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北京赛车投注平台网站:More than three months have earned 6% What is the outlook for bond funds?

时间:2018/4/27 19:17:12  作者:  来源:  浏览:0  评论:0
内容摘要: This year, thebond fundhas achieved a good return in the first quarter, with the overall rate of return ranked first among all types of fun...

This year, the bond fund has achieved a good return in the first quarter, with the overall rate of return ranked first among all types of funds, and the best performing debt base achieved a 6.18% gain. Outstanding performance allows investors to look forward to the long-dated bond market. In the second quarter and afterwards, whether they continue to hold debt funds or overweight investments? Wealth Management shares some of the public debt fund managers' bond market judgments.

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Debt-based performance since the beginning of the year

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In the first quarter of 2018, China's bond market as a whole rose. Compared with the end of the previous quarter, the Shanghai Treasury bond index rose 1.31%. The Bank of China China Bonds' comprehensive wealth index rose 1.88%. Affected by factors such as rising stock market at the beginning of the year, overseas interest rate and other factors, bond market sentiment was poor, long-term policy financial bonds interest rate increased significantly, and after February, under the background of overall loose capital, the deposit bill issuing interest rate Downward, falling stock markets, and the decline in overseas interest rates brought down sentiment and improved trading sentiment. As a result, bond interest rates have seen a significant downward trend.

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In this context, the performance of bond fund performance was good, with an average yield of 1.12%. Nearly 90% of the debt base achieved a positive return. The average performance ranked first among all major fund products. From a single product point of view, Huaan Anxin earned the best performance, earning 5.84% in the first quarter. Long letter convertible bonds A and Bo Shi Tianshao A two funds ranked at 5.61% and 4.77% respectively. Second and third place.

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At the same time, these debts have performed well this year. As of April 24, the highest return this year was the long-term convertible bond A, which yielded 6.18%, followed by Furong Fugan A. Since this year, the income has reached 5.64%, and the third highest is Huaan Anxin Income A. This year's revenue has reached 5.47%.

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北京赛车投注平台网站:More_than_three_months_have_earned_6%_What_is_the_outlook_for_bond_funds?

Prudent Fundraising of Public Offering Funds

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The recent outstanding performance has investors looking forward to the long-dated bond market. For the afternoon market, public equity is optimistic and cautious. Looking forward to the second quarter, Zheng Kecheng, Huaan Relief Income Fund Manager, believes that the trade war between China and the United States may gradually warm up. At the same time, Europe and the United States have signs of cooling their economies. Therefore, the overall external environment is not optimistic.

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Given that the leverage and nesting problems in domestic financial markets have been significantly improved, fiscal policy has begun to return to neutrality, so there is a loose demand on the margins of monetary policy. The combination of "broad money" and "tight credit" is conducive to a further decline in bond market yield, which is not conducive to a trend market in the equity market. Specifically, in operation, the fund will appropriately increase the duration of the portfolio in the next phase, allocate high-grade, medium- and long-term credit bonds, increase the level of portfolio leverage, and obtain stable spread income. Maintain the band operation on the equity market.

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State Gold Fund believes that in the long run, monetary easing is to promote the credit expansion of the real economy, which in turn will boost demand, and inflation will rise. The nominal increase will not necessarily be positive for the bond market. However, in the short term, the increase in money supply will not necessarily lead to credit expansion. The financing needs of the real economy are limited by the rate of return on investment, credit constraints, and project control. With the economic downturn, the expected decline in investment returns has led to a drop in investment demand; infrastructure projects have been subject to stricter restrictions on government debt control. Based on these restrictions, the increase in the money supply will slow the circulation of money and interest rates may still fall.

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Wealth Fund believes that in the long run, with the slowdown in the financing needs of entities due to tight credit and the end of residents' leverage, funds are expected to return to real estate. Under the background of the new regulations on asset management, the net value of wealth management products and the establishment of asset management companies by banks will both increase the scale of personal wealth management. In December 2017, the proportion of personal finance will rise back to 49.4%, which is already back to 2015 levels. The total financial scale remains high. Bonds, especially medium to short-term high-grade credit bonds will be the main configuration.

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Given the overall environmental impact of Sino-U.S. trade friction and tight credit this year, there is little possibility that the benchmark interest rate, especially the lending rate, will be raised. Therefore, the current yield level of medium-to-high grade bonds still has a high allocation value. Under the tight credit and non-standard tightening environment this year, the credit risk will increase significantly. Bonds of medium and low-level private enterprises will face both credit risk and liquidity risk.


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