After the fund focusing on the "fixed income plus" strategy rose in the past two years, many investors thought that a new product had appeared, but they could not find this classification, which may be somewhat confused. Bian Xiao compiled here for your reference. I hope everyone will gain something in the reading process!

How to judge whether a fund is a "fixed income" product?

Jing Shun Great Wall Fund: Generally speaking, "fixed income plus" products are funds that invest a certain proportion of equity assets in addition to bond assets. This "+"may be stocks, including new shares, convertible bonds, or some hedging instruments. From the risk point of view, the risk-return characteristics of "fixed income+"are higher than those of pure debt products, and the withdrawal and fluctuation are greater than those of pure debt funds; However, compared with mixed stock funds, "fixed income+"products are relatively stable and have a small retreat. In addition, "fixed income+"products have different risks due to the different proportion of "+"equity assets, which can be combined with the risk-adjusted income, which is also a common indicator when the market depicts fund products.

What are the characteristics of "fixed income"

Cathay pacific fund: The "fixed income plus" products meet the requirements of the new asset management regulations, and also meet the needs of investors with low risk appetite who want to get some Alpha income. In the context of the break of Xinhui, the yields of relatively risk-free products such as money funds and bank wealth management have been falling. "Fixed income+"products cater to the needs of stable investors. Most of them invest in low-risk assets such as bonds and a small amount of "+"risk assets, pursuing long-term stable income.

Judging from the basic assets-bond assets, the fundamentals of the current bond market are gradually improving, and the interest rate level continues to increase slightly. It is expected that there will be a downward trend in the second half of the year. Therefore, in addition to its own coupon income, bonds will also have capital gains brought about by the downward coupon, so the combined bottom position may have a good performance. Judging from the "+"equity assets, there are structural opportunities for the fluctuation of the A-share market, which is expected to bring certain excess returns to the portfolio.

What are the characteristics of excellent "fixed income" products?

Harvest fund: At present, there is still a lack of a strict and unified definition of "fixed income+". The "+"in "fixed income+"can be understood as three levels. One is the increase in asset classes. Compared with pure fixed income products, "fixed income+"can invest in some equity assets; The second is the increase of strategy. Pure bond investment mainly includes duration strategy and credit strategy, and "fixed income+"will also increase the absolute income strategy of stock bond hedging; The third is to increase the income after risk adjustment, which is reflected in increasing the volatility of the portfolio and enhancing the income under moderate control.

On this basis, an excellent "fixed income plus" product should have three characteristics. First, the income of fund products is more in line with expectations; Second, the fund manager is excellent. In addition to his rich experience, he is better at controlling the fluctuation of portfolio from the perspective of asset allocation and maintaining a certain margin of safety; The third fund company has a deep accumulation of investment and research and an excellent investment and research team, and has a deep accumulation of investment and research on various assets, and can allocate a number of assets from long-term dimensions such as trends and rhythms.

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