QDII fund selection under the perspective of overseas asset allocation
Analyst: Liu Ye Practitioner Registration Number: S0530519090001
In the second half of 2023, based on the high level of Sino -US interest spreads and the expected improvement of interest rate cuts in the United States, we made a preliminary US debt fund sorting out.From the perspective of the Fed’s statement in the past year and the rhythm of market transactions, the sales window period for US debt investment is indeed longer than expected.The current change is mainly due to the divergence of the market’s expected expectations of US debt income. The possibility of re -inflation in the United States, this round of interest rate cuts, or non -recession interest rate cuts are all considerations.The current time is studied again, mainly based on two points of consideration: First of all, the current US bond interest rate location still has investment value. In the context where the overall market main line is not so clear, the relatively certain investment opportunities need to be grasped; secondlyStarting from the perspective of holding experience, our past US debt fund research has room for further optimization.
In addition, in the context of the global economy as a whole, the comparative advantages of investment between different economies have changed. The considerations include but are not limited to the comparison of economic growth, the degree of economic development, the interpretation of the inflation and shrinkage process, in the global industry, in the global industryThe position of the chain link changes, global trade friction avoidance, etc.Based on the study of products in the country and the research of different capital markets, the current point is necessary and valuable.
Based on the information data of QDII Fund in the entire market, this report was combed and screened in accordance with the above logic.U.S. Treasury Fund screening is mainly a variety of stable operation and distinguish between US debt investment ratios, and others are preferred high -quality QDII equity varieties in different capital markets.
US debt fund related logic and products
We briefly counted the 201907-202003 interest rate reduction process and the 202203-202309 rate hike process, the changes in the US federal fund interest rate, the US-time Treasury yield of different periods of Treasury bonds in the United States, and the performance of the U.S. Treasury Bond ETF in the corresponding period, to form the following basic conclusions: 1) In the process of cutting interest rates and interest rate hikes, the short -term interest rate response was more obvious, the variable range was greater, and the changes in interest rates in the middle and long end were not much different.2) The range of interest rate changes does not directly represent the performance change of the corresponding period ETF. The product performance also includes factors such as the number of investable targets, the subject holding time, and the long -term regulation.We have further observed the performance of the QDII U.S. Treasury Fund within the corresponding period. Due to the in recent year, the operation of trending US Treasury bonds has only occurred. At present, from the perspective of the previous 5 heavy position bonds, the impact of the difference in the difference between the long and medium -to -medium U.S. Treasury bonds on performance affects performance.It is not particularly large. It is mainly to observe other factors such as the concentration of positions, the type of position, and the limitation of investment ratio.
Key varieties of US debt funds: Yifangda’s short -term US dollar bonds, rich country global bonds, Boshi Asian tickets, ICBC Global US dollar bonds, Huitianfu selected US dollar bonds.
Other QDII funds
1) Global: Global Selection of ICBC, Castrol Global Value Opportunities.2) The United States: S & P 500ETF, Nasdaq ETF.3) Europe: Morgan European Power Strategy.4) Japan: Morgan is selected.5) India: Indian Fund LOF.6) Vietnam: Tianhong Vietnam Market.
Risk tips: overseas market risks; political risk; economic cycle risk; exchange rate risk; interest rate risk; the rhythm of interest rate cuts at the Federal Reserve, less than expected risks, etc.Historical data does not represent future performance; tracking varieties are non -preserved products, and there may be situations that cannot completely recover the principal in extreme cases; many internal and external factors such as economy and policies may cause the market risk of the fund and affect the fundamental level of the fund.
In the second half of 2023, based on the high level of Sino -US interest spreads and the expectations of the US interest rate cuts, we made a preliminary US debt fund combing. From the perspective of the Fed’s statement in the past year and the rhythm of market transaction rates, the sale window of US debt investment.The period is indeed longer than expected.The change is mainly due to the divergence of the market’s expected expected market for US debt income. The possibility of re -inflation in the United States, this round of interest rate cuts or non -recession interest rate cuts are all considerations.At present, it is mainly based on two points. First of all, the current US debt interest rate location still has investment value. In the context of the less clear main line of the overall market, relatively certain investment opportunities need to be grasped; secondlyStarting from the perspective of holding experience, our past US debt fund research has room for further optimization.
In addition, in the context of the global economy as a whole, the comparative advantages of investment between different economies have changed. The considerations include but are not limited to the comparison of economic growth, the degree of economic development, the interpretation of the inflation and shrinkage process, in the global industry, in the global industryThe position of the chain link changes, global trade friction avoidance, etc.Based on the study of products in the country and the research of different capital markets, the current point is necessary and valuable.
