What is the fixed income + of the new online red? In fact, it is to add some investment on the basis of fixed income investment, similar to the pure debt enhancement strategy. The full name of fixed income is fixed income. The main layout is bond assets to obtain relatively stable income. And + is to increase some investment in relatively stable bond asset investment in order to improve the yield. At present, there are many strategies of +, such as participating in stock investment, IPO, fixed increase, convertible bonds, quantitative hedging, etc. these products are also very diverse in the market.
Yang Yuanchun, vice president of yingmi fund and research director of yingmi fof Research Institute, also said that fixed income plus is a strategy to strengthen the pure fixed income strategy. For individual investors, the best strategy of fund portfolio is to be able to hold it all the time, so that individual investors can hold it for a long time without spending more time on fund investment and generating unnecessary anxiety. The advantages of pure fixed income assets are low volatility and relatively stable growth of net worth; however, there are obvious disadvantages in the inflation market, so the pure fixed income portfolio is not suitable for all-weather holding. On this basis, the fixed income plus strategy emerged.
Fixed income + products are reflected in fund types, more reflected in secondary bond funds and partial bond hybrid funds. Specifically, for the secondary bond fund, the general investment in stock assets is no more than 20% of the funds assets. Some secondary bond funds play with stocks, convertible bonds, interest rate bonds, credit bonds, etc. to better grasp the large asset allocation opportunities and do a good job in fixed income +, and some secondary bond funds focus on the layout of convertible bonds rather than stocks.
According to wind information data, there are 583 secondary bond funds (each type is calculated separately), and the average return in the last three years is 15.59% , good performance. And the average maximum withdrawal in the last three years is 4.27% u3002 Good performances include e-fonta Yuxiang return, Huaxia Dingli, Guangfa Juxin, Boshi Tianyi, etc.
In contrast, the fixed income plus strategy space of partial bond hybrid fund is larger. Many products clearly stipulate that the upper limit of stock investment proportion is 25%, 30%, 40%, 45% and 50% respectively, while the general mainstream is 30% and 40%. There are also some special varieties such as 0-95%, 20% - 80%, 5% - 65%, 10% - 30%, 10% - 25%. At present, many of these products adopt fixed income + innovation and other strategies, which are style stable products.
According to wind information data, there are 463 partial bond hybrid funds (each type is calculated separately), and the average return in the last three years is 18.98% In the past three years, e-fonta has performed well, including e-fontas reassurance feedback, e-fontas earnings return, Changan Xinyi enhancement, Yinhe Yintai Finance (150103) dividend, Dongfang hongruiyi, Boshi Lezhen, Dongfang Hong value selection, Boshi Hongtai, etc.
Bond market volatility is suitable for fixed income +
Yang Yuanchun said that the current fixed income plus strategy is basically to achieve the annual return target of the portfolio and control the volatility of the portfolio through the allocation of different proportions of equity and debt assets. The core of this strategy is that the stock debt assets have negative correlation in the long run. Under this principle, the combination of the stock debt assets can reduce the correlation of the assets in the portfolio and improve the return withdrawal ratio of the portfolio. However, in the short term, in the stage of deflation or monetary policy contraction, it is easy to see the situation of stock and debt falling together, and the stock and debt assets no longer have negative correlation, at this time, this strategy will fail.
In terms of bond assets alone, it is true that the yields of major securities are basically lower than the lowest point in 2008. At present, in terms of risk appetite and policy, bond markets do not have great opportunities. However, the core of fixed income plus strategy is to take advantage of the negative correlation of stock and bond assets. When bond assets are relatively unfavorable, it often means that equity assets will have a certain opportunity. The fixed income plus portfolio can realize the asset allocation suitable for the current market for investors through the proportion allocation between the two types of assets and the adjustment of the duration of bond assets. Yang Yuanchun said.
At the same time, Zhang Ting believes that the global economy is affected by the new crown epidemic, the general rate has entered recession, the downward pressure on the economy has increased, and the global central banks have adopted unconventional quantitative easing policies. Although the Central Bank of China maintains a certain fixed force, the interest rates have also shown a significant downward trend, and the yield of ten-year Treasury bonds has even reached a historical low. In this context, bank financing The yield of products and trust products all showed a significant downward trend. Therefore, investors demand for fixed income + will increase, and investors can properly arrange such products.
Focus on the level of withdrawal
Zhang Ting said that the layout of such products can focus on the following two aspects: first, the level of risk control. The bottom position of such products is fixed income products, which will inevitably involve credit risk. Once credit risk occurs, it will cause a large loss of principal. Therefore, investors need to pay close attention to the selection of securities and risk control ability of fund companies; second, observe the past history of fund managers Whether the performance is stable, if it can maintain a stable and good return, then investors can configure.