How much can a convertible bond fund generally withdraw?
1 12 in the history of convertible bonds, the average increase during the duration was 67%, and the average increase in shares was 52%. Convertible bonds not only have growth potential, but also have relative security advantages, and the withdrawal during the duration is not great, which depends on the operation level of fund managers.
When to allocate convertible bond funds?
1 has a low valuation and the convertible bonds are in a good allocation time.
After the recent stock adjustment and valuation compression, the convertible bond index has returned to the low point in March, and some old bonds have been withdrawn to the position of 65438+1the end of October, so convertible bonds are in a good allocation opportunity. In terms of stock valuation, the premium rate of partial stock-to-equity swap has dropped to a historical low; In terms of debt valuation, the yield of partial debt-to-debt swaps has improved and debt protection has emerged.
2 The convertible bond index is at a low level, and there is a lot of room for upward.
The high yield of convertible bonds mainly comes from the increase of stock holdings, so the bull market is the outbreak period of convertible bonds.
3 market expansion brings more opportunities for excess returns
Since 20 17, the new refinancing regulations have limited the scale and frequency of fixed increase, simplified the approval process of convertible bonds, and the financing scale of convertible bonds has expanded rapidly. Compared with the smaller market in the past, the current convertible bonds have covered most industries, and the differentiation of individual bonds provides more opportunities for excess returns.
Generally speaking, whether the economy stabilizes or not, the exit space of convertible bonds is controllable, the upward elasticity is not weak, and the overall risks and benefits are better.