Although the position of equity assets such as stocks is less than 20%, bond funds that issue new shares also present different risk-return characteristics according to the different selling time of subscribed new shares. The three funds with the lowest risk are Guotai Jinlong Bond, Dacheng Bond and Penghua Putian Bond. Among them, Guotai Jinlong Bond and Dacheng Bond adopt the principle of issuing new shares on the day of listing, and the risk control is relatively good. Penghua Putian Bond achieved the purpose of reducing risk by greatly reducing the position of buying stocks in the primary market, and these three funds gradually moved closer to pure debt funds.

Funds with low risk performance, such as Galaxy Yin Xin Tian Li and CITIC Steady Li Shuang, were all sold after IPO 10 trading days. The long-term holding of new shares presents relatively high risk characteristics in theory. Huaxia bond and Nuoan optimized income are sold within 60 trading days of IPO; SDIC UBS Group AG has steadily increased its profits within 90 trading days, and Nandoli Company has increased its sales. The holding period of new shares invested after Harvest bonds are listed and circulated shall not exceed 6 months, and Baokang bonds shall not exceed 1 year; ICBC UBS enhanced income bonds are sold according to the comparison between market price and intrinsic value. For ordinary investors, the longer bond funds hold listed new shares, the higher the profits and risks investors may bear.