Special topic: gather 2024 funds Quarterly report

The quarterly reports of funds in the first quarter of 2024 have been released one after another.FreeslotmachineswithmultiplefreespinsnodownloadIn the past quarter, the performance of all kinds of assets has experienced ups and downs, which has also tested the ability of fixed income + products to allocate large categories. The CEIBS Huili Bond Fund, established on August 23 last year, reached its highest net worth since its inception at the end of March 31, 2024. Fund manager Hua Licheng also shared his investment strategies and views over the past three months in the quarterly report.

"at the stock level, with the Spring Festival as a watershed, the market trend is diametrically opposite. Before the Spring Festival, the market as a whole continued its early trend, and the market was constantly affected by pessimistic growth expectations. During this period, microdisk stocks that performed well last year fell sharply under the impact of liquidity, which once again warned us that risk transmission is often non-linear, gentlemen do not stand under the dangerous wall or risk prevention methods worth using for reference. " Hua Licheng is concerned that as all kinds of risks are fully released and the market shows obvious investment value, the index begins to stabilize and rebound after the Spring Festival, and the market returns to the available range. "structurally, the market still maintains a dumbbell structure, with dividend stocks representing certainty and offshore stocks representing growth performing well. It is believed that there will be more and more opportunities for repair as growth."

At the bond level, Hua Li Cheng said frankly that compared with the twists and turns of stocks, bonds move much more smoothly. Long-end interest rate bonds in the first two months continued the downward trend in December last year, with ultra-long-end interest rate bonds winning the market's attention and falling so fast that the market had to discuss where the pricing anchor was. Credit bonds continue to reduce spreads, term spreads, rating spreads, variety spreads are all reduced to a historically low range, of course, there is a certain degree of rationality behind this, but the water level of market valuation rises significantly. After entering March, although there are different ups and downs every day, but stretching to see that the market has become volatile, the trend has changed compared with the previous period. "

In terms of specific operation, Hua Licheng revealed in the quarterly report that the portfolio adheres to the concept of asset allocation in the first quarter, adjusts the allocation of portfolio stocks and bonds in a timely manner, adheres to a disciplined dynamic asset allocation operation, and increases the intensity of equity asset allocation at every bargain. "in terms of stocks, the portfolio adopts a multi-strategy management framework, giving full play to the decentralization effect among different strategies to smooth portfolio fluctuations, and adjusting the weight of strategy allocation to better conform to the market rhythm; in terms of bonds, the portfolio adheres to the allocation strategy of high-grade credit debt and timely adjusts the duration of the portfolio through long-term interest rate debt to better grasp the market opportunity."

The fund has risks and needs to be invested with caution. The fund manager undertakes to manage and use the fund assets in the principle of good faith and diligence, but does not guarantee the profit of the fund or the minimum return. The past performance of the fund does not predict its future performance, and the performance of other funds managed by fund managers does not constitute a guarantee of fund performance. Before you make an investment decision, please carefully read the product legal documents and risk disclosure books such as the fund contract, the fund prospectus and the summary of the fund product information, and fully understand the risk-return characteristics and product characteristics of the fund. seriously consider the various risk factors existing in the fund, and fully consider your risk tolerance according to your own investment purpose, investment period, investment experience, asset status and other factors. On the basis of understanding the product situation and sales appropriateness opinions, rational judgment and careful investment decisions are made. [bonds] this fund is a bond fund, and its expected return and expected risk level is higher than that of money market funds, but lower than that of mixed funds and stock funds. The fund can invest in Hong Kong shares. In addition to the general investment risks such as market volatility risks similar to those of mainland securities investment funds, the Fund also faces unique risks caused by differences in the investment environment, investment targets, market systems and trading rules under the Hong Kong Stock Exchange mechanism.

Data sources Fund periodic reports as of 2024-03-31. The past performance of the fund does not predict its future performance, and the performance of other funds managed by fund managers does not constitute a guarantee of fund performance. CEIBS Huili bond A has risen or fallen by 2% since its inception.Freeslotmachineswithmultiplefreespinsnodownload.72%, with a performance benchmark of 2.06% for the same period. Successive fund managers: Hua Licheng 20230823-managed so far.