In the past 15 years since he stepped into the capital market, Li Yiming, a member of China Life Security, has been working diligently in the field of fixed income investment. Since the day she became a manager, she has regarded "trustworthy" as her career goal, and has penetrated the truth and doing practical things into all aspects of investment management. At the same time, she bluntly said that the current market is a typical law of the jungle, the survival of the fittest, in order to become a reliable manager in the hearts of the people, they need to continue to pursue progress, and they must learn to do addition and subtraction in investment, that is, according to the different market environment, increase the attention to market or non-market factors that may cause new changes, and reduce the interference of too many ineffective variables on investment behavior.
The wind rises at the end of the green ping, and the waves become between the waves. Li Yiming, a member of China Life Security, said that despite the turbulent international situation, the market performance continued. But no market volatility is completely sudden, and there must be a precursor before that. As long as we carefully observe and grasp the new changes and actively adjust, it is possible to improve the winning rate of investment and bring long-term stable returns to investors.
Li Yiming has nearly ten years of experience in the industry. Previously, he served as a researcher in the fixed income department of Bank of China International and a researcher in the fixed income department of CITIC**, and joined China Life Security ** in November 2013, and currently manages 8 ** products, including China Life Security and Health Pure Bond, China Life Security Ji Pure Bond for half a year, and China Life Security Stable Life. As of the end of the second quarter of this year, the total scale of ** under management reached 2586.5 billion yuan.
Talking about the investment philosophy, Li Yiming, China Life Security**, said that he has always adhered to the concept of "principal safety first, adhere to steady investment". We use a combination of "top-down" and "bottom-up" analysis and research frameworks for product management, and relatively downplay short-term performance fluctuations in favor of long-term performance excellence.
As a veteran of fixed income, Li Yiming, a national life security company, said frankly that in the past two years, the logic and framework of fixed income investment have undergone a lot of changes. From the perspective of customer structure, in the past, fixed income products were mainly institutional customers, but in recent years, individual customers have increased significantly. From an investment perspective, on the one hand, the current international situation is turbulent, and the sudden geopolitical tensions in Europe at the beginning of last year have had a sustained and huge impact on global inflation, monetary policy, and state behavior. On the other hand, under the switch between the old and new drivers of the domestic economy, the idea of monetary policy regulation and control is also changing. Since each macro cycle has its own peculiarities, she pays special attention to new changes and logics every time she conducts a top-down analysis to prevent the failure of trending analysis.
Specifically, in the process of investment management products, she will actively use duration tools to increase the total duration level of the portfolio through interest rate bonds when judging the market environment of the imminent bond bull market, so as to have greater duration and income elasticity in the bull market. In the case that the economic fundamentals are not significantly positive or bearish in the bond market, because the leveraged strategy has obvious advantages in the period of loose funds, she will obtain excess returns through the leverage strategy while maintaining the neutral or neutral low duration of the portfolio.
From the perspective of a larger range of fixed income products, if we judge that the equity market is in a relatively certain trend, while controlling the duration of the bond portfolio, we will also actively increase the level of convertible bonds** in order to share the benefits brought by the equity market**. Li Yiming, China Life Security, said that the market conditions faced by fixed income investment are numerous, but the general framework of "income" in the direction of duration, leverage, credit, options and derivatives has not changed, and the core is to find the most suitable areas for income and risk in various market environments to improve the winning rate of investment.