Combat! In order to earn more, some “fixed income +” funds are very much available in these varieties! The industry sees it this way_ 东方 Fortune Network

Original title: Spell it! In order to earn more, some “fixed income +” funds are very much available in these varieties! The industry sees it

The stock market is recovering rapidly this yearConvertible bondUnder the effect of making money, some “fixed income +”bottomIn addition to increasing equity investments, it also energetically improves convertible bondsPosition, Get thickened income.

However, many people in the industry have suggested that if “fixed income +” funds are converted into debt, they may changeProductRisk-return characteristics. Therefore, theDebt basisEstablish the upper bound on convertible bond positions and adapt the debt-based product classification of heavy convertible bonds to meet the risk appetite of product holders.

　　Part of the funds “Fixed income +” Inconvenient convertible bonds

　　Excess returns of the product are evident

In the transformation of the equity of the asset management product,bankFinancial managementUnder the effect of demand substitution, partial debtHybrid fundThe “Fixed Income +” funds represented by, secondary debt base, etc. They have developed rapidly this year.Public offerCompete for layout and achieve rapid growth in scale. However, limited by the cap requirements for holding positions, some funds, in addition to equity positions, achieve flexible portfolio returns through highly convertible bond positions.

The data shows that, taking the secondary debt base as an example (excluding the convertible bond thematic fund with high convertible bond positions), at the end of the third quarter of this year, 251 secondary debt bases (combined calculation of shares) hold a average position of 23.62 in convertible bonds. %, an increase of 2.69 percentage points from the previous quarter, historically high position. Among these, there are 38 products with more than 50% of positions in convertible bonds and 5 products are bought with leverage. The market value of the holding of convertible bonds representsFund assetsThe ratio exceeds 100%.

In terms of holding positions, the average holding positions of the above funds are 13.84%, of which 138 holdings in products are between 15% and 20% and 49 holdings in funds have reached more than 19%, approaching 20%. The participation limit.

Partial debtHybridAmong the funds, some of the fund’s equity holding ratios are approaching the upper limit and have also increased their convertible bonds.Performance。

“Since partial debt hybrid funds, secondary debt bases and other fixed income + products have a 20% -40% equity holding limit, some funds have increased their convertible bond positions to 70% -80%. and even bought with leverage., The use of convertible bonds to increase equity positions had the effect of thickening returns in the context of a better stock market this year. “A high-quality bond fund manager in Beijing has revealed to reporters.

From the perspective of the debt-based manager, the role of convertible assets in the partial debt fund portfolio is as follows: First, when the fund manager predicts that equity market opportunities are coming, the equity positions may remain unchanged.Add warehouseConvertible bonds can prevent large fluctuations in the portfolio and can also strategically boost the stock market. Second, convertible assets have different option values ​​than stocks and bonds. When there is a systematic or individual bond option value, it can also increase Portfolio Excess Return.

“Currently, the individual bonds in the convertible bond market are very differentiated. There are multiple convertible bonds across various sectors and themes.the companyYou can rely on your equity research platform to find investment opportunities for individual bonds. As long as you control your positions well and increase your positions in convertible bonds when the investment is cheaper, you can get higher returns on neutral positions. “The debt-based manager said.

From an investment impact perspective, as of the close of November 27, the China Securities Convertible Bond Index rose 5.28% this year.BondRanked at the forefront of the index, the “fixed income +” fund that holds convertible bonds also achieved outstanding returns this year.

According to the data, as of November 27, 18 partial debt hybrid funds with holdings above 25% equity and over 20% convertible bonds in the third quarter of this year had an average return of 17.39% this year. , which is 8.5% of the same type of funds in the same period. In the tier two debt base, 68 products with holding positions above 15% and convertible debt positions above 20% have an average yield of 10.86% this year, which is also 4.56 percentage points higher than to similar products in the same period. Got good excess income.

“As a financial product with both equity and bond properties, convertible bonds play an important role in” fixed income + “funds and become one of the weapons of this type of fund to increase returns.” Shanghai Securities Fund Evaluation Research Central FundAnalystYang Han said.