Based on the information data of QDII Fund in the entire market, this report was combed and screened in accordance with the above logic.U.S. Treasury Fund screening is mainly a variety of stable operation and distinguish between US debt investment ratios, and others are preferred high -quality QDII equity varieties in different capital markets.
2.1 Comprehensive analysis of the increasing rate of interest rate cuts and the corresponding time limit of ETF performance changes
In the past 20 years, the Fed has three main interest rate hikes and two interest rate cuts. The interest rate hikes were 200406-200606, 201512-201812, and 2012203-202307Simla Stock. The interest rate cuts were mainly 200708-201812, 201907-202003.Based on the similarity of time and macro background, we mainly studied the 201907-202003 interest rate cut and 202203-202309 interest rate hikes. The changes in the rate of yields in each period of the United States and the changes in the performance of the corresponding period ETF to form a period of the next interest rate cut cycle.Some references.
We briefly counted the 201907-202003 interest rate reduction process and the 202203-202309 rate hike process.Show), the following basic conclusions are formed by analysis:
1) In the process of cutting interest rates and interest rate hikes, the short -term interest rate response is more obvious, the variable range is greater, and the changing rate of interest rates in the middle and long end is not much different.
2) The range of interest rate changes does not directly represent the performance change of the corresponding period ETF. The product performance also includes factors such as the number of investable targets, the subject holding time, and the long -term regulation.
We have further observed the performance of the QDII U.S. Treasury Fund within the corresponding period. Due to the in recent year, the operation of trending US Treasury bonds has only occurred. At present, from the perspective of the previous 5 heavy position bonds, the impact of the difference in the difference between the long and medium -to -medium U.SLucknow Stock. Treasury bonds on performance affects performance.It is not particularly large. It is mainly to observe other factors such as the concentration of positions, the type of position, and the limitation of investment ratio.
2.2 Yifangda’s short -term US dollar bond A RMB (007360)
For short -term US dollar debt variety.The existing scale of the fund is about 1.45 billion yuan, with a total of 4 share categories: Yifangda’s short -term US dollar bond A RMB (007360), Yifangda’s short -term US dollar debt C RMB (007361), Yifangda’s short -term US dollar USD A USD (007362), and YifangdaThe short -term US dollar bond C is currently foreign exchange (007363).
Performance comparative benchmark: 90%of JP Morgan Chase 1-3 years Global Investment Class Global Debt Term Return Index+10%RMB current deposit interest rate.Investment ratio: more than 80%of bond assets, and more than 80%of them invest in short -term US dollar bonds.Treat rate: The management rate is 0.5%+the custody rate of 0.15%+the sales service rate of 0.30%.Fund Manager: Qi Guangdong, successively served as the investment manager of Shenyin Wanuo’s Hurry Harvest, Fund Manager of Shenyin Wanuo Asia Company, and Yifangda Investment Fund Manager. He is currently the general manager of the Ichida International Fixed Investment Department, the Deputy Chief Investment Officer and Chief Investment Officer of the Hong Kong Corporation.
In 2023, the fund’s heavy position bonds gradually switched to the short -term Treasury bonds in the United States.The fund has an annualized yield of 3.46%, an annualized volatility of 4.05%, and a maximum retracement of -6.11%. Since 2024, the performance has been 2.81%since 2024, and the maximum retracement -0.92%has been retracted.(Data extraction date: 20240724)
2.3 RMB RMB A (100050)
US dollar debt -based US dollar bonds with relatively low proportion of Treasury bonds.The existing scale of the fund is about 6.35 billion yuan, with a total of three share categories: the rich country Global Bond RMB A (100050), the global bond RMB C (019518), and the Global Bonds of the Wells (007140).
Performance comparative benchmark: 80%Bloomberg Barcala global comprehensive index yield+20%RMB current deposit interest rate.Investment ratio: More than 80%of bond assets, and the proportion of assets invested in domestic issuance of bonds is not higher than 30%.Treat rate: The management rate is 0.5%+the custody rate of 0.15%+the sales service rate of 0.25%.Fund Manager: Guo Ziyuan, served as a trader and an investment manager, and in June 2022, he took the new wealthy fund.
