The types of bond funds vary according to the types of bonds invested. Bond funds are divided into the following four types:
(1) national debt fund, which mainly invests in bonds (government bonds) issued by the government, such as treasury bonds;
② Municipal bond fund, which mainly invests in government bonds (municipal bonds) issued by local governments;
(3) Corporate bond funds mainly invest in bonds issued by various companies (corporate bonds);
④ International bond funds. Mainly invest in various bonds (international bonds) issued in the international market.
According to the division of bond fund investment targets, it can be divided into the following categories.
1, national debt.
Credit risk: low
Liquidity: OK, it can be exchanged or traded in advance.
Interest rate changes in recent years: 2.5%-4.5%
Term: short term: 1 year; Mid-term: 1- 10 year; Long-term: over 10 years
2. Credit bonds
Credit risk: medium to high
Liquidity: Good, some weights have low liquidity.
Range of interest rate changes in recent years: 4%-8%
Credit bonds refer to bonds that are not secured by any assets of the company and belong to unsecured bonds. The risk is relatively high, but the rate of return is high. Judging from the credit rating, it can be divided into two categories: high and low.
Medium and high-grade debt (i.e. medium and high-grade credit debt): generally refers to bonds with credit rating above AA and low credit default rate, such as bonds issued by large state-owned enterprises and multinational companies. For example, UBS SDIC high-grade debt base is one of the debt bases with such bonds as the main investment direction.
Correspondingly, the default probability of low-rated credit bonds is high, such as financial crisis and corporate bonds on the verge of bankruptcy.
3. Convertible bonds
Credit risk: low
Liquidity: higher than corporate bonds and lower than stocks.
Range of interest rate changes in recent years: 1%-3%
Duration: no more than 5 years
4. Other targets, such as subscription of new shares, purchase of stocks, warrants, interbank borrowing, etc.
Generally, the proportion of investment in such targets is very small, with the aim of increasing excess returns. And still? A double-edged sword? Breaking new shares will also be counterproductive.
High grade bond
Medium and high-grade debt is a kind of bond fund. According to WIND's statistics, as of June 365438+1October 3 1, 2065438,373 bond funds (A/B/C share is counted separately), only 6 bond funds have medium and high-grade credit bonds as their main investment targets or included in their investment scope. Is SDIC UBS's medium and high-grade bond fund the first in the industry? Medium and high debt? The bond fund named after the fund is also the first new bond product to include medium and high-grade credit bonds in the investment scope. Bond credit rating can reflect the default risk level of bonds issued by enterprises. The higher the credit rating of a bond, the higher its reputation and the smaller its risk, right? Investment grade bonds? ; On the other hand, low reputation and high risk, right? Speculative bonds? .
The difference between bond funds and bonds As a portfolio investment tool for investing in a package of bonds, bond funds have important differences from single bonds.
The income of bond funds is not as fixed as the interest of bonds.
Investors who buy fixed-rate bonds will receive regular interest income after purchase, and the principal can be recovered when the bonds expire. As a combination of different bonds, bond funds will distribute income to investors regularly, but the income distributed by bond funds has risen and fallen, which is not as good as the fixed interest of bonds.
Bond funds have no definite maturity date.
Unlike ordinary bonds, bond funds are composed of a group of bonds with different maturities, so there is no definite maturity. However, in order to analyze the characteristics of bond funds, we can still calculate the average maturity of all bonds held by bond funds.
The yield of bond funds is more difficult to predict than the yield of buying and holding a mature bond.
The yield of a single bond can be calculated according to the purchase price, cash flow and the principal recovered at maturity, but the bond fund is composed of a group of different bonds, so the yield is difficult to calculate and predict.
Different investment risks
As the maturity of a single bond approaches, its interest rate risk will be reduced. Bond funds have no fixed maturity date, and the interest rate risk they bear will depend on the average maturity date of the bonds they hold. The average term of bond funds is relatively constant, and the interest rate risk borne by bond funds usually remains at a certain level. The credit risk of a single bond is relatively concentrated, and the bond fund can effectively avoid the higher credit risk that a single bond may face by diversifying its investment.
Investment skills of bond funds: grasp the trading opportunity of bond funds.
Generally speaking, the period when the bond price turns from rising to falling is the selling opportunity, and the period when the bond price turns from falling to rising is the buying opportunity. Although bonds are safe, their prices fluctuate, and the market prices of bonds usually change in the same direction. Investors can make money as long as they can buy before the falling price reaches the bottom and sell before the price rises to the peak. Therefore, it is very important for investors to choose the right investment opportunity and buy low and sell high.
Collect other information
In order to accurately predict the changes of bond prices, investors must fully grasp this information. Can find useful information from a large number of information, and then through the analysis of these information, make the right decision, become the basis of investment.
Information that can be used as a basis for investment is as follows
The main channels for obtaining bond investment information are
In short, a qualified investor should constantly collect all kinds of direct and indirect information about bond investment and sort it out for decision-making.
It can be seen that there is no relationship and logic between the two in the effect of making money. Bonds are only a low-risk variety of 1 and an asset allocation of low-yield varieties. In the case of sharp market adjustment, the hedging function of bond funds can not be ignored. 2000? During the Great Depression in 2002, stocks rose negatively and bonds rose at least positively. Especially in 2002, the bond yield was as high as 16.52%, exceeding the stock yield by 37 points. Generally speaking, bond funds are slow and stable participants.
bond funds