AVIC Fund: Build a platform-based, integrated and multi-strategy investment and research system to lay a solid foundation for high-quality development

Theme: Beijing's public fund high-quality development series activities, new era, new funds, and new value
Editor 's note: In order to thoroughly implement the "Action Plan to Promote the High-Quality Development of Public Offering Funds", under the guidance of the Beijing Securities Regulatory Bureau, the Beijing Securities Industry Association recently joined forces with industry institutions to jointly launch the "Beijing Public Offering Funds High-Quality Development Series Activities". The theme of this event is "New Era, New Funds, and New Value" and aims to promote the transformation of the industry from scale expansion to quality improvement, strengthen investment research capacity building, and improve the efficiency of serving the real economy. AVIC Fund actively responded to the call of the industry, deeply participated in a series of activities, and carried out systematic practice in the construction of a modern investment and research system that is platform-based, integrated and multi-strategy. This article focuses on policy requirements and industry trends, combined with AVIC Fund's exploration experience, and explains how to rebuild the investment research system to build a solid foundation for high-quality development of the industry and create sustainable returns for investors.
Against the dual background of deepening capital market reform and intensifying competition in the asset management industry, the public fund industry is facing a critical transition from scale expansion to quality transition. The "Action Plan for the High-Quality Development of Public Funds" lists strengthening the building of core investment and research capabilities as the top priority, and clearly proposes to build a modern investment and research system that is platform-based, integrated and multi-strategy. This strategic deployment will help the fund industry break through homogeneous competition and lay the foundation for high-quality development of the industry.
1. Platform-based promotion of fund investment corps operations
Platform-based investment research will change the industry chaos of retail investment. With the help of the powerful investment research platform built by fund companies, it will aggregate research professional results and investment professional judgments, give full play to the scale effect of resource aggregation and the reuse value of research results, and promote fund companies Effectively project investment research capabilities into fund product performance. AVIC Fund has effectively improved the investment performance of the company's fund products by building an investment and research sharing platform.
(1) Give full play to the scale effect of research resource aggregation. Under the traditional investment research model, there is a funnel loss in communication between researchers and fund managers, while the platform-based architecture realizes the sharing of research reports, models, and risk control standards across the company by establishing a unified data platform, knowledge base, and tool chain. By building an investment and research sharing platform, aggregating researcher research results, and integrating systematic research modules such as macroeconomics, industry rotation, and individual stock valuation, AVIC Fund has greatly improved the efficiency of the company's securities investment and research and effectively improved the investment performance of the company's fund products.
(2) Realize the reuse value of research results. Through the construction of investment research platforms, fund companies can build a knowledge map of "research-investment-risk control" trinity, and reuse research results into core links such as the company's investment risk control, which can effectively improve the fund company's risk control capabilities. Through the improvement of risk control capabilities, feedback is fed back to the investment side capabilities, achieving mutual promotion and spiral improvement of the three major links of "research-investment-risk control".
2. Integrated construction of a closed loop of "research-investment-risk control" competitiveness of fund companies
Research-investment-risk control are the three key links for the source of core competitiveness of fund companies. The integrated system solves the problem of the separation of research and investment and the balance between investment and risk control under the traditional model by establishing a spiral closed loop of "research signals triggering investment decision-portfolio performance feedback research optimization-risk control feedback investment strategies and research adjustment". Problems such as the disconnection between research and risk control. After fund companies implement integrated reforms, they are expected to greatly improve the pertinence of research, improve the effectiveness and execution of investment strategies, and improve the effect of risk control and monitoring.
3. Multiple strategies to improve fund companies 'ability to adapt across the market
(1) Enhance the market adaptability flexibility of the strategy library. In an increasingly volatile market environment, build an arsenal of multiple strategies such as value, growth, event-driven, and quantitative hedging, and achieve risk-return optimization through dynamic adjustment of strategy weights. (2) Establish cross-asset investment collaboration capabilities. Break the research framework of the separation of stocks and bonds and establish a cross-asset research team based on macro interest rates, credit cycles, and asset price comparisons.
To sum up, the investment research platform breaks the problem of information silos in the three key links within the fund company, integrates the cognitive gaps in the three links, and responds to the impermanence and variability of the securities market with multiple strategies. Through the construction of a platform-based, integrated and multi-strategy investment and research system, fund companies will build their own core competitiveness and lay the foundation for high-quality development of the fund industry.