In 2023, the fund’s heavy position bonds gradually switched to US Treasury bonds.The fund has an annualized yield of 2.80%, an annualized volatility of 4.53%, and a maximum retracement of -8.08%. Since 2024, it has achieved 1.03%and the maximum retracement -2.29%.(Data extraction date: 20240724)
2.4 Boshi Asia Ticket RMB A (050030)
US dollar debt -based US dollar debt varieties with relatively low proportion of Treasury bonds.The current scale of the fund is about 3.36 billion yuan, with a total of 5 share categories: Boshi Asia Tickets A (050030), Boshi Asia Ticket C (019480), Boshi Asian Intelligence USD A (050202), Boshi Asia TicketingThe US dollar now exchange C (019481) and Boshi Asia Ticketing US dollar cash (050203).
Performance comparative benchmark: JP Morgan Asian Credit Index Composite Total Return.Investment ratio: More than 80%of bond assets, and the asset ratio invested in Asian market bonds is not less than 80%.Siter: 0.8%+0.25%custody rate+0.01%of the sales service rate.Fund manager: He Kai worked at the Dutch Bank, China Investment, and Southern Dongying. In 2012, he took the new Boshi Fund and is currently the investment director and fund manager of the three fixed income investment.
2023H2 started some of the fund’s heavy position bonds to gradually switch to US Treasury bonds.The fund’s annualized yield in the past three years was -0.93%, an annualized volatility of 4.86%, and a maximum retracement of -14.29%. Since 2024, the performance has been 1.47%since 2024, and the maximum retracement of -1.47%has been retracted by-1.47%.(Data extraction date: 20240724)
2.5 ICBC Global US dollar bond A RMB (003385)
US Treasury bonds account for a relatively high (about 70%) US dollar bond.The current scale of the fund is about 730 million yuan, with a total of three share categories: ICBC Global US dollar bond A RMB (003385), ICBC Global US dollar bond A USD (003386), and ICBC Global USD C (003387).
Performance comparative benchmark: Bank of America Merrill Lynch 1-10-10-year US overall market index yield rate.Investment ratio: More than 80%of bond assets, and the proportion of investment -level bonds in the US dollar is not less than 80%.Treat rate: The management rate is 0.6%+the custody rate of 0.22%+the sales service rate of 0.40%.Fund Manager: Chen Han, joined the ICBC Credit in 2011. He is currently an investment director and fund manager of the Fixed Income Department.
2022Q4 The fund’s heavy position bonds gradually switched to US Treasury bonds.The fund’s annualized yield in the past 3 years was 0.16%, the annualized volatility was 5.58%, and the maximum retracement-9.29%, the performance since 2024, -0.85%, the maximum retracement -4.74%.(Data extraction date: 20240724)
2.6 Huitianfu Selection USD A RMB (004419)
U.S. Treasury bonds accounted for medium (about 40%) US dollar bonds.The existing scale of the fund is about 1.79 billion yuan, with a total of 4 share categories: Huitianfu Selected USD Bond A RMB (004419), Huitianfu Selected USD Bond C RMB (004420), Huitianfu Selected U.S. dollar A dollar A USDNow Hui (004421), Huitianfu Selected USD CD CD CD (004422).
Performance comparative benchmark: 95%IBOXX USD Total Reporting Index Rate+5%Commercial Bank Division deposit interest rate.Investment ratio: More than 80%of bond assets, and the proportion of US dollar bond assets is not less than 80%.Treat rate: The management rate is 0.8%+the custody rate of 0.22%+the sales service rate of 0.40%.Fund Manager: Cheng Tao, served as a trader of the State Administration of Foreign Exchange, a Castrol Fund trader, and an investment manager of Rongtong.
2023H2 starts the fund’s heavy position bonds to US Treasury bonds.The fund’s annualized yield in the past three years was -1.41%, an annualized volatility of 4.59%, and the maximum retracement -11.59%, the performance since 2024, 0.96%, and the maximum retracement -2.12%.(Data extraction date: 20240724)
U.SAhmedabad Investment. Stock Stock Market Fund
3.1 S & P 500ETF (513500)
QDII active management products have no follow -up of the S & P 500 index products. There are many passive products. A variety of factors such as comprehensive scale, rates, connecting funds, and tracking errors are preferred by the Boshi -Managed S & P 500ETF (513500).The current scale of the ETF is about 13.96 billion yuan, with a total of 5 connection funds: 013425/013499/050025/018738/006075, of which 050025 is the RMB connection A share.
3.2 Nasdaq ETF (513300)
The Index related ETF tracking index is the Nasdaq 100 Index (NDX.GI), Nasdaq Biotechnology (NBI.GI), and Nasdaq’s weighted index (NDXTMC.GI).Comprehensive comparative comparative index market performance and index hook product scale and other factors, we prefer the Nasdaq 100 indexes as product analysis and reserves.
