Cassie Wang |
At present, the share of domestic bond funds in open-end funds is relatively weak in terms of quantity and scale. The structure of fund products in the market tends to be equity funds and active allocation funds, because the income levels of these two types of funds are more attractive to investors in the long run. The biggest advantages of bond funds are: stable risk-return characteristics and resilience in weak markets, which are suitable for the characteristics of low risk tolerance of the elderly and can be used for the pension planning of ordinary investors.
How to build the core group of bond funds? Investors should first understand the characteristics of domestic bond funds. Unlike American bond funds, which invest all their assets in the bond market, domestic bond funds not only invest in the bond market, but also distribute some assets in the stock and convertible bond markets. In terms of product design, compared with American municipal bonds, high-yield bonds, long-term bonds and emerging market bond funds, domestic bond funds promote bond funds that can participate in stock market investment, which is mainly related to the imperfect development of domestic bond market and the lack of good bonds this year. Therefore, bond funds show some characteristics of "localization".
Ordinary bond funds that issue new shares-or become mainstream.
In the early days, funds that can directly participate in stock trading in the secondary market or have a high proportion of convertible bonds were all the rage. Such funds can easily outperform similar funds in the bull market, such as the full-debt stocks of Galaxy UnionPay and Changsheng CITIC, which are characterized by high risks and high returns among similar funds. Rich Tian Li Growth Bond, Financing Bond and China Merchants Antai Bond hold a high proportion of convertible bonds. Due to its convertible nature, convertible bonds have a high degree of correlation with the stock market to a certain extent, and the fluctuation is less than that of regular stocks. It is worth noting that Rongtong bonds and China Merchants Antai bonds cannot be invested in the stock market, and the proportion of convertible bonds of these three funds has gradually decreased this year, mainly because the continuation of the bull market has led to an increase in stocks and an increase in convertible bonds that meet redemption conditions. Under the background of the great increase of absolute returns in the stock market, funds are cautious about convertible bonds investment, and the subscription of new shares brings large excess returns to funds, which has become the investment strategy of most fund managers, which has also given birth to the fund that plays new shares gradually becoming the mainstream of bond funds.
Dacheng Bond, Penghua Putian Bond, Guotai Jinlong Bond, Yinhe Yin Xin Tian Li, CITIC Steady Li Shuang, Baokang Bond, Harvest Bond, Huaxia Bond and ICBC Credit Suisse Enhanced Income Bond are bond funds that can participate in the subscription of new shares. In the development of domestic securities market, participating in the subscription of new shares is an investment behavior with low risk and stable income. Especially with the continuous issuance and listing of large-cap blue-chip stocks, it is expected that the subscription of new shares will bring great benefits to the fund, which has also become the investment focus of many transformation funds. Recently, some short-term debt funds have been transformed into bond funds with new shares issued, such as the strengthening of South Dolly, the stable value of Boss, and the optimized income of Nuoan. UBS SDIC, which is planned to be issued in February, 65438+KLOC-0/7, mainly increases its income by investing in bond financial instruments, and can also invest in the subscription of new shares in the primary market to obtain relatively safe income from subscription of new shares.
Bond funds issue new shares-different income risk characteristics
Although the position of equity assets such as stocks is less than 20%, bond funds that issue new shares also present different risk-return characteristics according to the different selling time of subscribed new shares. The three funds with the lowest risk are Guotai Jinlong Bond, Dacheng Bond and Penghua Putian Bond. Among them, Guotai Jinlong Bond and Dacheng Bond adopt the principle of issuing new shares on the day of listing, and the risk control is relatively good. Penghua Putian Bond achieved the purpose of reducing risk by greatly reducing the position of buying stocks in the primary market, and these three funds gradually moved closer to pure debt funds.
Funds with low risk performance, such as Galaxy Yin Xin Tian Li, were all sold 10 trading days after IPO. Holding new shares for a long time is theoretically characterized by relatively high risk. CITIC Stabilized Li Shuang sold within one month after IPO, and Huaxia Bond and Nuoan Optimized Income sold within 60 trading days after IPO. SDIC UBS Group AG has steadily increased its profits within 90 trading days, and Nandoli Company has increased its sales. The holding period of new shares invested after Harvest bonds are listed and circulated shall not exceed 6 months, and Baokang bonds shall not exceed 1 year; ICBC UBS enhanced income bonds are sold according to the comparison between market price and intrinsic value. For ordinary investors, the longer bond funds hold listed new shares, the higher the profits and risks investors may bear.
