Bond fund is one of the important asset allocation types in the fund investment category. Considering the current market environment, investors should pay more attention to risk prevention and steady investment when choosing bond funds, which is called steady and far-reaching. Bian Xiao has compiled the risk prevention of investing in bond funds here for your reference. I hope everyone will gain something in the reading process!

The investment income of bond funds generally consists of two parts:

First, interest income, that is, the coupon interest income obtained when holding bonds expires;

The second is spread income, that is, the fluctuation of bond prices in the secondary market due to changes in liquidity, market interest rate and credit status.

According to the income composition, the sources of fund risk can generally be divided into two categories:

One is credit risk, that is, the bond cannot repay the principal and interest at maturity; The second is the risk of bond price fluctuation.

Let's analyze the risk performance of bond funds in the real investment process. As of June 14 and June/20 19, there were 39 bond funds (excluding secondary debt base and convertible bond base), 22 bond funds and10. Although on the whole, the proportion of such funds is not high, but for investors who aim at steady income, they have to guard against it.

On the other hand, credit risk can not be ignored. According to the data, as of June 14, the number of bond defaults has reached 70 this year, with a default amount of 48.037 billion yuan, accounting for 56% and 40% of the whole year of 20 18 respectively, and greatly exceeding the default amount and quantity of 20 17.

From the above analysis, we can see that bond fund investment still needs to guard against risks.

What aspects should be paid attention to in bond fund optimization?

First, pay attention to the types of bonds invested by bond funds.

Bond fund investment bonds can generally be divided into treasury bonds, interbank deposit certificates, financial bonds, corporate bonds, convertible bonds, asset-backed securities and other bonds. In the optimization of bond funds, it is suggested to give priority to bonds with low risks such as government bonds, interbank deposit certificates and policy financial bonds.

The second is to pay attention to the credit rating of heavy debts of bond funds.

The credit rating of bonds can generally be divided into D and AAA, with slight differences among different rating agencies. It is suggested that bond funds should avoid funds with low and medium credit bonds with high risk and poor liquidity.

The third is to pay attention to the concentration of fund bond investment.

Priority is given to bond funds with low market value and heavy bond investment, so as to diversify investment risks. According to statistics, by the end of the first quarter of 20 19, the median market value of the top five bond investments in the whole market accounted for 35. 18% of the fund's net asset value, and the median market value of the first bond investment accounted for 9.45% of the fund's net asset value.

The fourth is to pay attention to the risk prevention and control ability of bond fund managers or their fixed income teams.

For capable institutional investors, they can learn more about the risk control system and risk prevention ability of managers through targeted research; For ordinary investors, we can judge the manager's risk control ability by knowing the historical performance and risk events of the manager's products that intend to invest in the fund.

The fifth is to pay attention to the scale of bond funds.

For smaller funds, they will face the risk of rising operating costs and liquidation. According to statistics, as of the end of the first quarter of 20 19, there were 120 bond funds with the scale below 50 million yuan, accounting for 8%. It is recommended to invest in such funds cautiously.

Sixth, pay attention to the investment leverage and duration of bond funds. Enlarging leverage and prolonging duration can improve the expected return of bond funds to a certain extent, but the expected risk also increases accordingly. Investors can choose an appropriate level according to their risk preferences. According to statistics, the leverage ratio and long-term median of the whole market open-end bond fund are 1. 19 times and 2.47 years respectively.

Trading guide:

Bond funds are bought and sold in a similar way to stock funds, but there are differences in handling fees.

Generally speaking, bond funds do not charge subscription or subscription fees, and the redemption rate is also low. For example, a bond fund requires a redemption fee of 0. 1% within 30 days. If the holding period exceeds 30 days, the redemption fee will be exempted.

Advantages of bond funds:

1, low risk, low return. Due to the stable income and low risk of bonds, compared with stock funds, bond funds have low risk but low income.

2, the cost is low. Because bond investment management is not as complicated as stock investment management, the management fee of bond funds is relatively low.

3. Stable income. Investment bonds have regular interest returns and promise to repay the principal and interest at maturity, so the income of bond funds is relatively stable.

4. Pay attention to the current income. Bond funds mainly pursue relatively fixed income in the current period, and lack appreciation potential compared with equity funds, so they are more suitable for investors who are unwilling to take too many risks and seek stable income in the current period.

Advantages of investors investing in bond funds:

1, low risk. Bond funds can effectively reduce the risks that a single investor may face by pooling investors' funds to invest in different bonds.

2. Expert management. With the increasing diversification of bond varieties, ordinary investors should not only carefully study the issuer, but also judge the macroeconomic indicators such as interest rate trend, which is often beyond their ability, while investment bond funds can share the results of expert management.

3. Strong liquidity. If investors invest in illiquid bonds. Only when it is due can it be cashed, and indirectly investing in bonds through bond funds can obtain higher liquidity and can transfer or redeem the bond funds held at any time.

Because the risk brought by stock market fluctuation is too great, they transfer their funds to bond funds through fund conversion and other means.

Tip:

1. Funds also include real estate funds that invest in real estate, futures and options funds that invest in futures and options, gold funds that invest in the gold market, and industrial funds that invest in industry. For us fund investment novices, there are few investment opportunities in these funds. Let's start with the most common funds. ?

2. There are also China overseas funds: funds that invest in overseas markets. Generally, it refers to the hedge fund products registered and operated by mainland investment teams overseas, China, the Mainland and Hongkong. The investment scope of these products is to invest in China, Hongkong and even the global market. In addition to stocks, investment targets can also involve various derivatives and foreign exchange.

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