"The banners on the city walls change with the kings" is a true portrayal of the annual competition among public mutual funds for the championship in performance, but there are exceptions. For instance, the Changsheng Shengyu Pure Bond Fund under Changsheng Fund, according to the "Morningstar China Fund Performance Ranking," as of December 31, 2023, has won the championship in the credit bond product category for nearly three years. This is another championship for Changsheng Shengyu Pure Bond after winning the annual performance championship in the same category in 2021 and 2022, leading the category for three years and proving the product's consistent performance.
Looking closely at the Morningstar list, as of December 31, 2023, the Changsheng Shengyu Pure Bond Fund ranked 1st out of 217 in the credit bond product category for nearly three years, with an annualized return of 7.00% and a maximum drawdown of 0.65%. Among the top 10 products on this list, only Changsheng Shengyu Pure Bond had an annualized return above 7%, while all other products were below 5.7%. For bond fund investments that are meticulous about every detail, this means that the accumulation of small advantages has created a gap with peers. Looking at the drawdowns, the maximum drawdown of the other nine products all exceeded 1%. Overall, "rising more and falling less" may be the direct reason for Changsheng Shengyu Pure Bond's championship.
The Changsheng Shengyu Pure Bond Fund is independently managed by "fixed income investment line drawing school" fund manager Wang Guijun, and another high-performing pure bond fund under Changsheng Fund—Changsheng AnYi Pure Bond—is also independently managed by Wang Guijun. According to the Morningstar list, as of December 31, 2023, Changsheng AnYi Pure Bond won the championship in the pure bond product category for nearly three years, with a specific ranking of 1st out of 319, an annualized return of 6.18%, and a maximum drawdown of 0.91%. Among the top 10 products on this list, only Changsheng AnYi Pure Bond had an annualized return above 6%, while all other products were below 5.7%. Looking at the maximum drawdown of the products, only two products, including Changsheng AnYi Pure Bond, had a maximum drawdown within 1%.
Reviewing the quarterly reports of the two funds in 2023 shows that their excellent performance stems from fund manager Wang Guijun's forward-looking layout of the market and flexible grasp of investment opportunities in different bond types. Wang Guijun's investment holdings can be summarized as a "1+N" strategy, where "1" refers to investing primarily in AAA-rated credit bonds and strictly controlling credit risk; "+N" refers to the fund manager's participation in swing trading through operations such as interest rate bonds to increase returns based on a relatively clear investment opportunity and market environment. Additionally, the fund manager adjusts the leverage level flexibly according to market conditions. For example, during the first quarter when the market trend was not clear and during the third quarter when the bond market corrected, the bond holding ratio of Changsheng Shengyu was lower than the industry average. However, in the second quarter, when the bull market in bonds was more certain, its bond holding ratio increased to 132.98% of the net asset value.
Against the backdrop of significant fluctuations in the equity market in recent years, Changsheng Shengyu Pure Bond and Changsheng AnYi Pure Bond have been "discovered" by many investors due to their excellent performance. According to the fund's regular reports, the number of holders of Changsheng Shengyu Pure Bond Fund increased from 14,300 at the beginning of 2023 to 159,200 in the middle of the year, a more than tenfold increase within half a year. During the period from 2020 to 2023, the share of Changsheng AnYi Pure Bond Fund increased significantly, and the total scale of the product exceeded 800 million shares by the end of the third quarter of 2023.
Changsheng Fund's fixed income investment layout is not limited to pure bond funds. It is understood that in recent years, Changsheng Fund has been firmly oriented towards absolute returns in fixed income business and has continuously enriched its absolute return product system. Galaxy data shows that in 2023, when the returns on stock and mixed funds both suffered losses of over 9%, 17 bond funds (calculated separately for A/C/D/E) under Changsheng Fund achieved annual returns of over 4%. According to the "Haitong Securities - Fund Company Fixed Income Asset Classification Score Ranking List," as of December 29, 2023, Changsheng Fund's fixed income asset performance standard score for the past three years was 2.05, ranking 1st among 132 peers.
Risk warning: Investing in funds involves risks, and investors should be cautious. Funds are different from fixed-income financial instruments such as bank deposits and bonds, and the risk-return profiles of different types of funds vary. Investors may share in the profits generated by fund investments and may also bear the losses brought about by fund investments. The fund manager reminds investors to read the "Fund Contract," "Fund Prospectus," and fund product materials summary and other legal documents of the product carefully. Based on an understanding of the product and sales suitability opinions, make rational judgments and cautious investment decisions. The fund manager promises to manage and use the fund assets with integrity and diligence, but does not guarantee that the fund will definitely make a profit or guarantee the minimum return.
The past performance and net value of the fund do not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of this fund. Changsheng Fund reminds you of the "buyer's own risk" principle in fund investment. After making investment decisions, the investment risks caused by the operational status of the fund and changes in the net value of the fund shall be borne by you. The fund manager, fund custodian, fund sales institutions, and related institutions do not make any commitments or guarantees regarding the investment returns of the fund.
