List Of TOP50 Fixed Income Fund Managers In 2023

So, when buying funds, is it enough to only buy stock funds? Apparently not enough. After the market turmoil in 2022, more and more readers are also asking us to provide a list of fixed income funds. So, starting from the fourth quarter of 2022, I started studying the fixed income fund list with Lingcheng Investment, and today we finally launched our "Top 50 Fixed Income Fund Managers in 2023" list!

The fund managers on this list have been jointly recognized by Dianshi Investment and Lingcheng Investment. We interviewed many of them and combined our strengths. The selection of this list has both quantitative and qualitative parts, but it can be said that this is a very objective list. Before the list was released, we had never communicated with any fund manager or fund company about the list. Similar to the active stock list, we may miss some great fund managers, but this list will certainly provide a sufficient floor.

The main factors we consider are: performance since taking office, performance in the past five years, performance stability, volatility, maximum drawdown, Sharpe ratio, karma ratio, qualitative analysis, fund companies, etc. At the same time, factors such as the current management scale, holder structure, strategic capabilities, number of managed funds, status, and influence of the fund manager are also fully considered.

1. Classification of Fixed Income Funds

The first thing to solve is still the classification problem. We often see investors putting products of different risk types together to compare their performance. In fact, this comparison is meaningless.

However, classifying fixed income funds is extremely difficult, even more difficult than stock funds!

From the perspective of product positioning, there are short-term bonds, long-term bonds, fixed-amount bonds, primary debt bases, secondary debt bases, fixed income +, stock-bond balance, and flexible allocation of stocks and bonds, etc. However, within the same product type, investment objectives may be very different. Some pursue ultimate absolute returns, while others boldly pursue excess returns.

In addition, there are debt-oriented FOF, quantitative hedging, REITs and other funds, which also target absolute returns and can also be regarded as fixed income funds.

From the perspective of investment strategies, some funds mainly use leverage, some funds use interest rate bonds to make fluctuations, some funds use credit bonds to sink, some funds use large categories of assets to dynamically adjust, some funds use new funds, and some funds Using futures for hedging, some allocate convertible bonds. . Funds of the same type may employ significantly different strategies and have different risk exposures.

In addition, some fund managers also manage multiple types of funds, such as pure debt funds and stock-bond balanced funds; some funds are configured with dual managers, which is difficult to distinguish from the perspective of the fund manager.

So how should it be classified? We thought a lot and ended up abandoning all traditional classification methods. On the contrary, from an investor's perspective, no matter what type of fund or investment strategy, we uniformly use the risk return (volatility and maximum return) of more than 5 years as the standard. Withdrawal) performance is classified.

We believe that no matter what investment restrictions you face, as long as the results show that you face a certain degree of volatility risk within a bull-bear cycle (5+ years), you should be classified in that risk level.

If you generate the best return, or the best Sharpe ratio or karma ratio at this level of risk, you can be called excellent.

The following are the 5 fixed income classifications we created, classified according to risk from small to large and suitable holding period from short to long:

(1) Cash replacement type, annualized volatility <1%, maximum drawdown <2%, historical annualized return rate 2.5-3.5%, closed period preferably not exceeding one year, no investment in stocks or convertible bonds. There are mainly currency funds, bond index funds, interbank certificate of deposit funds, short-term debt funds, etc.

(2) Conservative income category, annualized volatility <2.5%, maximum drawdown <4%, historical annualized return rate 3.5-5.5%, closed period preferably not exceeding 1.5 years, generally medium and long-term bonds, no equity investment , possibly a convertible bond. Pure bonds are dominated by long-term bonds and fixed-term bonds, and there are also a small number of primary and secondary debt funds.

(3) Steady "fixed income +", with annual fluctuations of 2.5%-5%, maximum drawdown <8%, historical annualized return of 5-7%, and a closed period of no more than 2 years. Generally, long-term investment debt, Equity and convertible bonds, mainly primary and secondary debt bases and fixed income + funds.

(4) Active "fixed income +", with annualized fluctuations of 5%-10%, maximum drawdown <15%, historical annualized return of 8-12%, and a closed period of no more than 3 years. You will definitely invest in equity. and convertible bonds. Mainly secondary debt bases, fixed income +, and flexible allocation funds.

(5) The annualized volatility of stock and bond balances is 10%-15%, the maximum drawdown is <25%, and the historical annualized rate of return is 10-15%. Generally, at least 30% of the position is invested in equity, and the equity position can be flexibly adjusted. Mainly flexible allocation funds and convertible bond funds.

Clarification:

① Using annualized volatility data, historical data generally requires more than 5 years, and short-term bonds are slightly looser (because most short-term bonds have a shorter establishment time).

② If the annualized volatility is >15% and the maximum drawdown is >25%, we believe that it cannot be regarded as a fixed income fund and should be regarded as a stock fund.

