"In investment, I always adhere to the concept of 'principal safety first, adhere to steady investment', use a combination of 'top-down' and 'bottom-up' analysis and research framework for product management, and relatively dilute short-term performance fluctuations, but also pursue long-term performance excellence. When it comes to investment philosophy, Li Yiming, a veteran of China Life Security's 10 billion fixed income, said.
Following the above-mentioned investment framework, the performance of the products managed by Li Yiming of China Life Security ** has been stable. Taking the China Life Security and Health Pure Bond managed by it as an example, Haitong** data shows that as of June 30, the return of this product since its inception reached 3177%, with a return of 11 over the past three years53%, ranking in the top 1 6 out of 1295 similar products;As of the end of the second quarter of this year, the product scale exceeded 13 billion yuan.
When managing this product, Li Yiming, China Life Security**, said that he would mainly focus on the duration and leverage of the portfolio, and adopt a medium and high leverage strategy, that is, without credit sinking, allocate medium and high-grade varieties to ensure the low credit risk of the portfolio.
For the performance of the bond market in the first half of this year, Li Yiming believes that the overall pattern is strong. Specifically, the bond market weakened at the beginning of the year, and the yield curve flattened and deformed due to the core logic of tightening liquidity and market trading economic recovery after the epidemic and the continued efforts of stable growth policies. After the second quarter, the market's financial worries caused by the strong stimulus policy have weakened, and as the fundamental data is less than expected, the monetary policy has shown signs of easing, and the fermentation of overseas financial risks has increased risk aversion and institutional underallocation pressure, and the bond market as a whole has strengthened significantly.
However, after entering the third quarter, the macro environment is at a critical juncture, the resilience of the US economy continues to exceed expectations, the job market is performing well, and inflation will continue to decline slower than expected under the effect of wage stickiness. At the same time, the obvious recovery in the overseas real estate sector will reinforce the need for monetary tightening. Li Yiming said that from a domestic point of view, the current demand recovery momentum is still insufficient, and although the non-manufacturing industry is resilient, the downward pressure still exists. With the normalization of economic recovery and the introduction of policies to stabilize growth, the problem of insufficient domestic demand has improved slightly, but in the case of increased drag on external demand, it is difficult for domestic energy to support a strong economic recovery on its own.
Li Yiming, China Life Security, said bluntly that at present, there is not much room and willingness for residents and enterprises to increase leverage, and if the leverage ratio is also slow, it may not be able to effectively alleviate the "asset shortage" pattern caused by the slow increase in debt leverage of residents and enterprises, and high-quality assets are still scarce. At the same time, compared with the introduction of easy credit and fiscal policies, the certainty of easy money is stronger, and the interest rate cut and RRR cut in the second half of the year and the downward trend of bank debt interest rates will be a high probability event.
Looking forward to the market outlook, Li Yiming, China Life Security, believes that with the successive introduction of policy combinations, the implementation of real estate policies and debt schemes, the increase in bond supply, and the rebound of risk appetite in the equity market, factors may form a phased disturbance to the bond market. However, in the macro context of the core contradiction of fundamentals has not been resolved, liquidity remains reasonable and abundant, and the momentum of institutional allocation continues.