Guide: At the beginning of this year, my good friend Lingcheng Investment and I jointly released the “2022 Top 100 List of Equity Fund Managers”. As the first list we have interviewed fund managers for so many years, we are very pleased that this list has been recognized by many readers and industry insiders.
So, is it enough to buy funds and only buy stock funds? Obviously not enough. After the market turmoil in 2022, more and more readers also hope that we will provide a list of fixed income funds. So, starting from the fourth quarter of 2022, I started to study the list of fixed income funds together with Lingcheng Investment, and today we finally released our list of “Top 50 Fixed Income Fund Managers in 2023”!
The fund managers on this list are jointly recognized by Dianshi Investment and Lingcheng Investment. We have interviewed many of them and combined our strengths. The selection of this list includes both quantitative and qualitative parts, but we can say that this is a very objective list. Before the release of the list, we have never communicated with any fund managers or fund companies about the list. Similar to the list of active equity, we may miss some excellent fund managers, but this list will definitely provide a sufficient lower limit.
The main factors we consider are: performance since tenure, performance in the past 5 years, performance stability, volatility, maximum retracement, Sharpe ratio, Karma ratio, qualitative analysis, fund companies, etc. Factors such as the fund manager’s current management scale, holder structure, strategic capacity, number of managed funds, position, and influence are also fully considered.
1. Classification of fixed income funds
The first thing to solve is still the classification problem. It is often seen that investors compare the performance of products with different risk types together. In fact, this comparison is meaningless.
But fixed income funds are extremely difficult to classify, even more difficult than equity!
From the perspective of product positioning, there are short-term bonds, long-term bonds, fixed-term bonds, primary bond bases, secondary bond bases, fixed income +, equity-debt balance, and flexible allocation of equity-debt, etc. However , under the same product type, the investment goals may vary greatly. Some pursue the ultimate absolute return, while others boldly pursue excess returns.
In addition, there are partial debt FOF, quantitative hedging, REITs and other funds, which also aim at absolute returns and can also be regarded as fixed-income funds.
In terms of investment strategies, some funds mainly increase leverage, some use interest rate bonds for fluctuations, some for credit debt sinking, some for dynamic adjustment of large categories of assets, some for new investments, some for futures hedging, and some for convertible bonds . Funds of the same type may use very different strategies and risk exposures.
In addition, some fund managers also manage multiple types of funds, such as managing both pure debt and equity-debt balance funds; some funds have dual-manager configurations, and it is difficult to distinguish from the perspective of fund managers.
So how should it be classified? We thought in every possible way, and finally simply abandoned all traditional classification methods, but from the investor’s point of view, no matter what type of fund or investment strategy, we unified the risk-return (volatility rate and maximum return rate) of more than 5 years. Withdrawal) performance classification.
We believe that no matter what kind of investment constraints you are facing, as long as you are exposed to a certain level of volatility risk during a bull-bear cycle (more than 5 years) from the results, you should be classified as this risk level.
If you create the best return, or the best Sharpe ratio and Karma ratio in this risk level, you can be called excellent.
The following are the five fixed income categories we have created, which are classified according to the risk from small to large and the suitable holding period from short to long:
(1) Cash alternatives, with annualized volatility <1%, maximum drawdown <2%, historical annualized rate of return of 2.5-3.5%, best closed period of no more than one year, and no investment in equity or convertible bonds. Mainly monetary funds, bond index funds, interbank certificate of deposit funds, short-term bond funds, etc.
(2) Conservative income category, annualized volatility < 2.5%, maximum drawdown < 4%, historical annualized rate of return 3.5-5.5%, closed period is preferably no more than 1.5 years, generally medium and long-term bonds, not Invest in equity, possibly in convertible bonds. Mainly long-term bonds and fixed-term bonds among pure bonds, and a few primary and secondary debt bases.
(3) Stable “fixed income +”, annualized volatility of 2.5%-5%, maximum drawdown <8%, historical annualized rate of return of 5-7%, closed period is best not to exceed 2 years, generally long-term investment Debt, equity and convertible bonds, mainly primary and secondary debt bases and fixed income + funds.
(4) Actively “fixed income +”, the annualized volatility rate is 5%-10%, the maximum drawdown is <15%, the historical annualized rate of return is 8-12%, and the closed period is preferably no more than 3 years. It will definitely invest in equity and convertible bonds. Mainly secondary debt base, fixed income +, flexible allocation funds.
(5) Equity-debt balance category, with annualized volatility of 10%-15%, maximum drawdown <25%, historical annualized rate of return of 10-15%, generally at least 30% of positions are invested in equity, and equity positions may be Flexible adjustment. Mainly flexible configuration funds and convertible bond funds.
illustrate:
①Using the weekly annualized volatility data, the historical data is generally required to be more than 5 years, and the short-term debt is slightly relaxed (because most short-term debts have been established for a short time).
②If the annualized volatility > 15% and the maximum drawdown > 25%, we don’t think it can be regarded as a fixed-income fund, and should be regarded as an equity fund.
