Securities Times reporter Wu Qi

　　After the track-type fund was pulled down from the altar, will the "fixed income +" product also capsize?

　　The "Fixed Income+" products that performed solidly last year are said to be able to provide investors with steady happiness.

However, recently, the equity market has fluctuated violently, the convertible bond market has been consolidating at a high level, and the performance of "fixed income +" products has been differentiated. Comparable to equity funds.

　　In fact, from the perspective of lengthening the period, among the "fixed income +" funds established for more than 3 years, only 15 products' net value fell; even in the most recent year, the median value of "fixed income +" product returns was 2.28%.

Wang Xiaogen, the fund manager of Tongtai Fund, told the Securities Times reporter that "fixed income +" is still worthy of long-term holding and investment, and the risk-return ratio of such products is relatively cost-effective. It is recommended that investors hold for a long time. There are "fixed income +" products, don't just look at temporary performance.

　　Median return for the year 2.3%

　　The wealth management market has fully entered the era of net worth, and "fixed income +" funds are considered to be one of the important products that form a certain substitute for bank wealth management products because of their low drawdown and low volatility.

Yang Jie, manager of Jinxinminda pure bond fund, said that unlike general stock and bond funds that mainly pursue relative returns, most "fixed income +" products pursue absolute returns, requiring fund managers to have better drawdown control capabilities, suitable for Robust investors who have certain requirements for principal safety and yield.

　　Recently, the equity market has fluctuated violently, and the convertible bond market is facing high premium risks, and "fixed income +" products have also ushered in a pullback.

The market has raised doubts about "fixed income +" products.

　　In fact, both the stock market and the convertible bond market, which have increased returns for "fixed income +" funds this year, are facing a sharp pullback.

Data show that after three years of rises in the CSI Convertible Bonds and the A-Share Index, the CSI Convertible Bonds have fallen by 4.53% since the beginning of this year, the Shanghai Composite Index has fallen by 4.78%, and the ChiNext Index has fallen by 15.05%.

　　Wind data shows that as of February 16, the median return of "fixed income +" funds (shares calculated separately, the same below) fell by 2.33% during the year; during the same period, the total stock fund index fell by 8.5%, and the bond fund index fell by 8.5%. 0.1%, the performance of "fixed income +" funds is still in between.

　　From the perspective of lengthening the cycle, as of February 16, among the "fixed income +" funds established for more than 3 years, only 15 products had a net value decline, more than 800 products had achieved positive returns, and 4 products had doubled their cumulative returns in 3 years. , the median maximum retracement is 5.22%.

Even in the most recent year, the median value of "fixed income +" product earnings was 2.28%.

　　Judging from the net value return of the fund this year, the net value performance of some "fixed income +" funds is even comparable to the top-performing active equity funds.

　　Overall, short-term drawdowns cannot negate the low-drawback and low-volatility product features of "fixed income+" funds, and for investors, they cannot magnify the anxiety caused by short-term drawdowns.

Wang Xiaogen told the Securities Times reporter that under the circumstance of a relatively large adjustment in the stock market and convertible bonds, the poor performance of "fixed income +" products this year is inevitable.

However, from a long-term perspective, "fixed income +" is worth long-term holding and investment. The risk-return ratio of such products is relatively cost-effective. It is recommended that investors hold "fixed income +" products for a long time, not just for a while. The performance of the company, such as extending to 3 years, can often achieve "fixed income +" income beyond fixed income products.

　　"Fixed Income+" Fund Performance Differentiation

　　It is worth noting that there are also some "fixed income +" fund performances that have drawn investors' attention due to their large drawdowns.

　　Wind data shows that the net value of "fixed income +" funds has a difference of 26% between the beginning and the end of the year, and 26 "fixed income +" funds have a net value correction of more than 10% during the year.

　　The reporter noticed from the heavy holdings and heavy holdings of bonds of these funds that these funds mostly allocate individual stocks in the track sector or high-premium convertible bonds on stocks.

The recent correction of the track stocks and the volatility of the convertible bond market have had a great impact on the net value of the fund.

　　Wang Xiaogen said that the recent adjustment of the convertible bond market is basically a result of the high valuation pushed up by a large amount of funds chasing a small amount of convertible bonds and the release of risks in the near future.

Among them, after the social financing data in January was significantly higher than expected, bond yields rose sharply, and the bond market fell or a fuse that led to the adjustment of the convertible bond market.

　　In contrast to the "fixed income +" funds with good returns this year, fund managers are more inclined to low-valued sectors and low-premium convertible bonds in the allocation of stocks and convertible bonds.

The data shows that this year, there are 37 "fixed income +" products with a net value return of more than 1% during the year.

　　Some fund people said that the classification boundaries of the concept of "fixed income +" are relatively blurred. When investors choose "fixed income +" products, they should pay attention to the allocation concept of fund managers and the attributes of the fund's heavy holding of individual stocks or bonds. One of the main reasons for the differentiation of "fixed income +" product performance.

　　When talking about the "fixed income +" product strategy, Zhang Yifei, general manager of the mixed asset investment department of Essence Fund, said that he is not simply pursuing income, but pursuing high-quality income, doing as low risk and volatility as possible, and adhering to the concept of value investment in equity investment. , long-term tracking of high-quality large-cap blue-chip stocks, combined with industry fundamentals and the implied yield behind market valuations, buy or increase holdings when they are undervalued, and sell or reduce positions when they are overvalued.

In terms of convertible bonds, it still insists on starting from the bottom-up fundamentals, and selects convertible bonds for allocation in combination with option pricing.

　　Yang Jie said that "fixed income +" products involve multiple product categories and require a strong macro perspective, good asset allocation capabilities and timing capabilities. For example, the two "fixed income +" products of Jinxin Fund are based on interest rates. Bonds and credit bonds are used as the base, and are enhanced with convertible bonds or stocks respectively, emphasising the allocation of major types of assets, and active investment management through measures such as position control, variety selection, layout and rotation.

　　stock market short-term risk

　　Has the release been sufficient?

　　The stable performance of "fixed income +" products is also inseparable from the stability of fixed income.

For fixed income investment in 2022, Li Dafu, general manager of SDIC UBS Fixed Income Department, believes that in 2022, before social financing data (structure) improves, infrastructure is clearly developed, or there are obvious easing signals in the real estate industry, the risk of bond market turning bearish Controllable.

In terms of strategy, considering the current market yield, the risk-return characteristics of credit bonds with medium and high qualifications are better than that of interest rate bonds, and the coupon strategy is better than the duration strategy.

　　Zhang Yifei said that in terms of bonds, the current bond market yield is at a historically low level, and the arbitrage space is extremely limited. Although the coupon yield of low- and medium-grade credit bonds is relatively considerable, there may be relatively large liquidity risks or even default risks. At present, the risk and return of active credit mining is relatively low.

　　There have been many changes in the stock market and convertible bond market. How do fund managers of "fixed income +" funds view recent market changes?

In terms of the allocation of convertible bonds and stocks, Wang Xiaogen told reporters that the stock market has been adjusted for about 2 months, and the valuations of many high-prosperity growth tracks have dropped to a more reasonable level. It is more inclined to increase the position of the stock, and the convertible bond chooses to wait for a better buying opportunity.

　　Bosera Fund said that after the previous adjustment of the stock market, the short-term risk release is relatively sufficient. From the perspective of the conversion value, the probability of convertible bonds going up is increasing, which will have a certain positive effect on convertible bonds.

From the perspective of convertible bond investment, on the one hand, you still need to be cautious about expensive varieties; on the other hand, you can actively participate in varieties with reasonable valuation and certain flexibility along the main line of the stock market.