China Economic Net, Beijing, July 8 (Reporter Kang Bo) As of June 30, among the 4,185 bond funds with comparable data, a total of 3,519 bonds rose in performance in the first half of this year, accounting for 84% and 19 of them Flat, with 647 only down.
Those with an increase of more than 5% are Baoying Rongyuan Convertible Bond A, Baoying Rongyuan Convertible Bond C, Bank of Communications Schroders Steady Yield Bond, Jinyuan Shun An Eucalyptus Bond C, and Boshi Huixiang Pure Bond Bond A , Hongde Yutai Bond A.Among them, Baoying Rongyuan Convertible Bond A ranked first with 6.88%. Although the second quarterly report has not yet been released, from the previous quarter, the top five holding bonds of Baoying Rongyuan Convertible Bond are: China Mining Convertible Bonds, Penghui Convertible Bonds, G Three Gorges EB1, Long 22 Convertible Bonds, Quartz Convertible Bonds, the main holdings include Tianqi Lithium, Zhongke Electric, Yongxing Materials, and Zhongwei.Obviously, the fund benefited from the strong rebound in the new energy sector in May and June.
Deng Dong, the fund manager of Baoying Rongyuan Convertible Bonds, has more than 7 years of management experience. According to the data, he joined KPMG Huazhen as an auditor in March 2008; China Merchants Fund Management Co., Ltd. successively served as researcher, fund manager, and deputy director of the Fixed Income Investment Department. He joined Baoying Fund Management Co., Ltd. in August 2017 and is currently the General Manager of the Fixed Income Department.
Bank of Communications Schroders solid-income bonds rose by 6.44% in the first half of this year. If you look at the holdings in the first quarterly report, the fund's stock assets are only Gemdale Group. , 21 Ping An, 21 Xingye, government bonds and financial bonds accounted for the main share.The fund is jointly managed by Tang Yun and Zhou Shanshan. The former has nearly 7 years of public offering management experience, and the latter has 3 and a half years of experience, which can also be described as senior.The two fund managers previously stated in the quarterly report that in terms of bonds, they will maintain the neutral duration of the portfolio and continue to use the long-term interest rate band operation to obtain higher returns.It also believes that the equity market valuation risk has been significantly released, and it has begun to gradually enter an attractive area. On the premise of controlling the drawdown, it will gradually find valuable targets for allocation.
Jinyuan Shun An Ansheng and Hongde Yutai Bonds are both secondary hybrid bond funds. From the perspective of holdings, Jinyuan Shun An Ansheng mainly holds medium-term notes, corporate short-term financing bills, financial bonds, etc., including 17 Lugao, 19 China Railway, 19 Yuexiu, 19 Middle Festival, 20 Traffic.Hongde Yutai bonds mainly hold 19 Shaanxi Yan, H2 Salt Lake, 20 Import and Export, 21 Power Grid, 21 Agricultural Development, and are also mainly medium-term notes and corporate short-term financing.
In addition, Bosera Huixiang Pure Debt Bond A and Bosera Huixiang Pure Debt Bond C, as pure debt funds, also rose by 5.15% and 4.93% in the first half of the year.The first quarterly report shows that it mainly holds financial bonds, including 21 China Development Bank, 22 Agricultural Development, 18 China Development Bank, 21 In and Out, and 22 In and Out.
On the list of decliners, due to the continuous correction of the A-share market in the first quarter, the performance of many convertible bond funds was poor. For example, the Bank of Shanghai Convertible Bond Select Bond A fell by 13.60% in the first half of the year.According to the first quarterly report, the fund's stock assets accounted for only 10.14%, and bond assets accounted for 80.2%. The top ten heavyweight stocks include Tiannai Technology, Yangtze Power, Goodway, Luzhou Laojiao, Foster, Enjie, Tianqi Lithium, Mindray Medical, WuXi AppTec, and Azure Lithium Core, the top five bonds are CICC Convertible Bonds, Long 22 Convertible Bonds, Jiayuan Convertible Bonds, Daqin Convertible Bonds, and Suyin Convertible Bonds.
Its fund manager Cai Weifeng has served as financial application engineer of Bloomberg Mortgage Securities Group, senior analyst of Shenyin Wanguo Futures Research Institute, deputy manager of bond and derivatives trading business of Bank of Shanghai Financial Market Department, and investment manager of Bank of China Fund special account. Deputy Director of Fund Fixed Income Investment.
Golden Eagle Yuanfeng Bond C and Golden Eagle Yuanfeng Bond A also fell by 12.08% and 11.63% respectively. The top five holding bonds disclosed in the first quarterly report were 21 National Bond 10, 21 National Bond 16, China Southern Airlines Convertible Bond, Wingtech Convertible Bond, Changqi For convertible bonds, the top ten heavyweight stocks are Jincheng Pharmaceutical, Tianqi Lithium, AVIC XAC, Yiwei Lithium Energy, Tianhua Ultra Clean, Vision China, Rongjie Co., Ltd., China Survey Navigation, Changshu Auto Decoration, GCL Nengke .
Regarding the later trend of the bond market, many industry insiders said that in the short-term dimension, the capital surface should not tighten rapidly, and the bond market may maintain a volatile pattern.
Zhang Yifei, general manager of the mixed asset investment department of Essence Fund, said recently that as the follow-up stable growth policy is gradually clarified and gradually implemented at relevant levels, some industries and targets in equity-oriented assets may face marginal opportunities for improvement; the current bond market Yields are still at historically low levels, with limited room for downside yields, and they are cautious in the use of duration and leverage.He predicted that in the equity market, some low-valued value targets are currently cost-effective, and there is the possibility of policy catalysis, and some targets with excellent fundamentals and more early adjustments have entered the attention range.
