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Original caption: Oriental Fund’s Liu Changjun: The bond market is flexible to seize structural opportunities in short-term adjustments
Summary
[Oriental Fund Liu Changjun: El mercado de bonos se ajusta a corto plazo y aprovecha de manera flexible las oportunidades estructurales]The first short-term debt product of the Orient Fund-Oriental Hengrui Short-Term Bond Fund is reported to be being issued. According to relevant interviews, when observing the internal and external environment, the global economy is in a state of continuous recovery, although the epidemic has been disturbed, the recovery will continue. Specifically for the bond market, since the third quarter, due to factors such as liquidity and credit events of state-owned companies, the bond market is still in a turbulent market, but in the short term, the adjustment of government bonds Interest rate and high-grade credit bonds may have basically been in place, and the structure can be flexibly controlled. Opportunities, the current allocation value of 10-year Treasuries is acceptable, interest rate bonds may consider the opportunity to engage in oversold bounces, and credit bonds may focus on short-duration, high-grade opportunities. (China Net Finance)
It is reported that,Oriental BackgroundYour first short-term debtproduct——East Hengrui ShortDebt baseGold is currently being issued. Recently, the product is planned to bebackgroundManager Liu Changjun said in a related interview that, looking at the domestic and foreign environment, the global economy is in a state of continuous recovery, and although the epidemic has hit, the recovery will continue.LinkThe market, from the third quarter to now, due to liquidity, state-owned companiescreditEvents and other factors,Bond marketStill in a volatile market, but short terminterest rateDebt adjustment and high-grade credit debts may have been basically underway, and they can operate flexibly to take advantage of structural opportunities. The current decadeNational debtThe setting value is acceptable,interest rateFor debt, consider participating in oversold recovery opportunities. For credit debt, you can focus onLong-termHigh-level opportunities.
According to Liu Changjun’s analysis, from a cyclical perspective, the bond market should be in the second half of the bear market cycle after previous adjustments. Currently, there is no significant room to the upside or downside. In the short term, the bond market is still in a turbulent phase and must be flexible to take advantage of structural opportunities. Looking further, there may be more variables next year, including Sino-US relations, whether vaccines will be available on the market, economic recovery,coinPolicies and so on will have a bigger impact. If monetary policy remains neutral next year and liquidity is injected mainly through the MLF and OMO, funding will be relatively balanced. Regarding investment behavior, the best policy is to adjust the portfolio at any time according to market conditions and choose the opportunity to carry out investment transactions.
Speaking of short-term debt funds, Liu Changjun said that from an investment perspective, short-term debt funds can be used as liquidity management products, but sinceproduct propertiesIn other words, short-term debt funds are pure debt.Bond fund, In terms of risk-return characteristics andMonetary FundThere is a clear difference: in terms of liquidity, short-term debtSubscription of fundsBailout is more convenient and can effectively meet investors’ needs for liquidity and capital management Unclear or no investment direction in equity productsOther investmentIn case of demand, you can use dormant funds to invest in short-term debt funds. In terms of holding time, investors can choose based on their own investment agreements. Long-term holding is a good option if they have extra cash. Interested investors canDirect fundCenter, Oriental Fund Official Website, MailSavingsBankWait for each specialtyBankYBrokerage, Every bigThe InternetSales platforms and other institutions subscribe.
(Source: China Net Finance)
(Responsible editor: DF075)
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