Fixed income plus can be understood as pure debt enhancement
Fixed income + products are reflected in fund types, more reflected in secondary bond funds and partial bond hybrid funds. Specifically, for the secondary bond funds, the general investment in stock assets does not exceed 20% of the funds assets. Some secondary bond funds play with stock, convertible bonds, interest rate bonds, credit bonds, etc., so as to better grasp the large asset allocation opportunities and do a good job in fixed income +, while 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), with an average return of 15.59% in the last three years, which shows a good performance. However, the average maximum withdrawal in the last three years was 4.27%. 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.
What kind of investors is fixed income + suitable for? Is it suitable for layout at present? In fact, the bond market is volatile in the near future, and the absolute yield of bonds is not high. Investors pursuing stability are suitable for the layout of fixed income + products.
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 portfolio return ratio. 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 addition, there are a certain proportion of high volatility assets in the fixed income + strategy. Compared with the pure fixed income strategy, the maximum withdrawal will be larger in extreme cases.
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.
Zhang Ting, a senior Macro Analyst of GESHANG wealth, believes that fixed income plus is to enhance earnings on the basis of fixed income products, take fixed income products as the basic bottom position, increase earnings and flexibility through other types of assets, such as stocks, convertible bonds and innovation. This kind of asset is mainly suitable for two types of investors: one is under the background of the gradual break of the just exchange and the downward trend of global interest rate, the rate of return of bank financial products is downward, and the attraction is weaker. Many people hope to obtain higher income than bank financial products, but they are not willing to bear too many risks at the same time. In this case, fixed income + has become a good alternative; the second is risk preference For lower investors, such investors have strict requirements on product withdrawal, and fixed income + products can meet the demand.
Focus on the level of withdrawal
How to choose fixed income plus products? The core is the assessment of +, which can be revenue or risk. If it is through stock investment to thicken earnings, there may be a risk that the decline of stocks will drag down earnings; if it is through participation in fixed increase to thicken earnings, it also faces the risk of market collapse; even if it is involved in making new fixed income +, there is a certain risk of breaking, as well as the risk of bottom position fluctuation. The core is to see the fund managers ability to control risk, examine the level of product withdrawal, and try to choose products with stable yield and controllable risk.
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.