Wu Hongjian: The risk-return ratio of ultra-short bond funds is lower than that of ordinary bond funds. Their investment scope is also very different. Ultra-short debt funds cannot invest in stocks, purchase new shares or invest in convertible bonds, which can avoid stock market risks.
Ultra-short bond funds mainly invest in money market instruments, and the investment risk in the bond market is obviously less than that of ordinary bond funds.
For example, duration is an indicator to measure the sensitivity of interest rate risk. The longer the term, the greater the interest rate risk. The combination duration of ultra-short bonds is generally limited to 0.5 years to 1 year, while the duration of the bond index, the benchmark for the performance of ordinary bond funds, is often about 6 years.
Therefore, the interest rate risk of ultra-short bond funds is generally significantly less than that of ordinary bond funds, and the income is more stable. From the empirical point of view, the average fluctuation range of ordinary bond funds reached 4.44%, while the fluctuation range of Jiashi ultra-short debt in the last two years was only 0.76%.
Financial Weekly: What measures have been taken in recent two years to maintain this distinctive feature of ultra-short debt?
Wu Hongjian: We strictly control risks mainly through standardized operation, and strive for higher and more stable returns through active investment in macro, capital and fine aspects, such as strictly observing duration, avoiding high-risk securities, actively operating, and making a good choice of relative value.
Taking the third quarter of this year as an example, Jiashi Ultra-short Bond Fund seized the upward market opportunity, adjusted its investment strategy in time, made full use of leverage resources, rapidly increased its portfolio duration, flexibly adjusted the investment proportion of credit bonds according to the change of interest rate spread, and continuously optimized the types of bonds it held.
Through the above operations, Harvest's ultra-short bonds provided convenience for free entry and exit at any time on the basis of controlling liquidity risk, and contributed better stable income to investors: the net growth rate in the quarter was 65,438+0.06%.
Financial Weekly: Some time ago, the bond market was in good shape. Many bond funds have made good returns, but at the same time they are also facing greater callback pressure. Would you please judge what opportunities exist in the current bond market?