debt-biased funds are greatly influenced by the stock market, and the larger the proportion of stocks in fund asset allocation, the greater the influence of stock market fluctuations. We compare the net growth rate of bond funds in the first three quarters of 27 with the average value of bond funds' stock allocation in the first three quarters, and find that the higher the proportion of stock allocation, the greater the net growth rate of bond funds; In the first quarter of 28, on the contrary, the higher the proportion of stock allocation, the greater the decline in the net value of bond funds.

the income of pure debt funds fluctuates with the bond market, and is less affected by the stock market, mainly from the yield of new share subscription and the income level of convertible bonds. The stock market's subscription yield of Hershey's new shares increased, the value of convertible bonds increased, and the income of pure debt funds holding such assets increased; However, the improvement of the stock market will also withdraw funds from the bond market, causing the bond market to fall, thus affecting the income of pure debt funds. There is a saying in the market that the bond market and the stock market are seesaws. Judging from the asset allocation of bond funds, the average net income of bond funds that did not hold stock assets in the 27 annual report and the first quarter of 28 has exceeded 1.5% since 28, while the average net income of bond funds as a whole is -1.9.