2. Bond funds refer to funds that mainly invest in fixed-income financial instruments such as treasury bonds and financial bonds, and are also called "fixed-income funds" because the income of the products they invest in is relatively stable. According to the proportion of investment in stocks, bond funds can be divided into pure bond funds and partial debt funds. 1. Investors can realize bond funds with good liquidity at any time. Investors can redeem at any time according to the net asset value of the fund unit on the day of application, but if investors invest in bank time deposits and certificate-based government bonds, it will be more difficult to realize them, and they will have to bear high interest losses paid in advance.
Compared with investors directly investing in bonds, buying bond funds can enjoy many special treatments and get higher returns. For example, it can indirectly enter the bond issuance market and gain more investment opportunities; Can enter the interbank market and hold financial bonds with higher interest rates; You can enter the repurchase market and enjoy the treatment of super institutional investors who purchase new shares by financing and the interest income of risk-free reverse repurchase; The cash assets of the fund are deposited in the custodian bank, enjoying the deposit interest rate of 65,438+0.89%, which is much higher than the deposit interest rate of 0.72% (including interest tax) for residents and enterprises; Enjoy various tax benefits. There is no need to pay stamp duty when purchasing and redeeming, and the dividends obtained can also be exempted from income tax; You can also enjoy the low transaction cost of fund bond investment.
For ordinary bonds, the two basic elements are interest rate sensitivity and credit quality. The rise and fall of bond prices is inversely proportional to the rise and fall of interest rates. The credit of a bond fund depends on the credit rating of the bonds it invests in.
We found that in the newly issued bond funds in 2008, it is more popular to adopt the method of not charging subscription and redemption fees. For example, Guangfa Strong Debt, Yifangda Strong Debt B and so on. That is to say, although they don't charge subscription fees, they will charge sales service fees, similar to management fees, which will be withdrawn day by day. However, it should be noted that although these newly issued zero-rate bond funds have a new fund closure period, the discount of the traditional new fund subscription fee below the subscription fee is gone.
In addition, it should be noted that although bond funds without subscription fees do not have the same trading fees as money funds, bond funds still fluctuate. Although their volatility is smaller than that of equity funds, there is also the possibility of losses. Therefore, this is essentially different from the money fund.