From Yang Han’s point of view, as the valuation changes of convertible bonds are more correlated with the stock market than with the bond market and there are differences in bond selection and fund manager timing, heavy stock convertible bonds may not necessarily lead to higher returns. If the stock market as a whole performs poorly, the portfolio’s performance will be unsatisfactory.

“Those funds that increased their positions in convertible bonds have performed well overall this year and achieved the expected results, demonstrating the effectiveness of professional wealth management.”Fund searchThe character Wang Qunhang also said so.

　　Industry consulting to set the position limit

　　Reclassify the product types

Although the effect of the increase in income is obvious, convertible bonds are classified as a bond asset and can be bought with leverage, and the volatility of this type of asset is significantly higher than that of pure bonds. Some people in the industry have argued that heavy convertible bonds may change The risk-return characteristics of “fixed income +” products have made it impossible to better satisfy the holder’s risk appetite.

A director of medium-sized public equity investments in Beijing said that because convertible bonds are much more volatile than pure bonds, adding the convertible bond positions will certainly make the portfolio volatile. Specifically, portfolio volatility depends on the portfolio. debt selection method, such asbankThe volatility of convertible bonds corresponding to large-cap blue chip stocks such as oil and gas is relatively small, while the volatility of convertible bonds corresponding to growth stocks such as medicine and technology is relatively large and the risk-return characteristics of the products are also different .

Yang Han also disclosed this to Shanghai SecuritiesFunds raisedProduct riskIn the valuation system, for fund products that are established to meet a certain period, the volatility level of the net worth will be compared against the performance comparison benchmark of the same risk. When the volatility level exceeds a certain multiple, the risk level of the product will be increased. In particular, if a fund’s convertible bond position is greater than 80%, it can be considered as a convertible bond thematic fund and the performance assessment criteria for this type of product should be different from ordinary partial debt funds and secondary debt bases.

From the specificationProduct positioningFrom the perspective of risk-return characteristics, some industry professionals believe that debt bases should set a cap on the investment ratio of convertible bonds and reclassify the product types of funds with heavy positions in convertible bonds.

Yang Han said that as early as April 2015 Shanghai Securities issued a document stating that convertible bond assets have a higher correlation with stock market performance and, at the same time, have a large impact on the performance of funds a fixed income. Fund products, the level of risk and reward will even be higher than that of hybrid funds and was once higher than ordinary funds in 2014Equity fundAnd such products are confused withBond fundsIt is really unreasonable to make it difficult to distinguish ordinary investors. “Not only did it upset the classification of the funds, but it also upset the rating results of the fund rating agencies.”

Therefore, Yang Han suggested: First, taking mature markets as an example, US fund products that invest in convertible bonds are not classified as bond funds, but as hybrid fund products. Therefore, it is recommended to reclassify funds that focus on investing in convertible bonds and to classify them as hybrid funds. Second, set a certain upper limit on the percentage of bond funds that invest in convertible bonds. This upper limit should be added to the stock allocation ratio. First, check the risk-return level of the debt base within a certain range; third, professional institutions also need to conduct a reasonable risk assessment for such products to guide ordinary investors to buy rationally.

However, many people in the industry have also said that heavyweight convertible bonds are not the mainstream of “fixed income +” funds and that holders need not worry too much.

Wang Qunhang noted that since funds with strong positions in convertible bonds account for less than 10% of similar products, it is not a dominant trend to increase equity positions with convertible bonds. Many fund managers who have linked heavy convertible bonds also maintain low risk appetite and the market need not worry too much, including the product’s risk-reward characteristics and other attributes.

Yang Han also said that from the data point of view, as only a small number of partial debt hybrid funds have chosen the high convertible debt and high equity positions operating mode, the overall scale of the product is also small and the market impact is limited. “Most similar funds do not hold a high percentage of convertible bond assets. Achieving stable returns is still the main goal of this type of product.”

(Source: China Fund News)

(Responsible publisher: DF380)