Summary of fixed income fund performance in March 2012: monetary funds fell slightly, and innovative bond base performance improved
Huatai United Securities Co., Ltd. Wang Fang Monetary Fund: In March 2012, the average return of money market funds was 0.3706%, slightly lower than the previous two months, but still higher than the historical level of the same period; From January to March, the cumulative average net worth growth rate of the whole market was 1.1459%, significantly higher than the performance of the same period in history. The monetary funds with the highest net value growth in March are: Wanjia Currency (0.5360%), Bank of China Currency (0.4649%), Tianzhi Tiandeli Currency (0.4526%), Boshi Cash Income (0.4467%) and Taida Manulife Currency (0.4372%). The trend of money market interest rate in March was mainly affected by two factors: monetary policy and quarter end effect. These factors will gradually fade out in April. From the perspective of long-term influencing factors, it is expected that the interest rate in the money market will not continue to decline, but more reflected in narrow fluctuations. Bond funds: In March 2012, the overall performance return of bond funds was only 0.1621%, which increased to 0.7037% after deducting funds involved in the equity secondary market. In January March, the overall performance return of bond funds was 1.345%. Compared with the total net price of all bonds and the performance of the total wealth index in the same period, the performance of bond funds has significantly exceeded the average performance benchmark of these two markets. From the perspective of different types of funds, the performance of credit primary and primary bond bases is the best. In the single month sector ranking in March, the credit primary products ranked first among the six major sectors of bond funds with an average net value growth rate of 0.8834%, and these products are also the mainstream products of newly issued bond funds recently. According to the ranking of the cumulative average net worth growth rate in the past three months, the first tier bond base is ahead of all kinds of innovative bond fund products with 2.131% performance: both the closed bond base and the graded bond base have shown strong performance returns in March and the past three months, especially the graded bond base, which has become the top ten in the bond fund classification sector. The performance of these two types of innovative products shows that when the bond market is good or basically stable, closed operation has played an important role in improving fund performance. In March, the bond market credit products and interest rate products switched at the end of the month. Benefiting from the rise of government bonds and central bank bills, the total net price index of all Chinese bonds rose slightly by 0.06%, and medium and long-term credit products were adjusted over the same period. The reason for the switch in the bond market is mainly the fundamentals. It is speculated that the market focus will turn to the policy side from the cyclical relationship between the fundamentals - the policy side - the capital side. New products: In March 2012, a new bond fund of 12.699 billion yuan was established, of which the issuance scale of five credit bond funds exceeded 1 billion yuan, and the credit bond funds entered a centralized hot sale period. In terms of new product declaration, the number of pure debt products has gradually increased, especially in the short-term, which reflects the increasingly fierce competition among banks, funds and securities firms for short-term and medium-term financing funds.
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