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    100 billion new products are coming! This type of fund is very hot this year.

    2019-04-15 08:21:47

    China Fund News Wu Jun

    The fund company's layout of bond funds this year is still enthusiasm. The data shows that this year's debt-based issuance has significantly exceeded the same period last year, and the scale of fundraising has reached nearly 100 billion. Short-term debt funds and secondary debt bases have become hot spots. The fund manager believes that the current economy still has downward pressure and liquidity is loose, and the bond market still has better opportunities, but it also needs to be alert to risk factors such as inflation and keep watching. At present, public offerings are more optimistic about investment products such as convertible bonds and credit bonds.

    This year, the issue of debt-based 116 is close to 100 billion.

    Public fundraising and debt-based enthusiasm

    This year, the fund company's enthusiasm for the debt-based layout is still high. According to Wind data, as of April 12, there were 116 bond funds issued this year, which is significantly more than the 75 in the same period last year. This year, bond funds have raised 96.348 billion yuan.

    It is worth noting that this year's short-term pure debt funds are very popular. At present, the number of issued funds has reached 20, and 16 fund companies such as ICBC Credit Suisse and Yinhua have their layouts. At the same time, mixed secondary debt bases have also issued 10 this year, including investment promotion. , Peng Yang and other fund companies; in addition, passive index-based debt-based 19 issued.

    This year, the fund company increased the allocation of the secondary debt base and convertible bonds in the debt-based layout.

    China Merchants Fund said: "The main types of products in the fixed-income field this year are the pure debts and fixed debts that the company is good at. At the same time, there are also secondary debts and bond ETFs. This year, we mainly added some secondary debts, because we think this year A. The stock valuation has reached a historically low level and is relatively optimistic about the equity market. It is hoped that investors will participate in the equity layout through the secondary debt."

    Pengyang Fund said that this year, it has increased the allocation of convertible bonds. The combination raised the equity position from low to neutral high in the end of 2018 and January 2019; in 2019, the credit and supervision were normalized. In the case of low financing costs, the fixed-income products mainly adopt leveraged interest; after the financing supply is relaxed, the economic and financing data will pick up in the short term, and the interest rate bonds will fluctuate more. The long-term strategy is not the best strategy in 2019, but the transactionality The opportunity still exists.

    The reason for the 2019 debt-based issuance blowout. The Hive Fund said that on the one hand, fund companies have more bonds to be issued this year. On the other hand, bonds are the main assets of many investors, especially institutional investors, and investors can invest heavily in liquidity. These investors with relatively low risk appetite or rigid liabilities will not convert asset allocation from bonds to stocks, so the issuance of debt-based stocks still has a high fever.

    Pengyang Fund said that the current financial management scale is 30 trillion yuan, most of which are expected-income products. For the customer groups with lower risk appetite, the future expected income-oriented products will gradually transform into net-value products according to the new regulations of asset management. This is an important reason for the unrelenting heat of debt-based issuance this year.

    This year, the bond market still has a good chance.

    Fund managers are more optimistic about convertible bonds and credit bonds

    The fund manager believes that the current economy still has downward pressure, liquidity is more relaxed, and the bond market still has better investment opportunities, but it is also necessary to be alert to risk factors and keep an eye on observation.

    The Hive Fund believes: "For the second quarter of the bond market, after the current interest rate has undergone a major adjustment, the yield level has partly reflected the expectation of the economic stabilization and inflationary pressures in March. There are certain trading opportunities in the follow-up, which come from expectations. Poor repair. There is still some downward pressure on the macro economy in the second quarter, and the probability of at least continuing to improve is low."

    Ma Long, deputy director of the fixed-income investment department of China Merchants Fund, said: "The current overall volatility of the bond market has not yet broken. The short-term market has unfavorable factors such as expected repair, rising risk appetite, and stabilization of financing growth, while the fundamental line of fundamentals continues to decline. It takes time to verify that the long-term strategy needs to wait for the new expected difference and the formation of a safety mat. The current domestic economy still has some downward pressure from the perspective of the cycle, and the inflation risk may not be fully recognized by the market and needs to be tracked at all times. There is a certain amount of prejudgment about the nature of the risk."

    In the current investment direction, public offerings are more optimistic about the opportunities for convertible bonds and credit bonds. Regarding the investment strategy, Malone said that this year is relatively more optimistic about credit bonds. "This year's debt-based income is more imaginative. First, the bond yield curve is relatively steep. In particular, the three-year-year spread is relatively high. The long-term interest rate risk is not large, but the income is much higher. Second, Some medium and low-grade credit bonds have higher spreads on some varieties, and the debt base will be more in the allocation of medium and low-grade credit bonds, which will also help to increase profits."

    The Hive Fund believes that from the perspective of asset allocation, the focus will be on the conversion of bonds and medium- and short-term credit bonds to obtain the opportunity to rise in equity and the more certain nested income, which will control the position level of long-term interest rate bonds. The combined duration is controlled at a relatively neutral level.

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    Editor in charge: Robot RF13015

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