129742939259218750_138If you deal with fund managers, you will find that equity and Bond Fund Manager Fund Manager of the difference is fairly large.
A typical characteristic is, from the perspective of personality, bond-fund managers are generally more stable than the stock, the investment be comfortable with very different market characteristics associated with them. Increased profits shechunning Bond Fund Manager Invesco great wall letter in this regard that very outburstOut. His experience in regulatory agencies both at the people's Bank of China branch in Shenzhen, China Eagle securities
cheap runescape items, China Merchants fund management course of monetary funds, bond funds, fund investments have "generation y" new era, shechunning one has 12 years experience in fixed income investments. But years of accumulation did not let him be proud and insolent because of one's talent, but moreStable, on February 15 in an interview with the investor interview
runescape items for sale, he particularly stressed to reporters, Bond Fund Manager is the most important, "risk control".
More focus on macroeconomic fundamentals "risk control", sounds more like a consistent tone of the equity fund managers, rather than come from the mouth of the Bond Fund Manager. Usually, the outside world and even some equity fund managersAre--impressions of Bond Fund Manager "as long as buying some bonds in the", "easy", but in reality, this is a misunderstanding.
In shechunning's view, no matter what kind of investments do not easily, bond investments than stocks investments pay more attention to macroeconomic fundamentals, emphasizing the analysis from top to bottom (equity investments can also be from bottom). Bond fund managers withRanking pressures. "Air control of Bond Fund Manager and on the macro-control ability to eventually translate into performance
buy runescape items, one of the most critical aspects of the same is to do kind of asset allocation. If the asset allocation agreement markets, performance will run at the front. "He pointed out, has two levels of such asset allocation, stock and bond categories configuration, and the other is in bond market interest rates,Credit, convertible bonds between different product configurations. Rate cut cycles best investment bonds bonds in 2011 to have a positive return's "Black Swan" 2011 bond fund large losses. Shechunning, bond is flagging in the last year, is one of the major factors behind the high inflation, the Government's austerity policy stringency."Last year, credit debt, convertible bonds larger adjustment, mainly policy tightening, policy focus is inflation last year. In order to control inflation, Central Bank efforts to raise deposit reserve rates, deposit and loan interest rates, and strengthen the supervision of bank credit assets and off-balance sheet, liquidity increasingly strained, leading investment and debt, convertible bonds fell sharply. "In economic growth and inflationFall confirmation of background, starting from September 2011, 10-year bond yields from 4.1% down sharply to six nearby, swept the bond market weakness, out of the small round Bull.
Shechunning expects continued to cut the deposit rate is the probability of the event this year, and lower frequencies in the 2 to 4 times, once the economic downward trend accelerated, the lowering of interest rates is also possible. ButThe lowering of interest rates, shechunning offered to meet two conditions: first, the CPI fell to one-year fixed deposit rate 3.5% levels; the second is slightly more improved economic data in December last year and January this year after going down and down time longer than expected, more than expected. Therefore, shechunning judge, the economic slowdown is the probability of the event, according to Merrill Lynch clock theoryEnlightenment, CPI and GDP is down, then into economic decline, rate cut cycle, best investment bond assets. Shechunning believes that recent weak trend of interest rate debt, credit debt are significantly stronger. "As credit spreads continued to narrow, and institutional risk appetite increased, hot investments in bonds to credit products, compared with the interest rates, credit debtsIs expected to result in higher ticket income and capital gains dual benefits.
"Wary of credit debt opportunities come risks journalists noted, good credit debt is now more than institutional investors more consistent judgment. Hong Kong e Fund sold its first renminbi qualified foreign investment Fund (RQFII) e da renminbi of fixed-income investments in fixed income certificateCoupons at least you 70% qualified investment holds a national "AA" or higher credit rating of bonds or bonds issued by the Government and quasi-government organizations.
At present mainland AA bond default rates are very low level or above, yields on 10-year Treasury is about 3.5%,AAA level such as PetroChina and 3-5 bonds issued by national grid, yields close to 5%. Bank debt SchroederCoupon researcher Li Na said, according to the investment law of round the clock, credit bond bull market or are coming. "This round of credit bond bull market or will perform to SB. 's baton progressive interpretation, it may be possible to continue throughout the first half of 2012, or even the whole year. "However, Li Na to remind, this round of bond bull market is not the Sun, into 2012, only the space of a month, frequent credit risk events, Such as Anshan iron and payment collection Black Dragon event, DG communication instruments guaranteed compensation, credit bond bull market at the same time, real credit debt default risk is also secretly fermentation.
Shechunning also think that, when economic growth slows, credit risk the possibility of an outbreak of a larger, to guard against market "Black Swan" appear, beware of "mine". In terms of risk control,He said, this year's macro-environment conducive to investments in bonds, capital gains losses appear less likely, at the same time, they will strengthen the risk analysis, cautious about low ratings of credit debt, to avoid credit risks. Shechunning stressed that, despite his overall good credit debt this year, but optimistic about the medium-rated variety, low-rate credit debt can be very cautious to avoid. "As the economy was going down, credit debt most vulnerable to the effects of the low rating, did not rule out low-credit variety genuine credit event of the year. "Online statement Gold: Gold-line reproduced above, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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