Risk of convertible bond fund: 1. Compared with ordinary bond funds, the debt base of convertible bonds fluctuates obviously. At present, there are 15 convertible bonds, all of which were established after 20 10/month. These debt-based stock positions are relatively high, basically above 10%, and they are all actively allocating convertible bonds, all above 90%, and the highest exceeds 10%. The risk-return level of convertible bonds is higher than that of ordinary bonds, and the risk level of convertible bonds is obviously higher than that of pure bonds. Second, the debt nature of convertible bonds does not mean that there is no risk. Only when the conversion price is much higher than the stock price will the debt nature of convertible bonds be highlighted. When the conversion price is close to the stock price, convertible bonds show the same volatility as ordinary stocks. If the market adjusts at this time, convertible bonds will also plummet. With the deepening of the decline, the debt nature of convertible bonds will gradually be reflected and its decline will slow down. According to the data from 2000 1 month to the end of 2000, when the Shanghai and Shenzhen 300 stocks fell by 1%, they were converted into shares. Therefore, convertible bonds are not completely stable assets, and their fluctuations and downside risks are sometimes great. Third, the comparative advantage of convertible bonds depends on the market style. From the perspective of convertible bonds, there are currently three or two convertible bonds in China, of which the underlying stocks are small and medium-sized board stocks, and the rest are basically Shanghai and Shenzhen 300 index stocks. Funds are also concentrated in varieties with a price of 10 billion yuan or more. Convertible bonds are mostly blue-chip style, and the market of small and medium-sized growth stocks is basically not shared. However, partial stock funds have a variety of optional targets and their styles can be flexibly adjusted. Therefore, at the end of last year, when the Shanghai and Shenzhen index was adjusted and the Growth Enterprise Market rose, the debt base of convertible bonds was significantly lower than that of partial stock funds, and its advantages could not be reflected in the case of obviously different market styles. However, in 201may-1month, the market as a whole was in the adjustment stage, with the average decline of partial stock funds exceeding 10% and the debt base of convertible bonds only falling by 2.5%. The performance of the July stock index has been even more eye-catching since the sharp rebound this year.