Literature/All Star Research Center
In the A-share market in the first half of this year, the face changed faster than the weather, and there was no vigorous red envelope market. Compared with chasing hot spots and hot trends, how to invest stably and well seemed more important. The "fixed income+" fund with the goal of giving consideration to stability and income became popular.
Abstract: Full Analysis of Fund's Second Quarterly Report Data - Fixed Income
In the A-share market in the first half of this year, the face changed faster than the weather, and there was no vigorous red envelope market. Compared with chasing hot spots and hot trends, how to invest stably and well seemed more important. The "fixed income+" fund with the goal of giving consideration to stability and income became popular.
Considering that there is a great possibility that the market volatility will continue in the second half of the year, we made systematic statistics and interpretation of the second quarter report of market equity funds following the previous period. In this issue, we continue to bring you the analysis of the second quarter report of fixed income funds, and show you what information is hidden in the second quarter report?
Therefore, we must know how to adjust our mentality in time when investing. If we don't know how to operate due to market shocks, it is not too late to study the current situation of the overall market before making judgments.
Recently, the second quarter report of public funds has been released, which is actually a powerful grasp of the overall operation of funds. To help you better understand, CEIBS Wealth Investment Advisors made an overall analysis of the Fund's second quarterly report through multiple data dimensions, hoping to help you make investment decisions. This period is the data of the second quarter report of equity funds. In the next period, we will also bring the analysis of the second quarter report of fixed income funds.
The overall scale has steadily increased, and the equity position has improved
By the end of the second quarter, the overall scale of fixed income funds had increased compared with the end of the first quarter, and both pure debt funds and fixed income+funds had expanded. Specifically, by the end of the second quarter, the scale of the secondary bond base in the whole market had totaled 531.9 billion yuan, an increase of about 8.7% over the first quarter, and the partial debt hybrid fund had totaled 876.5 billion yuan, an increase of 22.5% over the first quarter. The scale of convertible bonds was 36.9 billion yuan, up 30.9% from the end of the first quarter of this year. (EU China Wealth Consolidation, wind, 2021/6/30)
(EU China Wealth Consolidation, wind, 2021/6/30) In the second quarter, the overall equity position of fixed income+funds increased, while the convertible bond position was slightly adjusted. Among them, the average equity position of the secondary bond base was raised from 14.92% to 15.82%, and the average equity position of the partial debt hybrid fund was raised from 13.18% to 13.95%. Judging from the median change of the position, most funds have increased their positions. The average convertible bond position did not change significantly, basically the same as the previous period.
For open-end pure bond funds, we selected open-end pure bond funds with a scale of more than 500 million and a single holder accounting for less than 80% for statistics. Most pure bond funds grew significantly in the second quarter compared with the first quarter. The allocation of bond securities is still the king of coupon, and the position of credit bonds has increased.
Fixed income position analysis
The positions of various bond funds and bonds are differentiated
From the perspective of position analysis of fixed income funds, considering that the investment objectives and investment styles of different types of fixed income funds are quite different, we will discuss different types of fixed income funds in categories. From the perspective of securities types, the allocation of the top five fixed income+fund credit bonds and interest rate bonds was basically the same as that at the end of the first quarter, while pure bond funds had higher requirements for the yield of bonds, which significantly increased the proportion of long-term interest rate bonds, hoping to gain income in interest rate bond transactions. On the bond rating of the top five positions of fixed income funds, the position rating of secondary bond funds and pure bond funds increased compared with that of the first quarter, and the credit bond rating of partial debt hybrid funds decreased compared with that of the first quarter.
Among them, the implicit ratings of the top five positions of credit bonds in the second quarter report mostly sank to AA+, and there were four funds configured with bonds with an implicit rating of AA+, a decrease compared with the first quarter.
(EU China Wealth Consolidation, wind, 2021/6/30) Compared with the secondary bond base, the credit bonds held by the hybrid partial debt fund are more widely distributed. The credit rating is lower than that of the first quarter, and the number of bonds with an implied rating below AA+is increasing. We suspect that the credit spread of some large country enterprises' bonds is constantly shrinking, and the hybrid partial debt fund with absolute return requirements has stopped the surplus of high-grade credit bonds, Instead, explore more cost-effective assets.
(EU China Wealth Consolidation, wind, 2021/6/30) The first five major changes of pure bond fund bonds are larger. The position of credit bonds is closer to the high rating and the position of long-term interest rate bonds is significantly increased. At the moment when the credit spread is compressed to near the historical low, the performance price ratio of interest rate bonds is improved.
(EU China Wealth Consolidation, wind, 2021/6/30) Equity position analysis
Significant changes in the top five industries of fixed income+funds
From the perspective of industry distribution, the top five industries with heavy secondary bond base positions have changed to some extent. By the end of the second quarter, the top five industries of secondary bond base positions were banks, electrical equipment, non-ferrous metals, medicine and biology, and electronics. By the end of the first quarter of this year, the top five industries of positions were banks, electrical equipment, medicine and biology, food and beverage, and chemicals; Non ferrous metal plate increased significantly, rising to the third place. The food, beverage and chemical industries ranked among the top five.
From the perspective of position changes, the top ten heavy positions accounted for the market value of the stock. The top three industries for adding positions were nonferrous metals (+5.41%), electronics (+2.11%), and banks (+0.71%). The top three industries for reducing positions were utilities (- 3.80%), machinery and equipment (- 2.04%), and household appliances (- 1.57%).
(EU China Wealth Consolidation, wind, 2021/6/30) The same is fixed income+fund. The equity positions of partial debt hybrid funds and secondary bond funds are somewhat different. The top five industries of their positions are food and beverage, banking, real estate, electronics and chemical industry. At the end of the first quarter of this year, the top five positions were in banking, food and beverage, real estate, chemicals and household appliances. Food, beverage and chemical industry accounted for an increase over the end of the first quarter, and household appliances ranked among the top five.
In terms of position changes, we observed that the top ten heavy positions accounted for the stock market value. The top three industries for adding positions were electrical equipment (+1.85%), food and beverage (+1.31%), and electronics (+1.26%). The top three industries for reducing positions were food and household appliances (- 2.23%), real estate (- 1.38%), and non bank finance (- 1.17%).
Finally, from the perspective of the top ten heavy positions, Ping An Bank has significantly increased its secondary debt base, while Industrial Bank and Haier Zhijia have significantly reduced their positions.
(EU China Wealth Consolidation, wind, 2021/6/30) Among the top ten heavy position stocks of the partial debt hybrid fund, Ping An of China and Industrial Bank Ningbo Bank of China in the financial sector cut the most positions; The largest number of positions were added by Ningde Times, Longji Shares and Lixun Precision, which had made more adjustments in the early stage.
(EU China Wealth Consolidation, wind, 2021/6/30) CEIBS Wealth carries out the fund investment advisory business based on the principle of diligence, responsibility, honesty and trustworthiness, but does not guarantee the profitability of each investment advisory portfolio, nor does it guarantee the minimum return. Investors who participate in the fund investment advisory business have the risk of loss of principal. The risk characteristics of fund portfolio strategies are different from those of single fund products. The performance of each portfolio strategy under the fund investment advisory business only represents the past performance, does not predict its future performance, and the income created for other investors does not constitute a guarantee of business performance.
(The author of this article introduces that here, the investment research team of CEIBS Wealth Investment Advisors will share with you the latest market views, take stock of the investment advisers' selection methodology, and answer questions for fund investment.)
