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北京赛车PK10计划:Base analysis: Huaan convertible bonds B

时间:2018/7/12 21:39:09  作者:  来源:  浏览:0  评论:0
内容摘要:Huaconvertible bondsbond B 040023 7 _ 89456 _ 12 _ 65473 _ 91, the second half of 2018 the fund manager outlook1) on the bond market views a...

Hua convertible bonds bond B 040023


7 _ 89456 _ 12 _ 65473 _ 91, the second half of 2018 the fund manager outlook

1) on the bond market views and outlook

strict supervision, under the tight credit environment, monetary policy to "neutral stability," the central bank will Through constant RRR cuts, we will hedge the negative impact of strict regulation on the economy. The growth rate difference between social welfare and M2 gradually converges, and the market enters the stage of “recessionary easing”.

wide currency + tight credit led to differentiation bond market interest rates -- AAA credit debt debt and benefit, yields will be down, but can not be transmitted to the lower-rated bonds.

low-rated bonds increased pressure on the second half of the credit risk will continue to simmer, we need to be wary of highly leveraged corporate credit risk.

2) the fund's investment strategy

convertible bond strategies: defensive back

3) Overview

concern debt core values, especially for convertible bonds and credit debt investment fund managers invest more in place to grasp the style. With absolute return-oriented, good at adjusting the top-down asset allocation and duration, control downside volatility combined net worth.


2, past performance

Hua convertible bonds B good dynamic adjustment of the position to capture market opportunities beta, get far more than similar income levels in the bull market in stocks, and remain robust style.

Figure 1, Hua convertible bonds B performance charts


(Source: East Fortune choice data)

Chart 2, and fund performance rankings in recent

7_8945 6_85_65473_9-38.37

January recent June nearly a year nearly three years since the founding of
Hua convertible bonds B-2.07-7.96-8.444.10
Government Bond 0.552.913.2110.6928.89
similar ranking 87% 93% 95% 99% 63%

(Source: Oriental Fortune choice data )

3, the Fund's asset allocation

As an open The voucher fund is mainly based on bonds in asset allocation. In the 18-year and first-quarter reports, the market value of bonds accounted for 81.96%, which is the same as the average level of funds of the same type. In terms of industry allocation, the fund focuses on manufacturing and leasing services. Compared with TMT, the total of the three accounts for 11.11%; in the selection of heavyweight bonds, the fund's convertible bonds accounted for 73.27%, policy financial bonds accounted for 5.45%, and corporate bonds accounted for 6.2%. All in all, the Fund's investment style is based on the preferred convertible bonds, with a variety of investment strategies to invest in convertible bonds in a stable style.

Figure 3, the fund size changes


(Source: Oriental Fortune choice data)

Figure 4, are heavy bond configuration (total net fund ratio)

(Source: Oriental Fortune choice data)


this The report is based on the public fund network The publication of information research does not constitute investment advice. Investors pursuant to operate your own risk. Market risk, the investment need to be cautious.





所有信息均来自:百度一下 ( 北京赛车PK10计划)