As the leverage share of the hierarchical debt base, the development of the leveraged debt base can not be separated from the hierarchical debt base. Since September 20 10, the number of graded debt bases has increased rapidly. As of May this year 1 1, the number of leveraged debt bases that have been established and listed is 17. It is reported that during the recovery of the bond market in the fourth quarter of last year, 1 month outstanding leveraged funds rose rapidly, with the highest increase exceeding 50%.
Although the target of leveraged debt-based investment is mainly the low-risk bond market, leveraged debt-based investment may fluctuate greatly due to its leverage and the amplification effect of reverse repurchase mortgage, which is a radical investment product. Ordinary investors generally know little about the bond market and should participate cautiously. telegraphic transfer
For how to invest in leveraged funds, we should grasp four elements, the first is the type of investment. Leveraged debt base includes partial debt products and pure debt products that participate in stock market investment. Partial debt products are greatly influenced by the stock market and have great volatility, while pure debt products are only influenced by the bond market.
The second is the size of the lever. Because the net value of graded debt base fluctuates little, the leverage ratio of leveraged debt base is highly correlated with the initial leverage ratio. At present, the initial leverage ratio of leveraged debt base is between 3 times and 5 times, and the initial leverage ratio of Dolly Enterprising, Yuxiang B and Zengli B is 5 times. It should be noted that due to the regular redemption of Class A shares of semi-open graded debt base, Class A shares may change, which will further affect the leverage of leveraged debt base.
The third is the financing cost. The so-called financing cost refers to the agreed income that the leveraged debt base pays the Class A share every year. This factor may not be very important for investors who operate in the band in the short term, because the financing cost of leveraged debt base has been reflected in the secondary market price, but for long-term investors or investors who subscribe during the issuance period, the financing cost needs to be considered emphatically.
Finally, discount the premium rate level. When the discount rate is high, it provides investors with a higher safety mat. On the contrary, when the insurance rate is high, the risk is relatively high. Due to different designs, investors should also refer to factors such as time limit, fund management level and liquidity when looking at the discount rate. At present, most leveraged debt bases are at a discount. For the maturity date, the leveraged debt base with maturity date can guarantee that the leveraged debt base will be cashed at the net value after maturity, and will not bear the loss of discount in the secondary market. At present, both fully closed and semi-open hierarchical leveraged debt bases have maturity dates, and only fully open leveraged debt bases with matching conversion mechanism will exist forever; However, from the management level, because the graded debt base is mainly managed actively, the investment ability of the fund manager largely determines the performance of the parent fund, and the income of the leveraged debt base mainly comes from the part of the parent fund after deducting the agreed income of Class A shares; Finally, there is liquidity. Active varieties are more convenient for investors to buy and sell and have good liquidity. For varieties with small trading volume, investors will not only have buying and selling problems, but also be prone to large price deviation, or be artificially hyped in the case of small trading volume, which cannot reflect the intrinsic value of investment varieties.
In addition, investors should pay attention to the specific terms. Some leveraged debt bases have specific provisions, which will stipulate the income distribution of leveraged debt bases under certain special circumstances. For example, Haifutong's income distribution clause of striving for progress and increasing profit A is quite special. When the final net value of the basic share is lower than 1, its steady share and radical share will bear the investment loss, thus reducing the income loss of Haifutong's steady progress and profit increase B.