有些小伙伴或许还记得,去年九、十月份期间,银行理财收益率明显下滑,债券基金也出现了较大回撤。就在大家苦恼求稳资金何处安放时,债券基金却经历了一波“债牛”行情,年底净值再度走出新高。
Wind数据显示,2023年中证纯债债券型基金指数上涨3.38%,与疲弱的A股行情形成鲜明对比。2019年-2022年期间,依次上涨3.52%、2.54%、3.52%、1.81%。纯债债基指数从2015年发布日起,每年都获得了正收益,过去五年(2019-2023)期间,算术平均收益率为2.95%。
回顾本轮岁末年初“债牛”行情,市场普遍认为与资金利率边际缓和、中长期国债收益率下行、降息预期持续发酵等因素相关。不过也有观点认为,股市持续疲弱背景下,求稳资金“抢跑”债市,配置型资金大幅流入,从而推高信用债收益率,短线需要提防利率反弹风险。
宏观的东西太难判断了,债市具体怎么操作,就交给专业人士去操心吧。我们能做的就是,如何选对“好债基”?
如下图,司令用Wind统计后发现,
2019-2023五年期间,全市场共有890只纯债基金(多类份额,合并计算),
每年都录得正收益。
按照算术平均收益率,前十名依次为(多类份额,均选A类):长盛全债指数增强A(8.49%)、招商添利两年定开(8.25%)、易方达岁丰添利债券A(7.7%)、招商安盈A(6.97%)、长安泓沣中短债A(6.96%)、金鹰元祺信用债(6.6%)、长安泓源纯债A(6.08%)、诺安联创顺鑫A(6%)、鹏华丰融(5.82%)、财通资管鸿睿12个月A(5.68%)。
司令从中挑选出10只“随时申赎型”产品,过去五年平均收益率靠前,且现任基金经理管理满5年。一起来看看,业绩回报优秀的债基,“抗风险”能力如何?配置上有什么特点?大家的年终奖是否值得托付呢?
以下数据来源:Wind,截至日期:2024年1月12日
易方达岁丰添利债券A(161115)
现任基金经理胡剑、张凯頔,前者从2019年1月4日管理至今。该产品属于混合债券型一级债基,近五年收益率43.33%,同类排名6/373(前2%);最大回撤-4.32%,同类排名250/373(前67%)。
长期收益能力突出,但是抗风险能力同类中较弱。
2021Q2-2023Q3期间,股票仓位占比均低于1%。2023Q3季报显示,前三大债券券种品种依次为:中期票据(41.17%)、金融债券(20.73%)、企业债券(17.42%),此外持有少量可转债、资产支持证券、企业短期融资券。
招商安盈债券A(217024)
现任基金经理尹晓红、蔡振,前者从2017年12月30日管理至今。该产品属于混合债券型二级债基,近五年收益率37.35%,同类排名35/383(前10%);最大回撤-4.35%,同类排名70/383(前19%)。
长期收益能力突出,且抗风险能力同类中居前。
2020Q1-2023Q3期间,股票仓位占比接近20%。2023Q3季报显示,前十大重仓股包括国药现代、晋控煤业、锡业股份、兴蓉环境、国电电力等,偏向高股息回报策略;前三大债券券种品种依次为:金融债券(41.15%)、企业债券(30.38%)、中期票据(13.93%)。
金鹰元祺信用债(002490)
现任基金经理林龙军、林暐,前者从2018年6月2日管理至今。该产品属于混合债券型一级债基,近五年收益率34.62%,同类排名13/373(前4%);最大回撤-4.88%,同类排名271/373(前73%)。
长期收益回报出色,但是抗风险能力同类靠后。
2019Q1-2023Q3期间,股票仓位占比为零。2023Q3季报显示,前三大债券券种品种依次为:企业债券(36.19%)、可转债(35.08%)、金融债券(20.48%)。可见,可转债是产品业绩弹性的重要来源,2023Q3末持有仙乐转债、隆22转债、回盛转债、烽火转债等。
诺安联创顺鑫A(005448)
现任基金经理周建树、徐铭浩,前者从2018年5月17日产品成立起管理至今。该产品属于中长期纯债型基金,近五年收益率32.64%,同类排名1/923;最大回撤-2.48%,同类排名504/899(前56%)。
长期收益表现同类第一,抗风险能力同类居中。
