Our reporter Wang Ning

　　According to the latest statistics from WIND, a reporter from Securities Daily found that as of February 18, there were 2,189 "fixed income+" products in the market, and only 382 had positive returns since the beginning of the year, accounting for only 17.45%. The performance difference between the beginning and the end is serious.

Among them, only 1 of the 56 convertible bond products achieved positive returns, almost all of which were lost.

　　Several fund managers told the "Securities Daily" reporter that in recent years, "fixed income +" products have been favored by many investors due to their low net value volatility and stable long-term returns.

However, due to the sharp fluctuations in the equity market during the year, "fixed income +" products are also difficult to survive alone, and the performance of most products has retreated.

In the future layout, the fund company will also strengthen the multi-strategy layout of "fixed income +" products, enrich and improve the product line, and provide investors with more diverse investment tools.

　　"Fixed income +" product performance differentiation

　　"Fixed income +" products are mainly in the form of partial debt hybrid and secondary debt-based.

According to WIND statistics, the average yield of "fixed income +" funds in the whole market in 2021 will exceed 7%, and more than 95% of "fixed income +" funds have achieved positive returns.

In the context of the overall good performance of the stock and bond market, the annual yield of many convertible bond "fixed income +" products has exceeded 20%.

　　However, since the beginning of this year, the volatility of the A-share market has intensified, and the net value of equity funds has generally retreated. Although some products have shown a certain degree of "shock resistance", the performance differentiation has significantly intensified.

According to WIND statistics, only 382 of the 2,189 "fixed income +" companies in the whole market achieved positive returns during the year, accounting for only 17.45%, and the performance of the beginning and the end was severely differentiated.

　　Specifically, among the 382 products that achieved positive returns during the year, Jinyuan Shun'an Eucalyptus C ranked first with 7.77%; only 8 products had a yield of more than 5%; 51 products had a yield of 1% to 5% Products; as many as 323 products with yields maintained between 0-1%.

In the negative income ranking, there are 18 products whose annual rate of return is lower than -10%, and the last product's annual rate of return is -13.52%, with a difference of 21.29% between the first and last performance.

　　Hu Yongqing, CIO of Harvest Fund's "Fixed Income+" solution, told the Securities Daily reporter that the core feature of "Fixed Income+" products is to take into account both risks and returns, especially the pursuit of risk-adjusted returns. In this case, it is easy to Put control retracements on the back burner.

In the volatile downturn of A-shares this year, the performance of "fixed income +" products is more differentiated, mainly due to the differences in risk control and equity investment returns by fund companies and fund managers.

　　Hu Yongqing also said that in combination with the characteristics of "fixed income +" products and customer risk preferences, the company is mainly targeting low-to-medium volatility targets when deploying "fixed income +" products, and needs to take into account the balance between risk and income, because the two are contradictory in themselves. In conflict, it is necessary to control risks, and the result may not be significantly improved in excess returns, but to increase the income target, it is necessary to take more risks.

　　Jinyuan Shun'an Fund told reporters that the control of the retracement mainly depends on three aspects: first, the configuration is as accurate as possible, in line with the current market style; the second is to stop the profit in time to increase the turnover rate; the third is to stop the loss decisively when there is an unexpected drop.

　　Only 1 convertible bond product with positive yield

　　According to WIND statistics, the reporter found that among the 1,719 negative-yielding products during the year, the annual yield of convertible bond "fixed income +" products seems to have become the "hardest hit area".

According to statistics, only one of the 56 convertible bond products has achieved positive returns, almost all of which have "broken down". Bonds and ICBC Credit Suisse Convertible Bonds, etc., all had negative returns during the year.

　　Zhang Yongzhi, deputy general manager of the Fixed Income Department of Huashang Fund and manager of Huashang Convertible Bonds Selected Bond Fund, told reporters that the performance of the convertible bond market has been significantly better than that of the stock market since the fourth quarter of last year, due to two factors: first, the convertible bond market. There are relatively more varieties of small and medium market capitalization in the structure, which is in line with the market style of the whole year of last year. Second, benefiting from the abundant liquidity and optimistic expectations of the bond market, the valuation premium of convertible bonds has increased.

Looking forward to the investment in the convertible bond market in 2022, it is necessary to select individual bonds more carefully. The valuation of the underlying stock corresponding to the convertible bonds is relatively low, and the bonds with lower absolute prices may become the focus of allocation.

For some varieties with a high conversion premium rate, it is necessary to pay attention to the valuation risk.

　　In fact, since the "fixed income +" products use high-quality bonds as the bottom position, they can enhance their returns by allocating multiple strategies such as stocks, convertible bonds, and subscription of new shares.

However, in recent years, with the decline of new income, convertible bonds and equity investments have fluctuated greatly, and bond investment also lacks trending conditions, making investment more difficult. How to avoid "fixed income +" becoming "fixed income-", It will be the touchstone to test the level of fund managers this year.

　　Hu Yongqing said that excellent "fixed income +" products have all-round requirements for fund managers. "Fixed income +" products are a typical multi-asset and multi-strategy investment portfolio, which requires both equity investment capabilities and fixed income. At the same time, intermediate assets, such as convertible bonds and derivatives, are also required.

In addition, it is necessary to have the ability to integrate different types of assets in the allocation of large-scale assets.

"From the perspective of the asset classes that these products are used for '+', convertible bonds, equity markets and new markets will all have different performances."

(Securities Daily)