Investment objectives
Using a quantitative investment model, the fund strives to achieve a robust long-term value addition of its assets, subject to effective risk management。
Investment philosophy
Data not available
Scope of investment
The scope of the fund's investments includes domestic legally issued shares (including small and medium-sized boards, entrepreneurship boards and other shares and certificates of deposit approved by the csrc), bonds (including national bonds, central bank notes, financial bonds, corporate bonds, intermediate notes, short-term bonds, supra-short-term vouchers, sub-bonds, government agency bonds, local government bonds, swapable bonds, private small and medium-sized enterprises (smes) bonds, convertable bonds (including separable transactions for debt swaps), asset support securities, bond buy-backs, bank deposits (including contractual deposits, time deposits and other bank deposits), currency market instruments, rights, equity statements and other financial instruments in which csrc permits the investment of the fund, subject to the relevant csrc regulations。
Investment strategy
The asset allocation strategy of the fund is based on a quantitative and qualitative combination of analysis of macroeconomic and equity market trends, assessment of systemic risks in the market and the expected benefits and risks for each asset class, with a view to rationalizing and adjusting the proportion of the various asset classes, such as equities, bonds, etc., to achieve a stable added value of the portfolio based on maintaining a relatively stable overall risk level. In addition, regular and irregular asset allocation risk monitoring will be carried out on an ongoing basis and adjustments made in due course. The equity investment strategy of the fund consists mainly of the selection and holding of equities with better expected returns, through a quantitative investment model, constituting a portfolio that seeks to achieve a robust long-term value-added of the fund's assets with effective risk control. The quantitative investment models used by the fund consist mainly of: (1) the large data multiple-factor model developed by the multifactor model fund on the basis of the large data factors and the southern quantification platform, which now includes the growth multifactor stock model, the event factor stock model and the weighting of multiple models at the model integration level. The growth factor multifactor model focuses on a range of growth indicators, such as the profitability, leverage level, net profit growth rate of the enterprise, growth rate of operating income, growth rate of composite net profit growth in recent years, with large data factors, such as market interest, and derivative factors based on market interest, with a detailed analysis of stock screening capacity and inter-factor correlation of the factors; at the same time, it is based on consistent expectations of southern ownership, a publicly listed corporate event investment database, which optimizes the consistent expectations of net profits for equities, changes in net profits, company forecasts, etc., scores events, organically integrating event factors with the growth stock multifactor model, and forms an integrated growth stock model. The multifactor model is based on an analysis of major news reporting events related to the performance of listed companies. It combines information on the basics of listed companies with information on stock prices, such as market earnings, net market rates, current market rates, market sales rates, ev/ebita, etc., and analyzes companies ' estimates of the expected level and timing of response to events, and digs out stocks that are less responsive to positive events and are over-responsive to negative events. Excess gains from relative markets from the point of view of value return. (2) the industry rotation model industry model is based on a single factor analysis between and within industries. Analysis of the industrial screening capacity of the factors and extraction of effective industry screening based on the three main factors of the southern big data factor bank, the financial factor bank and the market performance factor bank selective factors; analyse the performance of factors within the industry, and rolling to optimize intra-industry scores of shares; under the integrated model, large data factors can effectively capture hotspot themes and industries of interest to the market, with the effective factors within the industry targeting excess earnings from intra-industry equities; on the basis of industry-wide stock aggregate scores, it is possible to automatically generate industry over- and under-alignment and gain from industry rotation. The investment strategy for depository certificates will, in accordance with the requirements of laws and regulations and regulatory bodies, develop policies for the investment of depository certificates, focus on the disclosure of information by issuers, focus on issues such as the issuer's profile, market valuation, etc., participate in the investment of depository certificates through a combination of qualitative and quantitative analysis, and carefully determine the weighting and selection of certificates. The purpose of the fixed-income asset investment strategy of the fund is to increase the return on investment in the assets of the fund by making effective use of the assets of the fund, on the basis of guaranteeing their liquidity. Fixed-income assets include bonds (including national debt, central bank instruments, financial bonds, corporate bonds, medium-term instruments, short-term vouchers, super-short-term bonds, sub-debts, government agency bonds, local government bonds, swapable bonds, private-account bonds for small and medium-sized enterprises (smes), convertible bonds (including separable-trade swaps), asset support securities, bond buy-backs, bank deposits (including contractual deposits, time deposits and other bank deposits), currency market instruments, etc. Based on the impact on fixed-income assets of such factors as an in-depth analysis of the macroeconomic situation at home and abroad, domestic fiscal policy and monetary market policies, the fund manager will make reasonable interest rate expectations, determine the market's basic trends and develop asset-type