What are the bond funds?
1, investment mode-active debt base VS passive debt base
It is easy to understand that bond funds are divided into active management type and passive index type, depending on whether the debt-based investment method is active management or passive replication tracking index. Passive debt base mainly tracks a specific bond index, and the product rate is low, but it gives up the opportunity to obtain excess returns through active debt selection, leverage and duration adjustment; There are many kinds of indexes, which require investors to be professional. Judging from the current market share, actively managed debt bases still account for the vast majority.
2. Product investment-pure debt fund (short-term, medium-term and long-term) VS mixed debt base (primary and secondary)
Bond funds require more than 80% to invest in debt assets such as bonds and certificates of deposit. According to whether to invest in stocks or not, debt base can be divided into pure debt fund and mixed debt base. Among them, the duration of pure debt funds is an important indicator to measure interest rate risk, so it can be divided into short-term pure debt funds and medium-and long-term pure debt funds according to the duration; As for the mixed debt base, according to the way of participating in the stock market, it can be divided into the first-level debt base (only new participation, which has been suspended at present) and the second-level debt base (which can be bought and sold in the secondary market).
3. Operation Mode-Open and Open
According to whether bond funds are closed (regularly open) or open, they can be divided into fixed open debt base and open debt base. Open-ended debt base is closed in every operation period (generally 3 months, 6 months, 1 year, etc.). ), and the product liquidity pressure is small, so the strategy application is more extreme. So generally speaking, closed-end funds perform better under the same conditions. If investors have no demand for liquidity, they can give priority to closed-end funds.
How to judge the types of bond funds?
Given a bond fund, it can generally be judged from three aspects:
1. Bond fund name: pure bonds, short-term bonds, short-term bonds, credit bonds, industrial bonds and convertible bonds.
2. Investment scope agreed in the fund contract: the contract generally limits the types of investment that the fund can make.
3. Asset allocation ratio: the holding ratio of bonds, stocks and convertible bonds.
For example, E Fund's stable income bond fund can only be judged as a bond fund by its name. Then look at the investment scope of the fund. It is pointed out in the contract that the investment scope is financial instruments with good liquidity, not limited to fixed income financial instruments. You can invest in stocks and convertible bonds, not exceeding 20% and 30%. It can be judged that this fund is a secondary debt base.
Pay attention to two problems of convertible bonds: although the secondary debt base stipulates that the shareholding does not exceed 20%, there is no limit on convertible bonds, so the sum of the secondary debt base and convertible bonds is likely to exceed 20%, so investors should pay attention when investing.
Most convertible bond funds belong to the secondary debt base, and the contract stipulates that 80% can invest in convertible bonds, and the risk-return characteristics are more similar to those of equity funds. Investors should first understand this kind of bond funds.
How do investors choose bond funds?
Among the types of bond funds, the risk of pure debt fund is relatively small, and investors with low risk tolerance can choose pure debt fund, but the income of pure debt fund is relatively limited, while investors with high risk tolerance can choose secondary debt base, and some assets of secondary debt base are invested in stocks, so the risk return is higher than that of pure debt fund and primary debt base.
In short, investors can choose the right bond fund according to their risk tolerance. When investors allocate equity funds such as equity funds to obtain high returns, then allocating some bond funds can reduce the fluctuations caused by the fund portfolio.
Finally, remind investors that the fund is risky and investment needs to be cautious.