There are fewer products that follow the Nasdaq 100 index in QDII active management products (017436/501312), but these products are converged compared to ETFs compared with ETFsMumbai Wealth Management. Considering factors such as scale, liquidity, and rates, Huaxia is preferredManaged Nasdaq ETF (513300).The current scale of the ETF is about 4.48 billion yuan, with a total of 3 connection funds: 015299/015300/015518, of which 015299 is the RMB connection A share.
Global equity market fund
4.1 ICBC Global Selection (486002)
The distribution of asset countries is roughly: 65%in the United States, Britain+French+15%in Germany, 3%in Japan, etc.
The current scale of the fund is about 470 million yuan, with only one share category.Performance comparative benchmark: MSCI World Index.Investment ratio: 60-95%of the stock positions; the weights of stock screening in the four dimensions of growth, quality, valuation potential, and capital return are relatively balanced.Treat rate: The management rate is 1.8%+the custody rate of 0.35%.Fund manager Lin Nian, joined the ICBC in 2014.
The fund has annualized yields in the past 3 years, an annualized volatility of 15.2%, and a maximum retracement of -25.5%. Since 2024, the performance has been 15.9%since 2024, and the maximum retracement -5.5%has been retracted -5.5%since 2024.(Data extraction date: 20240725)
The top ten heavy warehouses in the fund are: Apple, Microsoft, Google, Amazon, Nvidia, TSMC, Tencent Holdings, Naei, Astrikon, Wal -Mart, the top ten heavy warehouse stocks concentrate about 30%.
4.2 Castrol Global Value Opportunity RMB (013328)
The distribution of asset countries is roughly: 57%in the United States, about 20%in Mainland India+India and Hong Kong, and 5%in Japan.
The existing scale of the fund is about 160 million yuan, with a total of two share categories: Castrol Global Value Opportunities (013328), Castrol Global Value Opportunities in the US dollar (013329).Performance comparative benchmark: 75%MSCI Global Index+20%CSI 300+5%During During During the deposit interest rate.Investment ratio: 80%of stock assets, not less than 20%in overseas markets, and not less than 20%in the domestic market.Treat rate: The management rate is 1.8%+the custody rate of 0.35%.Fund Manager: Zhang Zili, who was a fund manager of the American Century Investment Management Corporation, joined the Castrol Fund in 2012.
The establishment of the fund is less than 3 years. Since its establishment, the annualized annualized yield is 5.9%, the annualized volatility is 13.4%, the maximum retracement is -17.5%, the performance has been 15.5%since 2024, and the maximum retracement was -5.3%.(Data extraction date: 20240725)
The top ten heavy warehouses in the fund are: Nvidia, Microsoft, Apple, Amazon, Google, Facebook, TSMC, Lili Lili, Application Materials, Nuo and Norders.
European equity market fund
5.1 Morgan European Power Strategy A (006282)
There are four main products in the European equity market in the QDII Fund, namely Germany Daxetf (159561), Germany ETF (513030), France’s CAC40ETF (513080) and Morgan European Dynamics A (006282).Fund information, comprehensive market performance, and specific positions as shown below:
We have comprehensively considered factors such as macroeconomic trends, different countries, and the influence of the weight of the middle and high -end consumer goods, and focus on focusing on the product of Morgan European Power.
Morgan European Power A/C (006282/019450): QDII active management product, the existing scale of the fund is about 200 million yuan.Treat rate: The management rate is 1.8%+the custody rate of 0.25%+the sales service rate of 0.40%.Performance comparative benchmark: 990%MSCI European net income index+10%moral deposit interest rate.Investment ratio: 80-95%of the stock positions, of which the proportion of stocks investing in European listed companies is not less than 80%.Fund Manager: Zhang Jun, former manager of Mumbai International Trust and Exchange, joined the JP Morgan Fund in June 2004.
The fund currently holds CR10: Novo, Shell, Simai, Asmore, Total, Novarta, Yuxin Bank, French liquid and empty group, Glane Skin, Nestlé, the top ten heavy positions concentrated in concentration of the top ten stocks.26%, the position of holding the position is low.The national distribution of the fund holding positions is as follows: 19.8%in the UK, 17.3%in France, 13.5%in Germany, 8.8%in Switzerland, 7.1%in the Netherlands, 6.2%in Spain, 6.0%in Italy, 5.0%in the United States, 4.3%in Sweden, 2.9%in Ireland 2.9%Essence
Japan Welfare Market Fund
6.1 Morgan Selection A (007280)
There are 4 ETFs that track the Nikkei 225 Index (513000/159866/513520/513880). The QDII active management product investing in the Japanese market is Morgan Japan.Through comparison, we believe that the advantages of active management varieties are more prominent.
