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Bearish bond fund it? One side is the double benefit of ICBC Credit Suisse Bond Fund starting as high as 14 billion yuan, hit a record high debt-based distribution, statistics have shown that hand, many fund companies have chosen to buy at this time point of the original bond redemption fund. Since the Fund’s purchase and redemption, there is general manager of the Fund, said, “The Fund will select the appropriate point and consider themselves to invest, as the absolute bottom and top, as we do not have the ability to predict accurately. From In this sense, investors need not be overly sensitive. “

Early July revealed signs of withdrawal

Flush information statistics, this year, the fund had a total of 63 times since the purchase, redemption 14. It is noteworthy that since the entry in August, the fund company’s sharp increase in redemption behavior, and focused on bond funds.

Statistics show that in July this year, with the fund company had only been redeemed, the object is a bond redemption fund, entered in August, at 23, there were altogether 10 cases of fund redemption of the Fund, of which 5 are from redemption of bond funds.

View from the bond market trends, this year there’s a bull market, especially in the first half, up more steep slope, as of August 23, CITIC Government Bond Index S & P rose 3.55% this year, total debt rose 3.7%, Stock Exchange is popular corporate debt market, corporate bond index rose 7.33%. Therefore, if the ink were partial and overall stock funds than bond fund performance be thriving, as at August 20, Galaxy Securities data showed an average net debt-based growth rate this year, 5.36%, two year bonds based The average net growth rate of 3.93%.

Careful analysis can be found that have occurred since 2010, the redemption of fund companies, the bond fund for a total of 6, the amount totaled 301 million yuan, the first one is in July 19. Can be seen in the first half of the surging bond market, the fund has held the hands of the bond fund, stands erect, but in July, the company began to have redemption, especially in August rebounded strongly since the A shares, the Fund the company began to fund redemption of the bonds, withdraw from the bond market. Of course each fund purchase and redemption of the Fund may have their own reasons. Not only the behavior of their buying and selling on the market must look to derive more bearish attitude.

First, from the self-purchase behavior analysis, there are two, the first in the new fund issue, in order to boost investor confidence, for marketing, promotional considerations, fund companies are sometimes part of the new fund will subscribe, but the amount is usually not too large, multi-million for the 1000,2000, unless when the market is low. The second is the investment behavior, such as a company once in 4,5 month’s generous funds from the purchase, for the reason, the fund company in the announcement will not be explained, the outside world also have Luancai.

The second reason for purchasing, the general manager of this fund to the China Securities News, said, first of all, the fund company’s own assets investment options in addition to automatic switch only bonds and deposits, the latter two of the receipts are very low, so the proceeds from the investment fund (in addition to their collection of management fees) as long as the point in a long time to yield more than bank deposits or bonds, it has been worthwhile investment.

Second, fund companies may choose to consider themselves the right point and investment, as the absolute bottom and top, the Fund does not have the same ability to predict accurately. In this sense, investors need not be overly sensitive.

As for the early shot of purchasing shares of the Fund’s side, the general manager that purchased this document from future earnings in excess of deposit or government bonds, this is not worried. And then, if the market continues to slump, then, the company may consider further from the purchase, “existing funds from the purchase does not exceed the size limit is 60% of net assets, we will calculations about the amount to invest and invest.”

The reason for the redemption, the general manager said, sometimes, fund companies will need to redeem part of the annual profit from the investment of the fund. Of course, sometimes taking into account the market level, and take cash.

Reduce the probability of bond rose

So the next phase of the bond market is still upside potential, which, Hua He Tao stable income fund manager, said the bond market rose sharply again after the first half after a sharp rise in the probability decreases, but the bond market as favorable macroeconomic fundamentals, nor is there the possibility of bond market crash. The second half of the bond market will remain range-bound pattern.

A fund to further pointed out that the CPI increase is expected in August temporarily Nan record high of the year, the industrial added value growth rate of the higher base last year’s and may continue to fall, the whole surface of the macro data on the bond market was a bit favorable. But the expected rate of return for the time being difficult to break through previous lows, investors maintain the overall trend shocks.

Which have fund managers that the next phase of investment in two species of concern, first of all convertible bonds, pushed back five years, the market on the best risk benefit ratio should be convertible. With some large companies have announced the convertible bond market makes expansion, opportunities outweigh the risks gradually.

Second, the future development of credit debt is the general direction, but this year soaring credit debt, credit debt some agencies crazy pursuit, the pursuit of high yield secondary market, and have neglected the fundamentals of debt, credit debt default risk will throw the brain later, requiring fund managers to take a bottom-up approach of the bond and increase fundamental research.

In addition, playing the new base Shou Yi Zhai is an important component of, the IPO system will reform, which, Hua Anji Jinjing Li He, Tao said that the Fund will select the management ability, a clear profit model, and consistent with the growth of the future “structural adjustment” under the direction of the new shares for net purchase inquiry.