Let's start with the conclusion:Since 2020, the world has entered a cycle of interest rate cuts, and domestic monetary policy has been relatively loose. The latest 3-year deposit rate has been reduced to 22% with a predetermined interest rate for insurance from 35% dropped to 3%, and the net value of bank wealth management was transformed. For conservative investors, if they want to pursue lower return volatility, they can consider choosing a fixed bond base as a supplementary alternative to wealth management products.
According to wind data, 706 fixed-term open-ended medium and long-term pure bonds** (initial**) were established before 2022, with an average annualized yield of 521%。The overall earnings performance is very impressive!
First of all, for the ** manager,During the closed period, there is no need to worry that the liquidity will be affected by large redemptions, and there is no need to retain too much cash, and the overall capital utilization rate is relatively higher. Moreover, the operation mode of the closed period can prompt the best managers to pay more attention to long-term performance stability, and do not have to take some speculative operations for short-term performance rankings, so as to strive for long-term good investment returns.
On the other hand, we all know that in the investment strategy of bonds**, you can increase your returns by increasing leverage. The leverage ratio of the ordinary open bond base cannot exceed 140%, while the leverage ratio of the open bond base during the closed period can reach 200%.
Leverage ratio refers to the ratio of equity capital to total assets in the balance sheet, the higher the leverage ratio, the larger the total assets, simply put, borrowing money to add total assets. Here's an example. Suppose there are three investors, Zhao, Qian and Sun, respectively, with an open-ended bond base of 100,000 yuan without leverage, 140% leverage, and a fixed-opening bond base with 200% leverage. In the face of the same 10% increase. The three of them can get 10,000 and 1With an increase of 40,000 and 20,000 yuan, the income gap is obvious.
Secondly, for investors,With the decline in the income of wealth management products, the fixed opening bond base can replace the large-amount certificate of deposit products to a certain extent in view of its "closed operation" nature.
On the one hand, the fixed opening of the bond base helps investors "control their hands". Warren Buffett once said: For most investors, an increase in operations will only lead to a decrease in returns. In recent years, most investors have begun to feel the benefits of long-term investment, but due to various factors, it is difficult to stick to it. Due to the existence of a closed period, it prevents investors from chasing up and down.
On the other hand, due to the existence of a closed period, investors do not need to think about timing. Whether it is a novice investor who has just entered the market, or an investment expert who has been operating for many years, the problem of "choosing the right time" has always been a problem. In contrast, the design of the closed period is more conducive to cultivating investors' long-term investment Xi and avoiding the dilemma of choosing a time. Moreover, the data shows that with the extension of the closure period, the average return of medium and long-term pure bonds** basically shows an increasing trend.
This year, the performance of credit bonds in the market is better, correcting the overfall caused by last year's large-scale redemption. Looking ahead, in the short term, the market is pricing in a "weak recovery", monetary policy is still friendly, the bond market is facing the best in the short term, and it is still necessary to observe the policy strength, effect and changes in economic fundamentals in the medium and long term.
In simple terms,The bond market is facing ** in the short term, and it remains to be seen in the medium and long term. However, one of the major advantages of setting a bond base is to avoid timing, and it is not too late to do so.