③We compare fixed-term bonds and open-end funds separately, because the position of fixed-term bonds can reach 200%, while open-end funds 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, without sacrificing investor liquidity, the closing period of a good fixed income product should not significantly exceed its matching reasonable fund duration.

⑤ REITs, FOF and fund investment advisory are not considered for the time being. First, these products generally do not run for a long time; second, some funds are positioned for retirement, and risk exposure will change.

2. List ideas and features

(1) This list is centered on fund managers, mainly veteran and star managers, with fewer newcomers. Although there are many outstanding newcomers among the new generation of fund managers such as Bank of Communications Wang Yiwei, China Merchants Guo Min, Peng Yang Wang Hua, CEIBS Hualicheng, Everbright Prudential Huang Bo, etc., out of caution, we do not have them temporarily. Including fund managers with less than 5 years of service. If they continue to perform well, we'll add them to the next list.

Compared with stock lists with many newcomers and few veterans, we believe that fixed income funds should pursue certainty and focus more on risk control rather than the pursuit of returns. Fund managers who have experienced at least one bull-bear cycle are more experienced and more able to withstand risks. New dark horses have risks such as lack of experience or pursuit of rankings.

Of course, we don’t choose purely based on years of investment and reputation. Some former famous players have also experienced declines in excess returns after moving into management.

(2) We selected the TOP 50 from more than 400 high-quality fixed income funds. We did not choose 100 because fixed income funds are relatively homogeneous and 100 would be too much. We allocate quotas to different categories based on the number and size of funds.

(3) We added some dual manager configurations. Because fixed income funds span multiple major asset classes, it can be difficult for a single fund manager to be good at both. Practice has also proven that many fixed income funds rely on dual-manager allocation and have achieved good results. Dual managers are counted as one quota.

(4) The overall fixed income strength of fund companies will also be considered to attract more fund managers from leading companies. Because fixed income funds rely more on team support and emphasize process management. Leading companies have a complete credit rating team, a complete risk control process and a complete large-asset research team, which have the opportunity to create a better risk-return ratio.

(5) Considering that bond fund managers generally manage a large number of funds with diverse varieties, we only choose the direction in which they are best at. We have also included representative works of fund managers, which are for display only and are not necessarily the best solutions and are not used as a basis for recommendations and selections.

(6) We try to exclude funds because we believe this source of income is unstable and unsustainable.

3. Top 50 public fund fixed income fund managers in 2023

Ranking is in no particular order. The list only represents personal opinions and is not used as an investment basis! The historical performance of the fund manager is not indicative of future performance.

4·Cash replacement type (annualized volatility <1%, maximum drawdown <2%)

Penghua Fund Ye Chaoming·Penghua Anbao Currency

How to choose cash alternative investments?

China Universal Fund Xu Yinzhe·China Universal and Treasure Coin

Shanxi Securities Liu Lingyun·Shanxi Securities Ultra-Short-term Bonds

Caitong Fund Xiaoqian·Caitong Anrui Short-term Bonds

14•Conservative income category (annualized volatility <2.5%, maximum drawdown <4%)

Penghua Fund Liu Tao·Penghua Feng Road Bond, Penghua Fengrong Fixed Bond

Taurus and Morningstar fund managers 'everyone loves'

Penghua Fund Zhu Song·Penghua Industrial Bonds

China Merchants Fund Malone·China Merchants Industrial Bonds

China Merchants Fund Ma Long: Both a sharp spear and a strong shield

China Merchants Fund Ma Long: Grand Slam Fund Manager’s Path to Fixed Income Investment

China Merchants Fund Liu Wanfeng·China Merchants Double Debt Enhanced Bond

Fund Chen Kaiyang·Boshi Ankang Dingkai Bond

Fund Zhang Liling·Boshi Credit Bond Pure Debt

GF Fund Zhang Xue·Monopoly Strong Yield Bonds (former masterpiece)

Hua Fund Voyage Huatai-PineBridge Quarterly Red Bond

Hua Fund 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)

Huaan Fund Zou Weina: Set off again after "returning to zero"

Bank of Communications Schroder Fund Huang Yingjie Bank of Communications Yulon Pure Bond

Bank of Communications Schroders Huang Yingjie: People who struggle to the last few decimal places

Xiying Fund Yan Zhiyong Xiying Huixiang Bonds

Wells Fargo Fund Yu Xiaobin·Wells Fargo Tianying Bonds

Wells Fargo Fund Yu Xiaobin: Gathering sand into a tower on the slow lane of "fixed income +"

Industrial Securities Global Fund Zhai Xiuhua, Wang Jian Xing Quanwen Yiding Bond Issuance Ceremony

Bank of China Fund Chen Wei·BOC Tianli Bond Issuance

BOC Fund Chen Wei: The only fixed income fund manager to achieve positive returns of more than 4% for 8 consecutive years

