Sina Financial News February 15, the Chamber of bond funds increased profits and stability aspiring fund managers Yong-Zhi Zhang a guest Sina chat room guests. Yong-Zhi Zhang said that although it has entered a cycle of rate hikes, but the intensity and frequency of the current round of interest rate may be lower than in 2007. Record the following for the chat.
Chinese Entrepreneurs Fund, Yong-Zhi Zhang: interest rate bond funds under the investment opportunities
Joe laying Moderator: Year of the Rabbit we know just the beginning of the central bank to raise interest rates to take some measures Today, we are also invited Chinese businessmen stability and increased profits from bond funds aspiring fund manager Mr. Zhang Yongzhi, Zhang Hello. We talked about Year of the Rabbit began to raise interest rates just over, you think interest rates in the context of how much the opportunity to bond funds?
In fact, if we look at the trend of the bond market over the years, we will find that they do not appear continuous high frequency of rate hikes, the bond market is to obtain a stable income, or can expect . As for the bond market, the trend we think so, though we may think it has entered the cycle of rate hikes, but the background of this round of interest rate, if we compare 2007, we will find that a rate hike, no matter It is the intensity or frequency may be lower than in 2007, mainly for several reasons:
first in 2007 when the macro background of the world are in a global economy in the long period of economic boom vertex, that global liquidity conditions are very abundant, and the global markets have entered a cycle of rate hikes, when even the Federal Reserve to raise interest rates is also frequently a means of curbing global excess liquidity. Should be said that China was tightening interest rates is also a global macro part of the backdrop. This time not quite the same, because the U.S. had just gone through the subprime crisis in 2008, should be said that the U.S. economy has not been fully from the economic crisis in the next round coming out of Europe that may affect some of the more serious. Some time ago, like Greece, Iceland, many countries in Europe are facing another round of debt crisis. Therefore, in such a global context, China's external environment facing rate hike should be relatively large pressure. After a period of time before the Chinese New Year as the central bank that interest rates, interest rates after the U.S. Federal Reserve Chairman Ben Bernanke issued a statement soon,blackhawks jerseys, he believes China is concerned, if you want to contain inflation, the means adopted may be more appreciation of the renminbi appropriate means that interest rates may not be appropriate.
from this speech, we also see that this round of the China rate hike cycle, the first point, the international context is not very cooperative.
Joe laying Moderator: You mentioned just now, 2011 facing a lot of great background, particularly in the context of interest rate, you have also mentioned that we should now be a positive return is to ensure, but also a lot of investment products. We can not disclose specific to the Chinese business and increased profits fund will focus on stable configuration which things to have a positive return? Obtain excess returns?
Yong-Zhi Zhang: Yes, for bond funds, it has such a major investment channels in several directions:
In addition, our bond funds can participate in the subscription of new shares and new convertible bonds issued in the acquisition. Although we all have seen the pre-IPO break some appeared damp, but with a global perspective if the same in the U.S. mature market, new issues are indeed faced with new shares would often break situation. But we do a more long-term statistics will find that participation in new share subscription is still valuable, is it also able to obtain a positive return. I remember there was a report, have been in a statistical, his participation in the United States subscription of new shares to an annualized rate of return is still 10% or more. Of course, the emerging markets of China, this rate of return should be higher than the number of relatively mature markets. And breaking through the first round of the damp, we have also seen a very good thing, by means of such a market, so that we have been criticized before the IPO price-earnings ratio is too high this situation is a great degree of ease The average price-earnings ratio issue suddenly dropped from 90 times fifty times, a decrease is very obvious. And over the secondary market compared to the same types of stocks, there have been a certain level of discount. Means the market is very effective, and should be the norm. Because the basic concept of IPO point of view, IPO is a wholesale market to the secondary market should be allowed to have a relative discount, so as to attract investors to participate in this market. So, from this perspective, I think the future subscription of new shares to participate, to obtain a better income, or at least a positive return, is also a high probability event.
host Joe laying: In comparison, in fact, should be the purchase of new shares issued will be more than the breaking point.
Yong-Zhi Zhang: Yes.
Joe laying Moderator: get a positive return.
Yong-Zhi Zhang: Yes, may be little more than a break, this is the first.
