The fund company's heavy position in bonds shows that this fund is a bond fund. Bond funds generally pay dividends in the upward cycle of interest rates to avoid risks. Because the fund has a limit on the proportion of positions, when the bond price falls, the bond fund can only pay dividends if it can't reduce its losses by lightening its positions.

But the specific dividend arrangement is arranged by the fund company, and there may be other reasons. Generally speaking, in the downward cycle of interest rates, the transaction price of government bonds rises, which is beneficial to funds holding bonds; In the upward cycle of interest rates, the transaction price of government bonds fell and the funds held by bonds were damaged.