Why can bond funds have a return rate of about 10% in 2008 is explained as follows:
1. Bond funds have some funds to subscribe for new shares (usually no more than 20% of their net assets), and the first-day yield of new shares is very high, usually more than tens of percent;
2. Interest rate reduction cycle: the benchmark interest rate is continuously lowered. However, national debt, especially long-term national debt, is sensitive to the adjustment of interest rates, and bond prices will continue to rise during the interest rate cut cycle. Bond funds have opened positions, and the net value of bond prices has been rising. For example, at the beginning of 2008, the long-term national debt was only 90 yuan/piece, and the interest rate was around 5%. Now, with five interest rate cuts, the price of 99 yuan's national debt has risen to 10%. However, in the interest rate hike cycle, long-term national debt has fallen sharply, and bond funds may also lose money.
3. Buy back government bonds. When new shares are issued, the market is relatively short of funds to subscribe, and bond funds are invested as funds, so the repurchase rate is high. Brought in income.
3. Benefits brought by coupon rate.
4. price difference: this is secondary, and it is difficult for government bonds to have a price difference. The above four points are the main sources of profits.
In 2008, the high yield of bond funds mainly benefited from interest rate cuts, so bond prices rose. It is necessary to distinguish the above factors clearly.