Short-term debt fund-seeking transformation and self-help
Short-term debt funds do not participate in stock market investment, belonging to pure debt funds, and reduce risks by strictly controlling the duration of portfolio. Since the operation of such funds, the light performance of the bond market is far less than that of the stock market, especially in the first half of 2007, short-and medium-term bonds have been consolidating and falling in the tense atmosphere of macro-control. As a result, the performance of short-term and medium-term debt funds is poor, the annualized rate of return is basically the same as that of money market funds, and the scale is shrinking quarter by quarter under the pressure of performance. At present, only Harvest's ultra-short debt has no intention of transformation, and its yield risk performance is stable, favoring money market funds. If investors can accept the risk-return characteristics of such funds, it is suggested that they should not only consider their own risk tolerance, but also consider the conversion with other funds.
How to build the core group of bond funds?
The product characteristics and rate structure of bond funds are important factors for investors to choose such funds. If bond funds are added to the portfolio to avoid the risks in the current market, and they are unwilling to give up part of the stock income, then bond funds that play new shares can pay more attention; If investors are risk-averse and only require the return to be higher than the bank's time deposit rate, then funds with lower risk (short-term bond funds or ordinary bond funds that purchase new shares and sell them in a short time) can be used as the core group and. After determining the investment target, it is necessary to combine the investment cycle and investment amount of funds with similar risk-return characteristics to determine the investment target at an appropriate rate.
The performance return of domestic bond funds this year.
Fund name
1 1 Morningstar rating (two years)
Starting from this year
Risk assessment in the past two years
Total rate of return (%)
grade
Fluctuation range (%)
evaluate
Morningstar risk coefficient
evaluate
General bond fund (27)
Wanjia enhanced income
★★★
17.89
10
5.65
middle
1.82
high
Stability and mutual benefit of CITIC
-
20. 19
six
-
-
-
-
Huaxia bond -A/B
★★★
15.55
1 1
3. 17
flat
0.62
flat
Huaxia bond -C
-
15.20
12
-
-
-
-
Baokang bond
★★★
26.07
five
4.08
flat
0.00
low
South dolly enhancement
-
7.56
17
-
-
-
-
Boss stable value -B
★
6.53
20
1.86
low
0.37
low
Boss stable value -A
-
-
-
-
-
-
-
AIA Huatai Stabilizes Capital and Increases Profit -A
-
1.74
23
-
-
-
-
Harvest bonds
★★★★
27.44
four
10.05
high
1.85
high
Guotai Jinlong bond
★★
6.23
2 1
4.68
flat
0.95
middle
Dacheng bond -A/B
★★
7. 13
18
2.8 1
low
0.60
flat
Dacheng bond -C
-
6.55
19
-
-
-
-
Rich country Tian Li growth bond
★★★★
35.62
three
6.78
middle
1.34
middle
ICBC Credit Suisse Enhanced Income Bond -B
-
-
-
-
-
-
-
ICBC Credit Suisse Enhanced Income Bond -A
-
-
-
-
-
-
-
China Merchants Antai Bond -A
★★★
19.72
seven
5.96
middle
1.37
middle
Investing in capital and increasing profits
-
18.03
nine
-
-
-
-
China Merchants Antai Bond -B
-
19. 12
eight
-
-
-
-
Thai letter double interest
-
2.90
22
-
-
-
-
Financing bond
★★★
9.58
13
6.2 1
middle
1.45
middle
Nuoan optimization income
-
9.23
14
-
-
-
-
Yinhe unionpay income
★★★★
38. 16
2
8.70
high
1.7 1
high
Yin He Li
-
-
-
-
-
-
-
Changsheng center quanzhai
★★★★★
38.80
1
6.97
high
0.78
flat
Peng Hua Putian Bond -A
★★
9. 15
15
2.96
low
0. 15
low
Peng Hua Putian Bond -B
-
8. 18
16
-
-
-
-
Short-term debt fund (3)
Jiashi ultrashort debt
-
3.60
1
-
-
-
-
E Fund Monthly Income -A
-
2.09
2
0.22
-
1.03
-
E fund monthly income -B
-
1.98
three
0.23
-
0.97
-
Source: Morning Star Morning Star (China)