Securities Times reporter Wang Xiaoqian
"I think FOF is mainly to make money for asset allocation." In the interview, Guan Yu, general manager of Zheshang Fund FOF and multi-asset management department, said.In his view, an excellent FOF fund manager needs to grasp the medium and long-term trends of various assets and fully diversify risks."It is impossible to achieve 'laying to win' through base selection."
Guan Yu is a Ph.D. in applied mathematics from Zhejiang University. He previously worked in Ping An Asset Management, Xintai Life Insurance, and Hwabao Securities.Before joining Zheshang Fund, Guan Yu served as the head of strategic asset allocation and quantitative investment in the Asset Management Department of Ping An Property & Casualty Insurance, with a management scale of over 300 billion yuan. The annual assessment is excellent.
The long-term experience of managing insurance funds has given Guan Yu the ability to allocate multiple types of assets, which is not common in the public offering industry.In the previous management experience, Guan Yu's portfolio covers more than 20 kinds of assets such as FOF, MOM, equity funds, fixed income funds, financial products, debt schemes, REITs, etc.At present, the Guanyu team is about to issue the first partial bond FOF. In the future, there are still many possibilities for the FOF product line of Zheshang Fund.
FOF core income
from asset allocation
Securities Times reporter: Can you tell us about the investment strategy of Zheshang Fund's first partial bond FOF?
Guan Yu: In a nutshell, it is strategic asset allocation (SAA) + tactical asset allocation (TAA) + fund selection.
The first layer is to obtain beta returns through strategic asset allocation (SAA).Specifically, according to the liabilities, duration, risk budget and income budget of the product, combined with quantitative statistical analysis of medium and long-term market data, the rational allocation center of various assets should be determined.
The second layer is Tactical Asset Allocation (TAA).After determining the allocation center, overweight asset classes that are expected to perform relatively well, and underweight asset classes that may perform relatively poorly.
The third layer is the fund selection.On the basis of determining the category and allocation ratio of each type of asset, select excellent managers with stable alpha to increase product returns.
I think whether beta or alpha is in the same line and included in the system.For FOF, I always think that asset allocation is the core.I manage a portfolio of more than 300 billion yuan in Ping An Property & Casualty Insurance, and the annualized return is 6.16%, of which the return from strategic asset allocation is 5.64%. More than 90% of the income of the entire portfolio comes from asset allocation.
Securities Times reporter: For the choice of debt base, which factors do you value the most?
Guan Yu: We have built a 1F+6P fund evaluation system. The first thing to consider is the overall capability of the F (Firm, company), including culture, system, and so on.
When it comes to fixed income allocations, I personally value the fund company's credit evaluation capabilities, including the background of the credit evaluation team, the implementation process of credit evaluation, and the coverage, etc., to see if there has been a situation of stepping on thunder in the past.I will pay great attention to the risk control ability of the institution, because fixed income is different from equity, and it is a relationship between 0 and 1.
Looking forward to more investment vehicles
Securities Times reporter: You have worked in insurance funds for a long time before, and now you join the public offering, how did you think about it?What do you think are the similarities and differences between investing in insurance products and public offering FOF?
Guan Yu: The public offering industry has developed rapidly in recent years, and FOF is a promising track, which matches my previous experience.
It is said that the money from insurance funds is "life-saving money", so it will pay special attention to risk control and emphasize absolute returns.When I was in risk capital, I had many years of accumulation in achieving income targets under strict risk control. The allocation system I built covered A-shares, Hong Kong stocks, U.S. stocks, fixed income, quantitative hedging, financial products, REITs and other assets. Asset allocation reduces portfolio volatility.
In contrast, there are still relatively few types of assets that can be invested in public offerings, and they are still dominated by three types of assets: equity, fixed income and currency.If the asset class is richer, it will be even more powerful to control the volatility of the portfolio.It is believed that with the promotion of supervision, the configurable assets of public offerings will become more and more diversified.
Securities Times reporter: What configuration tools do you expect the public offering industry to develop next?
Guan Yu: I think there are commodity ETFs that can be developed. At present, there are relatively few types of such ETFs issued, and the number of products is not enough.In addition, there are options assets, etc. If these can be included in the investment scope of public offering, I believe that the allocation of assets will be more effective and the portfolio will be more stable.
It is impossible to "lay down and win" by selecting bases
Securities Times reporter: FOF's performance has continued to fluctuate since the beginning of this year, which has also caused some controversy.How do you view FOF's recent performance volatility and related disputes?
Guan Yu: There are short-term fluctuations in the performance of FOF, which I think is normal.What kind of money does FOF make?In my opinion, it is money for asset allocation, to grasp the medium and long-term trends of various assets, and at the same time to diversify risks.
Currently, some FOF products are deployed in a relatively single asset class, mainly equity and fixed income, and lack a hedging mechanism for diversified assets, so risk control is sometimes not ideal.
I have always believed that funds are just portfolio allocation tools.If you think about selecting some excellent funds to hold for a long time, you can "lie down and win", which is absolutely impossible.Each fund manager has his own market areas that he is good at and not so good at. For FOF fund managers, it is still necessary to improve the ability of asset allocation, and at the right time and style, select the right fund manager, and according to Portfolio conditions and market conditions are dynamically adjusted.
Securities Times reporter: Standing at the current point in time, what do you think of the market outlook?
Guan Yu: This year as a whole, the macro environment is very complicated.Export business and infrastructure investment are the main support for the economy. Affected by the epidemic, supply has shrunk to a certain extent.From March to May, the bond market fluctuated within a narrow range.
Looking forward to the second half of the year, we expect that the slope of the subsequent economic recovery will be relatively smooth, the probability of marginal tightening of monetary policy is low, and the overall bond market will still be dominated by shocks.
Therefore, in the second half of the year, it will be more difficult to obtain capital gains in the bond market, and the yield will be relatively low.Our strategy is to invest in targets with higher certainty, such as some products with reasonable coupons and higher flexibility.
【Editor: Shao Wanyun】
