[Introduction] The new issuance scale of secondary debt funds exceeds 78 billion yuan, which has exceeded the level of last year. China Fund News reporter Li Shuchao Since the beginning of this year, the issuance market of "fixed income +" funds (including partial debt hybrids an

[Introduction] The new issuance scale of secondary debt funds exceeded 78 billion yuan, which has exceeded the level of last year.

China Fund News reporter Li Shuchao

Since this year, "fixed income +" funds (including partial debt hybrids and secondary debt funds) have been issued There is a clear differentiation in the market: secondary debt funds are more favored by funds, and the new issuance scale this year exceeded 78 billion yuan, exceeding the level of last year; the issuance of partial debt hybrid funds has fallen off a cliff, and the fundraising scale this year is only 4.2 billion yuan .

"Fixed income +" fund issuance is differentiated

The issuance scale of secondary debt funds exceeds that of last year

wind data shows that as of August 17, 50 secondary debt funds have been newly issued this year (different shares are combined), and the fundraising scale is 78.363 billion yuan, this data has exceeded the level of 2022 and 2023. During the same period, only 12 partial debt hybrid funds were issued, with an issuance scale of 4.221 billion yuan. The number and scale of issuance of secondary debt bases were 4.17 times and 18.57 times that of partial debt hybrid funds in the same period, respectively.

Talking about the above phenomenon, Zhang Zaixin, general manager of Essence Fund Products Department, analyzed that firstly, in terms of market environment, the equity market has experienced adjustments in recent years, while the bond market continues to be bullish. As a type of bond fund, secondary debt funds invest in a higher proportion of bond assets than partial debt hybrid funds and are more attractive to investors.

Second, as the equity market continues to adjust, investors' risk preferences continue to decline, and secondary debt funds with a relatively low proportion of stock investment are more in line with investor needs.

Third, the risk level of secondary debt-based funds is usually medium-low risk (r2), while the risk level of partial-debt hybrid funds is mostly medium risk (r3). According to investor suitability requirements, the customer base that can purchase secondary debt bases is wider, thereby promoting the growth of secondary debt base issuance scale.

Liu Xingyu, head of the absolute return department of Yongying Fund, also said that in terms of existing scale, secondary debt funds rebounded in scale in the second quarter of this year, while partial debt hybrid funds continued to shrink. The reason behind may be some secondary debt funds Ji's product strategy is more in line with the current market environment.

Liu Xingyu believes that the current market is characterized by stable trends in bond assets and equity assets that have reached historical lows and have long-term allocation value, but may fluctuate in the short term due to market sentiment. By purchasing "fixed income +" products, you can not only obtain stable coupon income, but also obtain "call options" on equity assets at a relatively low cost. This feature is shared by both secondary debt bases and partial debt hybrids. Therefore, the difference mainly lies in the holding experience.

"Some secondary debt funds have effectively controlled the retracement of net worth through reasonable asset proportion allocation and flexible position adjustment, and have a better holding experience; if the market rebounds in the future, they are also aggressive and have been recognized by investors. And partial debt funds Hybrid funds are positioned as more offensive 'fixed income+', and have relatively large retracement amid market fluctuations, and their scale has shrunk as a result," Liu Xingyu said.

, a medium-sized public offering "fixed income +" fund manager in Beijing, also analyzed that first of all, from the perspective of product rights-bearing position requirements, the rights-bearing position of the secondary debt base (stocks + convertible bonds) is 0% to 20%, while the partial debt mix The latest equity-containing position requirements for type funds are 10% to 30%; secondly, judging from the current market conditions and investor preferences, most investors hope that product drawdowns can be controlled, so "fixed income +" products with medium and low volatility positioning Relatively more favored by investors.

In addition, the "fixed income +" fund manager also mentioned that the risk rating of hybrid funds is higher than that of debt bases. For sales agencies, the customer base of partial debt hybrid funds is much smaller than that of secondary debt bases. , it is also more difficult to sell .

advocates a countercyclical layout

pays attention to the investment value of partial debt hybrid funds

Judging from historical data, with the adjustment of the equity market in recent years, the issuance scale of partial debt hybrid funds with higher rights-containing positions has experienced a cliff-like decline. In the highlight moment of the equity market in 2021, the issuance scale of partial debt hybrid funds reached 318.3 billion yuan and 440.8 billion yuan respectively. With the decline of the equity market, the issuance of secondary debt funds with higher "fixed income" positions has only picked up and has been sought after by funds.

Many industry insiders believe that the ebb and flow of secondary debt-based and partial debt hybrid fund issuances is the result of the combined effect of market environment, fund characteristics, investor needs, fund company strategies and other factors.

Zhang Zaixin believes that when market volatility is greater and investors’ risk appetite decreases, investors tend to choose relatively stable investment types; while when market risks are low and investors’ risk appetite increases, investors may be more inclined to Choose hybrid funds with higher income potential and more flexible position adjustments.

On the other hand, the product layout and marketing strategies of fund companies will also have an impact on the issuance of the two types of products. Most of the large-scale secondary debt funds issued by recently are low-volatility and stable products with lower equity positions, which are more in line with the needs of current investors.

Regarding the future development trends of the two types of products, Liu Xingyu said that the key still depends on the product’s investment strategy and the market match. In a bull market, offensive products are more popular; while in bullish or volatile markets, secondary bond funds with flexible positions and better drawdown control are more recognized by investors.

From the perspective of product counter-cyclical layout, many industry insiders said that the investment value of current partial debt hybrid funds deserves attention.

The above-mentioned Beijing medium-sized public "fixed income +" fund manager believes that the newly issued partial debt hybrid funds are not as "cost-effective" as secondary debt funds based on factors such as equity positions, risk ratings and product styles. However, existing debt-biased hybrid funds have more flexible positions with rights, and may provide investors with better allocation value on the premise of good risk and strategic positioning.

Zhang Zaixin also said that from a long-term investment perspective, through counter-cyclical layout, investors may be able to buy assets at a lower price during a market downturn and sell them at a higher price during a market rise, thereby increasing the risk of The possibility of long-term capital appreciation. Judging from the market conditions, the current valuation level of the equity market is at a historical low, and it may have high investment value in the long term, providing a good time window for the reverse layout of debt-biased hybrid funds.

Editor: Captain

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