Since 2024, the bond market as a whole has continued the upward trend since 2023, which has brought a strong warmth to investors under the background of continuous volatility of equity assets. Although there has been some correction in the bond market recently, on the whole, bond funds are relatively stable, which can not only provide relatively stable returns, but also diversify the risk of the portfolio to a certain extent. it is an indispensable part of investors' asset allocation.
Especially for pure debt funds without rights, review the average growth rate of net value of pure debt bond funds over the past decade.Nodepositcasinobonus2022We can find that in the low interest rate market environment where the stock market continues to fluctuate, pure bond funds are still one of the better choices for investors.
Source: Galaxy Securities, as of May 3, 2024. The past performance of similar funds does not predict their future performance, does not represent the actual returns of the Fund, nor does it represent the future performance of the Fund.
Green Hongxin pure debt was established on October 29th, 2018. "China Galaxy Securities China Fund performance (Rolling monthly report Standard Edition) 2024-04-30" shows that as of April 30, 2024, the cumulative return of Green Hongxin pure debt A has reached 26% since its establishment.Nodepositcasinobonus2022.89% (the performance benchmark for the same period is 9.Nodepositcasinobonus2022.34%). At the same time, the yields of Green Hongxin pure debt in the past one year, the last three years, and the last five years are 5.56%, 14.65% and 25.16% respectively, and the similar rankings are 40gamma 788, 24gamble 590, and 13gamma 366, all in the top 5%. With outstanding performance, Green Hongxin pure debt also won Galaxy Securities, Haitong Securities, China Morningstar three-year, five-year five-star rating. (source: Galaxy Securities-Fund Star rating Quarterly Public report (2023.10.06)Nodepositcasinobonus2022Haitong Securities-Fund Series rating list (2024.05.01); Morningstar website; as of 2024.4.30)
Looking ahead, fund manager Yin Zixin believes that the bond market has experienced a rapid adjustment in the past two weeks, compared with the low yield on April 23, the highest upward 20bp of 10-year government bonds and the highest upward 15bp of 30 years. Late last Tuesday, news related to the Politburo meeting spread in the market, reviving the reduction of reserve requirements and interest rates, and the market expected further easing of funds in May and June, and bond market yields turned downwards.
Looking back, it is likely that the issuance of government bonds will accelerate from May, and the issuance of special bonds is expected to start in the second quarter, so there may be a peak in the supply of government bonds from May to June, and the long end and ultra-long end may fluctuate greatly. At the same time, the Politburo meeting also mentioned the "flexible use of policy tools such as interest rates and deposit reserve ratio", and the possibility of subsequent interest rate and reserve reduction increased. The broad monetary policy is in line with the issuance of special treasury bonds, although there are fluctuations in the capital side, but there is a high probability that it will remain balanced and loose. After adjustment, the performance-to-price ratio of the bond market has been improved, and the pressure on the allocation of financial management, insurance and other institutions after restricting banks' high interest rates is still great, and the short-end performance is more stable. On the whole, the volatility of the bond market increased compared with the first quarter, but the upward inflection point of interest rate trend has not yet reached, the asset shortage market will still be interpreted, and there are still trading opportunities after adjustment.
With regard to the recent fluctuations in the bond market, Yin Zixin interpreted that as bond market yields hit a record low, term spreads and credit spreads narrowed in an all-round way, and the risk of lengthening the long term in one direction gradually accumulated. It is based on this judgment that the recent Green Hongxin pure debt operation is more cautious, "the operation idea of the bond market is not to get off easily, and at the same time to fine adjust the position structure on the basis of maintaining a neutral duration." Appropriately reduce the duration, reduce the proportion of long-end positions, and increase the allocation of short-end varieties to cope with market fluctuations and control the pullback. At present, the duration neutrality of Green Hongxin pure debt is low, and it has good liquidity, and it still maintains a high space for position adjustment in order to flexibly respond to market changes. "
Risk hint: fund managers promise to manage and use fund assets in good faith and diligence, but they do not guarantee the profit of the fund or the minimum return. The performance of other funds managed by fund managers does not constitute a guarantee of the performance of the fund, and the past performance of the fund does not predict its future performance. The fund has risks and needs to be invested with caution. Investors are invited to carefully read the fund contract, prospectus and other relevant legal documents and relevant announcements to understand the risk-return characteristics of the fund, and to judge according to their own investment purpose, investment period, investment experience, asset status and so on.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.