First of all, we should distinguish the types of bond funds. The types of bond funds can be divided into pure debt funds, primary debt funds, secondary debt funds and convertible bonds funds. Pure debt fund refers to the bond fund whose investment object is limited to those who do not participate in stock investment; Tier 1 bond funds refer to bond funds that can participate in the subscription of new shares in the primary market and hold stocks formed by the distribution of convertible bonds, convertible bonds and separately traded securities. Secondary debt funds refer to bond funds that can properly participate in investing in the secondary market and other financial instruments such as warrants allowed by the China Securities Regulatory Commission, and can also participate in the subscription of new shares in the primary market; Convertible bond fund refers to a bond fund that mainly invests in convertible bonds. It depends on the investment ability of the fund manager. Generally speaking, fund managers have a very important influence on the performance of funds. In addition, the example of management team is also closely related to fund companies. The performance of bond funds mainly depends on the fund manager's grasp of the bond market, mainly through the national monetary policy, the trend of market interest rates, the golden ratio of the stock market and so on. If the performance of the bond fund is good, it shows that the fund manager has a strong grasp of the macro.