"Qingyu year 2" was a hit, and the audience began to review and discuss the skills of the characters in the play. Yan Xiaoyi takes a hundred steps to pass through Yang and Wang QinianNoscratchExcellent, begonia blossoming full of combat effectiveness. But even so, there are still only four great masters.

To become a great master requires not only the training of time, but also the refinement of skills. Analogy to bond investment, there are similarities-although there are many evaluation indicators of bond investment, but the indicators of real strength are quite limited.

"record number of times" may be one of them.

Compare with peers, compare with oneself

The practice of skills, compared with their peers, is certainly a way to motivate their own progress. But the natural drawback of this approach is that different people may break out of the siege at different stages. Perhaps the practice itself is different moves, but hard to be put together to compare, always immersed in such a comparison, may disturb their own practice rhythm.

And compared with their own, even if the results of each stage is not worth mentioning, but over time, in their own focused moves will be great strides forward.

I believe that he who eventually becomes a guru must be a master who constantly surpasses himself.

Therefore, we are also trying to find evaluation criteria in the field of bond investment, in addition to the ranking of relative returns, such as the number of record highs.

In general, the number of record times represents the holding experience of the product itself-more times means more chances of floating, experience or more comfort, while the lower number of record times may mean that the timing of the product is more difficult.

The way to advance the short-term debt of Cathay Pacific Fund "interest" Series

Cathay Pacific Fund "interest" series of short-term debt training road, a little bit of skill can be seen.

By the end of March 2024, the net worth of Guotai Lihuan A had reached a record high of 547 times in the past three years, with an increase of 10% in the past three years.Noscratch.61%, significantly exceeding the increase in the short-term bond fund index (9.21%) over the same period.

(source: Wind, periodic reports of the Fund; data statistical interval 2021-4-1-2024-3-31. The daily net value of the Innovation High Index Fund is greater than the net value of any day in the past three years, that is, a new high. The statistical logic is as follows: the daily net value of T-MAX (from 2021-4-1 to T-1 net value) > 0 is recorded once, and the net value of the fund is reviewed by the custodian bank. The number of new highs is calculated and sorted out by Cathay Pacific Fund. )

And enjoy the same "school" of other "interest" series of short-term debt, the road to advancement is also one step at a time.

Thus it can be seen that the "interest" series of short-term debts are never deterred on the road of improving their own skills. Good earnings performance and holding experience is the "fruit", and day-to-day efforts to climb the slope and strive to surpass the old self is the "cause" of this sweet fruit.

Those who can become a guru: eight winds remain motionless and still as a mountain.

The current yield curve is very flat, the term spread is narrow, and the recent bond market is deducted from the long end and the ultra-long end to the short end, so we should also guard against the transmission of long-term debt volatility to the short end.

At present, the demand for social financing is still weak, the prohibition of manual interest on deposits makes the cost of bank debt reduced, and the strong demand for bank financial allocation is good for short-end assets to a certain extent.

The supply of interest rate debt and credit debt has not yet risen substantially, and the pattern of "asset shortage" is expected to continue. The loose liquidity environment and strong allocation force determine that there is no risk of substantial adjustment in the bond market, but high coupon assets are scarce. We need to lower our expectations for future returns.

The extent of the short-end downside depends on the downward range of the capital interest rate, which is restricted by the current DR007 1.80% Mak 1.90% dr 001 1.70-1.80%, and the short-end downside space is restricted. If there is no further decline in the capital interest rate center, it is difficult to open the short-end downside space.

A person who can become a master is a person who is not afraid of changing circumstances and perseveres in focusing on himself.

The eight winds are motionless and the air is as still as a mountain. In the future, we will adhere to the risk-return characteristics of products, maintain medium-and short-term, flexible leverage, but expose more long-term risks; at the current point, we will periodically dilute the band operating income and turn more to allocation; do not be radical when low, do not hesitate to adjust, look for offensive opportunities in defense, and increase the proportion of liquid assets at special times.

Welcome to follow us.

Cathay Pacific Fund "interest" series of short-term bonds

Upgrade and fight monsters together and continue to surpass.

Remarks: it is mentioned in this article that the performance and benchmark performance of the fund and all similar funds from 2019 to 2023 are as follows: Cathay Pacific Holdings A (establishment date 2018-12-03, the performance benchmark is 80% * total wealth (1-3 years) index yield + 20% one-year time deposit interest rate (after tax). Tao ran has been in management since 2020-07-07. Ding Shiheng has been in charge since 2020-05-15): 3.09% Ding Shiheng 3.39% 2.50% 2.50% 2.37% 2.40% 4.40% 2.27% 2.60% 2.49% 3.27% 2.59% Cathay Pacific Liyou A (establishment date 2021-06-22, performance comparison benchmark is 100% * China Bond Comprehensive Wealth (less than 1 year) Index yield, Tao ran has been in management since 2021-06-22): 2.20% 1.38% 2.70% 2.34% 3.55% 2.63% Cathay Pacific Lize A (establishment date 2021-08-31, performance benchmark is 80% * China Bond Total Wealth (1-3 years) Index yield + 20% one-year time Deposit interest rate (after tax), Tao ran has been in charge since 2021-08-31): 1.45% Universe 0.97% 3.00% 2.48% 4.03% 2.59% Guotai Li Enyi short Bond A (established on 2022-12-09, performance comparison is 90% * China Bond-Comprehensive Wealth (less than 1 year) Index yield + 10% * benchmark interest rate for one-year time deposits (after tax), Chen Yujie has been in charge since 2022-12-09, Ding Shiheng has been in charge since 2022-12-09): 0.23%, 0.17%, 3.73%, 2.52% Guotai Lian A (establishment date 2022-12-05, performance comparison is China Bond Total Wealth (1-3 years) Index yield * 80% + one-year time deposit interest rate (after tax) * 20%. Tao ran has been in charge since 2022-12-05): 0.37%, 0.23%, 3.36%, 2.59%. Cathay Pacific earnings A (establishment date 2022-11-22, the performance comparison is China Bond Total Wealth (1-3 years) Index yield * 80% + one-year time deposit benchmark interest rate (after tax) * 20%. Tao ran has been in management since 2022-11-22): 0.32% 0.26% 3.56% 2.59%. Data source: product periodic reports, Cathay Pacific Fund, data as of 2023-12-31.

Risk warning: The opinions of the article are for reference only and do not constitute any investment advice or commitment. The article mentions that the products are issued and managed by Cathay Pacific Fund, and the agency does not assume the investment, redemption and risk management responsibilities of the products. The fund manager promises to manage and use the fund assets in the principles of honesty, credibility, diligence and diligence, but does not guarantee that the fund will be profitable or minimum return. The Cathay Lixiang medium and short term bonds, Cathay Lixiang medium and short term bonds, Cathay Lixiang Anyi short bonds, Cathay Liyou 30-day short bonds, Cathay Liying 60-day medium and short bonds, and Cathay Lize 90-day medium and short bonds mentioned in the article are Bond funds, their long-term average risk and expected rate of return are theoretically lower than equity funds and hybrid funds, and higher than money market funds. Investment is risky. Before making investment decisions, investors should carefully read the Fund's "Prospectus" and "Fund Contract" and other legal documents, and select appropriate products based on their individual risk tolerance. Funds are risky and investment must be cautious.