1. When is a good time to buy a debt base?
Benefiting from the positive impact of macroeconomic environment and bond market funds on the bond market, China Bond's new comprehensive wealth index increased by 2. 1 1% in the third quarter, and the funds mainly invested in the bond market also performed well as a whole. The data shows that excluding convertible bonds, the average net value of bond funds increased by 0.8% in the third quarter, of which the average net value of pure bond funds increased by 2.3%.
So, is it a good time to invest in debt base? Ling Chao, manager of Haifutong's one-year fixed-income bond opening fund, said:
"Generally speaking, under the market environment of poor stock market performance, macroeconomic downturn, the tightening of real estate by the state and the continuous downward trend of annualized interest rate, the bond market will gradually become hot and more suitable for investing in debt base," Ling Chao explained. "And if there are other large-scale assets to absorb funds, resulting in the continuous outflow of funds from the bond market, such as the hot off-balance sheet wealth management products with high expected annualized expected returns, the stock market has soared and the real estate market is very hot. At this time,
In this way, it may not be difficult to understand why bond funds have continued to be hot since the third quarter. The data shows that the debt-based shares at the end of August, September and 10 this year were 325.438 billion, 433.964 billion and 435.403 billion respectively, showing a continuous increasing trend, and surged by 65.438+008526 billion in September.
A researcher at Desheng Fund Research Center also said that the bond market is worthy of long-term optimism under the macro environment that the current economic downturn and the downward expectation of annualized interest rates have not changed. "However, bond investment is different from stocks. On the one hand, the investment threshold is high, on the other hand, the credit analysis of a coupon needs a high degree of professionalism, and it is difficult for individual investors to participate. Therefore, investing in bond funds is a good choice for ordinary investors who don't want to take too much risk and expect annualized expected rate of return to be not so high. "
He further pointed out that the current economic downturn is a good environment for the bond market. However, due to the low expected annualized interest rate in the overall money market and the marginal diminishing effect of monetary policy relaxation, the expected annualized expected rate of return of the debt base in the future may be slightly lower. "From the historical performance of bond funds, the overall expected annualized expected rate of return is basically maintained at 5%-6%."
Second, how to choose debt-based products?
From the category of bond funds, it can be mainly divided into three categories: the first category is pure debt base, which only invests in bonds and does not invest in any stocks and convertible bonds; The second category is ordinary primary debt base, investment bonds and convertible bonds; The third category is the secondary debt base, which can invest in bonds and stocks at the same time.
"What kind of varieties to invest in mainly depends on whether investors themselves are willing to accept rights and interests, that is, investors' risk preferences. If you want to give consideration to both stock and debt base, then you can give priority to secondary debt base; If you are unwilling to take risks, you will mainly rely on the primary debt base; If you are unwilling to bear the risk of convertible bonds, you will mainly rely on pure debt. From pure debt, to ordinary primary debt, to secondary debt base, the risk level is rising step by step. " Ling Chao said.
As we all know, bond funds refer to funds that invest more than 80% of their assets in bonds. Then, in addition to the above-mentioned participation in equity investment, do you still need to pay attention to these 80% bonds?
"Of course." Ling Chao pointed out that the more credit debts, the better the debt base performance. "But now there are many credit default events, and funds with relatively high credit bonds will also cause large fluctuations in the fund's net value once a bond with a heavy position has a credit default event. Through the analysis of the fund's heavy bonds in the quarterly report, we can also know the specific positions of the fund and whether it holds more credit bonds. , so as to choose according to their own risk preferences. "
Third, why do similar debt bases behave differently?
Although bond fund is a low-risk investment product as a whole, the performance of specific funds is not the same. On the contrary, the gap is not small.
Take the ordinary primary debt base as an example. In one year, Haifutong, which has the best performance, has a one-year net growth rate of 55.92%, while the steady growth profit in the west, which ranks last, has also decreased by 1.54%, and the performance gap is close to 60%. Why is this?
"This is mainly related to the operation style of the fund manager and the choice of a coupon. Implemented in the fund, it is reflected in the difference in bond allocation structure. " The above-mentioned fund researcher pointed out, "If the fund manager can step on the market rhythm well and control the risk of holding a coupon well, the debt-based products he manages can often obtain expected annualized expected returns far exceeding those of the same kind. This is more obvious in the debt base that participates in equity investment. "
Therefore, he suggested that investors can choose bond funds from three angles: first, look at the overall strength of the company in bond investment, and at the same time, several products rank high, indicating that their investment and research strength in debt base is more prominent, and product performance is naturally more secure; Secondly, it is also an important reference to look at the operating style of fund managers and the historical performance of related funds; Finally, although the product targets are all debt-based, the investment targets will be different, such as convertible bonds, credit bonds, expected annualized interest rate bonds, private debt of small and medium-sized enterprises, etc. The risks are different, and the expected annualized expected rate of return is also quite different.
Four, debt-based service charges are different:
Bond funds are divided into different categories according to the different ways of collecting sales service fees:
Class A: Investors charge front-end subscription/subscription fees when subscribing/subscribing, and redemption fees when redeeming;
Class B: Investors do not charge subscription/subscription fees when subscribing/subscribing, but charge back-end subscription/subscription fees and redemption fees when redeeming;
Category C: No subscription/subscription fee is charged, but the redemption fee is charged for investors to redeem the fund shares of this category with a holding period of less than 30 days, and the sales service fee is accrued from the fund assets of this category.