Morgan Japan Selected A/C (007280/019449): QDII active management product, the existing scale of the fund is about 2.28 billion yuan.Treat rate: The management rate is 1.8%+the custody rate of 0.25%+the sales service rate of 0.40%.Performance comparative benchmark: 90%of the total index yield of the share price index of the Tokyo Stock Exchange+10%banking deposit interest rate.Investment ratio: 80-95%of the stock positions, of which the proportion of stocks investing in Japanese listed companies is not less than 80%.Fund Manager: Zhang Jun, former manager of Mumbai International Trust and Exchange, joined the JP Morgan Fund in June 2004.
The fund is currently holding CR10: Hitachi, MS & Ad Insurance, Tokyo Maritime Holdings, Ito Chung Commercial, Mitsubishi Ryanian Finance, RECRUIT, Shinyue Chemical Industry, Kanes, SoftBank Group, Mitsui Sumitomo Financial Group, the top ten heavy stock stock concentrations are about about about about41%.
Indian equity market fund
7.1 Indian Fund LOF (164824)
At present, there are two types of investment in the Indian equity market, namely the Indian Fund LOF (164824) and Manilist India (006105).Based on factors such as performance retracement performance, rates, scale and other factors, the Indian fund LOF (164824) managed by ICBC management.
The Indian fund managed by ICBC has two share categories: ICBC’s Indian market RMB (164824), the fund is also known as the Indian fund LOF (164824); the ICBC India market (005801).The fund is currently 2.8 billion yuan.Treat rate: The management rate is 1.6%+the custody rate of 0.2%.
Performance comparative benchmark: 90%Indian ETP index yield+10%RMB current deposit interest rate.Investment ratio: The assets of investment funds (including ETF) are not less than 80%, of which the proportion of investment tracking the Indian market related funds is not less than 80%.Fund Manager: Liu Weilin, joined the ICBC Credit in 2010. He is currently the Deputy Director and Fund Manager of the Investment of the Index and the Investment Department.
Fund currently holds the top ten positions: Amundi MSCI India, Ishares MSCI India UCITS ETF, Ishares MSCI India ETF, Wisdomtree India Earnings, Ishares India 50 ETF, Ishares MSCI INDIA SM All-CAP ETF, Amundi MSCI India UCITs, NF India Nifty 50 ETF,Invesco India EXCHANGE-TRADED FUND TRUST, Ishares MSCI INDIA CLIMATE Transition ETF.The top ten funds have a concentrated concentration of more than 90%.
Vietnamese Welfare Market Fund
8.1 Day Hong Vietnam Market A (008763)
At present, there are only one investment variety of public fund markets for the Vietnamese equity market, that is, the Tianhong Vietnamese market A/C (008763/008764) managed by Tianhong Fund managed by Tianhong Fund. The current scale is about 5.52 billion yuan.Treat rate: The management rate is 1.2%+the custody rate of 0.3%+the sales service rate is 0.25%.
Performance comparative benchmark: 90%Vietnam VN30 Index+10%RMB current deposit interest rate.Investment ratio: Stock assets are not less than 80%, of which stocks invest in Vietnamese -themed enterprises and CDRs are not less than 80%.Hu Chao, a fund manager, was a senior adviser to PricewaterhouseCoopers, senior business managers of SME SME financing guarantee, and overseas investment business of the Indian People’s Property and Insurance.
The fund is currently holding CR10: Hoa Phat (steel), Ho Chi minh city development bank (bank), Vietnam Prosperity Commercial Bank (bank), Sai Gon Thon Tin Commercial Bank (Bank), and Mobile World in vestment (digital), SSI Securities(Securities), Viet Nam Bank for Industry and Trade (Bank), Bank for Foreign Tradeof Vietnam (Bank), Mility Commercial Bank (Bank), Duc Giang Chiang (Chemical), the top ten heavy stock stocks (7 0%+).
Overseas market risks; political risks; economic cycle risks; exchange rate risks; interest rate risks; Federal Reserve ’s interest rate cut rhythm, less than expected risks, etc.
Historical data does not represent future performance; tracking varieties are non -preserved products, and there may be situations that cannot completely recover the principal in extreme cases; many internal and external factors such as economic and policies may cause the fund market risk and affect the level of fund income.
Hyderabad Investment
