Weak city with fixed income + fund, nearly January super stable happiness fund portfolio inventory, the new version
Since January 2022, there has been a continuous correction in the market, no matter the Shanghai Composite Index or the GEM index, there has been a sharp correction trend that people do not want to see.And a lot of partial stock fund, is in the market in nearly a month, appeared in nearly a year’s biggest retreat, which also shows that the recent adjustment is relatively large.In 2022, although Angkor believes that there is little room for a-shares to adjust under the relaxed market tone, the uncertainty of the external market will also greatly affect the trend of A-shares.Faced with uncertainty, we naturally choose to have more certainty, that is, Angkor used to say, to defeat uncertainty with certainty.Therefore, at this time, the appropriate allocation or allocation of fixed income + funds, is a more secure approach.Angkor has prepared a fixed income + fund for this extreme defensive demand, that is, super stable happiness fund portfolio.This combination of funds, mainly meet the following conditions: 1, small retracement, a year’s maximum retracement is not more than 3%;2, the performance is guaranteed, to outperform the bank deposits, so the annual income should be more than 10%;3. This kind of fund is definitely partial debt or even pure debt, and the proportion of convertible bonds cannot be too high.As a result, Angkor launched three new versions of its super stable Happiness Fund early last month.Now that a month has passed, it’s time to review the performance of all three funds!First, The net value of Xinhua Zengyi bonds increased by 16.22% in the past year, and the largest retracement in the past year was 2.01%. From these two points, Xinhua Zengyi bonds did not deteriorate.Looking at recent performance, the year-to-date retracement is 1.83%, which in numerical terms is very close to the biggest retracement in nearly a year.But this data is obviously much better than a lot of partial equity bonds.The fund’s fourth-quarter results show a big increase in size, and it’s clear that with market volatility, more people are paying attention.The fund’s share of stocks increased slightly in the fourth quarter, to 10.18% from 7.76% in the third quarter, with the industry distribution of heavy stocks still relatively diversified.Overall, the fund performed as expected.Ii. The net value of China Merchants Fengmei Mixture increased by 13.17% in the past year, and the largest retreat in the past year was 2.69%.The whole still meets the inclusion criteria.Since this year, this fund retracement for 2.00%, performance or more stable.The quarterly report shows that the size of the fund did not appear larger changes.The fund’s share of stocks rose to 31.09% from 23.48% in the third quarter, a big change.Too large a share of stocks, in fact, is not conducive to retracement control.But from the overall volatility of the smaller situation, the fund manager for stock selection, or have some experience.Iii. The net value of Huatai Burui Xinli Mixture increased by 14.76% in the past year, with a maximum retreat of 2.40% in the past year, still meeting the inclusion criteria.So far this year, the fund is down 0.23%, the most consistent of the three funds.Equities rose to 20.10% from 17.83% in the third quarter, but the overall net value volatility remained relatively small.From the perspective of heavy warehouse stocks, gold shares accounted for a relatively high may also be a stability factor.Four, with the above conditions, choose similar funds again according to the conditions: performance in recent one year is more than 10%, retracement in recent one year is less than 3%, holding stocks is less than 10%, and excluding fixed class, closed class for a long time, the following two are selected:1. The yield of Tianhong Fengli bonds in the past year is 13.81%, the biggest retracement in the past year is 1.09%, the Sharpe ratio is as high as 4.08, and the net retracement since this year is only 0.26%.2. The net bond of China Post Hengli bond gained 12.54% in the past year, the biggest retracement in the past year was 1.03%, the Sharpe ratio was 3.53, and the net value increased by 0.51% since this year!In addition, angkor has been selected before several funds: 3. Oriental Red Poly bond yield in the past year 14.63%, the biggest retreat in the past year 1.44%, sharpe ratio 3.36, net increase of 0.20% since this year;4. Huaxia Ruipan Taixing Mixture has achieved a return of 7.70% in the past year, with a maximum retracement of 2.11% in the past year. Sharp’s ratio is 1.49, and its net value has been retracted by 1.16% since the beginning of this year.However, this fund nearly a year of income decline serious, temporarily