Debt base generally refers to bond funds. Bond funds, also known as bond funds, refer to funds that specialize in investing in bonds. By concentrating the funds of many investors, we can make portfolio investment in bonds and seek relatively stable returns. Bian Xiao compiled the knowledge points that debt-based knowledge must know here for your reference. I hope everyone will gain something in the reading process!
Introduce different types of bonds
Before explaining the classification of bond funds, we must first understand what kind of bonds bond funds invest in.
According to the market division method, bonds are mainly divided into interest rate bonds, credit bonds and convertible bonds.
0 1 interest rate bond
Usually issued by the state or the central government, backed by government credit, or provided by the government with debt repayment support, it is generally believed that there is no credit risk unless there are extremely special circumstances.
Treasury bonds, central bank bills and policy financial bonds issued by the three policy banks all belong to interest rate bonds.
It should be noted that although interest rate bonds are generally considered to have low credit risk, their prices will be affected by interest rate changes, including long-term and short-term interest rates, inflation rate, macroeconomic operation, and the amount of money in circulation.
02 credit bonds
Bonds issued by entities other than the government and based on corporate commercial credit mainly include corporate bonds, corporate bonds, ordinary financial bonds (including bonds issued by commercial banks and non-bank financial institutions) and some corporate debt financing instruments led by dealers' associations (including ultra-short-term financing bonds, short-term financing bonds, medium-term notes, etc.). ).
03 convertible bonds
The full name is convertible corporate bond, which is essentially a bond that can be converted into stocks. Convertible bonds have the dual attributes of creditor's rights and options. The holder can either hold the matured bonds, let the borrowing company repay the principal and interest, or convert them into stocks within the agreed time to enjoy dividends or capital appreciation.
Classification of bond funds
After a brief understanding of the types of bonds, let's look at how bond funds are classified.
(1) Classification by investment scope
Bond funds can be divided into pure debt funds, primary debt bases and secondary debt bases according to their investment scope.
1) pure debt fund
Pure debt fund is a fund that specializes in investing in bonds. This kind of debt base can invest in interest rate bonds and credit bonds, but it cannot invest in convertible bonds and stocks. Because it does not participate in the investment of stock assets, it will not be affected by the stock market.
Among pure debt funds, short-term debt funds have the lowest risk and the smallest fluctuation. It has a special clause requiring that the bonds invested within 397 days should not be less than 80% of the fund's assets. In practice, short-term debt-based funds mostly invest in short-term bonds due within 1 year.
In addition, there is a pure debt fund with slightly higher risk than short-term debt, that is, short-term and medium-term debt fund, which requires that the bonds invested within 3 years should not be less than 80% of the fund assets.
2) Main debt base
The primary debt base is based on the investment scope of pure debt, which increases the investment of convertible bonds, but cannot invest in stocks.
3) Secondary debt base
Among bond funds classified by investment scope, the secondary debt base fluctuates the most, and its investment scope is expanded to invest in convertible bonds and stocks, but the proportion of investment in stocks cannot exceed 20% of the fund assets.
The investment scope of bond funds is publicly disclosed information. You can know what it can and can't invest through the "investment scope" column in the fund file, so as to judge the degree of its risks and benefits.
(2) Classification by charges
According to the classification of charging methods, we will find that bond funds in the market are divided into class A shares, class B shares and class C shares. The difference between these three shares lies in the different charging methods.
1) class a
The model of Class A share is "front-end charge", that is, a certain subscription fee must be paid first when purchasing the fund, and then a redemption fee is charged according to the holding time when redeeming. The longer the time, the lower the redemption fee. Generally, the redemption fee will be reduced to 0 after 2 years of holding. This share is more suitable for long-term investors who have invested for several years. (depending on the standard rate of the specific fund)
2) class b and class c
These two types of stocks generally do not charge subscription fees. In most cases, there is no redemption fee for holding for 7 days or 30 days, and a certain sales service fee is required. This share is more suitable for short-term investors with high liquidity requirements. (depending on the standard rate of the specific fund)
In the past two years, the returns of funds purchased by many investors are generally unsatisfactory. What caused the large losses of most funds? Mars, an analyst at Shanghai Securities Fund Evaluation Center, pointed out that, first of all, the essence of fund products is the combination of securities, and the performance of fund income is closely related to the performance of the underlying market. In the continuous decline of the stock market, it is difficult for equity funds and hybrid funds, which mainly invest in stocks, to achieve positive returns. In the case of rising stock market, most partial stock funds can often achieve positive returns. Therefore, it is impossible for funds to create myths and create high positive returns in the continuous decline of the market in recent years.
From the long-term performance, in most cases, the overall performance of funds is better than that of individual investors, especially in bull markets and volatile markets. For example, in 2006 and 2007, more than 80% of equity funds achieved a return of more than 100%, while the proportion of individual investors was less than 20 12 years. Nearly 50% of equity funds have achieved a return of 5% to 30%. According to the survey, more than 50% of individual investors have lost between 5% and 50%. Therefore, the fund is still a good investment tool for individual investors to participate in the capital market.
All kinds of problems, whether China's stock market construction, economic development or asset management industry, can't be eliminated in a short time, and all need the rationality of the market as a whole to promote it. However, as investors themselves, we must measure our risk tolerance clearly and not blindly listen to the propaganda of sales staff. If your risk tolerance is weak, or the funds you want to use in the short term, you can't invest too much in a single stock fund to avoid being greatly affected by the risk of stock market fluctuations. Therefore, for individual investors, it is more meaningful to have a long-term investment mentality, choose appropriate fund products according to their own risk tolerance and renewal, avoid excessive pursuit of popular funds with outstanding short-term returns, pay more attention to funds with relatively stable long-term performance, and spread risks through fixed investment and portfolio allocation to obtain long-term stable returns.
Precautions:
First, we should pay attention to arranging the proportion of fund varieties according to our own risk tolerance and investment purpose. Choose the fund that suits you best, and set an investment ceiling when buying partial stock funds.
Second, be careful not to buy the wrong "fund". The popularity of funds has led to some fake and shoddy products "fishing in troubled waters", so we should pay attention to identification.
Third, pay attention to the post-maintenance of your account. Although the fund is worry-free, it should not be left unattended. Always pay attention to the new announcements on the fund website, so as to have a more comprehensive and timely understanding of the funds you hold.
Fourth, pay attention to buying funds, and don't care too much about the net value of funds. In fact, the fund's income is only related to the net growth rate. As long as the fund's net growth rate stays ahead, the income will naturally be high.
Fifth, we should be careful not to "love the new and hate the old" or blindly pursue new funds. Although the new fund has inherent advantages such as preferential prices, the old fund has long-term operating experience and reasonable positions, which is more worthy of attention and investment.
Sixth, we should be careful not to buy dividend funds unilaterally. Fund dividend is the return of investors' previous income, so it is more reasonable to change the dividend method to "dividend reinvestment" as far as possible.
Seventh, we should pay attention not to talk about heroes in the short term. It is obviously unscientific to judge the pros and cons of the fund by short-term ups and downs, and it is necessary to make a comprehensive evaluation of the fund in many aspects and conduct a long-term investigation.
Eighth, we should pay attention to the flexible choice of investment strategies such as steady and worry-free fixed investment and affordable and simple dividend transfer.
Today I will briefly introduce the types of bonds and the classification of bond funds. In the future, you can choose the right bond fund according to your risk tolerance and planned investment time.
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