Reporter Liu Qinghua
In the first half of this year, the A-share market experienced a relatively obvious adjustment.Affected by this, the risk appetite of funds declined, and bond funds were sought after by funds.
Judging from the performance of bond funds in the first half of the year, due to the narrow fluctuations in the bond market in the first half of the year, the overall pure bond funds achieved a small positive return, with an arithmetic average yield of 1.59%.
Among the stock-bond hybrid products, the average loss of secondary debt-based and partial debt hybrid funds is about 1%, and the primary debt-based fund is less affected by stock market fluctuations, with an average profit of about 1.2% in the first half of the year.
The average yield on the performance bond base is 1.59%
In the first half of this year, the bond market was volatile.In the first quarter, the bond market fluctuated under the hedge of rising expectations of stable growth and continued expectations of loose money.In the second quarter, with the repeated epidemics in some key cities, the market's worries about the economic situation fluctuated, and the bond market came out of a shallow V shape.The 10-year treasury bond yield mainly fluctuated within a narrow range between 2.65% and 2.85%.
Against this background, bond funds as a whole achieved slightly positive returns.According to statistics, the arithmetic average yield of pure bond funds in the first half of the year was 1.59%, while for the whole year of 2021, the arithmetic average yield of pure bond funds was 4%.
Among them, the arithmetic average yield of medium and long-term pure bond funds is 1.6%, and the yield of funds that are opened regularly tops the list.Dongfang Zhencui’s 3-month fixed bond A, Nanfang Zhaoli’s one-year fixed bond, Dongxing Xingrui’s one-year fixed bond A, Huatai Zijin Fengtai pure bond A, and Bosera Futian pure bond yields are leading, with 4.32%, 4.23%, 3.87%, 3.77%, 3.74%.The assets of these funds are not large, the highest of which is Huatai Zijin Fengtai pure debt, with a total asset size of 1.046 billion yuan in different shares.
Only 15 medium and long-term pure bond funds fell in net value. The ones with higher declines were Golden Eagle Tianrong Pure Bond A and BOC Zhixiang, with yields of -6.63% and -4.84%, respectively.In addition, Nanfang Jiji enjoys 90-day rolling holding A, China Resources Yuanta Steady Income A, Golden Eagle Tianyu Pure Bond A, and Yinhua Credit Selected 15-month fixed bond fell by more than 1%.
The arithmetic average yield of short-term pure bond funds is 1.54%, of which Huafu Jifeng 60-day rolling holding A, Huatai Zijin Fengli short-term debt A, Orient Securities Ronghui Xiyue 90-day rolling A, Orient Securities Ronghui Xinxiang 30 The yields of short-term and medium-term bonds A and Beixin Ruifeng Dingsheng medium- and short-term bonds held by Tianzhuan are 3.52%, 3.33%, 2.94%, 2.83%, and 2.64%, respectively.Southern Jiyuan short-term bond A, Nanhua Ruiheng medium and short-term bond A, Zhongkewo Tuwoan medium and short-term interest rate A, China Universal Wealth Management 14-day A, Dachengyue Tianli one-month rolling holding A have lower yields, respectively -2.03%, -1.46%, 0.36%, 0.36%, 0.48%.
In addition, the average yield of bond index funds is 1.32%, and the yield of Jiahe China Bond 1-3 Year Government Gold Bond A is the highest at 3.11%.
The average loss of secondary debt base is 0.99%
Debt-based products with a mixture of stocks and bonds are affected by stock market fluctuations.Among them, secondary debt-based and partial debt hybrid funds are usually regarded as the main force of fixed income + products, with an average loss of about 1% in the first half of the year.
The data shows that the average loss of the secondary bond base is -0.99%, showing an overall loss pattern, and the difference between the yields of different funds is large.The yields of Bank of Communications, Hongde Yutai A, Zheshang Fengli Enhancement, Greenland Hongjing A, and China Merchants Anqing topped the list, at 6.44%, 5.00%, 4.88%, 3.86%, and 3.70%, respectively.
Stocks are one of the important sources of secondary debt-based excess returns.Judging from the stock allocation at the end of the first quarter, the stock allocation of BOCOM's stable income is mainly Gemdale Group (600383).
Zheshang Fengli has enhanced its allocation to stocks with a relatively high proportion, with positions reaching more than 36%. Its main stocks include Yuanxing Energy (000683), Oriental Fortune (300059), Bank of Ningbo, etc.In addition, the fund also holds convertible bonds that are both equity and debt.
China Merchants Anqing's stock position is 17%. At the end of the first quarter, it mainly held energy and coal stocks, and the increase in the first half of this year was considerable.
Second-tier debt funds such as Golden Eagle Yuanfeng A, Dalmore Smart Choice A, Huaxia Dingyuan A, Fuanda Enhanced Income A, and Zhonghai Hejia Enhanced Income A suffered relatively obvious losses. The yields in the first half of the year were -11.63% and -10.13% respectively. , -9.86%, -9.71%, -9.04%.The stocks mainly held by Golden Eagle Yuanfeng A include medicine, defense and military industry, environmental protection, new energy vehicles, TMT, etc.The stocks held by Dalmore Smart Preferred include commerce and retail, architectural decoration, agriculture, forestry, animal husbandry and fishery, and building materials.
The primary bond base cannot buy stocks from the secondary market, but can participate in the subscription of new shares (including additional issuance), etc. In the first half of the year, it was less affected by the fluctuation of the stock market, and the average yield was 1.21%.
Huatai Pineapple Credit Increase A, China Merchants Tianli two-year regular opening, and CITIC Securities one-year regular opening A have leading yields of 4.18%, 3.88%, and 3.76%.Tianhong Tianli C, Great Wall Actively Increase Profit A, Quam Hengfu 18 Months A, Lion Optimizing Income, CITIC Construction Investment (601066) Guiqi Bond A suffered more losses, and the yield in the first half of the year was -7.25%, -6.05 %, -4.57%, -4.40%, -4.15%.
The average stock position of the partial debt hybrid fund is higher than that of the secondary debt fund, and the overall performance is also considered stable. The average yield in the first half of the year was -1.04%. Holding A, China Merchants Ruiyi, and China Merchants Hengyi led the gains steadily, with yields of 12.42%, 9.97%, 8.73%, 6.35%, and 6.03%.Among them, Essence's three funds mainly hold real estate, coal, petroleum and petrochemical stocks in the A-share and Hong Kong stock markets.,
The ones with more losses are Jiahe Panshi A, GF Ruixiang Steady Profit A , -9.59%, -9.36%.
Convertible bond funds with both equity and debt nature fell sharply in the first half of the year, with an average yield of -7.28% and a minimum yield of -16.81%.
