Bond market continues to pick up bond market risks increase?

Fu Fan, deputy general manager of Morgan Stanley, stressed that this year's macroeconomic and capital markets remain a lot of uncertainty, market wide shocks will continue, investors should maintain a certain sense of risk.　　With the stock market hitting a new high since the beginning of the year, bond funds have been cold and even experienced a big net redemption in the first quarter. However, as equity valuations enter neutral levels, investor demand for safe havens is also on the rise. The recent performance of the bond market and the selling of bond funds are showing this change.　　Does this mean that the stock market is going to risk? Bond-market support is still strong as a less risky and relatively stable form of investment, bonds fund was a fire last year.　　But after 2009, it was widely accepted that a sharp rise in the national Debt index was hard to reproduce, meaning that the overall yield of the bond fund would be lower than last year. But the bond market has apparently begun to change quietly recently.　　As of May 12, the full price index of the national debt has risen for 3 consecutive days. Huangjianbin, deputy general manager of Bosera Fund fixed income, said the bond market would be "stable" in general this year, and the odds of such a big rise last year would be smaller, but this is not to say that the bond market has no investment opportunities.　　In his view, the bond market, in fact, is as glamorous as the stockmarket. "Unlike the stock market, there are big differences in the variety of bond markets and a lot of structural opportunities," he said.　　"Yuan Securities analyst Tang Junjie also believes that the benefits of loose monetary policy, as well as bank credit decline caused by the pressure on the allocation of funds, coupled with the future of the next few months CPI and PPI negative growth, will still provide a stronger bond market support. Excess returns on stock contributions it is noteworthy that most bond funds do not "stand idly by" in the run-up to the stock market.　　Zhongzheng, analyst at the Good Buy Fund research center, stressed that investors generally believe that debt base yields are mainly from bonds, and that in fact, debt-related earnings have accounted for much of the gains since the stock market rebounded sharply in November last year.　　From wind information data, this year (as of May 13), the top 20 of the debt base performance of the return of more than 5%, most of them are partial-debt funds, the highest yield of 23%.　　Jianxin Earnings Enhancement fund manager Cream Li to reporters that at present, the investment risk of stock market is lower than last year, but there is still a lot of uncertainty, in this background, the investment debt base can share the relatively higher income of the stock market recovery under the condition of controllable risk, which is a good choice for the risk aversion investor.　　According to the reporter understands, is currently collecting the Jianxin Income Enhancement Bond fund, from April 21 to May 6, the subscription quantity has exceeded 4 billion yuan. Zhongzheng that in the first quarter of this year, equity assets accounted for 2.18% of the net worth of bond funds, much higher than the 0.73% level at the end of 2008, from the recent trend, the proportion of the debt base on the stock investment is still high, "and from the fund performance, basically showing the higher the stock positionBetter features. " However, Zhongzheng stressed that the current stock market valuation is not cheap, the market generally expected to rebound highly limited.　　Therefore, investors want to choose those who pursue absolute return, by controlling the stock position, the downside risk control good debt-type funds.　　Pure debt funds can not ignore if the simple emphasis on the downside risks, Zhongzheng that pure debt funds for investors is a species can not be ignored.　　From the historical results, the downward risk of pure debt-type debt base is obviously less than that of the partial debt-type debt base, and some pure debt funds have been investing in convertible bonds since this year's yield is not low.　　In Zhongzheng's view, because the debt base plays a stabilizing role in investor's asset allocation, investors can choose pure Debt fund as an important part of asset allocation.　　Wang Yanan Economics, who is the fund manager of the Pure Debt fund of Morgan Stanley, also told reporters that although in the short term, the bond market is more likely to maintain a concussion, but in the long run, bond funds for asset allocation, investors can provide a certain stable income, from the past 5 years, the average annual yield of more than 8%.　　Reporter from the investment Morgan Fund company learned that the investment Morgan Pure Debt Fund has been approved by the SFC, will be issued in the near future.　　Fu Fan, deputy general manager of Morgan Stanley, stressed to reporters that as the stock market gradually warmed up, investors began to favor the stock funds and other radical products, such as bond funds and other robust products began to snub, but the past two years, the market ups and downs, investors with high cost of lessons, should not be easily forgotten. Fu Fan stressed that this year's macroeconomic and capital markets remain a lot of uncertainty, market wide shocks will continue, investors should maintain a certain sense of risk.