Zhang Yifei, I am afraid to fire

2022-05-26 0 By

The first quarter is over. Looking back at the past three months, it’s been difficult, not only for stocks, but also for bonds.As of March 31, the average market-wide fund returned -7.95% so far this year, according to Wind data.Even for “fixed income +” funds, the average yield of 1266 partial debt hybrid funds was -3.25%, and only 62 products had positive returns (calculated separately with different shares of the fund).You stand out for making a positive return when the rest of the world is struggling.In particular, such as the steady appreciation of essence, the previous quarters are positive earnings, are waiting to see, quite unexpected, with the soaring real estate sector in the following days, maintained.Figure: Steady appreciation of essence A quarterly earnings of anyone to say: awesome division seat and the master is also sigh unceasingly.In fact, it is not easy to gain positive income by steady appreciation.The chart below shows the fund’s largest retracement since its inception. The first quarter of this year was a record in 2016, bringing the maximum retracement from less than 3% to 3.38%.Look at the steady appreciation of essence, it in 2021 before, is not a special fire, the scale of this fund is in the second half of last year since the leapfrog growth (I heard that the bank is very like).Not surprisingly, the fund will break $20 billion this year….Fund manager Zhang Yifei has had a great year. His investments in real estate, finance, resources and other sectors have significantly outperformed the CSI 300 index so far this year against the backdrop of steady growth.Zhang Yifei, Li Jun think, “for the bond market tends to wait for the subsequent better allocation opportunities.In the use of duration and leverage is still cautious, with low risk, high-grade bonds.In terms of cb, it can be seen from the index that the CB market has been adjusted to some extent this year, and the price performance has improved. We adhere to the bottom-up approach from the fundamentals, and select the cb subject matter for allocation based on option pricing.The stock market as a whole is volatile, but there is a high probability of good returns over a six-month to one-year period….I have screened all market funds, and there are 7 funds with consecutive positive returns in each quarter since 2016.Big Stanley 18 months open bond A, Xing Quan Wen Yi fixed bond, industrial steady income two-year financial bonds are fixed funds.Harvest super short bond, short bond fund can not play a good role in improving the yield, as working capital put still ok, do not recommend long-term investment.Risk prompt funds have risks, past performance does not predict future performance, investment should be cautious.The above views only represent the author’s personal opinions, do not represent the position of the fund company, and do not constitute investment advice for readers.The content of this article is for research and learning only, and the stocks and funds involved do not constitute any investment advice.Fund of # #