华宝兴业基金管理有限公司

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Investment Strategy

1.Asset  Allocation

The fund adopts active asset allocation strategy, based on following factors:

(1)Macro economics indicators: GDP, GDP structure, CPI, PMI, Population Structure etc;

(2)Macro policies: fiscal and monetary policies;

(3)Market liquidity indicators: supply and demand of market capital, interest rate level and other relevant indicators;

2.Stock Investment Strategy

More than 80% of the equity asset is allocated on the manufacturing industry stocks. Target stocks are selected by qualitative indicators and quantitative indicators.(1)   Qualitative indicatorsThe factors this fund will take into consideration are as following:

  • The future development of its industry

  • Commercial model

  • Core competive force (R&D ability, Well Marketing, Competitive Product, etc)

  • Corporate governance structure

(2)  Quantitative indicatorsthis fund relies on the following indicators to select:

  • Growth indicators:--CAGR of primary business income and profit. etc        

  • Profit indicators:-- ROE, ROIC.etc3)  Value indicators:--P/E, P/B, P/CF, P/S. etc

3. Fixed Income Instruments Investment Strategy

The fund adopts a top-down methodology to manage its fixed income portfolioFirstly, the fund determines its overall fixed income instruments duration according to macro economy condition, monetary policies and interest expectation.Secondly,the fund relies on a bottom-up methodology to pick up individual securities, the factors should be evaluated included: Return, Volatility, Yield to Maturity, Coupon Rate, Liquidity and Credit Rating.The strategies the fund manager adopts include:

(1)Interest expectationBased on macro economy analysis, the fund manager predicts the future trend of interest rate. Combined with future cash flow expectation, the fund manager can determine average term to maturity of portfolio.

(2) ValuationCompare the intrinsic value of individual security and its market price. The fund manager can determine the right securities to buy.

(3)Interest rate spread strategyBased on interest rate spread, the fund manager can allocate asset within different market sectors, the interest rate spread include credit spread, callable and non-callable spread.etc.

(4) Swap StrategyInvest in one debt while liquidize a similar debt position, the strategy can help fund manager to increase yield and avoid tax.

(5) Credit analysisBased on business cycle and financial statements analysis, the fund manager can judge a bond issuer’s creditworthiness and its capacity to repay interest and principle on due.

4. Investment Strategies for Other Financial Instruments(1) Index futures: based on the principle of risk management, the fund manager will manage index future position according to the following strategies:

  • Hedging strategy

  • Cash management

  • Margin position management(2) Stock options: the fund manager will combine fundamental analysis and option valuation model analysis to determine stock option investment.

DISCLAIMER & DECLARATION

Fortune SG Fund Management Co.,Ltd. 58/F Shanghai World Financial Center,100 Century Avenue,ShangHai,China 200120

TEL:+86 21 38505888Office Fax:+86 21 38505777Hot Line:400-700-5588Customer Service Fax:+86 21 38924555

Website:www.fsfund.com