Since the beginning of this year, the A-share market has continued to fluctuate, investors' risk appetite has decreased, and the number and scale of equity funds have continued to bottom out. Investors are wandering in risk aversion, and low-risk funds such as short-term debt funds and interbank deposit certificates funds have opened all the way, and both the scale and the number of new issues have "triumphed". The data shows that at the end of the first quarter of this year, the scale of short-term debt funds reached 5908.1700 million yuan, a substantial increase from 490.053 billion yuan at the end of last year.
The relevant research of China Merchants Bank also shows that after the announcement of the new asset management regulations, "fixed income+"products and FOF (product types providing scenario solutions) are the main substitutes for individual investors in the new fixed income fund holder structure from June 20 18 to June 20021year; Medium and long-term pure debt funds and passive index debt bases are more favored by institutions; As a product positioning of "money+",short-term debt funds are welcomed by both individuals and institutions.
If you have a good short-term debt fund and a "fixed income+"FOF product with the advantages of both "fixed income+"products and FOF products, what would you consider?
The Investment Times reporter learned that in order to meet the needs of investors, Wells Fargo Fund provides investors with products or scenario solutions with stable returns and controllable fluctuations for the wealth management income range of banks and the distribution of low-and medium-risk fluctuation products. Recently, the company has joined the short-term debt fund and the new army of "fixed income+"FOF. What are their characteristics? Is it worth choosing?
Enhanced monetary fund
Can short-term debt funds invest now?
With the increase of stock market volatility and the transformation of traditional bank wealth management products, many investors with low and medium risk preference are actively looking for new wealth management tools in the last two years. The investigation on the daily cash financing needs of ordinary investors shows that their expected investment products should have the characteristics of low threshold, profitability, robustness and flexibility. Compared with various investment products, short-term debt funds have attracted much attention as an important coping scheme.
According to the reporter of Investment Times, the short-term debt fund has been positioned by the market to strengthen its cargo base, focusing on investing in short-term bonds, that is, bond assets with a remaining maturity of less than 397 days. The characteristics of risk-return are between money fund and ordinary pure debt fund. Due to the short duration of short-term debt, the net value of short-term debt funds is not easily affected by market fluctuations, and its performance is relatively stable; At the same time, due to the short remaining period of short-term debt, the possibility of sudden changes in the operating conditions of enterprises is relatively small, and the risk of stepping on mines is relatively small.
One data that can be corroborated is that since the base period (65438+February 3, 20021), the cumulative return of the short-term bond index is 80.94%, and the annualized return is 3.2 1%. The maximum evacuation time is-1.3 1%, and the maximum evacuation recovery time is 92 days. This means that the return on short-term debt is relatively stable and the income is relatively higher than that of monetary assets.
Such a flexible cash management tool can be called a sharp weapon for maintaining stability, and it is a good opportunity to superimpose the current market environment or short-term debt investment.
Jaco, fund manager of Rich Country Short-term Debt Fund (hereinafter referred to as "Rich Country Short-term Debt"), believes that as the economy continues to weaken, monetary policy is easy to loosen and liquidity remains sufficient; At the same time, with the deepening of the bond bull market, subsequent fluctuations may increase. In the current environment, short-term debt faces a better liquidity environment and can better cope with bond market fluctuations.
Jaco, Guo Fu short-term debt fund manager.
The reporter noted that short-term bonds of rich countries mainly invest in highly liquid short-term bonds, and do not participate in stocks, warrants, convertible bonds and bonds payable. It is "insulated" from the primary and secondary markets, with pure debt, strict risk control and high liquidity.
Compared with money funds, rich countries have more kinds of short-term debt investment, so they can use higher leverage and more strategies to strive for a better income experience on the basis of effectively controlling fluctuations. In addition, compared with the common debt base, the overall portfolio duration of short-term debt funds is shorter and less affected by market trends. It can better control the retracement when the market falls and bring investors a more stable investment experience.
It is understood that rich countries will adopt a prudent investment strategy for short-term bonds, pay attention to the layout of bond purchases at key points, and use leverage in a timely and appropriate manner to improve the return on investment of the portfolio. In addition, short-term debt of rich countries can also adopt arbitrage strategy, strive to bring investors higher returns than money funds, and at the same time pursue more stable investment returns than ordinary debt bases.
The data shows that Guo Fu Short-term Debt A has been stable since its establishment in June 20 19 (as of the end of March this year), with the cumulative net value increasing by 10.84% and the annual income level ranging from 3.0% to 3.5%, which has greatly outperformed the short-term debt index of CSI, the benchmark of performance of 8.45% and China Bond-China. It is particularly worth mentioning that the short-term debt A of rich countries has good retracement control ability. Even in the second half of 2020, the retracement is still small and can be repaired quickly.
