In fact, in order to understand this problem, we need to understand the classification of debt base first. There are three main ways to classify debt bases, namely "according to different investment strategies", "according to different bonds invested" and "according to different stock ratios invested".

1. According to different investment strategies, bond funds can be divided into active bond funds and index bond funds. The former is that the fund manager actively helps you choose bonds for investment, while the latter is passively tracking the bond index for investment.

2. According to the different bonds invested (interest rate bonds and credit bonds), active bond funds can be divided into credit bond funds and ordinary bond funds. Among them, the credit bond fund refers to a bond fund with a credit bond investment ratio of not less than 80%.

Here is a little explanation, what are interest rate bonds and credit bonds?

Interest rate bonds mainly refer to national debt, local government bonds, policy financial bonds and central bank bills. In other words, interest rate bonds are endorsed by the government, so there is basically no risk of default.

Credit bonds are bonds issued by various companies. Compared with the issuer of interest rate bonds, credit bonds have the risk of default. Of course, the interest of credit bonds will definitely be higher than that of interest rate bonds, otherwise everyone will buy interest rate bonds without default risk.

Therefore, there is no risk of fund thunder when investing in credit debt base, while there is such risk when investing in ordinary debt base. Of course, if the fund is large in scale and the proportion of institutional holders is not high, this influence can be ignored for ordinary debt base.

3. According to the proportion of investment in stocks, active bond funds can be divided into pure bond funds, primary bond funds, secondary bond funds and convertible bond funds.

After understanding these classifications, let's look at how to choose bond funds.

San Sijun believes that the choice of bond funds can be considered from the aspects of fund size, fund cost and bond type of investment.

1. Fund size

In fact, no matter what type of fund, the size of the fund is very important. Because the fund scale is too small, there is a risk of liquidation, and for active funds, the fund scale is too large, which will increase the management difficulty of fund managers.

Therefore, when choosing the debt base, we must pay attention to the scale of the debt base.

2. Expenditure of the Fund

Fund expenses mainly refer to the expenses incurred in the process of fund trading and the daily management of funds. The expenses incurred in the daily management of the fund mainly refer to management fees and custody fees.

Therefore, when choosing a debt base, other conditions being the same, the debt base with low fund cost will definitely be preferred.

3. Types of bonds invested

The above three or four gentlemen mentioned to you that although they are all debt-based, not every debt-based investment bond is the same. Therefore, different investors have different choices in the choice of debt base.

For example, if you are an aggressive investor and are optimistic about the future stock market, you can buy a convertible bond fund; If you are a conservative investor, you can choose a credit debt base. Also, if you want to worry or choose a fund manager, then you can buy an index debt base.