165438+1October 2 1, a debt base fell more than 12% in a single day, which caused widespread concern in the market and quickly rushed to the fund platform for hot search.
Recently, the bond market has been greatly adjusted, and bond funds have also been greatly affected. However, it is very rare that the daily decline exceeds 10%. According to the average annual yield of about 4% of the debt base, the fund lost three years' income at 1 day.
In this regard, some analysts pointed out that the debt base fell by more than 10% a day, which may be due to the sharp decline in products held by the fund. The credit debt Darongcheng 2A held by the Fund fell by nearly 50% on the day of11October 2 1. It is also possible that the fund suffered huge redemption, some positions were raised, and the fluctuation of bonds held led to large fluctuations in fund products.
One-day plunge 12%
165438+1October 2 1, after the fund's net value was updated, the single-day net value of Furong's short-term and medium-term debt fell by 12.07%, which caused great concern in the market. At this point, furong short-term debt not only erased all the gains since its establishment, but also turned negative and fell to 0.8822.
Furong short debt was established in February, 2002 1,1. By the end of the third quarter, the share of Class A was 703 million yuan, and the share of Class C was 4.249 billion yuan. The Securities Times reporter observed that at the end of the second quarter of this year, the class A share of the fund was only 43 million yuan, and the class C share was only195 million yuan. However, the data of the third quarterly report shows that the fund's share has increased substantially in a short period of time, and the scale of Class A share and Class C share has increased by over 1.5 times and 20 times respectively.
According to the data of the fund's semi-annual report, the individual shareholding ratio of C share is 86.5 1%, the institutional shareholding ratio is 65.438+03.49%, and the individual shareholding ratio of A share is 76. 16%, which is a typical individual investor-led fund.
It is understood that Furong's short-term and medium-term debts are sold on third-party financial platforms such as Alipay. In the "network celebrity debt base" inventory of several platforms, short-term and medium-term debts of Furong can often be seen, which may be the reason why the fund significantly increased its position share in the third quarter.
Shortly after the establishment of the fund, the proportion of short-term and medium-term debt positions of Furong increased significantly. At the end of the first quarter of this year, the fund's bond positions accounted for 53.73% of total assets, increased to 96.3 1% at the end of the second quarter and increased to 94.56% at the end of the third quarter.
It is worth mentioning that in the third quarter, while the share of short-term and medium-term debt funds of Furong increased substantially, fund managers also significantly adjusted their positions.
At the end of the second quarter of this year, Furong's short-term bonds held 265,438+0 scientific Guangzhou MTN003, 265,438+0 Far East Hong Xin MTN004BC (sustainable) and other 22 policy bank bonds such as 06, 22 in and out of 04, 22 in and out of 65,438+02. However, at the end of the third quarter, heavy positions were adjusted to subordinated debts of commercial banks such as Bohai Bank 19 perpetual bonds, Minsheng Bank 19 perpetual bonds, and medium-term notes such as 22 Datang MTN002, 22 Lu 'an MTN01,2 1 Beijing-Zhuhai MTN002.
With the recent adjustment of the bond market, the perpetual bonds of Bohai Bank 19 and Minsheng Bank 19 both fell to varying degrees. The net price of 165438+ 10/0/7 19 perpetual bonds of China Bohai Bank was 100. 1020 yuan, which dropped to 98.165438 yuan. 19 Minsheng bank perpetual bonds 1 15 October net price 100.3428 yuan,10 October 2 1 daily 99.6767 yuan.
The fund stepped on the thunder?
Why did the fund plummet in a single day? Many market participants believe that the sharp decline in product holdings may be the main reason.
The third quarterly report of Furong's short-term and medium-term debt disclosure shows that in addition to heavy positions, the fund also holds several asset-backed securities products. However, among the asset-backed securities products with top fund positions, "Darongcheng 2A" has experienced a rare plunge in the near future.
The data shows that the liquidity of Darongcheng 2A is relatively poor, because there is no volume, and the quotation has remained at 98.5 yuan. 165438+1October 2 1, Darongcheng 2A suddenly fell to 50 yuan, with a one-day drop of 49.24% and a turnover of 50 million yuan. 165438+1On October 22nd, the quotation of Darongcheng 2A was still 50 yuan, and the transaction was15.06 million yuan.
According to public information, the full name of Darongcheng 2A is "Zheng Guang Asset Management-Guanyinqiao Darongcheng Guangkong Anshi Commercial Real Estate Phase II Asset Support Special Plan", with the start date of 2065438+September 4, 2009 and the issuance scale of/kloc-0.5 billion yuan. The sponsor/original equity is Zhuhai Anshi Aiyin Investment Center (Limited Partnership), and the project manager is Shanghai Everbright Securities Asset Management.
In fact, another pure debt of Furong, Jinfuxing Pure Debt, also holds Darongcheng 2A in a heavy position, accounting for 1.07% of the fund's net asset value. The net asset value of the fund also fell sharply 1 1.2 1 on the same day, with a decrease of 1.94%, but the decrease was less than that of Furong short-term debt.
Analysts pointed out that the fund may encounter huge redemption, leading to an increase in the proportion of some positions, and the fluctuation of position types has amplified the fluctuation range of fund products.
Recently, Furong Fund released the Net Value Description of Furong Short-term Debt and a Letter to the Supporters of Furong Short-term Debt on the third-party platform, pointing out that due to the comprehensive influence of factors such as large-scale redemption of bond products caused by the recent adjustment and superposition of the bond market, Furong short-term debt needs to be continuously sold to ensure the interests of every customer, and at the same time, it is clear that these assets have not defaulted.
At the same time, Furong Fund also adjusted the payment time of short-term and medium-term debt redemption of Furong from the regular time to T+7 trading days (including t days).
When will the bond market stabilize?
Recently, there has been a big adjustment in the bond market. The short-term adjustment is greater than the long-term adjustment, and the yield curve is Xiong Ping. Many debt bases were affected, and the yield directly turned negative during the year, which also worried investors.
In this regard, Bosera Fund said in an interview with the Securities Times reporter that the core reasons for the sharp adjustment of the bond market are:
First, under the background of marginal convergence of funds, short-term interest rates return to a reasonable center from the previous low point;
Second, the epidemic prevention optimization policy and 16 measures to support real estate have caused some disturbance to this round of debt cows.
In addition, the sharp rise in this round has also led to the redemption pressure of wealth management, funds and other institutions or the fear of subsequent redemption. The secondary market has thrown bonds, which has formed a certain negative feedback, thus accelerating and amplifying the adjustment of the short and medium ends.
Looking forward to the market outlook, Bosera Fund believes that China's economy is in the transition period between old and new kinetic energy, with weak fundamental reality, expected changes and slow recovery; Monetary policy maintains a political stance, the attitude of maintaining stability remains unchanged, and the convergence of funds is not tightened. Recently, the interest rate of funds quickly returned to the center of interest rate corridor, and short-term assets were basically re-priced. After the recent sharp adjustment, the pessimism in the bond market has been fully released, most assets have entered a better allocation range, and the market is expected to stabilize in the short term.
"Opportunities are always bred when they plummet, and the current time should be a good time for configuration. After the recent sharp adjustment, the pessimism in the bond market has been fully released, and most of the assets have entered a better allocation range. " Bosera Fund said that bond funds have sustained and stable coupon income, which provides a "safety mat" for the long-term growth of products. Short-term fluctuations will not affect the long-term upward trend of the bond market, and bond funds are still a "ballast stone" configuration in the portfolio.