Second, we break within the company for new shares also have a number of early warning system, also has its own research system. Broken as the recent round of damp, and we basically did not participate in the company. Therefore, we can create new shares for future investors a positive return, we ourselves can have a very good judge. Only expected to be able to get a good return, we will participate.
host Joe laying: that is, selective participation.
Joe laying Moderator: IPO's.
Yong-Zhi Zhang: Yes, new shares, including the newly issued bonds, the new issue of convertible bonds that the purpose of creating income for investors is more likely. Because Bonds is a good variety, especially for bond funds is a good variety, because it is both the stock and bonds of. And especially the new issue of bonds is even more so, if issued at par there is definitely a debt of, its security is very good, it obtained the probability of positive earnings may be greater compared with the number of new shares. Of course, there is a convertible bond purchase adverse factor is the number of issued convertible bonds in China is relatively small, the opportunity to profit from relatively small. But If this opportunity, we certainly will actively participate.
It shares this one.
addition we should also mention that the secondary stock market investment, because there may be some investors understand that we Chinese Entrepreneurs Fund in the secondary market direction of a stock investment Item has a strong investment research capability, strong Chinese business and increased profits after the release of bond funds will be based on the overall quality of Chinese business investment research platform, from the perspective of access to absolute return starting in the secondary market for investment through the stock, but also for investment the creation of a certain income.
We know that in 2010, the overall bond market particularly good, and we know that your part of the Chinese business and increased profits sound very good bond fund performance, but also ranked in the forefront of similar funds. Would like to ask when you are in fact in 2010 is what kind of experience? This experience will not be applied to only new funds on?
In addition, the investment, just like their ancestors before the half-step could speak the result will be quite different. For example, the GEM as a good investment to reflect this logic. The end of 2009, we officially launched the Growth Enterprise Market, at the time the GEM market in general, in fact, there are still much controversy should be said, when a mainstream view that we look around the global market, only the U.S. venture Market was a success.
Joe laying Moderator: greater risk.
Yong-Zhi Zhang: Yes, and what did not give investors good returns, we obviously think that a developing country like China, the economy is still in its infancy in the country, can improve the GEM . Therefore, when the purchase of the institutions involved in the GEM should be said that relatively small,vibram 5 fingers, it should be said that we were among the first purchase of the company participate in the GEM.
Joe laying Moderator: And the first batch of growth are still good.
Yong-Zhi Zhang: Yes, from the perspective of investment in 2009, this participation did not give a direct contribution to the net. But by 2010, should be said that the cumulative effect to play it maxed out. We are only 3 months ahead, but our overall performance in 2010 there is a continuing good returns. So, this is an investment in a very important experience,mac makeup, the investment must strive to see a little bit more than others, even if only a half step.
Joe laying Moderator: slightly ahead a half step.
Yong-Zhi Zhang: Yes.
Joe laying Moderator: Actually, might yield some more.
Yong-Zhi Zhang: Yes.
Joe laying Moderator: Is it possible in 2011 on the GEM would be more concerned about the still high?
Yong-Zhi Zhang: 2009, 2011, has experienced the whole question and mistrust, as well as in 2010, should be said that full participation, even to the end of 2010, there may be a bit fanatical in later, in 2011 years, should we return to the real reason, no longer blindly optimistic, blindly look empty, but will be more rational, from the perspective of each investment, the real people talking about things one at a time to explore each company business model, its future growth potential, its future earnings prospects. From which we choose to grow a real potential to grow into a great possibility of enterprises to invest in the company, which is the main line by 2011 investment.
Joe laying Moderator: GEM actually have some differentiation, need to carefully selected and pick up something.
Yong-Zhi Zhang: Yes.
Joe laying Moderator: Actually, we know that in 2010 the debt-based general good, but in fact, in 2011 for just the past two months, the overall debt basis in fact did not perform well, And even a negative return, and now pressure it? After that there is no remedy?
Yong-Zhi Zhang: Yes, bond funds, long-term holders can obtain a stable income, it should be said that this is a high probability event. Moreover, this long I think not particularly long term, because if we look back at the past 6 years the history of the development of China's bond funds, we will find out that from 2005 to 2010 that 6 years, bond funds in each year Investors gave the proceeds to create a positive, and this income when there are close to the minimum 5%, the highest it has already exceeded 10%. I remember 2006 and 2007 should be 15% of the level of class.
