four words, each performing its own duties.
Bonds** play the role of "ballast stone", and the pursuit of high returns is more important than the pursuit of stability;The role played by the equity ** is to attack, and the style of the a** field and hot spots are frequently rotated, and the products with distinctive styles and non-drift can be selected to cope with various environments. There is a lot of content involved in the selection of equity**, and the space in this article is limited to discuss only bonds**.
Fixed income investment is the main battlefield for institutional investors, and its investment performance largely depends on the comprehensive strength of the platform, so it is a wiser choice to choose bonds** among first-tier fixed income companies.
Historically, the bonds** of first-tier fixed income companies tend to be more impressive and sustainable. For example, Tianhong**, a well-known fixed income company, relies on a sound organizational structure, abundant investment and research strength and a scientific investment research system, and its bonds** are very good.
According to Haitong**'s "Performance Ranking of Corporate Equity and Fixed Income Assets", as of September 30, 2023, Tianhong**'s absolute rate of return in the past three years and seven years ranked first (1 15) among large fixed income ** companies, and ranked second (2 15) in the past five years.
It is understood that Tianhong's large fixed income team is composed of fixed income department, mixed asset department, macro research department, credit research department, and fixed income group of the trading room. The team has a total of 73 people, including 19 ** managers, and 13 ** managers who are mainly responsible for pure debt product investment. **The managers have more than 5 years of experience in finance, of which 13 are senior fixed income managers with more than 10 years of experience in finance.
In order to further improve the investment and research capabilities and standardize the investment process, Tianhong created a unique Tianhong five-cycle model in the industry at the end of 2020, that is, from the five dimensions of macroeconomic cycle, monetary policy cycle, institutional behavior cycle, ** cycle and emotional cycle, to achieve a scientific grasp of the fixed income market.
At the same time, Tianhong has also created a unique risk control system. That is, different credit risk management policies are set for fixed income portfolios with different credit risk preferences. Establish different liquidity risk models for different portfolio types;Through the Tianyan system, the risk model and algorithm developed by Tianhong are deployed to support the post-evaluation of risk and performance.
Tianhong**'s eye-catching debt base.
The most representative fixed income products of Tianhong** are "fixed income +", such as Tianhong Yongli bonds, Tianhong Ankang Pension, Tianhong enhanced returns, etc.
This year, due to the continued downturn in the capital market, investors' risk appetite has been further reduced, and the market attention has focused on short-term bonds.
Data**: wind, 2023-9-30
Historical returns are higher. Wind data shows that as of the end of September 2023, the average return of all short-term bond products of Tianhong in the past year is 298%, and the average return of short-term bonds in the whole market in the past year is 25%。
Historical drawdowns are smaller. Wind data shows that as of the end of September 2023, the average maximum drawdown of all short-term bond products of Tianhong in the past year is -016%, a total of 337 short-term bonds** in the whole market, with an average maximum drawdown of -0 in the past 1 year59%。
Maximum drawdown repair is faster. Wind data shows that as of the end of September 2023, the average maximum drawdown recovery days of all short-term bond products of Tianhong in the past year is 15 days, and the average maximum drawdown recovery days of short-term bonds** in the whole market in the past year is 47 days.
At present, some sales channels pay more attention to the drawdown control ability when screening short-term bond products, and have formulated the "Double 30 Short-term Bonds**" standard: that is, the maximum drawdown in the past 1 year is less than 03% (30bp), short-term debt with a maximum drawdown repair day of less than 30 days**.
As of the end of the third quarter of 2023, there were 337 short-term bonds** in the whole market, with an average maximum drawdown of -0 in the past 1 year59%, the average maximum drawdown repair days in the past 1 year is 47 days, of which there are 90 ** that meet the "double 30 short-term bonds", accounting for 267%。
The average maximum drawdown of Tianhong's 8 short-term bonds** in the past year is -016%, the average maximum drawdown recovery days is 15 days, which means that all 8** meet the "double 30" standard (the same product takes class A). At present, Tianhong**'s short-term bonds have formed a series, with ordinary open-ended**, rolling holding periods ranging from 30 days, 60 days and 90 days**, which are suitable for investors with different requirements for liquidity.
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