Domestic Business
Fund house Two-Year Ranking Three-Year Ranking Five-Year Ranking
ChinaAMC Fixed Income Team
Fully integrated team of 77 professionals, one of largest in the industry.
Investment Process
ChinaAMC’s fixed income team utilizes both top-down and bottom-up selection processes to manage portfolios.
Disciplined Investment Process
ChinaAMC’s fixed income team utilizes a disciplined investment process to systematically identify investment opportunities.
  • Research
    Full range of strategies
    Macro economy
    Money market
    Interest rate
    Convertible bond
    Global markets
    Alternative investment
    Each strategy team is led by a PM and joined by analysts and traders.
    Regular strategy meetings
    Daily: Information sharing
    Weekly: Strategy formulation
    Monthly: Investment guidance by the Investment Committee
  • Investment
    Client analysis
    Investment horizon
    Target return
    Risk tolerance
    Investment restrictions
    Other requirements
    Portfolio construction
    Asset allocation
    Industry selection
    Security selection
  • Compliance & Risk Control
    Culture of firm-wide risk management
    Both ex-ante and ex- post
    Multi-layered and inter- departmental
    Regulatory risk
    Close communication with regulators
    Credit risk
    Internal credit rating by credit research team
    Proprietary rating methodology & system
    Bond-pool management
    Liquidity risk
    High-frequency monitoring of key liquidity-risk meas
    Dedicated money-market trading team
    Counterparty risk
    Name-by-name exposure control
  • Trading
    Centralized trading
    department with execution independent from investment decision making
    Fair trading policy
    Entire process of order management and execution is system based and fully documented
  • Evaluation
    Ex-post compliance and riskanalysis
    Investment performance closely monitored by Head of Fixed Income and evaluated by the Investment Committee
Long track record of credit research
ChinaAMC’s in-house credit research team was set up in early 2006, one of the earliest in the industry to do so.
ChinaAMC’s Fixed-income Investment Team is embedded in the company-level Investment & Research Platform, which enables seamless communication and sharing with Marco and Equity team. The Credit Research Team is established under the Fixed-income Investment Team. It is given full room to conduct research independently.
Internal Rating Process - Rating Model
Our ratings are forward-looking and reflect our expectations for future financial and operating performance.
Our rating methodology is comprised of both Quantitative and Qualitative Analysis.
We have dedicated rating model for different industries and LGFV.
Issuance considerations include : the relative ranking of different classes of debt, and the assessment of credit support from other entities.
Quantitative Analysis
  • Scale
  • Profitability
  • Efficiency
  • Cash flow
  • Leverage
Qualitative Analysis
  • Industry Analysis
  • Business Profile
  • Market position
  • Financial Policy
  • Governance
Rating Criteria of Investment Portfolios
ChinaAMC’s proprietary rating system further breaks down external ratings to differentiate risks.
The Internal Rating
Provide a better rating distinction than External Rating which only has limited rating levels.
More objective and accurate using stringent standards ,deep research and investigation.
Excluding the bonds with the highest default risk.
Timely judgment on credit risk under frequent review on the outlook of the issuer.
Credit Risk Monitoring Mechanism
ChinaAMC’s proprietary credit risk monitoring system enables timely response to credit risk events.
  • Negative information monitoring:
    Monitor negative news and information of the issuer including major changes and rating adjustments using IT system and manual screening daily.
  • Early-warning system
    Setup a series of financial early-warning models to identify potential credit risk.
  • Credit blacklist
    Establish a blacklist for companies with bad credit record and exclude them from the investable pool or downgrade according to the severity.
Risk Management Process
Risk control procedures are installed at every key step of the investment and operational process.
Investment activities shall be aligned with the regulations and the internal investment guidelines which is agreed by clients and the Investment Committee.
To timely detect risk points during investment process.
Risk management reports shall be timely delivered to the portfolio managers and the Investment Committee, etc.
Clear accountability to make sure full coverage of each risk point.