Hello, everyone, I am a home financial manager, a banker who focuses on sharing knowledge and skills in investment and financial management. The annual yield of bond funds is likely to exceed 20%. Take the performance of bond funds of 202 1 as an example. As of August of 14, there are 16 bond funds with an annual return rate of more than 20% in 2002/kloc-0 (calculated separately for Class A and Class C), among which the return rate of Chinese Credit Enhancement A is 34.7 1% and that of Chinese Credit Enhancement C is 34. Just because of the different charging methods, it is divided into Class A and Class C. The yield of Qianhai Kaiyuan convertible bonds is 27. 14%, the yield of Minsheng Jiayin convertible bonds is 26.58%, and the yield of Minsheng Jiayin convertible bonds is 26.20%.

This may surprise many people. In everyone's impression, the annual rate of return of bond funds generally does not exceed10%; In some bad years, the yield of bond funds fluctuates greatly, and the annual yield may be worse than that of money funds, and sometimes even negative (that is, loss). But on 202 1, the income of many bond funds crushed many equity funds and hybrid funds. There are 16 bond funds with a yield of more than 20%, and bond funds with a yield of 10% abound.

So why does the yield of bond funds reach more than 20%? It is precisely because some types of bond funds can take out a small part (for example, no more than 20%) of their assets to buy stocks that they will generate some excess returns. To understand this problem, we must understand the classification of bond funds. Bond funds are divided into pure bond funds and mixed bond funds according to whether assets only invest in bonds.

Pure debt bond fund (referred to as pure debt fund), as its name implies, means that all assets of bond fund can only be invested in bond products (excluding convertible bonds), but not in high-risk products such as stocks. Pure debt funds include short-term debt funds and medium-and long-term bond funds. This kind of fund is a traditional bond fund. Because you can only invest in bond products, the annual rate of return is hard to exceed 10%.

Hybrid bond fund (referred to as hybrid debt base) means that investment products are no longer limited to bond products, but also can invest in stocks, participate in new shares and purchase convertible bonds. The name of mixed debt base is easy to identify, and there are often words such as convertible bond, enhancement, double benefit, enhancement and optimization. The yield of mixed debt base is higher than that of pure debt base, and may also be significantly higher than that of pure debt fund.

There are three main types of mixed debt bases: one is the first-class debt base, which allows no more than 20% of fund assets to invest in stocks in the form of new shares; The second is the secondary debt base, which allows no more than 20% of assets to buy stocks in the secondary market as institutions; Third, convertible bond funds that invest in convertible bonds can be converted into stocks under certain conditions, so the income will be significantly higher than that of pure debt funds.

Therefore, in view of the performance of bond funds in recent years, we should change our inherent impressions and views on bond funds. In the past, bond funds were not very popular, because they did not have the high returns of stock funds and the good liquidity and stability of money funds. But now, bond funds have innovated varieties and improved their returns. The risk is not too high, but the rate of return is not necessarily worse than that of equity funds and hybrid funds. When investing in funds, we should not ignore bond funds. We should take it as an important investment tool and add some bond funds to our portfolio from the perspective of asset allocation and risk diversification.