1. Products rising against the trend
The scale of secondary debt-based products rose sharply in the first quarter. We know that due to the epidemic, overseas and domestic stock markets fluctuated greatly in the first quarter, which should have affected investors' willingness to invest, but some products still rose against the trend.
Wind data shows that as of the end of the first quarter, the scale of 305 secondary debt bases totaled 383 billion yuan, an increase of nearly 654.38+20 billion yuan compared with the end of last year, with an increase of 43.5%.
2. Secondary debt base and "fixed income fund"
Secondary debt base is a kind of bond fund. Bond funds are fund products with fixed-income financial instruments such as government bonds and financial bonds as the main investment targets;
The secondary debt base means that besides fixed income investment, it can also participate in the subscription of new shares in the primary market and stock investment in the secondary market.
The fiery secondary debt base makes a new product strategy concept "fixed income+"popular. However, the "fixed income plus" strategic products not only refer to the secondary debt base, but also include some partial debt mixed funds, FOF products and quantitative hedging products.
The so-called "fixed income+"is mainly based on assets with expected future cash flow, such as bonds, to obtain relatively stable income, while allocating risky assets and using strategies to increase income.
3. "Income from fixed income fund strategy"
Summarize the characteristics of this kind of products now, aim at absolute income and pursue long-term stable return.
Due to the allocation of risky assets, its income is higher than that of pure debt funds and wealth management products with pure debt as the main investment target, and the volatility of product income will be relatively higher;
On the other hand, the volatility of "fixed income fund" products is less than that of equity products and common mixed products, but because the income is relatively stable, the income of such products held for a long time may not be worse than that of equity products.
In addition, the "fixed income fund" product is not just a simple combination of stocks and bonds, but will be integrated into a variety of investment strategies. In other words, as long as it is within the scope of compliance, the investment team will consider the investment strategy that can increase the return of the portfolio.
For example, stock investment, stock index futures, treasury bonds futures, convertible bonds, innovation (stocks and convertible bonds), ABS, fixed increase, quantification, arbitrage and so on.
Why can "fixed income fund" strategic products be popular?
In fact, the idea of "fixed income fund" strategy has long been reflected in some products, such as secondary debt-based and partial debt mixed funds. It is not a new variety, but how did it suddenly become a new online celebrity this year?
Speaking of traffic, there is a saying that "red depends on holding, red depends on living", and the strategy of "fixed fund" can be popular, which has its own reasons and opportunities.
1. The demand for prudent financial management is huge.
The first is the huge demand for sound financial management. Due to the low maturity of domestic investors and the volatility of the stock market, steady investment is still the longest, most stable and maximized investment demand. Whether banks, insurance or trusts, their asset management products are mostly aimed at this demand.
Originally, due to the different regulatory environment, the products of these institutions can obtain a higher long-term stable rate of return than the fixed income of fund public offering. However, after the new asset management regulations, it is required to break the rigid redemption. All wealth management products need to be transformed into net worth products, and new products are urgently needed to meet the original demand.
The rate of return on assets has decreased recently.
Second, the level of return on assets has declined recently. In the context of the global economic slowdown, central banks have released water in succession, the number of negative interest rate assets has been increasing, and the yield of long-term US government bonds has hit record lows.
China's monetary policy is also in a relatively loose stage. In the long run, it is inevitable that interest rates will fall. In the past few years, with the decline of yield, the bond market is in a small bull market, and bond funds can make good returns. However, as the interest rate center comes to a relatively low level, it will become more and more difficult for pure debt products to obtain stable and high returns.
At the same time, we see that the annualized rate of return of the money fund broke 2% on the 7 th, and the yield of bank wealth management products fell below 4% this week. In this context, fund managers need to think about how to tap more new sources of income.
3. It's time for "fixed income+"products to break out.
Third, it is time for such products to "explode". In recent years, a considerable proportion of these products reflect the strategic idea of "fixed income plus", including secondary debt base, innovative funds in hybrid funds, quantitative hedge funds and so on. , has run out of excellent and steady performance, and products with annualized income of 6%-8% abound.
Especially in the stock market shock stage such as 20 18, it also showed good anti-risk ability. So from now on, the appeal of such products to ordinary investors has greatly increased.
At the same time, with the development of financial market in recent years, the boundaries of multi-strategy investment are constantly expanding, such as the expansion of convertible bonds market, the richness of derivative instruments such as treasury bonds futures, stock index futures and options, the gradual opening of margin financing and securities lending in Public Offering of Fund, and the liberalization of fixed-income markets, all of which provide more possibilities for increasing income.
4. Policies supporting the development of the capital market are conducive to the development of the "fixed income plus" strategy.
Finally, the policy of supporting the development of the capital market is conducive to the play of the "fixed income+"strategy. In recent years, the pace of market-oriented reform of the capital market has accelerated. Since the opening of science and technology innovation board last year, the reform of the pilot registration system of GEM has also started;
At the same time, the regulatory authorities have introduced long-term funds to improve the investor structure, and QFII/RQFII quota cancellation, FOF launch and fund investment pilot are all working in this direction.
These policies are conducive to the development of the capital market and the development of the "fixed income plus" strategy. On the other hand, the "fixed income fund" strategy attracts investors who pursue stability and brings more stable capital inflows to the capital market, so it is welcomed by the regulatory authorities.
The future of "fixed income fund" can be expected.
1. "Fixed income fund" products are sought after by investors.
From the above, it can be seen that "fixed income+"products are sought after by investors as a product that can share opportunities in the stock and debt market and give consideration to risks and benefits.
No matter from the demand or the current market situation, the trend of "fixed income+"will continue. 20 18 "new regulations on asset management" was issued, which mainly regulated the aspects of net worth management and breaking rigid redemption, and stipulated the transition period to the end of 2020.
Next, the residential sector represented by bank wealth management and the enterprise sector represented by annuity and occupational annuity have great demand for "fixed income+",and risks and benefits coexist.
In addition, in the context of the global economic slowdown, interest rates will run at a low level for some time to come. In this context, the commodity yield will continue to decline, and this part of the funds also need to find new alternative products.
2. Public Offering of Fund has accumulated operational advantages.
Public Offering of Fund has accumulated considerable advantages in the operation of "fixed income fund" products.
On the one hand, public offering has accumulated rich experience in warehouse asset allocation and industry allocation. Meanwhile, Public Offering of Fund has been a major player in convertible bonds, fixed income and innovative markets.
It should be noted that although "fixed income fund" products pursue stable income, "+"risk assets and strategies may be adjusted in stages while increasing income.
The income performance of "fixed income fund" products has certain short-term fluctuation risk, even loss, but it is worthwhile to pay a little higher risk in order to pursue better income. The solution is to improve the risk tolerance, lengthen the investment period, and choose high-quality products and excellent managers.
3. Choose "fixed income fund" products
At present, "fixed income fund" products are constantly emerging. As for product selection, we should pay attention to the stability of product income, the ability of fund managers to manage corresponding assets and the ability to control withdrawal, and make judgments on this basis.