Category: Money tips Release Date: 2006-01-15
Investment Strategy
Yong-Kang said that in the effective control of risks based on the adoption of "playing the new shares", the investment shares of convertible bonds and a unique investment strategy of the three major ways to improve the security of the Fund's rate of return.
Magic a hit --- IPO
Since the May 2006 to resume issuing new shares, the "fight new shares" to the Yinhua preservation brought 3% -4% of the investment income returns. The first phase of the second half of last year, taking into account the security of the current cycle is about to expire, Yinhua Preservation Fund to use more online method of purchase of new shares, limiting the "IPO hit" rate of return. Raising funds become available in the new, more involved in offline purchase, and improve the "hit shares" in the success rate and capital efficiency.
Magic 2 --- invest in convertible bonds
Yong-Kang further said that convertible bonds for a capital preservation fund also has a high investment value. Convertible bonds and stocks both the dual attributes, in the risk premium has declined little space, up the characteristics of a larger space. Even in the 2001-2006 bear market adjustment, can also provide an annual return of about 10%, in the 2006 bull market, there are about 50% return.
The unique magic 3 --- Stock Investment
In stock selection, Yong-Kang would choose a relatively reasonable valuation of the potential upside at the same time a certain stock. After the share reform era, the role of equity-based incentives and assets of the two main themes, these two aspects of uncertainty, from the disclosure of information, fundamental research can not obtain accurate information. Yong-Kang, said: "We will find some of the most potential, while its stock has not included the role of equity-based incentives and assets of the subject matter, valuation is relatively low, in the asset's performance is falling is a mainstream level, which is stocks and assets of the role of equity-based incentives, if made, there will be a very good performance. "
In 2006, Yin-hua Capital Preservation Fund invests a large proportion of financial sector stocks, mainly on account of China's macro-economic well-formed appreciation of the yuan, banking boom in the financial industry has a very good feature and many other factors, taken a super-distribution strategy , a good way to share the benefits of financial stocks rose. In addition to the financial industry, consumer goods retail sales of wine and is also the last year has been particularly concerned.
Nearly three years of operation from the point of view, as of February 2, Yin-hua Preservation Fund total net worth grew by 23.02 percent, an average of 7% -8% each year earnings.
