Another veteran public fund manager has left, this time it's someone who specializes in US bonds!
Due to the weaker-than-expected US non-farm payroll data last Friday, US Treasury yields have declined rapidly. In recent days, the net asset value of funds investing in US Treasuries has performed very well, with gains of several dozen basis points for consecutive days.
I previously followed the investment advisory portfolios [Biaojiu Global] and [Biaojiu Fixed Income Plus Selection], both of which have allocations to US Treasuries. Everyone should be quite familiar with Biaojiu Global by now, as I’ve introduced it many times before. As for the [Biaojiu Fixed Income Plus Selection] portfolio, it doesn’t just invest in fixed-income funds focused on A-shares; it also includes overseas market assets like US Treasury funds to further diversify the portfolio.
For example, while the A-share market was adjusting yesterday, the portfolio remained flat due to its overseas asset allocation and has outperformed its benchmark since inception.
Speaking of US Treasury funds, I noticed that the fund manager of a relatively well-known US Treasury fund, Bosera Asia Bond, has recently changed. The previous manager, He Kai, had managed this fund for nearly 10 years. Over this period, the fund’s performance was excellent, with stable net asset value growth. Notably, during the 2021-2022 crisis involving Chinese real estate dollar bonds, He Kai quickly adjusted the fund’s strategy, leading it to recover swiftly from the bond market turmoil.
According to the announcement, the fund manager has deregistered from the Asset Management Association of China, suggesting a likely resignation rather than just stepping down from this product.
Interestingly, He Kai’s career wasn’t limited to Bosera Fund; he also held leadership roles at Bosera International (a Hong Kong subsidiary of Bosera), which issues local USD money market funds and US Treasury funds in Hong Kong.
The new manager, Jin, may be less familiar to most. However, I’ve followed one of the managers, Yang Tao. This weekend, I’ll provide a detailed analysis for investors in Bosera Asia Bond: What should they do? How capable is the new manager? Are there alternative US Treasury funds to consider? This will be a paid article priced at 9.9 yuan, just a heads-up.
For those who don’t want to wait or pay, you can follow the Biaojiu Global Asset Allocation advisory portfolio, which includes multiple US Treasury funds. Any future changes will be reflected in its holdings.
(Not investment advice)
$iShares Barclays 1-3 Yr Treasury(SHY.US) $iShares Barclays 3-7 Year Treasury Bd(IEI.US) $iShares ESG Advanced Total USD Bond Market ETF(EUSB.US)
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