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全天计划重庆时时彩:Base analysis: Southern Banking 14 days A

时间:2018/7/13 19:53:20  作者:  来源:  浏览:0  评论:0
内容摘要:South Banking 14 days A 202303 Date of establishmenttype of investmentFeatureslatest scale 2012 / 8 / 14 open short-term financial bondflexi...

South Banking 14 days A 202303

Date of establishment type of investment Features latest scale
2012 / 8 / 14 open short-term financial bond flexible and robust 12.82 one hundred million yuan

7 _ 89456 _ 29 _ 65473 _ 91, the second half of 2018 the fund manager outlook

1 ) Views and outlook on the bond market

n This year's real estate and the investment environment of the city investment platform continue to tighten, the investment faces one Downward pressure. The recovery of the external economy is still good, but the marginal improvement has slowed down, and trade disputes have also brought uncertainty to global trade growth. Overall, the economy is expected to remain stable throughout the year.

n It is estimated that the central CPI center is about 2.5%, it is difficult to break through 3.0%; the PPI center is about 3.5%, which is significantly lower than 2017. In terms of policy, the Fed raised interest rates as scheduled. Although the economic growth forecast was raised, the judgment on inflation was cautious. The current market interest rate hike is still expected to be three times. The ECB maintained the interest rate unchanged, slightly adjusted the wording, and the overall statement was neutral.

n Domestically, the central bank actively maintained the reasonable stability of liquidity between bank , and the monetary policy returned to neutral neutrality. The rules for the new regulations for assets management may be introduced in April, and the regulatory policies will gradually be implemented. Strict regulatory policies and neutral monetary policies are still the main tone of this year.

n In terms of strategy, although the economic data at the beginning of the year exceeded expectations, the sustainability of the influencing factors may not be strong. It is expected to fall back later, but the fundamentals are still stable and there are no signs of significant weakening. The financing environment for real estate and urban investment platforms continued to tighten this year, and investment is facing certain downward pressure. The recovery of the external economy is still good, but the marginal improvement has slowed down, and trade disputes have also brought uncertainty to global trade growth.

n Overall, the economy is expected to be stable throughout the year. The impact of strict financial regulation is still continuing, but as monetary policy gradually returns to substantive neutrality, the impact of policies on the market has also been buffered. This year's equity market volatility has risen, and along with uncertain events such as trade wars, the market's risk appetite has necessarily moved down. The current money market interest rates level fluctuations center has emerged down, but with the regulatory policy gradually fall to the ground within the second quarter, the market still has large uncertainties, the market interest rate is expected to be a certain fluctuations, then there will be better investment opportunities.

2) the Fund's investment strategy

in operation, the Fund mainly in low-duration positions mainly in order to achieve better balance between revenue and improve the combination of static to maintain high liquidity assets.


2, past performance

As of 2018-03-31, southern financial bonds A 14 days ending net asset value of 14.24 billion yuan, compared 2017-12-31, increasing 054 million yuan, up 3.98 percent. A financial Southern 14 days annual return in the same type of fund ranked in the front in the long-term management of Mr. Xia Chenxi, Mr. Dong Hao pursuit of absolute returns in good condition to maintain liquidity and robustness.

Figure 1, seven-year rate of return


(Source: East Fortune choice data)

chart 2, the fund ranked

annual return and financial Southern 60 days A4.454.964.293.057_89 456_117_65473_94.06
year fixed 32.751.51.51.5
similar ranking 22 / 4646 / 7940 / 8819 / 9239 / 98

(Source: Oriental Fortune choice data )

3, asset allocation of the Fund as a short-term

Financial fund, in asset allocation In the same industry, deposits and cash are the mainstays, and inter-bank deposits account for 49.21%. In the 18-year quarterly report, the market value of bonds accounted for 55.64% of the same level as the average fund of the same type; in order to maintain the flexibility of the fund, the fund's cash ratio was 39.72%; in the distribution of the remaining term of the bond, it was mainly 60-90 days. All in all, the Fund is focused on maintaining flexibility while pursuing absolute returns.

Figure 3, the fund size and change


(Source: Oriental Fortune choice data)

Figure 4, the fund asset allocation


(Source: Oriental Fortune choice data)


This report every day fund net-based public The release of information research does not constitute investment advice. Investors pursuant to operate your own risk. Market risk, the investment need to be cautious.





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