Financing fund bond bull market will not end-ca1871

The financing of the Fund: the bond bull market will not end in a sheet of newspaper reporter Huang Li – financing fund fixed income department general manager, finance profit guaranteed aspiring fund manager Zhang grid said in an interview with reporters, the bond bull market pattern will not end, but there will be big fluctuations in Dallas City, the capital preservation fund being ushered in the golden period of configuration. Zhang Yi analysis, China is now in the economic growth shift period, this phase will maintain a relatively long period of time, the anticipation of China’s economy will show L trend. For bonds, big risk factors, such as inflation and overheating, are hard to see, so the bull market in the bond market is unlikely to falter. However, from the central bank’s open market operation behavior this year, the short-term primary goal seems to be adjusted, from the past two years to guide the social financing cost down transition to maintain the stability of the RMB exchange rate. This is expected to affect the bond market more or less, resulting in certain fluctuations in the market." Therefore, Zhang believes that this year’s bond market will show big fluctuations in the state of Dallas city. The bond market will be some big fluctuations, one Zhang said, there are three main reasons: first, the long end of the interest rate and the short end of the interest rate term spreads, different debt credit rating credit spreads have now received a very narrow, if the bond market bearish suddenly appeared, the long end of the interest rate, credit debt by the the protection is not sufficient, naturally there will be large fluctuations; second, release, bond credit risk will be more frequent outbreak of an event of default. At present, the bond default is in the state of a single landmine outbreak, and there may be more substantive breach of contract in the future. Once the credit risk erupts, the redemption of the holder will affect the liquidity of the portfolio, managers will be forced to sell coupons, which will have an impact on the asset management industry; third, the potential risk of bond deleveraging. "For the moment, the bond market is not good in 2016, and 2014 and 2015 will get good profits with the holding strategy, but this situation may be broken in 2016." Zhang Yige believes that if only by holding maturity strategy, it is difficult to obtain the desired income, so in the bond investment, the need for short-term volatility to seek excess revenue opportunities. It is worth noting that, unlike the CPPI (fixed portfolio insurance strategy) adopted by the vast majority of the capital preservation funds, the TIPP will adopt a time invariant portfolio insurance strategy. Zhang Yige says TIPP is less risky than CPPI. "CPPI takes the fixed income asset coupon as a security pad to invest in risky assets, usually setting the threshold of M value, which may be 2 or 4. Because of the threshold protection, the stock will not fall below the par value of the fund asset when it falls." Zhang grid said, TIPP is not the same as the place is relatively more robust, such as investment in fixed income assets, equity assets, assets when the stock reaches a certain price, need to take part or re allocation to fixed income assets, this adjustment can be investors timely pocket for security. In the Jiancang strategy, Zhang grid said that the bond assets will first take part of the bond Jiancang, to create a certain security theory

融通基金张一格:债券牛市不会结束   □本报记者 黄丽   融通基金固定收益部部门总经理、融通通盈保本拟任基金经理张一格在接受记者采访时表示,债券的牛市格局不会结束,但是小牛市会有大波动,保本基金正迎来黄金配置期。   张一格分析,我国现在处于经济增速换挡期,这一阶段将会维持比较长的时间,预判中国经济将呈现L型走势。对债券来说,大的风险因素如通胀、经济过热等很难看到,所以债券市场大的牛市格局不太会动摇。   “但是,从央行今年以来公开市场的操作行为来看,其短期首要目标似乎有所调整,从过去两年着力引导社会融资成本下行过渡到维护人民币汇率的稳定。这对债券市场的预期或多或少会造成影响,带来市场一定的波动。”因此,张一格认为今年的债券市场会呈现小牛市大波动的状态。   之所以债券市场会出现一些大的波动,张一格表示,原因主要有三方面:第一,长端利率和短端利率的期限利差、不同评级信用债的信用利差目前都已经收得非常窄,如果债券市场利空突然出现,长端利率、信用债受到的保护不够充分,自然会出现大的波动;第二,信用风险的释放、债券违约事件将更加频繁地爆发。目前债券违约处在单个地雷爆发的状态,后市可能会有更多企业出现实质性违约。一旦信用风险爆发引发持有人赎回,这将影响组合的流动性,管理人将会被迫卖券,对资产管理行业带来冲击;第三则是债券去杠杆的潜在风险。   “就目前而言,2016年债券市场并不好做,2014年、2015年采用持有策略即可获得不错收益,但2016年这种情况可能会被打破。”张一格认为,如果只靠持有到期策略,很难取得理想的收益,所以在债券投资方面,需要通过短期波动寻找超额收益机会。   值得注意的是,与绝大多数保本基金采用的CPPI(固定比例投资组合保险策略)不同,通盈保本基金将采取TIPP(时间不变性投资组合保险策略)保本策略。张一格介绍,TIPP比CPPI风险更小。“CPPI是拿固定收益资产票息做安全垫去投资风险资产,通常会设立M值的阈值,可能是2也可能是4,由于有阈值保护所以股票下跌时不会跌破基金资产的面值。”张一格说,TIPP的不一样之处在于相对更加稳健,比如同样投资固收资产、股票资产,当股票资产达到一定涨幅后,需要把部分涨幅重新配置到固定收益资产,这种调整可以将投资者的收益及时落袋为安。   在建仓策略上,张一格表示,债券资产方面将先拿一部分债券建仓打造一定的安全垫,另外一部分参与交易性操作,争取在波动中抓住阶段性机会,同时也会用国债期货来对冲随时可能出现的利率风险;权益投资方面,坚持比较谨慎的操作,逐步累积仓位,主要依托于公司的投研团队精选个股,以新股策略稳步提升组合收益,同时部分介入股指期货对冲大盘风险,争取拿到一定超额的收益。 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: