# Lao Si Ji Hard Core Evaluation# # Snowball Creator Center# #ETF Star Push Official# $Haifutong Alpha Hedging Mixed A(F519062)$
As an investment veteran , Zhaosheng has carefully prepared an article for a week and wrote this experience, hoping that everyone can have a better understanding of the quantitative enhancement fund.
Because quantification is a slightly complicated concept, and it has developed so rapidly in recent years, it has been favored by capital, so you may have many questions about quantitative products. Some friends don’t even know what a quantitative fund is, so they will Ask:
What is a quantitative fund?
What is the purpose of quantitative funds?
Simply put, it is to use a mathematical model to screen out the most suitable stocks according to their respective conditions, because hundreds of stocks may be traded every day, which is difficult for traditional funds to do, and the workload is too large, and the computer program is used directly. Automatic trading in large batches is very light.
The Quantitative Index Enhancement Fund is already clear in the picture above.
So how do quantitative funds make money? And what do we often see Alpha, volume-price factor, and machine learning mean?
From the chart above, we can see the composition of the index-enhanced fund’s return.
The quantitative index enhancement fund is actually the manager striving to create excess return (Alpha) on the basis of the systematic return (Beta) of the index.
The characteristic of exponential enhancement strategy is that it can attack and retreat and can defend . The strategy has the margin of safety brought by excess returns when the market is down, and there is room for growth brought by the market risk premium when the market is up.
To put it simply, when the index is rising, the quantitative index products will try to increase more than the index, and when the index is falling, the index products will try to fall less than the index.
On the premise that the quantitative strategy is effective, a relatively stable excess can increase the product winning rate, and the longer the holding time, the higher the winning rate, even in a market with strong uncertainty, it can still provide relatively stable income expectations.
Now that we know what is a quantitative index enhancement fund and understand its advantages, then let’s take a look at our focus today $HFT Alpha Hedged Mixed A (F519062)$
To understand this fund, we must first understand the composition, of which the quantitative index enhancement fund has been understood, so we can better understand HFT Alpha Hedging Mix A (F519062)
The above picture shows the integration of quantitative funds and hedge funds in 2020. We can see that the scale of quantitative funds has grown significantly in 2020.
As of the end of 2020, there were 13,465 quantitative/hedging strategy funds (including FOF), with a total scale of 699.987 billion yuan, accounting for 26.2% and 18.9% of the total number and scale of self-issued private securities investment funds, respectively. The scale of new filings was 31.869 billion yuan, a year-on-year increase of 365.0%. Therefore, we can know that quantitative funds have been widely expected in the market and have a steady stream of capital blessings.
At the same time, we can also see from the figure that the overall trend of the market is not just investing in quantification or just investing in hedging, but funds that combine quantification and hedging are more favored by the market.
The dual selection of quantification and hedge funds, whether from the number of funds reaching 6982 or from the size of 3291.53 funds, is far higher than that of only quantitative or only hedge funds.
And $ Hai Fortis Alpha Hedging Mix A (F519062) $ is such a fund that includes both quantitative funds and hedge funds.
Let’s take a look at the fund file:
We can see that HFT Alpha Hedging Mix A (F519062) was established by HFT Fund in 2014. Now the scale has reached 3.1 billion, which is more popular in the market.
Since it is loved by the market, there is a reason for its love. We can see one or two from the following figure.
Here is the yield curve for Alpha Hedged Mixed A (F519062) for the last three months .
We can see that the yield of Alpha Hedged Hybrid A (F519062) is currently -2.34%
The yield of the CSI 300 index is -16.39%
Therefore, thanks to the high-quality management of Alpha Hedged Mixed A (F519062), the yield of Alpha Hedged Mixed A (F519062) is much higher than that of the CSI 300 Index in the short term .
Then some friends may say, I am a long-term investor, so what is the long-term investment value of Alpha Hedged Mixed A (F519062) ?
We can also see the decomposition from the figure below.
The picture shows the yield curve of Alpha Hedged Mixed A (F519062) in the past year.
We can see that the yield of Alpha Hedged Hybrid A (F519062) is currently -4.41%
The yield of the CSI 300 Index is -21.63%
Thanks to the high-quality management of Alpha Hedging Mixed A (F519062), the yield of Alpha Hedged Mixed A (F519062) is also much higher than that of the CSI 300 Index in the long run.
Therefore, if we regard three months as a short-term investment and one year’s income as a long-term investment, we can find that:
Alpha Hedging Mix A (F519062) is not only better than the CSI 300 Index in the short term, but also better than the CSI 300 Index over time.
From the original yield difference of 14.05% in three months, it has expanded to a yield difference of 17.22% .
Therefore , Alpha Hedging Mixed A (F519062) can be said to be both offensive and defensive , whether it is in short-term or long-term investment .
Since for the CSI 300 Index, Alpha Hedging Mixed A (F519062) is a high-quality player who easily wins.
So what would happen if you zoomed in on this competition and placed it in a competition with thousands of funds of the same kind?
In the picture, we are even more surprised by the superior performance of Alpha Hedging Hybrid A (F519062).
Although since the beginning of this year, there have been many retracements due to the turbulent market, the maximum retracement rate is 6.24% at most, and the average index is 9.26%, so it can be said to be the best in controlling the retracement.
Since its establishment, it has ranked 1528th among 6138 similar funds, which can be said to be the mainstay of the iron and iron , and the increase has reached 55.75% .
And such a fund with both offense and defense is naturally inseparable from excellent managers.
We can see that the existing fund managers are Du Xiaohai and Zhu Binquan
Manager Du Xiaohai is a quantitative analyst, senior quantitative analyst, head of quantitative and risk management, director of quantitative and risk management, and director of the multi-asset strategic investment department of HFT Fund Management Co., Ltd. He is currently the quantitative investment department of HFT Fund Management Co., Ltd. Director.
Working experience has reached 24 years .
And Zhaosheng himself likes Du Xiaohai’s investment style.
Its quantitative investment is not a castle in the air, and it touched me a lot in the process of quantitative investment.
At the same time, whenever the call is entangled in the short-term and the long-term, the words of Manager Du Xiaohai can always sound in my mind:
“What investors really care about is the company’s long-term sustainable profitability. If you only look at the short-term prosperity, it is easy to buy at the high point of the cycle.”
Of course, Zhu Binquan is also the mainstay of HFT Fund.
He has served as a trader, senior trader, quantitative analyst, investment manager, and assistant fund manager.
Since November 2018, he has been the manager of HFT Alpha Hedge Mixed Fund.
At the same time, he also has rich investment experience. Since October 2019, he has also served as HFT Fuxiang Mix, HFT CSI 300 Enhanced (formerly HFT Fu Rui Mix), HFT Multi-Factor Mix and HFT Xin A mixed fund manager.
Since October 2020, he has also served as the manager of HFT Xinxiang Mixed Fund and HFT New Domestic Demand Mixed Fund.
Zhu Binquan manages many high-quality funds, so he can grasp the market conditions more comprehensively and profoundly, and his 15 years of experience in the industry also makes him famous.
Finally, of course, look at the main holdings of its fund.
The main positions currently announced are:
Kweichow Moutai 2.8%
China Merchants Bank 2.52%
CATL 2.19%
Oriental Fortune 1.56%
Wuliangye 1.56%
WuXi AppTec 1.44%
BYD 1.22%
Bank of Ningbo 1.21%
Luzhou Laojiao 1.16%
LONGi shares 1.06%
We can see from their heavy positions that they are all high-quality leading stocks in their industry .
Therefore, high-quality positions can give us more expectations and imagination in this volatile market.
Then when quantitative enhancement meets hard-core hedging,
What do you think the chemical reaction will be?
What surprises will the Alpha Hedge Hybrid A (F519062) bring us?
Let’s wait and see!
@Today’s topic @snowball creator center @ETF star push officer @海fortune fund
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