The so-called fixed income products generally refer to products with safe principal and certain income. Therefore, in the general impression, the withdrawal of fixed-income wealth management products will be less. However, some media reported recently that the net product value of many "fixed income+"funds has dropped sharply this year. Among them, some secondary debt-based and partial debt-based hybrid funds have adjusted back more than 10% this year, and some have adjusted back to 15%. This means that if users buy from a high point, they will now lose 15%.

Such a high retracement makes it difficult to connect with the sound financial management promoted by "fixed income+"products. After falling so much, how dare you say it's sound? So it is normal for everyone to have opinions. After all, the biggest retracement of the Shanghai and Shenzhen 300 Index this year is only 14.438+0%.

Why is the performance of "fixed income+"products inconsistent with everyone's expectations? The main reason is that the definition and publicity of "fixed income plus" in the market is not clear.

Unlike fund types, regulators have no clear definition of "fixed income+". Generally speaking, products or strategies that mainly invest in sound bond assets and a small amount in risky assets such as stocks, fixed income, innovation and convertible bonds are called "fixed income+".

According to this definition, in a single fund, both secondary debt-based and partial debt-based mixed funds are included in the scope of "fixed income+"products. The secondary debt base generally requires that the stock position should not exceed 20%, and the stock position of partial debt mixed funds is not high, generally not exceeding 30%, and some will agree not to exceed 40%. Of course, the specific details will be subject to the fund's own contract. However, it is basically a stock-bond allocation strategy, with bonds as the mainstay and stocks as the supplement.

This means that the ratio of stock to debt is different, and the future income and risk of users are also different. When the ratio of stock to debt is 10: 90, 20: 80 and 30: 70 respectively, if the stock assets fall by 30% under extreme market conditions, assuming that the bond assets change little, how much will the "fixed income+"products with different proportions withdraw? You can estimate it yourself.

If you can only bear a 5% retracement, buy a product with a stock-debt ratio of 30: 70, and it is easy to break through your psychological defense line when the market falls. Most of the funds that have withdrawn more than 10% this time are products with high stock positions or convertible bonds, and some stock positions are as high as 40%. Therefore, when choosing a "fixed income+"product, you must pay attention to the stock position of the product to see if it meets your expectations.

Take "I want stable happiness" as an example. Its stock and debt positions are generally around 10%, and rarely exceed 20%. It is precisely because the stock position is very low that the performance is very stable, and the maximum retracement since the operation has not exceeded 3%.

After understanding what "fixed income+"is, you should be able to understand that such products are sought after as a more cost-effective choice when the interest rate drops and the bank's wealth management is not guaranteed, but the user wants to get higher income but can't bear too much risk. However, in this process, users are still not very clear about the fluctuations they can bear and the actual operation of the products, and they are still matching each other.

I have to vomit here. In the past two years, "fixed income plus" has been very popular. In the process of publicity, many copywriters can see the words of pursuing absolute income and strictly controlling withdrawal. In fact, most of the "fixed income+"products are a low-risk stock and debt allocation strategy. In the process of management, fund managers only pay attention to whether the stock and debt positions agreed in the contract outperform the performance benchmark, and do not pay attention to whether the expected returns are achieved or whether the maximum withdrawal is controlled. Because for most products, how much absolute income to pursue and how much to withdraw are strictly controlled are not stated in the fund contract.

So I still want to remind you that when choosing "fixed income+"products, if you can bear little risk, then choose those products with low stock positions and stable operation, or choose those strategies that will strictly control cash withdrawal, instead of just seeing "fixed income+",you will feel that the risk is very low and can meet your needs.

Summary: For investors in stocks, it is actually very important to consider the ratio of stocks to bonds! What do you mean? The high security and low yield of debt means a liquidity, which in disguise ensures that you will not be Man Cang when investing in stocks, so that you can make up your position at any time when the stock market falls and minimize the losses! If you can rebalance two stocks at any time according to your own income, you will always have funds to guard against the risk of stock market investment. If you insist on doing this, you will actually win half of the people in the stock market!