Convertible bonds, hot fund manager tips, "choose to take it"
Since the beginning of this year, the maximum return bond fund — the yield of the front sea open source convertible bonds and Guangfa convertible debt A has exceeded 40%, not only in the debt, but even partly with some equity funds The ratio is no longer falling. President said that a medium and long term, with the continuous expansion of the convertible bond market, the overall investment opportunities of the relevant funds are worth looking forward to.
However, the estimated level of convertible bonds in the short term is high, and the investment is difficult, and the core standard is selected in the industry that continuously maintains high boosts in power equipment and new energy, high-end manufacturing, etc.. The public fund-positive layout can be transferred to the debt, the debt is hot, and this year’s card transfer index ran many stock indices. WIND data shows that as of 13 on December 13, the transfer of bonds in the film transfer bond index increased.
As of 13 on December 13, the most expensive two convertible biplasia transfight bonds and medium mine transfer bonds have exceeded 500 yuan, and Yuan and Yuan are reached. In 390 convertible bonds that have been listed, more than 45 convertible bonds above 200 yuan, less than 100 yuan.
The honeycomb fund pointed out that this year’s transfer index has increased, mainly because of the principal strand index corresponding to the debt bid, and the transfer premium is at a high level.
Haitong Securities also said that thanks to the equity market style, it can transfer bonds to the independent market, take advantage of the situation. From mid-September to early October, the market was adjusted, and the index was again high, and the low-cost coupons in the market were gradually "eliminated". This year is the burden of debt, the valuation is raised, and the small and medium-sized market value dominates to drive the debt decisor.
The brightness of convertible bonds also inspired the enthusiasm of the public fund fund, and Zhejiang Securities statistics show that as of the end of the third quarter of this year, the public fund-funded funds reached a new high, reached 21.87 billion yuan, and the end of the second quarter %.
Among them, the "NC +" fund has been 上海长宁品茶群 adjacent to 150 billion yuan since the first quarter of 2019, and the number of convertible bonds in the third quarter of 2021 reaches%, and the fund is added. The trend has been established.
The performance of performance differences is larger than two years of conversion bonds to drive the net value of the convertible bond funds. Last year, in the debt of the revenue ranking, the credit fund "typing". This year is the same. This year, there are 3 credit funds in the first five branches of the earnings this year.
According to WIND statistics, as of December 10, in the statistics of 108 convertible bond funds, only 7 have not yet obtained this year, and 37 convertible bond funds have exceeded 20%.
Qianhai Open Source Conversion Bonds and Guangfa Convenient Bonds A Double Double 魔都新茶论坛 Double Double Double Double has been over 40%.
However, the first tail of the revenue fund income is very large. Wu Enemy, the Guangfa Conversion Fund Manager, said that the admission of the income of the bond ", the bottom, not capped", is fully utilized in the first quarter market fluctuation, the maximum return fund after the Spring Festival The withdrawal is generally around 10%, which is significantly lower than the retreat of the off-stock fund. Since the second quarter, the premium value valuation of the retained non-positively loaded rate is significantly lifted. In addition, the small and medium-sized places have achieved significant market in the second quarter, and the biased branches were submitted to the overall small plate.
Market people emphasized that the convertible bond market continued to expand after 2017, there are sufficient space to explore coupons and industry-rendering, which is the basis for expansion of convertible bond products. At the same time, the stock selection is the decisive factor of convertible bonds. In the past two years, the structural market characteristics of stocks are highlighted, and if they are selected, they can be used to obtain better benefits.
The overall opportunity is worth looking forward to the next trend of the convertible bond market, Chen Xiao, the head of the Taiping Fund fixed income department, said that the short market is in the promulgation value, the premium rate is raised, but the overall valuation has reached a relatively high level. It may be short-term compaction price.
The medium and long-term expansion market continues to expand, the overall opportunity of the convertible bond market is worth looking forward to. The honeycomb fund believes that the source of conversion bonds deserves to see the performance of the stock market in 2022, and the market is still the judgment of the structural bull market. At the same time, in recent years, the "fixed-income and harvest +" market has spread sharply, and the credible bonds can be accessed. The subject matter is the re-matching variety of "solid harvest +" products, and the transfer premium rate should be able to maintain high, "" judgment on the optimistic bond market next year ". In terms of specific investment, General Manager Hua Fu Fund, the director of the fixed income department, Yin Peijun, frank: "At present, the valuation level of convertible bonds is high, and it is difficult to improve the fund manager, so we are relatively cautious in operation. Balanced intelligence operation ideas. "He biased the proportion of biasing bonds in the portfolio and the position of the position in a relatively stable range, while the relatively low variety of valuations is relatively high. Wu Enemy said, more focusing on growth, requires high-growth digestive stocks and convertible bonds, from the perspective of vision, power equipment and new energy, high-end manufacturing from the perspective of vision, and new energy, high-end manufacturing continue to maintain high boosts, core standards There will still be relatively relative benefits. Enter the end of the year, pay attention to large financial sectors and valuation opportunities for consumer segments. He also pointed out that in order to minimize the retard, you should maintain a certain industrial dispersion in the choice of key positions, avoid excessive risk exposure of a single industry, "next year, low-cost credibility products are expected to run significant index".
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