Unconsciously, when the issuance of stock funds is still struggling in the dilemma, the spring of bond funds has quietly arrived. Following the successful sale of Huaxia, ICBC and E Fund, the Bank of Communications Zengli Bond Fund recently raised 7 billion yuan, and the company decided to end the fundraising work ahead of schedule. Most of the funds sold in the market are "bonds" and "new share subscription" strong debt funds, and some of them can also actively participate in secondary market investment. Some investors think that investing in bond funds can rest easy, which is actually a wrong view. Improper investment in bond funds can also lead to losses. Moreover, due to the decline in the expected annualized rate of return, the basic people can no longer expect the expected annualized rate of return of bond funds of more than 20% last year, but should aim at fighting inflation.

Myth 1: Bond funds expect similar annualized returns.

Many investors believe that bond funds are risk-free, and the expected annualized rate of return is not much different. Actually, this is a misunderstanding.

According to Morningstar statistics, among the 29 comparable bond funds, 12 suffered losses, among which the loss rate of China Merchants Aberdeen Zengli Fund was as high as 4.2%. The financing bonds with the highest expected annualized income achieved a positive expected annualized income of 2.67%, and the gap between them reached 6.87%. If the goal is to beat inflation (assuming 4.8%), it means that in the next nine months, it is not easy for China Merchants to achieve a positive expected annualized income of 9%.

Similarly, last year, two leading bond funds, Changsheng CITIC Quan Quan Bond and Yinhe UnionPay, ranked last with an annualized income of over 4% this year. Mainly, the former has 16%, and the latter has 30% positions, which can be used to actively invest in stocks. In last year's big bull market, stock positions contributed a lot of expected annualized income, but this year it dragged down the performance. The bond funds issued generally stipulate that 20% of the positions can be subscribed for new shares, and some funds can also actively invest in the secondary market. However, in the early bond funds, there was a big gap between the investment scope and the investment ratio, so investors should carefully browse the prospectus before investing.

Myth 2: Bond funds only earn money, but not lose money.

As mentioned above, it is wrong to say that bond funds are substitutes for time deposits, and if the investment timing is improper, it will also lead to losses. Even if the bond fund does not participate in the secondary market investment, there are investment risks in the bond part.

He Tao, the proposed fund manager of Huaan Stable Expected Annualized Income Fund, said in an interview with this newspaper that since bond funds can also invest in convertible bonds, due to the bad stock market in 2008, the convertible bond index dropped from 9 100 to 6,200, which will also have an impact on the expected annualized income of bond funds. "This year, we will participate in convertible bond investment very cautiously to avoid losses to the holders".

In addition, He Tao said that it is not entirely true that the stock market and the bond market are seesaws. If the enterprise is not well managed, not only will the stock price fall, but the bonds issued may also face solvency risks. Just like stock funds set up stock pools, we also set up bond pools specially, and special researchers strictly evaluate the risks of bonds.

Myth 3: Buy bond funds after raising interest rates.

According to the general law of monetary banking, raising interest rates by the central bank will lead to a decline in bond prices. Since the current government has put forward that controlling prices is the primary goal of economic work, economists believe that there is still room for raising interest rates during the year, and some investors believe that it is safer to invest in bond funds after raising interest rates.

However, He Tao believes that this approach is not appropriate. "From a practical point of view, only an unexpected interest rate hike will lead to a major adjustment in bond prices; Despite the expectation of raising interest rates, the bond market price has responded in advance. We believe that there is not much room for raising interest rates this year, and medium and long-term bond investment opportunities have arrived. After raising interest rates, reinvestment may have missed the best opportunity. "

Xiang, general manager of the fixed expected annualized income department of Bank of Communications Schroeder, also said that since the decision to cut interest rates by 75 basis points to a three-year low of 2.25% at last Tuesday's meeting, and hinted that interest rate cuts may continue, the spread between China and the United States has been further reversed, and the room for the Bank of China to raise interest rates has been narrowed again. At the same time, under the expectation of falling prices in March, the bond market is expected to break the new shock pattern and regain its upward trend, so the next April may be the best time for bond funds to open positions in the coming year.

Investing in bond funds should aim at fighting inflation.

Last year, some strong debt funds achieved an expected annualized rate of return of more than 20%. One of the key reasons is innovation. Judging from the investment income of the new bond fund last year, the expected annualized rate of return is relatively low, around 15%, and the high expected annualized rate of return is around 25%. The overall expected annualized rate of return is higher than ordinary bonds.

"This year, the expected annualized rate of return of the new bond fund will definitely decrease, but the expected annualized rate of return of the bond fund will increase," He Tao said. "Our goal is to beat CPI." Statistics show that since 2008, the expected annualized rate of return of some corporate bonds is amazing. For example, the expected annualized rate of return of Masteel bonds and vanadium steel bonds has exceeded 5% this year, and the historical expected annualized rate of return has exceeded 20%, greatly exceeding the CPI figure of 8.7% in February.

He Tao believes that between 2 billion and 8 billion is a reasonable level for bond funds. Below 2 billion, the fund faces liquidity risk; If it is higher than 8 billion yuan, it is difficult to obtain annualized income that exceeds expectations.