③We compare the fixed-term bond and open-end funds separately, because the fixed-term bond position can reach 200%, and the open-type fund can only reach 140%, but we treat them together in the list.
④ We have certain requirements for the closing period, because we believe that the closing period of a good fixed-income product should not exceed the matching reasonable fund duration by a large margin, without sacrificing the liquidity of investors.
⑤ We have not taken REITs, FOF and fund investment into consideration for the time being. First, these products generally have not been in operation for a long time; second, some funds are positioned for retirement, and risk exposure will change.
2. List ideas and features
(1) This list focuses on fund managers, mainly veteran and star managers, and fewer newcomers. Although among the new generation of fund managers, there are also outstanding young talents such as Bank of Communications Wang Yiwei, China Merchants Guo Min, Pengyang Wang Hua, Zhongou Hua Li Cheng, Everbright Prudential Huang Bo , etc., but out of prudent considerations, we have no Include fund managers who have been in office for less than 5 years. If they continue to perform well, we will add them to the next list.
Compared with the equity list with more newcomers and fewer veterans, we believe that fixed-income funds should pursue certainty and focus more on risk control rather than income. Fund managers who have gone through at least one round of bulls and bears have more experience and ability to resist risks. New cutting-edge and dark horses have risks such as lack of experience or pursuit of rankings.
Of course, we do not simply select based on investment years and fame. Some former famous generals also have a decline in excess returns after taking up management positions.
(2) We selected TOP 50 from more than 400 high-quality fixed-income funds. We did not select 100, because fixed-income funds are relatively homogeneous, and 100 is too many. We allocate different categories of places according to the number and size of funds.
(3) We added some dual-manager configurations. Because fixed-income funds involve multiple types of assets, it may be difficult for a single fund manager to be good at the same time. Practice has also proved that many fixed-income funds rely on dual-manager allocation, which has produced good results. Double managers are calculated according to one quota.
(4) We will also consider the overall fixed income strength of the fund company, and there are more fund managers from leading companies included. Because fixed-income funds rely more on team support and emphasize process management. Leading companies have a complete credit rating team, a sound risk control process, and a complete large-scale asset research team, which has the opportunity to create a better risk-benefit ratio.
(5) Considering that bond fund managers generally manage a large number of funds with various types, we only choose one direction that he is best at. We have also included the representative works of fund managers, which are only for display, not necessarily the optimal solution, and are not used as the basis for recommendation and selection.
(6) We ruled out as much as possible that the source of historical income is mainly new funds, because we believe that this source of income is unstable and unsustainable.
3. Top 50 Fixed Income Fund Managers of Public Funds in 2023
The rankings are in no particular order. The list only represents our personal opinions and is not a basis for investment! A Fund Manager’s historical performance is not indicative of future performance.
4•Cash alternatives (annualized volatility <1%, maximum drawdown <2%)
Penghua Fund Ye Chaoming ·Penghua Anyingbao Currency
How to choose cash alternative investment products?
China Universal Fund Xu Yinzhe China Universal and Jubao Currency
Shanxi Securities Liu Lingyun ·Shanxi Securities Ultra-short Bond
Caitong Fund Luo Xiaoqian ·Caitong Anrui Short-Term Debt Bonds
14•Conservative income category (annualized volatility <2.5%, maximum drawdown <4%)
Penghua Fund Liu Tao ·Penghua Fenglu Bonds, Penghua Fengrong Fixed Bonds
“Everyone Loves” Taurus & Morningstar Fund Manager
Penghua Fund Zhusong ·Penghua Industrial Bond
China Merchants Fund Malone · China Merchants Industrial Bond
China Merchants Fund Ma Long: It is both a sharp spear and a strong shield
China Merchants Fund Ma Long: The fixed-income investment road of Grand Slam fund managers
China Merchants Fund Liu Wanfeng China Merchants Double Debt Enhanced Bond
Bosera Fund Chen Kaiyang Bosera Ankang Dingopens Bonds
Bosera Fund Zhang Liling ·Bosera Credit Bond Pure Debt Bond
GF Fund Zhang Xue · Morgan Stanley Strong Income Bond (former masterpiece)
Huatai-PineBridge Fund Luo Yuanhang · Huatai-PineBridge Jijihong Bond
Huatai-PineBridge Fund Luo Yuanhang: A good “+” may significantly improve the risk-return level of fixed-income products
Huaan Fund Zou Weina ·Yinhua Credit Four Seasons Red Bond (former masterpiece)
