十分钟搞懂，债券基金该如何投资｜第408期精品课程

Core Viewpoint - Bond funds are a common asset class with distinct yield and risk characteristics, positioned between money market funds and stock funds in terms of stability and volatility [3][4][101]. Bond Fund Yield and Risk - Bond funds exhibit yield and volatility risks that are generally more stable than stock funds but higher than money market funds [4][101]. - Investors need to be aware of "踩雷" risks, where certain bond funds may experience significant short-term declines [6][101]. Types of Bond Funds - Common categories of bond funds include: - Short-term pure bond funds, which typically have minimal volatility and returns slightly higher than money market funds [9][14]. - Long-term pure bond funds, which have greater volatility and are influenced by interest rate fluctuations [10][11][23]. - "Fixed Income +" funds, which combine bonds with a small allocation to stocks or convertible bonds [12][45][101]. Short-term vs Long-term Bond Funds - Short-term bond funds invest in bonds with maturities of one year or less, offering low volatility and serving as a tool for managing short-term cash needs [22][30]. - Long-term bond funds, on the other hand, are more sensitive to interest rate changes, with potential declines in net asset value during rising interest rate environments [23][30][101]. "Fixed Income +" Funds - "Fixed Income +" funds typically consist of a core of low-risk bonds supplemented by equities or convertible bonds to enhance returns [45][67]. - These funds benefit from the negative correlation between stocks and bonds, which helps reduce overall volatility [54][57]. Investment Considerations - Investors should focus on the underlying asset allocation of "Fixed Income +" funds, particularly the proportion of stocks and the types of bonds included [79][82]. - The current market conditions suggest that "Fixed Income +" funds remain an attractive investment option, especially given the low interest rate environment [90][101]. Performance Metrics - As of September 19, 2025, the "90-day advisory portfolio," primarily composed of short-term bond funds, achieved an annualized return of 2.26% with a maximum drawdown of only -0.26% [32][33]. - The 10-year government bond yield is considered a benchmark for assessing the investment value of long-term bonds, with a reasonable yield range of 2%-3% [25][26][101].