17. Steady “fixed income +” (annualized fluctuation 2.5-5%, maximum drawdown <8%)

E Fund Fund Hu Jian E Fund Stable Income Bonds

E Fund Wang Xiaochen·E Fund Enhanced Income Bonds

Yi Fund Zhang Qinghua, Zhang Yajun·E Fund Yufeng Return Bond

Southern Fund Wu Jianyi·Southern Lezhong

Southern Fund Lin Lefeng·Southern Ankang

Southern Fund Sun Lumin·Southern Antai Portfolio

18 years of focus and precipitation: Southern Fund Sun Lumin’s investment balancing skills

GF Fund Tan Changjie·GF Trend Preferred Flexible Allocation Portfolio

GF Fund Yao Qiu Huazeng Profit Return (former masterpiece)

Galaxy Fund·Galaxy Income Mix

Penghua Fund Li Jun·Penghua Hongli Mixed

Quam Jialuo Fund Yin Peijun · Quam Enhanced Returns

There is no yyds, only configuration is an eternal proposition on the investment road.

BOC Fund Li Jian·BOC New Income Flexible Allocation Portfolio

BOC Fund Absolute Return Group: The "Tao" to Continuously Obtain Positive Returns

China Merchants Fund Yu Yafang, Wang Yin·China Merchants Ruiqing

Investment Fund Wang Yin Yu Yafang: The "Tao" of "Fixed Income +" Absolute Return

Tianhong Fund Jiang Xiaoli Tianhong Wynn Bonds

Fund Zhang Yifei Li Jun·Anxin Steady Value-Added Portfolio

Fund Li Jun: Pursue long-term winning rate, don’t take advantage of luck, don’t eat luck

Invesco Great Wall Fund Gold Han Dong Li Yiwen SDIC UBS Optimization Enhanced Bonds (former masterpiece)

Ping An Fund Zhou Enyuan·Ping An increased profits by issuing bonds in six months

9•Actively "fixed income +" (annualized fluctuation is 5%-10%, maximum drawdown <15%)

Fund King·Boshi Credit Bond

Interestingly, this fixed income boss has an “equity soul”

E Fund Zhang Qinghua·E Fund Safe Income Bonds

Guangdong Fund Zhang Qian·Guangfa Juxin Bonds

Guangfa Fund Qiu Shilei·Minsheng Bank New Strategic Portfolio (former masterpiece)

GF Fund Qiu Shilei: Master of "Fixed Income+" who formulates a "strategic map" from top to bottom

This major manufacturer holds six "ace cards" and is an undervalued "fixed income +" player.

Fund Liu Wanjun·China Double Debt

China Asset Management Liu Wanjun: Fixed income investment framework combining odds and probability

Oriental Securities Asset Management Ji Wenjing & Kong Lingchao·Oriental Hongrui intends to open

Dongfanghong Asset Management Ji Wenjing: Fixed income investment has entered the Alpha era

Dongfanghong Asset Management Kong Lingchao: The multi-asset allocation system behind “Fixed Income+”

Huaan Fund Shi Yuxin, Lu Ben·Huaan Ankang Flexible Allocation

Huajin Capital’s “timing, location and harmony”

Industrial Fund Liu Fangxu&Labo·Xingyelong Double-profit Balanced Portfolio

Industrial Fund Liu Fangxu: Looking for high certainty of growth

Minsheng Canadian Bank Fund Xie Zhihua Noan Optimized Income Bonds (former masterpiece)

6·Stock and bond balance category (annualized fluctuation 10%-15%, maximum drawdown <25%)

Guohai Franklin Fund Xu Lirong · Guofu China Income

Guohai Franklin Xu Lirong: a long-distance runner who has been in the industry for more than 10 years and has a compound return rate of more than 20%

Guangfa Fund pays you bank·Guangfa grows steadily

GF Fund Manager Fu Youxing: Guardian of Value for Millions of Christians

China Merchants Fund Li Yin·China Merchants Antai Balance

Investment fund Li Yin: A good company also needs a good price

Li Yin of China Merchants Fund: Banks and other low-valuation industries welcome investment opportunities

Penghua Fund Wang Shiqian·Penghua Convertible Bonds

Don’t ignore fixed income + elite power - Penghua Wang Shiqian

Southern Fund Lu Yushan·Southern Core Competitiveness Portfolio

The successful transformation of capital-guaranteed fund managers

Huabao Fund Li Dongliang·Huabao Xinyue Flexible Allocation Portfolio

Conclusion: There are many excellent fund managers in the market, and the fittest are constantly being eliminated. Our field of vision is also limited, and there are bound to be omissions. We welcome your valuable comments.

-end-

Sort alphabetically

标签： #Fund #Bond #Manager #List #Volatility