How to choose a bond fund 1 depends on the management company. At present, there are a large number of domestic fund companies, but the management scale and strength are very different. Therefore, when choosing bond funds, we should first look at the overall strength of fund management companies in bond investment, and focus on fund companies with strong investment and research strength, fixed income and stable bond team, such as ICBC Credit Suisse, Guo Fu, Harvest, Huaxia, Boss and E Fund.
Tip: Pay attention to the products of fund companies held by institutional investors, for reasons you know.
2 Look at the product target is also a bond fund, the investment target is different, the risk is different, and the yield will be very different.
When choosing a bond fund, we must find out what kind of the underlying bond fund belongs to, whether it is a pure debt fund, a primary debt base, a secondary debt base or a convertible bond fund, so as to match our risk preference.
Tip: Don't be misled by the name of the fund. You'd better go to the fund company official website to inquire about the investment scope of the fund and determine the real bond fund type.
3 Looking at the performance ranking, I want to choose a bond fund with excellent future performance. Historical performance has important reference value. The authoritative fund rating agencies rank the funds in the past five years, three years, two years and nearly 1 year, and give them certain weights, such as 40%, 30%, 20% and 10%, respectively, to calculate the funds with the highest comprehensive score. These varieties will have a good performance in the future. Tip: The authoritative fund rating agencies include Galaxy Securities Fund Research Center, Morningstar Fund Rating and Lipper Fund Rating. It is best to choose a fund that has not changed its fund manager in recent five years to ensure the consistency and stability of its investment style.
4 Look at the net return ratio. The proportion of net withdrawal of funds is the best index to examine the risk control ability of fund managers. Under the same conditions, bond funds with small net withdrawal ratio are preferred. Tip: Compare the decline of the fund in the year of decline, and choose the one with small decline.
Reasons for the rise and fall of bond funds
The small mountain peak on the right of the figure below shows the rapid upward trend of the interest rate of the whole market in the second half of 20 13. On may 20 13 1 day, the yield of China's 10-year treasury bonds was 3.445; 65438+February 1 day, the yield of China's 10-year treasury bonds is 4.630.
Market interest rates rose rapidly and bond prices fell.
Since 20 14, bond funds have made good returns, which is also due to the downward trend of interest rates in the whole market, which has brought about an increase in bond prices.
The yield of 10-year treasury bonds has been going down from the high point at the end of 20 13, and the latest yield has reached 2.754%.
Bonds will also be affected by credit default. In the above example, Xiao Wang lent Xiao Li 100 yuan, and when the market interest rate rose, the loan price in his hand would fall.
If it's time to pay back the money and Xiao Li rummages through everything to find that 50 yuan can be returned to Xiao Wang, then Xiao Wang will still lose money.
Generally known as interest rate bonds issued by the government, there is basically no risk of such credit default; Credit bonds issued by enterprises are generally called credit bonds. In case of stepping on thunder, there is still a chance. The adjustment of the bond market at the beginning of this year was mainly due to the default of several bonds, which led to the decline of market panic.
Therefore, without considering the risk of default, you can roughly predict your own income only by tracking the trend of market interest rates. However, because the bond itself has coupon income, as long as the interest rate is not extremely upward, the general principal is still guaranteed.
What factors will affect the interest rate 1 and economic growth in the bond fund market?
When the economy is weak, the government tends to lower interest rates; When the economy is overheated, the government tends to raise interest rates.
At present, there is an L-shaped bottom area in China, so the probability of raising interest rates at least in the short term is very low, and the overall environment is still favorable for bonds.
2. Inflation.
Generally speaking, inflation and economic growth are complementary. When the inflation level is too high, it must be slowed down by raising interest rates.
The above two factors are also the most important factors for the Federal Reserve to formulate interest rate policy. Inflation+employment is accompanied by economic growth.
3. Other factors that may lead to the deviation of market buying and selling power.
For example, at the end of 20 13, the bond market defaulted, causing no one to dare to buy it. Since the end of last year, restrictions on non-standard products have led to more wealth management funds buying standardized bonds. ......