not suitable for selected super stable happiness.So, putting together the funds mentioned above, there are six that meet the criteria.Angkor then conducts a comprehensive evaluation of the six funds to pick the best three.1. The scoring standard of the fund’s establishment year: 1 point for more than 1 year, 1.5 points for more than 2 years, 2 points for more than 3 years and 2.5 points for more than 5 years;Note: the longer the establishment of the fund, the better, which shows that the fund’s operation stability is better!2. Grading standard of fund manager’s working years: 1 point for more than 1 year, 1.5 points for more than 2 years, 2 points for more than 3 years, 2.5 points for more than 5 years;Note: The longer the fund manager experience, the stronger the professional degree will be, the more stable the performance!3, the proportion of stocks in the fund scoring standard: 3 points without holding stocks, holding less than 5% of the 2 points, holding 5-10% of the 1 point, holding 10%-20% of 0.5 points, more than 20% do not score;This kind of fund is mainly defensive, mainly stability is stronger, the less the share of the better!4. The fund’s performance score in the past year: 1 point for 10-12%, 1.5 points for 12-15% and 2 points for 15-20%;Description: Performance is a hard indicator!5, the fund in nearly a year maximum withdrawal scoring standard: note: the withdrawal is naturally the smaller the better!6. Sharpe ratio scoring standard: 3 points for 4.0;Note: Sharpe ratio is a fund comprehensive ability, the higher the better!7, Karma ratio scoring criteria: >10 score 3 points, 6-10 score 2 points, 3-6 score 1 point, less than 3 do not score.Note: Kama ratio = nearly one year return/nearly one year maximum retracement, this value is naturally the larger the better!8. Since this year, net growth scoring standard: <-2% does not score;-2%-1% score 0.5 points, -1%-0% score 1 point, 0-0.5% score 2 points, 0.5%-1.0% score 3 points;Note: the first month of this year's fund retracement performance, represents the risk control of the fund, if you can stand at this time, it shows strong defensive ability!Based on the scale of the scores above, Angkor spent some time doing statistics and calculations to come up with the final ranking for each fund!Seven, the new version of super stable happiness!Special note: Before the super stable happiness, Angkor only depends on the impression of the choice, so there is a certain randomness.Due to the extreme defensive ability to consider, so angkor horizontal evaluation added a lot of restrictions, mainly in the hope of winning the best defensive fund.After all, in the present situation, stability is Paramount!The final comparison results are as follows: the first place, Oriental Red poly bond, score 19 points!The main feature of this fund is that there are no stocks in the position, so it is very good in the control of the largest retracement, especially since this year, the net value is a little growth, very good performance.The bond ratio of this fund is mainly national debt, plus some convertible bonds to enhance the actual performance is very stable!Second place, China Post pure bond Hengli bond, score 18 points!The fund's main features are less than 1% equity holdings and a broad portfolio of bonds, reinforced by a portion of convertible bonds.The fund is up 0.51% so far this year, the best performer among the six.Third place, Tianhong Fengli Bonds, 17.5 points!The fund also has a modest 2.27% share of stocks, with a mix of regular and convertible bonds in its bond holdings.Du Guang, the fund manager of this fund, is quite experienced in convertible bonds.The retracting control is quite good and the kama ratio is the highest among the six funds.Since this year net value retracting only 0.26%, stable performance!Overall, these three funds have held stocks accounted for less, retracement control is excellent, since this year the net value is slightly retracement or even positive growth performance!Overall, after the horizontal review of the three funds, or worthy of trust!Of course, Angkor also wants to make it clear that the scoring criteria of this evaluation is still quite subjective. At the same time, the comparison of the evaluation points is not particularly comprehensive, and there may be omisches in the selection of funds, so the results are for reference only. If you think there is a better fund, you can also communicate with us in the comments section!I am angkor who conducts extreme research on over-the-counter funds and helps you find a good fund in a hundred. Pay attention to @Wuji, you will reap steady happiness when you invest in funds!"To small white fund finance ten lessons" column officially released, fund investment entry must read, quickly ready!