Considering that the market volatility is likely to continue in the second half of the year, this issue brings you an analysis of the second quarterly report of fixed income funds and shows you what information is hidden in the second quarterly report.
By the end of the second quarter, the overall scale of fixed income funds had increased compared with the end of the first quarter, and both pure debt funds and fixed income+funds had expanded. From several categories, by the end of the second quarter, the secondary debt base of the whole market was * * * 53/kloc-0.90 billion yuan, an increase of about 8.7% compared with the first quarter, and the partial debt mixed fund was * * 8.765 billion yuan, an increase of 22.5% compared with the first quarter. The scale of convertible bonds was 36.9 billion yuan, an increase of 30.9% over the end of the first quarter of this year. (China-EU wealth merger, as of 202 1/6/30)
In the second quarter, the fixed income+overall equity position of the fund was improved, and the adjustment of convertible bonds was small. Among them, the average equity position of secondary debt base was raised from 14.92% to 15.82%, and the average equity position of partial debt mixed fund was raised from 13. 18% to 13.95%. Judging from the change of the median position, most funds have increased their positions. The average position of convertible bonds has not changed significantly, which is basically the same as the previous period.
For open-end pure debt funds, we selected open-end pure debt funds with a scale of more than 500 million and a single holder accounting for less than 80% for statistics. The scale of most pure debt funds increased significantly in the second quarter compared with the first quarter. coupon rate was still king in the allocation of bond varieties, and the positions of credit bonds rose.
From the perspective of position analysis of fixed-income funds, considering the huge differences in investment objectives and investment styles of different types of fixed-income funds, we discuss different types of fixed-income funds in categories.
From the perspective of bond types, the allocation of the top five credit bonds and interest rate bonds of fixed income+funds is basically the same as that at the end of the first quarter, while pure bond funds have higher requirements for bond returns, which obviously increases the proportion of long-term interest rate bonds, hoping to gain income from interest rate bond transactions. In terms of the bond ratings of the top five credit bonds held by fixed-income funds, the position ratings of secondary debt funds and pure debt funds have increased compared with the first quarter, while the credit bonds held by partial debt mixed funds have decreased compared with the first quarter.
Among them, the implied ratings of the top five positions in the secondary debt base disclosed in the second quarterly report mostly sank to AA+, and four funds allocated bonds with an implied rating of AA+, which was lower than that in the first quarter.
Compared with the secondary debt base, the credit bonds of the partial debt hybrid fund are more widely distributed, the credit rating has declined compared with the first quarter, and the number of bonds with implicit rating below AA+ has increased. We guess that the credit spreads of some large state-owned enterprise bonds are constantly compressing, and the partial debt hybrid funds with absolute income requirements profit from high-grade credit bonds and turn to mining more cost-effective assets.
The top five bonds of pure debt funds have changed a lot. The position of credit bonds is close to high rating, and the position of long-term interest rate bonds is greatly increased. At a time when the credit spread has been compressed to a historical low, the cost performance of interest rate bonds has improved.
From the perspective of industry distribution, certain changes have taken place in the top five industries with heavy secondary debt base. By the end of the second quarter, the top five industries with secondary debt-based positions were banking, electrical equipment, non-ferrous metals, pharmaceutical biology and electronics. At the end of the first quarter of this year, the top five industries in terms of positions were banking, electrical equipment, medicine and biology, food and beverage and chemical industry. The non-ferrous metal plate obviously increased its position and rose to the third place. The food, beverage and chemical industries fell out of the top five.
From the change of positions, the top ten heavy positions account for the stock market value. The top three industries to increase positions are nonferrous metals (+5.4 1%), electronics (+2. 1 1%) and banks (+0.7 1%), and the top three industries to reduce positions are public utilities (-3).
Being both fixed income+funds, there are some differences in equity positions between partial debt hybrid funds and secondary debt-based funds. The top five industries are food and beverage, banking, real estate, electronics and chemical industry. At the end of the first quarter of this year, the top five industries were: banking, food and beverage, real estate, chemical industry and household appliances. The proportion of food, beverage and chemical industry increased compared with the end of the first quarter, and household appliances were transferred out of the top five.
Judging from the changes in positions, the top ten heavy positions account for the stock market value. The top three industries to increase positions are electrical equipment (+1.85%), food and beverage (+1.3 1%) and electronics (+1.26%), and the top three industries to reduce positions are food and household appliances (-).
Finally, judging from the top ten stocks with heavy positions, Ping An Bank significantly increased its secondary debt base, while Industrial Bank and Haier Zhijia significantly reduced their positions.
Among the top ten awkward stocks of partial debt mixed funds, China Ping An, Industrial Bank and Bank of Ningbo in the financial sector reduced their positions the most; The new electric plate with more adjustments in the early stage and the contemporary Ampere Technology Co., Ltd. and Longji shares in Luxshare added the most positions.
Reprinted from the official account of China Europe Wealth Investment WeChat WeChat