Zou Weina of Huaan Fund: Start again after “returning to zero”
Bank of Communications Schroeder Fund Huang Yingjie Bank of Communications Yulong Pure Bonds
Bank of Communications Schroeder Huang Yingjie: Those who struggle to a few decimal places
Western Leading Fund Yan Zhiyong ·Western Leading Huixiang Bonds
Wells Fargo Fund Yu Xiaobin Wells Fargo Tianying Bond
Wells Fargo Fund Yu Xiaobin: Gather sand and form towers in the slow track of “fixed income +”
Industrial Securities Global Fund Zhai Xiuhua & Wang Jian·Xingquan Wenyiding Debt Launch Ceremony
Bank of China Fund Chen Wei · Bank of China Tianli Bond Launched
BOC Fund Chen Wei: The only fixed-income fund manager who has achieved a positive return of more than 4% for 8 consecutive years
17•Stable “fixed income +” (annualized volatility 2.5-5%, maximum drawdown <8%)
E Fund Hu Jian E Fund Robust Income Bonds
E Fund Wang Xiaochen E Fund Enhanced Return Bonds
E Fund Zhang Qinghua & Zhang Yajun E Fund Yufeng Return Bond
Wu Jianyi of Southern Fund Southern Lizhong
Southern Fund Lin Lefeng ·Southern Ankang
Southern Fund Sun Lumin ·Southern Antai Hybrid
18 years of concentration and precipitation: Sun Lumin’s investment balance technique of Southern Asset Management
GF Fund Tan Changjie · GF Trend Optimizing Flexible Allocation and Mixing
GF Fund Yao Qiu · Xinhua Increased Profit Return (former masterpiece)
Galaxy Fund Han Jing ·Galaxy Income Mixed
Penghua Fund Li Jun ·Penghua Hongli Mixed
Huafu Fund Yin Peijun · Huafu strengthens returns
Without yyds, only configuration is an eternal proposition on the investment road
Bank of China Fund Li Jian · Bank of China New Return Flexible Allocation Mix
Bank of China Fund Absolute Return Group: The “way” to continue to obtain positive returns
China Merchants Fund Yu Yafang & Wang Yin · China Merchants Ruiqing
China Merchants Fund Wang Yin and Yu Yafang: The “Tao” of Absolute Return of “Fixed Income +”
Tianhong Fund Jiang Xiaoli Tianhong Wynn Bond
Anxin Fund Zhang Yifei & Li Jun Anxin Stable Value-Added Mix
Li Jun of Anxin Fund: Pursue long-term winning rate, don’t take the light of luck, don’t take the loss of luck
Dong Han & Li Yiwen of Invesco Great Wall Fund UBS SDIC Optimized Enhanced Bond (former masterpiece)
Ping An Fund Zhou Enyuan · Ping An Zengli six-month fixed bond issuance
9•Active “fixed income +” (annualized volatility 5%-10%, maximum drawdown <15%)
Bosera Fund Guojun Bosera Credit Bond
Interesting, this fixed income tycoon has a “soul of rights and interests”
E Fund Fund Zhang Qinghua E Fund Reassuring Return Bonds
GF Fund Zhang Qian · GF Juxin Bonds
GF Fund Qiu Shilei ·Minsheng Royal New Strategic Mix (former masterpiece)
GF Fund Qiu Shilei: A top-down “fixed income +” player who formulates a “strategic map”
This big factory holds six “trump cards”, and he is an underestimated “fixed income +” player
China Asset Management Liu Wanjun Huaxia Double Debt Bond
Liu Wanjun of China Asset Management: A fixed-income investment framework combining odds and probabilities
Orient Securities Asset Management Ji Wenjing & Kong Lingchao · Dongfanghong Ruiyi is scheduled to open
Dongfanghong Asset Management Ji Wenjing: Fixed income investment has entered the α era
Dongfanghong Asset Management Kong Lingchao: The multi-asset allocation system behind “fixed income +”
Huaan Fund Shi Yuxin & Lu Ben Huaan Ankang Flexible Configuration
Huaan Fund Lu Ben’s “time, location, and harmony”
Xingye Fund Liu Fangxu & Labo Xingye Longteng Double Benefit Balanced Mix
Industrial Fund Liu Fangxu: Looking for high certainty in growth
Minsheng Royal Fund Xie Zhihua Nuoan optimized income bond (former masterpiece)
6• Equity-debt balance (annualized volatility 10%-15%, maximum drawdown <25%)
Guohai Franklin Fund Xu Lirong Guofu China Income
Guohai Franklin Xu Lirong: A long-distance running veteran with over 10 years of service and a compound rate of return of over 20%
GF Fund Fu Youxing · GF Steady Growth
GF Fund Manager Fu Youxing: Guardian of the Value of Millions of Christians
China Merchants Fund Li Yin · China Merchants Antai Balance
China Merchants Fund Li Yin: A good company needs a good price
China Merchants Fund Li Yin: Banks and other undervalued sectors usher in investment opportunities
Penghua Fund Wang Shiqian ·Penghua Convertible Bonds
Don’t Ignore Fixed Income + Elite Strength——Penghua Wang Shiqian
Southern Fund Lu Yushan Southern Core Competitive Mix
A Capital Guaranteed Fund Manager’s Successful Transformation
Huabao Fund Li Dongliang · Huabao New Leap flexible configuration mix
Conclusion: There are many excellent fund managers in the market, and there are constant survival of the fittest. Our vision is also limited, and there will definitely be omissions. We welcome your valuable opinions.
We will try our best to update the list once a year according to changes, and we will continue to release [2023 Top 100 Equity Fund Managers of Public Funds] . Welcome everyone to continue to pay attention to the subscription account @点拉投资and @结城投资
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