She introduced that the first thing is to see if there is a debt base in your asset basket. The stock market is in a downturn, and the economic cycle is still in the "quadrant" of bonds. Products that focus on fixed expected annualized returns are relatively less risky.
Secondly, we should choose bond funds according to our own risk preference. Those with strong risk tolerance can choose flexible debt bases such as secondary debt base, graded debt and closed debt, while those with relatively low risk tolerance can choose pure debt or primary debt. Compared with bond funds and other varieties with similar expected annualized income, with the central bank's interest rate cuts twice this year, the expected annualized income of bank wealth management products also shows a downward trend. Although the debt base also has the risk of short-term net value fluctuation, it can still provide investors with long-term stable income on the whole.
The third is to understand how bond funds are classified. If you don't invest in the stock market, new shares and convertible bonds, the expected annualized income comes entirely from fixed expected annualized income products, and the pure debt fund is insulated from the stock market. Obviously, pure debt funds have the lowest correlation with the stock market. Compared with the common primary and secondary debt bases in bond funds, the overall average expected annualized rate of return of pure debt funds (long-term standard bond funds) is positive since 2005, and the compound expected annualized rate of return from 2005 to 20 1 1 year is 6.9%. Even in the 20 1 1 year when bond funds lose money, pure debt funds bring positive expected annualized returns to investors.
Finally, we should choose the company strength and team strength with fixed expected annualized income. Only six fund companies have a fixed expected annualized income of more than 40 billion. The larger the scale of fixed expected annualized income, the stronger the information synergy and bargaining advantage of research and trading.
Shuang Ren, the proposed fund manager of Guangfa Pure Bond, analyzed that with the shortage of funds at the end of the year, Guangfa Pure Bond will seize the opportunity to open positions and strive for high expected annualized income. First of all, the deposit business can achieve a higher expected annualized income at the end of the year; Secondly, institutions will reduce leverage to a certain extent at the end of the year, and more supply of credit bonds is likely to raise the expected annualized rate of return of credit bonds to a certain extent.
Stock investment strategy in secondary market
According to the classification standard of CSRC, more than 80% of the assets invested in bonds are bond funds. In other words, bond funds can not only invest in bonds, but also invest in a small amount of assets such as stocks.
Most domestic bond funds do not directly invest in the secondary market, but there are a few, such as Galaxy's expected annualized income, Changsheng Bond and Huaxia Hope. , allowing a small amount of assets for direct investment in the secondary market. Generally speaking, the higher the proportion of direct investment in stocks, the greater the expected annualized income and the higher the corresponding risks.
If you have a certain risk tolerance and are not satisfied with only looking at the expected annualized return of bonds, it is recommended to choose a bond fund that can directly invest in stocks in small amounts. If you don't want to bear the risk brought by the stock fluctuation in the secondary market, but only want to obtain stable and reliable expected annualized income, it is suggested to choose a bond fund that does not directly invest in stocks.
Investment strategy of new share subscription
In order to improve the expected annualized income level, except for a few varieties, most bond funds are allowed to invest in new shares in the primary market. In 2008, the increasingly fierce market turmoil will further test the innovative technology of bond funds, but under the current IPO system, the subscription of new shares is still an important means to improve the expected annualized income of bond funds under controllable risks. I suggest that you try to choose a bond fund that allows you to subscribe for new shares.
Due to different investment concepts, bond funds that are allowed to subscribe for new shares have different restrictions on the holding time of the subscribed new shares after listing and trading. Most funds limit this time to two months to six months, and some funds vary greatly. In principle, ICBC Credit Suisse's enhanced expected annualized income and Efund's enhanced income can be held for a long time, if the trading days specified by Galaxy Credit Suisse do not exceed 10. Because the price of new shares will change constantly after listing, the longer they are held, the more likely they are to get the expected annualized income brought by the stock price growth, but the greater the corresponding risks. You can choose according to your expected annualized income expectation and risk tolerance.
Selection of bond assets
Most bond funds have no detailed provisions on the specific investment types of bond assets, but generally indicate that they invest in financial instruments with fixed expected annualized returns. This year, the newly issued funds such as Bank of Communications, ICBC Credit Suisse and E Fund are further subdivided, and it is clearly proposed that corporate bonds, corporate bonds and other credit bonds are the main investment targets.
The expected annualized rate of return of credit bonds with fixed expected annualized income is higher than that of national debt and central bank bills. The data of the past nine years show that the average expected annualized income difference between credit bonds and national debt is about 0.9%. But correspondingly, the risk of credit bonds is higher than that of ordinary bonds such as national debt and central bank bills.
Fund companies and fund managers
It is suggested to choose fund companies with strong overall investment and research ability and excellent historical performance, such as Huaxia and Huabao products. In addition, you can also choose companies with strong shareholder background and great influence on the bond market. For example, Galaxy Fund Company, ICBC Credit Suisse, Bank of Communications Schroeder and other companies with the background of the Ministry of Finance have strong shareholders and a strong grasp of the bond market, and have unique advantages in investment management of products with fixed expected annualized income.
Because the investment scope of different funds is different, when referring to the past performance of fund managers, we should also consider the stock investment ratio of funds. It is suggested to focus on fund managers who have won bond fund awards, such as Jinniu, Morningstar and Lipper.
Fees charged by the fund
The long-term expected annualized return of bond funds is lower than that of equity funds, so cost is also an important factor in choosing bond funds. The charging methods of bond funds can generally be divided into three categories: A is the front-end charging mode, B is the back-end charging mode, and C is the mode of exempting subscription/redemption fees and charging sales service fees.
Each of the three modes has its own characteristics. Generally speaking, mode A charges subscription fees according to the subscription amount, which is suitable for investors who purchase more at one time. Class b mode is charged according to the holding time. The longer the holding time, the lower the rate, which is suitable for investors who are ready to hold for a long time. Class C subscription/subscription is free of redemption fee, and the sales service fee is charged according to the holding time, which is suitable for ordinary investors who have not held it for a long time.
It should be pointed out that not all bond funds have opened the above three charging modes. You can choose a fund with a suitable charging model according to the investment period and amount.