debt-biased funds have an average return rate of 19.38% in the past three years, and 98.46% of the products have achieved positive returns. There are 21 products with cumulative returns of more than 100%
punctuation finance researcher Deng Xiuzhi
equity funds have certainly been desirable, but there is no free lunch in the world, and high returns often also means high risks. For investors with low risk appetite for and pursuing stable returns, fixed income funds are a good choice.
Compared with the ups and downs of the stock market, bonds themselves have relatively little volatility and are less correlated with stocks. Therefore, debt-biased funds are crucial in asset allocation and are usually used to reduce the volatility of asset portfolio returns.
Even if it comes with low-risk attributes, after time, the returns generated by each fund are significantly different, and some foundations even suffer losses. How to select a strong fund from a large number of products? What are the differences in the performance of each fund company?
In order to solve these problems, the Punctuation Finance Research Institute and the " Investment Times " compared and analyzed the performance of public funds in the past year and three years (as of the end of 2021, the same below) based on Wind data, and produced the "2022 Fund Asset Allocation Full Sample Report" based on this.
research results show that there are 4,189 debt-oriented funds on the market that can obtain performance in the past year (calculated separately from different shares, the same below), with an average return rate of 4.86%; there are 2,209 debt-oriented funds that can obtain performance data in the past three years, with an average return rate of 19.38%.
It should be noted that during the research process, funds that have been established for less than one year and three years were excluded when stating the performance of one year and three years were counted. In addition, punctuation finance researchers averaged the performance of one-year and three-year bond-biased funds under each fund management institution. When ranking the average yield rate of return of fund management institutions, companies with less than 5 products in the relevant sample were excluded.
1 year: More than 95% of products have received positive returns
In 2021, my country's monetary policy was stable, central bank twice reduced the deposit reserve ratio , and the 10-year treasury bond and treasury bond yields fell by about 39BP and 46BP respectively, and the bond market entered a "bull market" throughout the year.
Under this background, the average return of 4,189 debt-biased funds entering the sample in 2021 was 4.86%. Among them, 4,010 products achieved positive returns, accounting for 95.72%; the net value of 178 products, re-equipped fell, accounting for 4.25%.
Specifically, Qianhai Kaiyuan convertible bonds lead with a yield of 48.63%. Following closely behind is Huashang Fengli's enhanced fixed-opening A, with a yield of 45.23%. In the third place is Tianhong Tianli E, with a yield of 44.87%. In addition, Huashang Fengli Enhanced Fixed Open C, Tianhong Tianli C, GF Convertible Bond A, GF Convertible Bond E, and GF Convertible Bond C all have yields exceeding 40%, ranking fourth to eighth in turn.
In addition, the top ten funds include Tianhong Hongfeng Enhanced Return A and Tianhong Hongfeng Enhanced Return C.
Not all products can perform well. There are 24 debt-oriented products with a yield of less than -10% in 2021. The leader in the decline is Penghua Global Medium and Short-term Debt RMB C, with a return rate of -49.11%. Penghua Global High Yield Bond USD Cash , Penghua Global Medium and Short-term Bond USD Cash A, Penghua Global Medium and Short-term Bond USD C, Penghua Global High Yield RMB, Penghua Global Medium and Short-term Bond RMB A followed closely, with a net value drop of more than 46%. All of the above products are bond type QDII fund .
In addition, the bottom ten funds include Minsheng Jiayin Tianxin Pure Bond C, Minsheng Jiayin Xinxiang A, Minsheng Jiayin Xinxiang D, Minsheng Jiayin Xinxiang C, and the net value declines of more than 20%.
3 years: The average rate of return is nearly 20%
If the timeline is extended to 3 years, the performance of debt-oriented funds should be better. The average return rate of 2,209 funds entering the sample was 19.38% in the past three years, 98.46% of the products achieved positive returns, and 21 products had cumulative returns of more than 100%.
Among them, E Fund Anying's return won the championship with a yield of 168.54%. Zhang Qinghua, who has been deeply involved in the fixed income industry for many years, was followed by Guofu China's income, with a cumulative yield in the past three years of 152.27%; the third to fifth place are Penghua convertible bond A, Southern Xiyuan convertible bond, and HSBC Jinxin 2026, with yields exceeding 130% in the past three years.
In addition, the top ten debt-biased funds include E Fund Xin to Zengli A, E Fund Xin to Zengli C, Huabao convertible bond A, Qianhai Kaiyuan convertible bond, and GF convertible bond C.
On the other hand, 29 products have recorded negative returns in the past three years, and 4 products have dropped by more than 20% in the interim. The bottom ten funds include Penghua Global High Yield Bond RMB, Huashang Double Bond A, Minsheng Jiayinxinxiang A, China Merchants Regular Bao Six Months, Furong Fuqian C, and Cathay overseas high-yield, etc.
Among them, Minsheng Jiayin Xinxiang C and Minsheng Jiayin Xinxiang A, a subsidiary of Minsheng Jiayin, are -18.39% and -17.43%, respectively, ranking sixth and seventh from the bottom respectively.
Fund Company: Furong Fund performs inferiorly
Choose a product, and the strength of its company is also an important reference factor. The strength of a fund company is largely reflected in the performance level of its products.
calculates the average yield of debt-oriented products under fund management institutions in the past year. Among fund companies with a scale of more than 100 billion yuan (as of the end of the third quarter of 2021, the same below), the best performer is Tianhong Fund , and the average yield of 63 products in 2021 reached 9.13%. The subsequent one was Xingzheng Global Fund, with an average yield of 8.41% for 17 products. The worst overall performance is Minsheng Jiayin Fund, with an average yield of 1.12% for 53 products.
. Among fund companies with a management scale of less than 100 billion yuan, the best performer is Huashang Fund , with the average yield of 24 products reaching 15.36%. Following closely behind are Xinda Aobank Fund and Redcio Innovation Fund, with average returns of 10.61% and 10.26% respectively. The most underperforming overall is Furong Fund, with the average yield of 10 products being -1.78%. The second-last place is Donghai Fund, with the six products recording an average yield of -1.04%.
Judging from the three-year performance, the performance of each fund is different. Among the fund companies with a scale of more than 100 billion, E Fund performed the best, with the average yield of 52 debt-biased products being 33.41%. The second is Huabao Fund, with the average yield of 6 debt-biased products being 32.93%. The worst overall performance is , the average yield of of 31 products is 11.22%; Huafutong Fund ranks second to the bottom, with an average yield of 23 products being 11.58%.
Among fund companies with a scale of less than 100 billion, Huashang Fund has performed best overall in the past three years, with an average yield of 48.15%. Then there are Shenwan Lingxin Fund and Guolianan Fund , with average yields of 36.85% and 31.42% respectively. The same one with the least overall performance is Furong Fund, with an average yield of 3.97% for the seven products. The second-to-last and third-ranked are CICC Fund and China Insurance Asset Management, with an average yield of 9.61% and 9.81%.
It is worth noting that among the statistical samples, only the three-year average yield of debt-oriented funds, Furong Fund, CICC Fund, and China Insurance Asset Management, is less than 10%.
