Judging from the composition of the whole bond, it is generally divided into three general directions: national debt, bank debt and corporate debt, so the bond decline is closely related to these three. If the interest rate of government bonds falls in the market, bonds will continue to fall. If there is a serious storm of corporate bonds in the market, then bonds will also go down. If funds are tight in the interbank market, bonds will also go down.
Of course, for bonds, their own value lies in hedging. Therefore, when people hedge bonds at the social level, funds will push up the price of other bonds while pushing up the national debt. In this regard, the fluctuation of bonds is sometimes closely related to the fluctuation of national debt.
Bonds can be classified according to different criteria:
(1) Classification by issuer: According to different issuers, bonds can be divided into government bonds, financial bonds and corporate bonds.
(2) Classification by interest payment method: According to whether it is stipulated in the terms of bond issuance to pay interest to bondholders within the agreed time limit, bonds can be divided into zero coupon bond, interest-bearing bonds and accumulated coupon bonds.
(3) Classification by bond form: There are different forms of bonds, which can be divided into physical bonds, voucher bonds and book-entry bonds.
Pay attention to these three points when buying bond funds:
1, risk
First of all, we must be clear about our goals, whether to pursue low risk, stable income or relatively high income. Then according to their own risk tolerance, choose the corresponding debt-based type. The risks of these types of bond funds are from small to large: short-term and medium-term debt funds.
Note: The short-term debt base under pure debt bonds mainly invests in fixed-income products, which is equivalent to the upgraded version of the money fund, so take the long-term pure debt fund as an example.
Investors with relatively low risk tolerance can choose Tier 1 debt-based or pure debt funds. Investors who have strong risk tolerance and want to obtain relatively high returns can choose secondary bond funds and convertible bond funds.
In addition, the main investments of bond funds include government bonds, financial bonds, corporate bonds, central bank bills and convertible bonds. The income risk characteristics of these varieties are quite different, and different fund allocation ratios will lead to different fund risks. Pay attention to the asset allocation of bond funds when choosing.
2. Interest rate
When buying a bond fund, you can pay attention to the interest rate environment. The rise and fall of bond prices is inversely proportional to interest rates. If there are interest rate cuts and RRR cuts, bond prices will rise, and the income of bond funds will also rise. On the contrary, if the interest rate rises, the bond price will fall. After the central bank cut interest rates continuously in recent years, domestic interest rates fell, which was beneficial to bonds.
3. Charging method
There are three kinds of ABC in the same bond fund, which represent three different charging methods. Class A debt base represents front-end charges, Class B debt base represents back-end charges, and Class C debt base represents sales service charges excluding subscription fees. It is more cost-effective to choose the charging method according to the holding time. If it is a short-term investment, you should choose a class C debt base. If it is a long-term investment, you can choose a class B debt base. If you don't know the investment period, you can choose type A. However, there are very few B-type back-end charging funds now.