Hony's distant short-and medium-term debt fund fell sharply on April 25.Fulltiltpinball.68%FulltiltpinballThe decline is equivalent to earnings in the first three months of this year. After the net value of the fund was announced, investors howled, and a base citizen lost 5201.37 yuan that day. Fund companies moved quickly, and soon after the announcement, fund anchors came out to reassure investors, saying that the net worth fluctuation was due to the instability of the investment rhythm of fund managers caused by the sharp volatility of the market. The fund manager also posted a post the next day to answer the liquidity concerns of the market and reassure investors that one of the important sources of income of the debt base is coupons, and that after the continuous accumulation of coupons, the debt base will gradually recover the lost ground. However, the fund manager did not give a clear answer to the question of why it fell so much. There are several speculations about why the fund has fallen so much.

First, there was a liquidity crisis, in which funds were heavily redeemed in a short period of time, forcing fund managers to sell assets at low prices, resulting in a decline in net worth. The second is to step on a bond, but since the fund company has only announced the top five bonds, it is impossible to determine whether there are other potential risks. The third guess is that fund managers have hedged long-term bonds, but that is unlikely because the decline in ETF on 30-year Treasurys is relatively small. Generally speaking, liquidity problems and mine accidents are more likely. Hony distant medium-and short-term debt fund is an online celebrity debt base, earning more than 1% in the fourth quarter of last year and the first quarter of this year, attracting a lot of money. However, the income of the debt base fluctuates greatly, so it is very necessary to guard against the short-term high-yield online celebrity debt base. When screening debt base, we should pay attention to stability and choose fund companies with large management scale and star fund managers. At the same time, it may be better to consider long-term debt bases and interbank certificate of deposit index funds. Finally, friends should remember one sentence: "in bonds, you make money slowly and lose money quickly." do not pursue high short-term returns too much, but pay attention to risk management.

Key words liquidity problem, stepping on a certain bond, fund manager hedged the yield of a long-term bond for three months, and lost the risk hint of Hexun's self-selected stock writer in one day: the above is only the views of the author or guest, does not represent any position of Hexun, does not constitute any investment advice related to Hexun. Before making any investment decision, investors should consider the risk factors related to investment products according to their own circumstances and consult professional investment advisers if necessary. Hexun tries its best but cannot confirm the authenticity, accuracy and originality of the above content, and Hexun does not make any guarantee or commitment.