Jiancang By The End Of The Year: The Debt Base Plays The Leading Role, And The Rights And Interests Are Fixed.

Despite the impact of capital and other factors, this year, the bull market has continued to fluctuate. But in the investment sector, the bond market is short term pressure, and is still optimistic for a long time.

From the viewpoint of Boshi fund, supply and demand relations and fundamentals are still the key factors determining the bond market trend in the medium to long term.

In fact, the income of debt based mainly comes from leverage. In August this year, a new regulation was issued. The leverage ratio of open-ended funds should not exceed 140%, and the leverage ratio of closed operation fund should not exceed 200%, which is obviously beneficial to closed debt basis.

Therefore, setting up a debt basis is suitable for investors who care about profitability and have low liquidity requirements.

Specific to the fixed investment mode, in view of the current market environment, Wang Qunhang told the financial management of the two cattle, fixed investment should be highly flexible, through the "double indefinite", that is, "irregular, unlimited" mode of fixed investment.

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He suggested that he could increase the intensity of fixed investment. After all, the valuation is relatively low.

Among them, stock funds should pay attention to their performance and stability; mixed funds should track the performance of hybrid funds on the basis of subdivision and subdivision, and focus on funds with high allocation; in view of the possibility that there will be a large trend market in the future, index funds can be ignored for a while.

On specific varieties, Ma Quansheng, chief strategist of Wells Fargo fund, suggested that if a company can withstand the fluctuation of net worth, it can configure a two level debt base.

At the same time, "if you can take a longer term, it is a good choice to set up a debt basis and an ordinary closed debt basis.

Because making profits is a good breed. "

Setting up a debt basis is undoubtedly the market star at the moment. Not only is the issue market hot, but also the income is obviously higher than the average level of the ordinary open debt base.

At present, the annual rate of return on bonds is mainly concentrated in 4%~7%.

Ma Quansheng thinks that unlike regular open bond funds, the short-term liquidity impact is small because it is open regularly.

According to the daily fund net, there are 298 debt bases currently set up, of which the closure period is the mainstream in 12 months, reaching 58%, with 172; 18 in the closed period, 44 in the closed period, 34 in the 6 month period, and less than 3 months in the short term, 9 months in the medium term and long term, and 2 years in the long term and the 2 years.

Ma Quansheng also said that under the background of closed management, fund managers are more likely to make profits. They can set up a debt basis to achieve two times leverage income in the closed period, and leverage income is excellent.

For the portfolio allocation of robust investors, many industry insiders suggest that investors should control the fixed income products such as bond funds and Monetary Fund and so on, and control them to more than 60%. The allocation of 10%~20% is most suitable for the gold thematic fund, and the same way for equity funds to invest.

"Money funds and other financial categories must be bottled up, and additional points should be set aside for debt and fixed investment."

A medium-sized fund company in Shanghai said that financial bonds and interest rate debts should be allocated to some specific types of bonds. "After all, it is a lever of 200%, and interest rate bond yields are too low."

Besides,

The QDII of offshore bonds can not be overlooked and can also be used as an offshore asset allocation.

This year, as of November 10th, except for the QDII bond fund established in the second half of this year, the rest are positive returns.

The annual yield of 13 QDII funds, including China overseas income bond A, Cathay Pacific Chinese enterprises high yield foreign bonds, Penghua global high yield debt and so on, is over 10%, and the overall performance is better than the domestic debt base.

Specific varieties, Shen Wan Hongyuan research report shows that before the Fed's rate hike is expected to fall, the global interest rate is still difficult to access; from the perspective of capital flows, global capital flows into emerging market bond markets are still faster than developed markets.

At present, there are nearly 40 QDII bond funds in the market, with 2, 8, 7, 2 and 2 products in the US, the world, Asia, Asia Pacific and emerging markets.

There are mainly 9 gold fund funds, including Huaan gold, Cathay Pacific gold, Bo time gold and Yi Fang Da gold, 4 gold ETF, which are mainly invested in the gold spot contracts of the Shanghai gold exchange, followed by domestic gold prices, 4 gold QDII, namely, Yi Jin gold, rich gold, Jiashi gold and noan global gold, which are mainly invested in overseas gold ETF funds, tracking the price of London gold after exchange rate conversion, of which three are LOF, and 1 open-ended funds, which are mixed for Qianhai open source gold, silver and jewelry, and are mainly invested in A shares of gold, jewellery and rare metals listed companies.

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Among them, the performance of gold ETF and gold LOF is closely related to the gold price, and the paction is convenient. It can be purchased and redeemed in the primary market, and can also be bought and sold in the two tier market, and the participation threshold is very low.

Therefore, the allocation of such funds can better hedge the possible systemic risks in the coming months and grasp the golden opportunity.

It needs to be mentioned that gold ETF and gold LOF can achieve T+0 pactions in the two tier market, that is, they can be sold after buying on the same day.

In terms of paction costs and liquidity, gold ETF is better than gold LOF and can also be exchanged for cash when necessary.

But in the two tier market, LOF's discount premium is more than ETF.

On the whole, the golden theme fund is gratifying this year. As of November 11th, the net growth rate of gold ETF was higher than 24% this year, and gold QDII was above 20%. The yield of Qianhai's open source gold, silver, jewelry and mixed A was 32.33%.