In addition, I mentioned that the investment in bonds and stocks, as it may be some short-term fluctuations. Short term, a few days of interest income received by holders of bonds may be insufficient to cover the stock price volatility, reflected in the net inside, the prices of short-term bond fund will have up and down fluctuations. However, if after such a long time and I believe first of all to be much interest on bond holdings make up a piece of the fluctuations. From debt-based, both the convertible bond market or the bond market is worth looking forward to. Therefore, bond funds in 2011 to create a positive return for everyone, certainly is a great probability of the event.
Joe laying Moderator: Because,mac brushes, after all, strong Chinese business and increased profits bond fund is the second debt-based, stock and bond markets to share the dual income. When you said there is a very important keyword is you have a very good selection of R & D team to support your purchase those shares in the new shares, and the selection of GEM companies, can give us about the R & D team?
Yong-Zhi Zhang: Speaking of R & D team, to mention our company's current general manager, general manager of Wang Feng, who was a leading Chinese Business Enterprise Fund, which is our first fund of fund managers. He was doing what we should say, when fund managers, is the first step in our company started from scratch, when in his leadership, we have taken a very good first step, in the year 2007, the Chamber leadership enterprise fund performance is very good, so that investors initially know our company, our first step in the company's development has laid a foundation.
next second fund is that it is now very familiar with Chinese business flourishing growth of the fund. It should be said from the time of inception of the background to see a little untimely, because when exactly in October 2008, just a financial crisis, the spread of the financial crisis, the worst time was in a questioning voice, we are now Mr. Zhuang Tao, director of investment and joint management of two of Mr. Liang Yongqiang the fund. But they only gave one year to do a very good proof of the market in 2009, Chinese businessmen flourishing growth market for the top five rankings, and in 2010 under the leadership of Mr. Sun Jianbo, performance to a higher level, ranking in 2010 the first row of the whole market. The direction of the stock fund managers there are many good, no matter their age or their experience in the securities market by the time point of view there are very experienced and very experienced fund managers, their investment performance I think is completely Investors should expect.
from fixed-income perspective, we first bond fund managers Mr. Mao Shuirong, before he came to our company, insurance asset management companies in the peace has a long experience, and he started managing After the first bond funds, investors continue to create more good returns from its inception in 2009, either 2009 or 2010, either full rank or the absolute market return, so we are quite satisfied a result.
Joe laying Moderator: Actually, the Chinese businessmen to us is a growing feeling in the company, and the relatively rapid growth momentum of a company. We also hope for investors in 2011 to bring more positive returns, even the excess returns. But in the end of the program, I hope some of you to give ordinary investors the investment proposal as possible for different groups of people, we are not the same mode of operation.
Yong-Zhi Zhang: From the perspective of bond funds, we have always thought so, bond funds yield itself is a relatively stable species. Therefore, it is the asset allocation of each individual's family is a very good option. Because each of us have not put all the assets are invested in stocks in this category as high-risk species, after all, we should be prepared relatively abundant liquidity, prevent the contingencies. And we certainly have some certainty in future cash expenditures, for young people to buy a house, getting married, on the middle-aged, the future children to school. For some of us of the older investors who may be old age, these are very important and very real problem.
to invest the money if the stock is clearly inappropriate. In these circumstances, the Bond Fund is a very good option. Therefore, our company has been is that we should value the purchase of bond funds is that it gains stability, but the expected return is also relatively stable, and beat or outperform inflation over the same period deposits, but also a high probability event. So, is a good stable income against inflation varieties, from such a perspective, the configuration of your bond funds.
Joe laying Moderator: In fact, we may need to be a management asset management such thinking to invest in the relatively stable part of a small amount of money and then investing in stocks or invest in high-risk part of the excess income. For young people, may be more still need to save the concept, in fact, is more suitable for bond fund investors to save money, the accumulation of some fixed asset.
Okay, thank Sina Manager Zhang studio guest today is also very grateful to the participation of users, we next show bye, thank you.
Yong-Zhi Zhang: Thank you, moderator.
Sina statement: Sina posted this article for more information on the purpose of passing, does not mean agree with their views or confirm the description. Content of the article for reference only and does not constitute investment advice. Accordingly investors operate your own risk.
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