"Fixed Income +" Performance PK In The First Half Of The Year: The Return Of Partial Debt Mixed Base Is Only 1 / 3 Of That Of Partial Stock Mixed Base

The results of "fixed income +" in the first half of the year have been released. In the context of high volatility in the equity market, is the advantage of "fixed income +" funds highlighted?

According to wind data, there were 1874 "fixed income plus" funds in the first half of the year, with an average return of more than 2%. Among them, the average return of partial bond hybrid fund is the highest, reaching 2.43%, that of primary bond fund is 2.32%, and that of secondary bond base is 2.11%.

The typical "fixed income + fund" fund managers, such as Zhang Qinghua, Wu Jianghong, sun Lumin, etc., have made medium and long-term stable and good performance.

Shock market, stable performance

Compared with the past two years, the overall performance of the "fixed income plus" fund is not satisfactory.

According to the statistics of wind data, "fixed income plus" funds include partial bond hybrid funds, secondary bond funds and primary bond funds.

For example, in the first half of this year, there were 1011 partial bond hybrid funds, the largest category of "fixed income +" funds, with an average return of 2.43% in the first half of this year.

In contrast, in 2020, the return of the mixed fund of partial debt will be as high as 15.19%; In the whole year of 2019, the return of partial bond hybrid fund is as high as 12.38%.

In a simple calculation, the average return of the fund in the first half of 2021 should reach 6% - 8% in order to catch up with the average rate of return in 2019 and 2020. However, the actual average return in the first half of this year is 2.43%, which is quite different from the previous two years.

However, compared with the average return of partial bond hybrid fund of - 1.74% in 2018, the performance of fixed income + fund in the first half of this year is not bad.

In recent years, the main reason for the different performance of partial bond hybrid funds is the performance of equity market. The A-share bull market will be in 2019 and 2020, and the equity market will perform well; In 2018, A-share is a bear market, and the performance of funds investing in a shares is generally poor.

In general, more than 70% of the funds are invested in the bond market and less than 30% of the funds are invested in the equity market as part of the "fixed income +". When the stock market is good, it becomes the "+" part of the "fixed income +", but when the stock market is not good, it sometimes becomes "fixed income -".

The first half of this year is a shock market, and the "roller coaster" market of a shares also makes the mixed funds of partial bonds jump up and down.

Before the Spring Festival (from January 1, 2021 to February 10, 2021), the average return of partial bond hybrid fund reached 2.86%;

After the Spring Festival (2021-2-18 to 2021-3-15), in one month of the Spring Festival, partial bond hybrid funds fell sharply, with an average withdrawal of 2.81%, almost wiping out all the earnings before the Spring Festival.

In this period, "fixed income plus" became "fixed income -".

In the two and a half months of the rebound period (2021-3-16 to 2021-6-30), the average yield of partial bond hybrid funds increased by 2.62%, and some funds recovered the part that fell one month after the Spring Festival.

Finally, the average return of the mixed fund of partial bonds in the first half of the year ended with 2.43%.

Compared with the average return of 7.62% in the first half of the first half of the year, the return of the partial bond hybrid fund is about one-third of that.

It is worth mentioning that from the withdrawal point of view, when the market falls sharply after the Spring Festival (2021-2-18 to 2021-3-15), the average decline of partial stock hybrid fund is 14.45%, while that of partial bond hybrid fund is only 2.81%. In the environment of high volatility in the equity market, the advantages of stable low withdrawal as "fixed income +" products are highlighted.

In fact, in mid March, there were a large number of "fixed income +" funds that pursued absolute returns. When the return was close to zero, they took the initiative to significantly reduce their holdings of stocks, which effectively controlled the withdrawal level. Of course, in the rebound, the performance of "fixed income +" funds can not be compared with that of partial stock hybrid funds. But on the whole, the "fixed income +" fund smoothed the income curve of A-share.

In the first half of the year, the number of secondary bond bases, another representative product of "fixed income +" funds, was 702, with an average return of 2.11%. In contrast, in 2020, the average yield of secondary bond base was 9.62%. The annualized income in the first half of this year is much worse than that of last year.

In the first half of this year, the number of primary debt bases in the "fixed income +" fund was 160, with an average return of 2.32% in the first half of this year and 4.95% in the whole year of 2020. The annualized returns in these two years are basically the same.

On the whole, under the market shock, "fixed income +" products are more stable than equity products and are favored by investors. Therefore, 2021 will become a big year for fund companies to push forward the issuance of new "fixed income +" funds.

Leading PK

The performance differentiation of "fixed income plus" funds is also relatively large.