Such excellent performance has kept its performance ranking high. The data shows that the short-term debt rankings of rich countries in the past 1 year, the past two years and the past three years are 165, 438+07/320, 35/246, 47/65, 438+0265 and 438+0 respectively. Has been at the forefront of the industry and won five-star praise from Haitong Securities.
It is worth noting that Jaco's investment career experienced the difficult period of "money shortage" of 20 13 and 20 16, and his rich experience forged Jaco's outstanding cash management ability and rich experience in managing large funds. According to the fund's regular report, Jaco currently manages nearly 300 billion yuan.
Medium and low risk tolerance
"Fixed income+"FOF becomes a new choice.
Since the beginning of this year, due to the adjustment of the equity market, the overall size of the "fixed income+"fund has declined. According to the research data of Guohai Securities, as of March 3, 2022, there were 157 1 different types of "fixed income+"funds, and the median income level in the first quarter was less than zero. The biggest withdrawal performance of all kinds of "fixed income+"funds was the highest in each quarter since 20021. Affected by the sluggish performance, the total scale of "fixed income+"funds was 2.44 trillion yuan, down 2.08% from the end of last year.
However, an interesting contrast phenomenon is that under the downward trend of the overall scale of the industry, the data of Guohai Securities also shows that the scale of the "fixed income+"fund under the Wells Fargo Fund increased significantly in the first quarter, which was 0.60 percentage points higher than that at the end of 202 1.
This means that although "fixed income+"fund products have natural advantages in asset allocation by controlling portfolio fluctuation, there are still great management differences among different fund managers. Facing the recent fluctuation of "fixed income+",for individual investors with low risk preference, "fixed income+"FOF may be another new choice for bank financing.
According to Zhang Ziyan, the proposed fund manager of Guo Fu Zhihua Jinwen FOF, "fixed income+"FOF combines the operation strategy of "fixed income+"with FOF products, mainly allocating fixed income funds and constructing basic income; Supplemented by a small number of equity funds, enhance the flexibility of the portfolio.
Guo Fu Zhihua has steadily entered FOF, Zhang Ziyan, and is proposed to be a fund manager.
Therefore, the transition period of the new asset management regulations ended at the end of last year. Under the constraint of net worth management, traditional wealth management products are reduced, and the dual risk diversification characteristics of "fixed income+"FOF can better match and meet the financial needs of ordinary people. At the same time, "fixed income+"FOF is expected to solve the problems of base selection, timing, position adjustment and rotation of ordinary investors in one stop, and adjust and rebalance the market style in a timely and flexible manner.
The Investment Times reporter learned that Guo Fu Zhihua Steady FOF newly launched by Wells Fargo Fund is suitable for investors with low and medium risk tolerance, aiming to make investors manage their finances easily with a "fixed income plus" FOF, and provide investors with a more comfortable basic experience and relatively stable income. Under the premise of strictly controlling risks, the Fund will anchor low risk and low fluctuation through asset allocation and fund selection strategies, and strive to achieve long-term stable appreciation of fund assets.
However, the reporter also noticed that for most investors, there may be a strange feeling that they have just become familiar with the "fixed income+"fund and then met the "fixed income+"FOF. What is the specific difference between the two?
The Investment Times reporter learned that compared with the general "fixed income plus" products, "fixed income plus" FOF has four advantages.
One is to achieve secondary diversification on the basis of asset allocation by investing in different types of funds; The second is to directly hit the pain point of investment, which is relatively simple. It can solve the problems of base selection, timing, position adjustment and rotation with one click, optimize the high-quality funds in the whole market, diversify portfolio risks and strictly control retracement; Third, the liquidity constraint is low and fast, and the liquidity constraint is relatively low when investing in sub-funds, whether buying or redeeming funds; Fourth, the adjustment of long-term exposure is more flexible, and it can switch between medium-and long-term debt base and short-term debt base, which is convenient for calmly coping with changes in the situation, looking forward to the layout and grasping opportunities.
Only funds with sustainable and predictable returns are truly good funds. Zhang Ziyan revealed that at the fund optimization level, the word "steady" will be adhered to. He will understand the correlation between past performance and future performance of fund managers from three aspects: the stability of investment strategy, the stability of performance during holding period and the balance between "attack" and "defense" of fund managers, and find a good fund with stable excess returns with high confidence.
In his view, due to the previous market decline, it provided a good opportunity to open positions. At present, it is the opening period of "fixed income+"FOF gold, and the holding period is 12 months.
"From the current point of view, A shares have fallen sharply in the early stage, and the valuation has fallen back to the bottom area. In the short term, the unfavorable factors still need to be digested, and the market is still in the bottoming stage. But in the long run, the configuration value of some high-quality companies is prominent. "
In addition, in the bond market, the loose and weak short-term funds are favorable factors for the bond market, and the expectation of subsequent "wide credit" may be repeated. "For the' fixed income +'FOF with a holding period of 12 months, now is a good time to open a position."
"Investment Times" reporter Li Chen