Reasons for loss of pure bond funds:
Generally speaking, there is a seesaw effect between the stock market and the bond market. When the stock market performs well, the bond market is relatively weak, and when the bond market performs well, the stock market is relatively weak. This time, the pure debt fund suffered a large-scale loss on the premise that the bond market continued to rise, which has a lot to do with the recent break of new shares. After the lottery system is adopted under GEM and SME board, once the lottery is won, the impact of new shares on the expected annualized expected return of bond funds will be much greater than before. Therefore, once the new shares do not perform well after listing, it may directly lead to the loss of bond funds.
The biggest risk of bonds comes from the change of expected annualized interest rate. If the coupon price of the bond itself has been determined and the expected annualized interest rate has been reduced after the central bank cuts interest rates, then the expected annualized interest rate can only be reduced by raising the coupon price, which brings real expected annualized expected income to many people who bought bonds before. At this time, you will lose money, unless you raise interest rates or the previous increase is too fast, and the temporary par price drops, which will cause certain losses.
Another additional situation is that one of the bond products bought by this fund is unable to pay or goes bankrupt.
Investment strategy of pure debt fund;
The first step, we can use the "Fund Ranking" function of Tian Tian Fund Network for screening. Select "Bond Fund" in the "Open-end Fund Ranking". * * At present, there are 7 18 bond funds.
The second step is to select "long-term pure debt" in "classification". Because the expected annualized expected return of short-term pure debt funds is too low; The risk of mixed debt base and convertible bond base is too high; Moreover, it is not easy to open bonds on a regular basis, so we will not consider other debt bases except long-term pure debt for the time being. After these two rounds of screening, there are only about 300 long-term pure debt funds left.
In the third step, we sort the expected annualized rate of return in the past year from big to small, and only take the top 50, so there are only 50 target funds left.
The fourth step is more troublesome. It is necessary to manually eliminate those pure debt funds that are not "pure". For example, the scope of investment says that you can invest in stocks and convertible bonds, you can issue new shares, and the pure debt funds that are open regularly should be eliminated. The number of pure debt funds that can go this far should not exceed 10.