According to wind's "fixed income +" fund data, excluding the funds whose stock market value accounts for more than 40% of the net asset value of the fund, the top 10 are: Huashang credit enhancement a16.14%, Huashang credit enhancement c15.92%, Huashang Fengli enhancing dingkai a15.61%, Huashang Fengli enhancing dingkai c15.39%, Zheshang Fengli enhancing 14.01%, Guangfa convertible bond a12.84%, GF convertible bond e12.70%, and Huashang Fengli strengthening dingkai No Guangfa convertible bond c12.62%, Qianhai Kaiyuan convertible bond 12.16%, shenwanlingxin convertible bond 11.98%.

13 of the "fixed income plus" funds with the worst performance in the first half of the year had yields below - 5%. Among them, Baoying Rongyuan convertible bond C yield is - 13.30%.

In other words, the first half of the fixed income + fund income difference is close to 30%.

In the first half of the year, the top 10 funds are all secondary bond bases (Note: mixed bond type secondary funds), basically holding stock market value accounts for less than 20% of the total market value of funds, while the proportion of partial bond hybrid funds is mostly 20% - 40%. In the volatile market, partial bond hybrid funds failed to rank among the top 10 "fixed income +" funds in the first half of the year.

So, what is the performance of a group of "fixed income +" fund leaders with outstanding performance in the first half of this year? The following is an inventory of the three largest fund companies in the market: e fund, huitianfu and Nanfang fund.

Take Zhang Qinghua, the leader of e fund's "fixed income +" as an example, he can be called the "fixed income +" elder brother, and he is the top man of fixed income + fund.

Its 12 fixed income + funds under management (A / C classification calculation, the same below) had a scale of nearly 140 billion yuan at the end of the first quarter, and the income in the first half of this year ranged from 4.08% to 8.97%, all exceeding the average income of 2.30% in the first half of the market.

After the Spring Festival (2021-2-18 to 2021-3-15), when A-shares and Hong Kong stocks fell sharply, the decline was between 1.47% and 6.07%, while most of the equity star funds fell by more than 20%, and the partial mixed funds fell by 14.45%.

On the whole, the fund managed by Zhang Qinghua performed very well in the first half of the year, and it was also quite stable.

Zhang Qinghua's short-term and long-term performance is equally dazzling. His representative fund, e-fund, is a secondary bond base. It was established on June 21, 2011, and has just completed 10 years. E fund a's return a has been 5.91% in the first half of this year, 274.01% since its establishment and 13.99% annualized return.

Wu Jianghong, the representative of huitianfu's "fixed income plus" team, is the general manager of huitianfu's equity and debt mixing department.

In the management of fixed income and 10 funds (A / C classification calculation, the same below), the scale exceeded 30 billion yuan at the end of the first quarter. Excluding the four new funds set up this year, the first half of this year's income was 3.60% - 5.38%. Also higher than the market "fixed income + fund" average income.

After the Spring Festival (2021-2-18 to 2021-3-15) when A-share fell sharply, the fund income managed by Wu Jianghong ranged from - 3.68% to - 7.92%, and the largest withdrawal was the Convertible Bond Fund - huitianfu convertible bond, and the rest were within - 4%.

The representative fund managed by Wu Jianghong, huitianfu convertible bond fund, was established on June 17, 2011, and has just completed 10 years. Huitianfu Convertible Bond A's income in the first half of this year is 5.38%, which has reached 139.21% since its establishment, with an annualized income of 9.03%.

Wu Jianghong is also good in the medium and long term.

Sun Lumin, the representative of "fixed income +" of China Southern Fund, is the co chief investment officer and managing director of China Southern Fund. He was the first fund manager in China with a capital guaranteed fund and a mixed risk aversion and value-added fund.

Sun Lumin currently manages 12 funds (A / C classification calculation, the same below), and the fixed income + fund scale in the first quarter is 19 billion yuan. Excluding the seven newly established funds this year, the return range of the remaining five funds in the first half of this year is between 2.42% and 4.20%, which is higher than the average return of "fixed income + fund" in the first half of this year.

It is worth mentioning that when A-share falls sharply after the Spring Festival (2021-2-18 to 2021-3-15), the fund callback range managed by sun Lumin is very small, ranging from 1.82% to 2.50%.

By the end of the first quarter, sun Lumin managed 3.4 billion yuan of funds. One of the longest managed funds is southern Antai a, which was established on September 22, 2016 for nearly five years. Since its establishment, its income is 45.66%, and its annualized income is 8.13%.

?