Pure debt fund
Pure debt funds can only invest in bonds. Pure debt funds can be divided into short-term pure debt funds and medium-and long-term pure debt funds, such as the Golden Eagle Tian Li medium-and long-term credit bond fund being issued; In addition, there are standard bond funds and a special type-index bond funds, which can be further divided into passive index bond funds and enhanced index bond funds according to the way of index management. The strategy of Golden Eagle Tian Li Medium-and Long-term Credit Bond Fund is to track the total wealth index of China's credit bonds (3-5 years), supplemented by active investment enhancement such as leverage and quantification.
Tier 1 fund
Tier 1 debt base, investable bonds+subscription of new shares (restricted), now basically equivalent to pure debt fund;
Subfund
Secondary debt base, you can invest in bonds+invest in the secondary market of stock market;
In addition, there are other bond funds such as convertible bonds.
According to the risk from low to high, it is divided into pure debt fund, primary debt base and secondary debt base. Investors with low risk tolerance can pay attention to pure debt funds and primary debt base, while investors with strong risk tolerance can pay attention to secondary debt funds.
What is fixed debt? Fixed debt is an innovative closed debt base compared with open-end funds, which adopts a combination of closed operation and regular opening. The closure period is generally 1 to 3 years, and there are also 6 months, during which you cannot purchase and redeem. From the perspective of liquidity, it is not as good as open-end funds.
In the product scale of Public Offering of Fund, bond funds account for a considerable proportion. The scale of bond funds in 20 16 years increased by 15 1.7% compared with that in 20 15 years.
Bond fund: the source of profit
The profit source of bond funds mainly comes from the coupon income of fund investment bonds and the difference income of buying and selling bonds.
? Interest income. That is, the interest income generated by the bonds held by the bond fund itself during the holding period is relatively stable.
? Capital gains. Before the maturity of bonds, if the market is good, you can get the bid-ask difference by selling bonds, get excess returns, and invest the realized liquidity in bonds to get higher interest.
? Bond repurchase. When the repo rate is lower than the bond coupon rate, arbitrage can be carried out through repo transactions. The specific operation is to pledge the bonds held through repurchase business, and the funds obtained will continue to be invested in the bond market, thus obtaining leverage income.
? The value of convertible bonds increased. Convertible bonds, stocks. When the share price of the company holding convertible bonds has an upward trend, the value of convertible bonds will exceed its value as a fixed-income bond, thus having a value similar to that of stocks.
? Income from stock investment in the secondary market. Secondary bond funds can properly participate in the stock investment in the secondary market, which also increases the profit source of the fund.
For investors, we should also pay attention to the timing of buying bond funds.
Bond funds mainly invest in bonds, so the choice of bond funds depends largely on the analysis of the risks and benefits of the bond market. Specifically, if the economy goes up and interest rates tend to rise, the investment risk in the bond market will increase, but it is a good opportunity for newly established funds to open positions; On the other hand, if the economy goes down, interest rates tend to fall, some deposits will flow into the bond market, and bond prices will show an upward trend. The trend of interest rate is an important factor affecting the bond market. Fund managers usually forecast monetary policy, inflation and interest rates. If the interest rate level in the future is expected to decline, they will generally increase the duration of bond allocation appropriately, otherwise shorten the duration to obtain better returns.
The sharp adjustment of the bond market has brought opportunities for opening positions for the new debt base. Golden Eagle Tian Li's medium-and long-term credit bond fund is popular, with Class A: 002586 and Class C: 002587.