More than 90 % of the convertible bond funds will be accelerated in the next half of the fund company's related layout in the next half of the year.

24JUN

Wen | Wang Ning

Since this year, due to the fluctuations in the stock market, the overall benefits of convertible bond funds are not optimistic. According to incomplete statistics from Wind data, "Securities Daily" reporters, as of June 23, only 2 of the 57 convertible bond funds achieved positive returns, and their yields were 1.66%and 1.52%respectively; 55 annual yields within the year It is negative, accounting for 96.49%, of which 8 yields are less than -15%. Several public fund managers told the Securities Daily reporter that due to the continuous fluctuation of the stock market this year, the convertible bond market also showed a high level of callback. Although the A -share index rebounded in the second quarter, the convertible bond fund has not been recovered yet Lost. However, based on the gradual implementation of the "steady growth" policy in the second half of the year and the support of the corresponding monetary policy, the equity market will improve, and the convertible bond funds will also usher in a good return. Nearly 60%of the convertible bond fund yield is lower than -10%According to incomplete statistics of Wind data, almost all of the convertible bond funds have been folded since this year, and the yield of 21 products is between -10%to 0; The rate is below -10%, accounting for nearly 60%. Zhang Yongzhi, deputy general manager of the Fixed Income Department of the China Business Fund and the selection of the China Business Convertible Bonds Fund, told the reporter of the Securities Daily that the stock market has continued to fluctuate since this year, and the convertible bond market has also shown a high -level recovery trend. Followed by retracement. Relevant sources of Xinhua Fund told the "Securities Daily" reporter that the equity market fluctuated violently during the year, and the convertible bond market with a high degree of association also fluctuated significantly, resulting in the overall performance of the convertible fund funds than expected. During the year, the convertible bond market can be summarized in two stages: First, to the beginning of the year to late April, the convertible bond market followed the equity market simultaneously. However, compared with the equity market, the convertible bond market showed a certain degree of resistance. Second, since late April, the equity market has rebounded, but the increase in the convertible bond market is less than the equity market. The difference between the increase between convertible bonds and positive stocks in the same industry has a greater gap, which has caused a huge psychological gap in investors. "This is mainly affected by the fluctuation of valuation. Due to the decline in the market's market, some convertible bond prices have fallen to the bottom, but the protection of the protection is increased. The rise in stocks is the main reason why the increase in the convertible bond market is weaker than the market. "Said the above -mentioned Xinhua Fund. Xinhua Fund believes that starting in July last year, the overall valuation of the convertible bond market continued to rise, and the valuation level of convertible bonds earlier this year reached its historical high since 2017. Excessive valuation has greatly reduced the expected income of convertible bonds and increased price fluctuations. The demand for valuation amendments is strong. Therefore, this year's convertible bond market fluctuates significantly. The reporter found that although the convertible bond funds have been adjusted as a whole during the year, from the performance since its establishment, only two of the above 57 convertible bond funds are negative, and the remaining 55 are positive. Among them, the best -performing convertible bond fund yields exceeded 10 times, and 7 were between 1 to 3 times and 20 between 50%and 80%. Although some public offerings will lay out special units convertible bonds, although the overall performance of the convertible bond funds has been biased this year, many public fund managers are more optimistic about their subsequent market performance. "In the later period, it is still optimistic about the convertible bond market. The performance of the corresponding equity market value sector is more worth looking forward to." Zhang Yongzhi said that based on the economic expectations of the "steady growth" policy this year, related fiscal policies and monetary policy are expected to maintain positive positives. The situation, therefore, the performance of the value sector with strong correlation with the macroeconomic is worth looking forward to. Relevant sources of Xinhua Fund also said that the current convertible bond market is following the start of the equity market and is still passively rising through the early digestive rise of the upsurge of the stock. Although at this stage, the convertible bonds are significantly weaker than the rights and interests at this stage, but as the stock price gradually improves and the valuation of the convertible bonds is repaired, the investment opportunities in the convertible bond market are expected to gradually appear, especially in the market's expected profit growth rate to maintain the growth rate of profit growth. Strong and existing industries at the bottom. The reporter was informed that many public offerings are actively deploying the convertible bond market. A public offerings in Beijing told reporters: "Since the second half of last year, the company has deployed various convertible bond funds. Since the performance of convertible bond funds has not been expected since this year, the related layout speed has slowed down, but based on the second half of the year Optimistic expectations, the layout of related products will be accelerated. "Xinhua Fund said that the current scale of the convertible bond market has exceeded 600 billion yuan, and public funds are the most important institutional investors, especially with the" solid income+"products in recent years Fast expansion, the demand for assets such as convertible bonds has further increased. Next, the company considers the layout of convertible bond specialty products, further broaden the extension of product strategies, and provides customers with more diversified matching and choices.

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