Bond market shocks debt-based performance under pressure, some debt-based scale shrinks significantly

Bond market shocks debt-based performance under pressure, some debt-based scale shrinks significantly

China Fund News reporter Liu Fen Since the beginning of this year, the “equity debt leverage” effect has entered the stage of bullish 北京桑拿洗浴保健 debt. While equity funds and science and technology funds have become popular, the performance of bond funds is under pressure, and the size of bond funds of some fund companies has been sharp.Shrink.

As for the bond market trend in the second half of the year, several previous sources predicted that it is still a volatile market.

  Bond market shocks pressure on debt-based performance Since this year, the Shanghai Composite Index has once again returned to over 3,000 points, an increase of 20 during the year.


With the stock market’s stop-loss rebound trend indicator, the bond bull market that continued from last year rose weakly and the shock increased.

  Regarding the bond market in the first half of the year, Chen Kaiyang, Managing Director and Head of the Public Equity Fund Group of the Fixed Income Headquarters, summarized as “transition”. Overall, the coupon contribution exceeded the long-term contribution and credit bonds performed better than interest rate bonds.

Extremely pessimistic economic expectations in the first quarter and the easing of funds and diminishing interest rates fell rapidly; financial and economic data improved in the second quarter; pessimistic expectations were adjusted; risks and returns picked up; interest rates appeared to adjust more than 40 basis points; trade frictions rose after May and risks replacedThe economic data fell and interest rates fell. After a bank custody event in June, the financing difficulties of small and medium-sized banks were gradually transformed into non-bank institutions. The impact led to the adjustment of low- and medium-rated credit bonds. Long-term interest rates fluctuated slightly.Short-end credit bonds benefit better from loose funds.

The convertible bond index increased by more than 20% in the first quarter and fell back in the second quarter. It rose by 13% in the first half of the year. It is the best-performing fixed income asset in China.

  Wind data show that as of the end of June, the overall average return of bond funds was 2.

39%. Thanks to the warming of A shares, many convertible bond funds have replaced the top of the debt base’s growth list. Bosh Convertible Bonds have the highest enhanced yield, and the first half of the year has reached 20%. Huitian Fu Convertible Bonds, HuaanConvertible bonds, China-Europe convertible bonds, Changsheng convertible bonds, ICBC Credit Suisse convertible bonds have an average increase of more than 15%.

However, the performance of 89 debt bases (different share statistics) was negative, of which the net value of 9 debt bases fell by more than 5%, leading to a maximum of even more than 32%.

  Market rotation is often a process of reallocation of funds.

Since the beginning of this year, the size of the A-share growth interest category funds has grown significantly, and the scale of solid-income products has been shrinking.

According to the statistics of Tianxiang Investment Consulting, equity funds only increased by more than US $ 240 billion in the first half of the year for open-ended equity funds, so the size of this type of fund reached 1 at the end of June.

05 trillion, a record high.

In terms of fixed income products, the size of bond funds has increased slightly, the size of money funds has been shrinking, and the overall size of solid income products has been shrinking. Among them, bond funds have increased by about 240 billion to 3 billion yuan.

26 trillion, an increase of 7.

9%; the size of money market funds has shrunk by more than 4,200 trillion, and the proportion of water has been reduced to 5.

6%, the total size of the Monetary Fund at the end of June was 7.

16 trillion.

  The size of the long-term public fundraising debt base has gradually reduced. The overall size of the bond fund has increased in the first half of the year, but due to the general environment of the bond market, some fund companies’ debt-based performance has exceeded expectations and is facing redemption pressure.

  Market participants in a Beijing-based brokerage firm said that the company’s two debt bases were redeemed in return.

The reporter combed and found that although the company’s debt-based performance did not appear, the performance was mediocre, and all debt-based scales shrank to varying degrees in the first half of the year, and some of the debt-based scales were even redeemed to nearly 90% of the scale at the end of the second quarter.Only after the edge of the product line.

  Some explosive bond funds established last year also extended redemption in the first half of this year.

The reporter combed the public data and found that a large publicly-funded bond fund in South China shrank in the first half of the year. Compared with the scale when it was just set up, the size of a bond index fund belonging to the company has decreased by more than 10 billion US dollars in the first half of this year, a shrinkage of nearly 60%The size of another pure bond fund also shrank by nearly 70% in the first half of the year.

  Last year’s hot ultra-short-term bond funds did not continue this trend, and the size of some publicly-raised ultra-short-term bond funds shrank significantly in the first half of the year.

Wind data shows that a large publicly-funded bond fund in Beijing showed a general contraction in the first half of the year. One of the ultra-short-term bond funds shrank by nearly 10 billion yuan in the first half.

Some people said that compared to 2018, the stock bond market has changed, especially the rapid rise of the stock market in the first quarter, and fixed income products such as bond funds and currency funds are bound to have redemption pressure.