allocation strategies under long-term control. During the build-up and management of the fixed-income asset portfolio, the fund manager will specifically use such management tools as term structure configuration, market conversion, credit spreads and relative value judgement, credit risk assessment, cash management, etc. The fund invests in private borrowing by smes. The overall liquidity is relatively poor owing to the private issuance and trading of private bonds by smes and the capping of investors. At the same time, the overall credit risk is relatively high as a result of the small size of the debtor's assets, the high volatility of its operations and the low stability of its credit base. These two characteristics of private bonds raised by smes require a more prudent investment strategy in specific investment processes. In the fund's view, the core element of investing in this type of bond is the analysis and tracking of the credit fundamentals of the issuer and the determination of final investment decisions, taking into account such elements as credit fundamentals, bond yields and liquidity. In the future, the fund will actively pursue other investment opportunities, such as laws and regulations or regulatory bodies that will subsequently allow the fund to invest in other types of investment, with the development of equity markets, the richness of financial instruments and innovations in trading practices, etc. The fund will, after due process, integrate them into its portfolio of investment strategies. In conducting its portfolio investments, the fund will seek a reasonable level of valuation through a study of the fundamentals of the securities subject to the certificate of rights and a combination of the certificate-pricing model. The main strategies to be used are: leverage strategy, value-mining strategy, profit-protection strategy, price differential strategy, two-way certificate strategy, purchase-validation policy, buy-in protection card strategy, etc. The fund manager will take full account of the profitability, liquidity and risk characteristics of the authorized assets and make prudent investments in the pursuit of more stable current returns through asset allocation, variety and class selection. In carrying out equity-based futures investments, such as futures, the fund will, in accordance with risk management principles and with hedging as its primary purpose, introduce liquid and traded futures contracts, seek reasonable valuation levels through a study of trends in the performance of the securities and futures markets, combine stock-based futures pricing models, match current assets, and carry out hedging operations through strategies such as multiple or empty hedging. The fund manager will take full account of the profitability, liquidity and risk characteristics of the stock-in-species futures, using the stock-in-species futures hedge systemic risks, liquidity risks in the special case of hedges, such as large buy-backs, and leveraging financial derivatives to reduce the overall risk of the portfolio。
Red policy
1. Subject to the redaction of the fund concerned, the annual distribution of the proceeds of the fund shall be a maximum of 12 times, and the share of the fund shall not be less than 10 per cent of each of the fund's share of the profits to be allocated at the base date of the allocation of the income of the fund, without a distribution of the proceeds if the fund's contract is in force for less than three months; and the distribution of the proceeds of the fund shall be in two ways: cash dividends and dividends are reinvested, and investors may choose a cash dividend or automatically convert cash dividends into a share of the same category of funds for reinvestment; if investors do not choose, the fund's default pattern of distribution of proceeds is cash dividends;3 the net share of funds of all types after the distribution of the proceeds of the fund cannot be below nominal value; that is, the net share of funds of all types at the base date of the allocation of the proceeds of the fund, less the share of the proceeds of each unit in that category of fund, cannot be below nominal value;4 since the share of the fund's category a funds is not charged a sales service fee, the share of the fund of the category c fund is charged a sales service fee and the share of the fund's share of the fund's share of the proceeds of sale services is charged, the corresponding available profits for distribution will vary. The share of each fund in the same category shall be allocated to the fund on an equal basis unless otherwise provided by law or regulations or otherwise provided in the fund's contract;5 as provided for by law or regulations or by the supervisory authority. Subject to the laws and regulations, the agreement of the fund's contracts and the absence of any material adverse impact on the interests of the fund's share holders, the fund manager may adjust the principle of the distribution of the proceeds of the fund in accordance with due process as required by the supervisory authority, without having to convene a general meeting of the fund's share holders。
Performance comparison benchmarks
Nc 500 rate of return* 90% + rate of return of the above-mentioned gdi* 10%
Risk-return characteristics
The fund is an equity fund with a portfolio of higher expected risks and expected gains, with higher expected risks and expected returns than hybrid funds, bond-type funds and money market funds. The description of the risk-return characteristics in the preceding paragraph is based on an overview of the scope of investment, the proportion of investment, the general pattern of securities markets, etc., and represents the long-term risk-return characteristics of the fund in the general market context. The risk evaluation of the fund by the sales provider (including the direct sales agency of the fund manager and other sales agencies) is based on the relevant laws and regulations, and the evaluation methods used by the different sales provider are different, so that the risk rating of the sales provider may differ from the description of the risk-benefit characteristics in the fund's legal documents. The risk ratings of the fund may change accordingly, and the results of the specific risk ratings should be based on those of the sales agencies。
