#雪ball star plan public fundraising talent # #The size of public fundraising fund is only a quarter of that of individual investors#
Last week, after the release of the US CPI data in May, the interest rate of 10-year US Treasury bonds climbed to a maximum of 3.5%, and then the boots of raising interest rates by 75BP landed, and the interest rate also fell to 3.25%, but the five-year and 30-year Treasury bonds finally ended. The phenomenon of yield inversion.
Chinese people also like to buy government bonds, which are mainly divided into savings bonds and book-entry bonds. The former usually only has 3-year and 5-year terms, while the latter has a richer holding period, such as 91-day and 182-day short-term treasury bonds. The price trend is relatively stable and the liquidity is relatively good. Not only can you get back your principal after maturity. Gold and interest rates can be listed and traded during the holding period, which is loved by many investors. Of course, medium and long-term government bonds also have advantages, that is, the yield is relatively higher.
So, how about the recent performance of domestic short-term government bonds and medium and long-term government bonds? According to the official website of CSI, as of June 20 since the beginning of the year, the yield of the CSI 0-9-month treasury bond index was 1.04%, the yield of the CSI 6-12-month treasury bond index was 1.20%, and the yield of the CSI 10-year treasury bond index was 1.20%. The yield rate of short-term government bonds and long-term government bonds has also been inverted.
Coincidentally, the 3-year and 5-year deposit rates of some banks are also inverted. At present, the four major banks of China Construction Industry and Agriculture and China Merchants Bank have announced the 3-year deposit rate and the 5-year deposit rate are exactly the same. higher than the 5-year period . One of the important reasons behind this phenomenon is that banks believe that interest rates may continue to fall and hope to absorb less long-term deposits.
As bank interest rates continue to fall, ordinary people are also looking for better solutions. Since the end of last year, the issuance of AAA index funds with interbank certificates of deposit with a 7-day holding period has been hot, and the reason behind it is the pursuit of the yield of fixed income products.
The first batch of 6 interbank CD index funds established, the actual performance was not as good as expected. Choice data shows that as of June 20, the rate of return of the Southern China Securities Interbank Deposit Certificate AAA Index Fund since the beginning of the year was 1.24%, the Penghua China Securities Interbank Deposit Certificate AAA Index Fund’s return rate was 1.30%, and the Wells Fargo China Securities Interbank Deposit Certificate AAA Index Fund’s return rate was 1.34%. %, the return rate of Quam CSI AAA Index Fund is 1.16%, the yield of AVIC CSI AAA Index Fund is 1.08%, and the return rate of Huisheng CSI AAA Index Fund is 1.32%.
However, although the yield of the inter-bank certificate of deposit index fund is declining, the product volatility is only 0.02%, and the 7-day holding period is also short, which still has a good risk-return ratio.
Behind the inversion of interest rates, there is another phenomenon worth noting, that is , short-term pure debt funds are more “cost-effective” than long-term pure debt funds. As of June 20, the Wind medium and long-term pure debt fund index has risen by 1.35% since the beginning of the year, and the Wind short-term pure debt fund index has risen by 1.37%. Certificate of Deposit Fund.
Below, Commander will introduce several short-term debt funds. Since the beginning of this year, the yield has been higher than the Wind short-term pure debt fund index, and the medium and long-term performance is also relatively good. Data source: Choice; as of June 20, 2022. If there are multiple types of shares, take Class A as an example.
Huatai Zijin Fengli Medium and Short-Term Debt A (007821)
The yield since the beginning of this year is 3.24%, the yield in the past year is 8.21%, and the maximum drawdown is 0.29%. At the end of 2021, the proportion of institutional investors is as high as 99.27%. The top five bonds in 2022Q1 are: 19 In and Out 05, 18 Agricultural Development 03, 21 CITIC Bank CD078, 22 Jin Shi Yuan CP001, 18 Shenhong 02, mainly invested in financial bonds and corporate bonds.
Beixin Ruifeng Dingsheng Medium and Short-Term Debt A (009196)
Since the beginning of this year, the yield has been 2.56%, the yield in the past year has been 5.60%, and the maximum drawdown has been 0.11%. At the end of 2021, the proportion of institutional investors will be as high as 99.85%. The top five bonds in 2022Q1 are: 17 Jintou, 18 Gedi 03, 20 Haiguo 01, 20 Hongdou, and 17 Gemdale, which are mainly invested in corporate bonds.
Green short-term bond A (010145)
Since the beginning of this year, the yield has been 2.14%, the yield in the past year has been 5.05%, and the maximum drawdown has been 0.27%. At the end of 2021, the proportion of institutional investors is as high as 99.88%. The top five bonds in 2022Q1 are: 21 CDB 08, 22 Shaanxi Construction Engineering, 22 CDB 01, 21 Bank of China 02, 19 Bank of Communications 01, mainly invested in financial bonds and corporate bonds.
Caitong Dolly Pure Debt A (008746)
Since the beginning of this year, the yield has been 2.05%, the yield in the past year has been 4.61%, and the maximum drawdown has been 0.15%. By the end of 2021, institutional investors will account for about two-thirds. The top five bonds in 2022Q1 are: 21 China Development Bank 06, In and Out 12, 21 Quzhou State-owned Assets SCP001, 21 Wucheng Investment SCP003, 21 Ganzhou Development CP002, mainly invested in financial bonds and urban investment bonds.
BOCOM Steady Profit Short and Medium Bond Bond A (008204)
Since the beginning of this year, the yield has been 2.03%, the yield in the past year has been 4.57%, and the maximum drawdown has been 0.19%. By the end of 2021, the proportion of institutional investors will be as high as 90.55%. The top five bonds in 2022Q1 are: 21 Bank of China Tier 2 03, 22 Inspur Electronics SCP001, 20 Huishang Bank Tier 2 01, 21 Weifang Urban Construction MTN001, 19 China Development Bank 14, mainly invested in financial bonds and corporate bonds.
Caitong Asset Management Hongli Short and Medium Bond Bond A (006542)
Since the beginning of this year, the yield has been 1.92%, the yield in the past year has been 5.18%, and the maximum drawdown has been 0.21%. At the end of 2021, the proportion of institutional investors is as high as 94.33%. The top five bonds in 2022Q1 are: 20 Agricultural Bank Small and Micro Bonds 01, 22 In and Out 01, 12 Henan Railway Investment Bonds, 20 Changde Urban Investment MTN002, 20 Guangzhou Railway Green Bonds 03, mainly invested in financial bonds and urban investment bonds.
Under the expectation of falling interest rates, short-term debt funds may continue to be welcomed by the market. When choosing, you can choose based on yield, annualized winning rate, volatility, maximum drawdown, and bond credit, duration, leverage and other indicators.
Welcome to pay attention to “Chief Commander”, fund investment is no longer confused! Always insist on using data to speak, and explain various fund investment techniques in simple terms. Still water flows deep, not fast and fast! @Today’s topic @snowball creator center @snowball fund $Kweichow Moutai(SH600519)$ $Ningde Times(SZ300750)$ $LONGi Green Energy(SH601012)$
It is not easy to organize data, please remember to like and support. Fund investment needs to be cautious, and the content and opinions are for reference only. The past performance of the fund does not represent the future. Please read the fund’s legal documents carefully before purchasing and choose the product that suits you. If you have any questions, the microphone will be handed over to you to get high~~
This topic has 0 discussions in Snowball, click to view.
Snowball is an investor’s social network, and smart investors are here.
Click to download Snowball mobile client http://xueqiu.com/xz ]]>
This article is reproduced from: http://xueqiu.com/8092949786/223203082
This site is for inclusion only, and the copyright belongs to the original author.