Slump Reappearance! A Share Market Downward For Two Consecutive Days

"The stock market is still not reliable!" some investors in the mass media reader exchange group sent this feeling.

In fact, a big drop since June has left many investors with a lingering fear.

Recently, through several exchanges with investors, Volkswagen securities and Caixin network reporter found that because of the consideration of the safety of the principal, more and more high net worth people have or intend to invest a considerable amount of capital into fixed income products, and bond funds are a direction of their key layout.

In exchange, reporters found that some investors entangled and confused place is: is it better to configure debt basis now? Subdivision, we should choose which type of debt based products to be configured. What kind of situation is not suitable for investment in debt basis?

Bond funds are divided into different categories according to the different ways of collecting sales service fees.

Type A: when the investor subscribes / purchases, he receives the front end subscription / purchase cost and redemption fees when redemption.

Class B: no subscription / purchase cost is charged when investors subscribe / purchase, but at the time of redemption, they are charged for the back-end subscription / purchase cost and redemption fee.

Class C: no subscription / purchase fee is charged, but the redemption fee is redeemed for the class fund shares held by investors for a period of less than 30 days, and sales service fees are included from the assets of this category.

To this end, the reporter recently interviewed a number of special research on bond funds, combined with data analysis, I hope to provide you with investment reference.

A, when is it good to buy a debt?

benefit from

The positive impact of the environment, the bond market and other aspects on the bond market, the new comprehensive wealth index of the debt increased three in the 2.11% quarter, and the funds invested mainly in the bond market also performed better.

Data show that after deducting the convertible bond fund, the average net value of the three quarter of the bond fund increased by 0.8%, of which the net average value of the net debt fund rose by 2.3%.

Now, is it a good time to invest in debt? The public securities daily and Caixin network have consulted Ling Chao, who has opened a debt fund manager for a year.

"Generally speaking, the stock market is not performing well, the macro-economy is sluggish, the market is going to tighten up in the real estate market and the market interest rate continues to descend, so the bond market will gradually become more popular. This time is more suitable for investment in debt basis," Ling Chao explained. "If there are other large categories of asset absorption funds, it will lead to continuous outflow of funds from the bond market. For example, the high yield of off balance sheet financial products is hot, the stock market is going up, and the real estate market is very hot. At this time, the investment debt basis is often not easy to get high returns."

It may not be difficult to understand why bond funds have continued to boom since the three quarter.

Data show that this year's 8, 9, 10 debt base share at the end of three months was 325 billion 438 million, 433 billion 964 million and 435 billion 403 million, showing a continuous increase trend, in September, a month increased by 108 billion 526 million.

A research fellow at the Desheng fund research center also told reporters that in today's economic downturn and the downward trend of interest rates, the bond market is worth long-term optimism.

"However, bond investment and stock are different. On the one hand, the investment threshold is higher. On the other hand, the credit analysis of the coupons requires a higher degree of professionalism, and it is difficult for individual investors to participate.

Therefore, investing in bond funds is a good choice for ordinary investors who do not want to take too much risk and the rate of return is not so high.

He further pointed out that the current economic downturn is a good environment for the bond market, but because the overall interest rate of the money market is low and the relaxation effect of monetary policy is decreasing, the yield of debt base is expected to be slightly lower in the future.

"From the historical performance of bond funds, the overall yield level is basically maintained at 5%-6%."

From the perspective of bond funds, it can be divided into three main categories: the first is the pure debt base, only the investment bonds, not any stocks and convertible bonds; the second is the ordinary first class debt base, the investment bond and the convertible bond; the third class is the two class debt basis, and it can invest in bonds and stocks at the same time.

"What kind of investment is specific depends on whether investors are willing to accept the rights and interests of investors, that is, the risk preference of investors.

If we want to take stock debt into consideration, we can give priority to the two level debt base; if we are not willing to take risks, we will give priority to the first class debt base; if the risk of convertible bonds is not willing to bear, YISHION debt will be the main factor.

From pure debt to ordinary debt, and then to the two level of debt, the risk level is rising step by step.

Ling Chaoru said.

As we all know, bond funds refer to more than 80% of fund assets invested in bonds.

In addition to the above mentioned participation in equity investment, do we need to pay attention to these 80% coupons?

"Of course."

Ling Chao pointed out that the general credit debt is much more debt based, and its performance is often better.

"But now there are more credit default events, and a fund with relatively high credit debt will have a larger fluctuation in the net value of the fund once its heavily loaded bonds appear to have a credit default event.

Through the analysis of the fund's heavily loaded bonds in quarterly reports, we can also know whether the fund's specific position is held, or whether it has more credit debts, so that it can choose according to its own risk preference.

In order to give a more direct reference to the better debt products in the market, the reporter made statistics on the performance of the pure debt fund, the ordinary debt class and the two level debt base in different time periods according to the data, and screened out the excellent debt foundation with stable performance and open purchase.

During the statistical process, the reporters found that although the bond fund is a low-risk investment product as a whole, its performance is not the same as that of the specific fund, but on the contrary, the gap is not small.

Let's take the first tier debt base. In the past year, the best performance of Haitong has set a net growth rate of 55.92% a year, while the last western profit has increased by 1.54%, and A has fallen by nearly 60%.

Why is that?

"This is mainly related to the operation style of fund managers and the choice of coupons, which is reflected in the differences in the structure of bond allocation."

The fund researcher pointed out that if the fund manager can step on the market rhythm well, holding the risk control of the coupon is better, the debt based products managed will often get the similar gains.

This is more evident in the debt basis of equity investment. "

Therefore, he suggests that investors can start from three angles when selecting bond funds: first, look at the overall strength of the company in terms of bond investment, and at the same time, several products rank in the front, which shows that their strength in research on debt basis is more prominent, and their product performance is naturally more secure; secondly, the historical performance of fund managers' operation style and related funds is good, and this is also a very important reference. Finally, though the products are subject to debt, the investment targets will be different, such as convertible bonds, credit bonds, interest rate bonds and small and medium-sized private debt.