股票仓位占比当然为零,在不同宏观背景下,适时调整利率债和信用债占比。比如2023Q1相较于2022Q4,企业债券占比增加31.02%,金融债券占比增加29.63%,中期票据占比增加21.32%,利率债券占比减少82.88%。
鹏华丰禄债券(003547)
现任基金经理刘涛,从2016年11月17日管理至今。该产品属于中长期纯债型基金,近五年收益率30.67%,同类排名5/923(前1%);最大回撤-1.73%,同类排名196/899(前22%)。
长期收益表现同类居前,且抗风险能力同类居前。
股票仓位同样为零,长期收益来源主要是精选企业发行债券。2023Q3季报显示,前三大债券券种品种依次为:中期票据(52.60%)、金融债券(24.31%)、企业债券(20.01%),前五大重仓债券依次为:22农业银行永续债01、22中国银行永续债02、19农发04、21进出03、23金隅MTN002,涵盖商业银行次级债券、政策银行债、一般中期票据。
建信信用增强债券A(165311)
现任基金经理李峰,从2017年5月15日管理至今。该产品属于混合债券型一级债基,近五年收益率27.13%,同类排名36/373(前10%);最大回撤-8.12%,同类排名330/373(前89%)。
长期收益表现出色,但是抗风险能力同类靠后。
2019Q1-2023Q3期间,股票仓位占比几乎为零,企业短期融资券占比适中较高,符合“信用增强”的名字。比如2023Q2季报中占比48.26%,2023Q1季报中占比68.48%,2022Q4季报中占比74.64%。
安信永利信用A(000310)
现任基金经理李君,从2017年12月26日管理至今。该产品属于混合债券型一级债基,近五年收益率27.96%,同类排名32/373(前9%);最大回撤-3.70%,同类排名219/373(前59%)。
长期收益表现出色,抗风险能力同类居中。
股票仓位始终为零,长期收益来源主要是可转债和信用债配置。2023Q3季报显示,金融债券占比80.86%,可转债占比19.12%,持仓靠前的转债包括:兴业转债、青农转债、紫银转债、芳源转债等。
安信目标收益债券A(750002)
现任基金经理张翼飞、黄琬舒,前者从2016年3月14日管理至今。该产品属于混合债券型一级债基,近五年收益率27.97%,同类排名31/373(前9%);最大回撤-2.69%,同类排名152/373(前40%)。
长期收益表现出色,抗风险能力同类居中。
股票仓位始终为零,近几年主要配置可转债和金融债。2023Q3季报显示,金融债券占比50.23%,可转债占比49.77%,前五大债券持仓中包括3只银行转债,依次为:浦发转债、上银转债、兴业转债,合计占比29.1%。
国富恒瑞债券A(002361)
现任基金经理赵晓东,从2016年2月4日产品成立起管理至今。该产品属于混合债券型二级债基,近五年收益率27.54%,同类排名76/383(前20%);最大回撤-3.69%,同类排名47/383(前13%)。
长期收益表现出色,且抗风险能力同类居前。
股票仓位中枢占比约15%,精选正股及对应的转债,为产品提供了较好的收益。比如2023Q3季报显示,兴业银行占比2.15%,区间上涨4.09%;长沙银行占比1.30%,区间上涨10.39%。债券品种上,主要以金融债和可转债为主,三季度末持仓占比分别为70.68%和11.34%。
西部利得汇享债券A(675111)
现任基金经理严志勇、李安然,前者从2017年8月9日管理至今。该产品属于混合债券型一级债基,近五年收益率28.08%,同类排名30/373(前8%);最大回撤-1.98%,同类排名62/373(前17%)。
长期收益表现出色,且抗风险能力同类靠前。
股票仓位始终为零,收益主要来源于金融债和中期票据,以及少量转债配置。2023Q3季报显示,前五大持仓债券均为金融债,且持有几十只转债品种。
从这些债基身上,可以看出收益来源多样化,基金经理配置上需要适时作出调整。
大家在挑选时,
除了弄清楚收益来源,还需要把“长期业绩与回撤控制”两个指标结合起来看。
更为重要的是,只有真正理解时间的价值,才能领略到债基玫瑰的绽放。
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