In the context of channel opportunities for profit government bonds (bond) was nearly exhausted, bond funds how to profit to shareholders in the second half of this year is still a difficult question.
Earlier this year, the first two open-ended funds are funds established to invest in bonds. The fund manager of the two funds MBBF (of MBCapital) and VFF (of Vinawealth) which are expected to trend lower interest rates first half of 2013 will bring good start for its bond funds.
However, yields on the secondary market are bounced back for two weeks now, after touching down to the lowest level in early June and will likely continue to increase, at least in the short term. The ability to keep the performance of bond funds started to become uncertain.
In general, bond investors still expect bond yield will decrease by about 50 points again.
"I worry about whether the fund's NAV is turned down or not. Door profit for bonds seems to be very narrow, "one shareholder said bond funds.
Up to this point, the increase of the NAV MBBF and VFF are moderate. VFF in the 10 weeks since the opening day of the 11/6 with NAV / fund certificates rose 1.94% to 10,194 VND / fund certificates - corresponding to an increase of about 10.1% / year. MBBF also in the 10 weeks since its launch at the end of May rose 1.58%, respectively, with an increase of 8.2% / year.
In both cases the structure is primarily bond funds, a higher saving rate slightly above plus the almost absolute safety of people in the bonds were rated as acceptable.
Total assets of the two funds has not increased much - No. of units issued by each fund at the end of May approximately 1 billion, the total initial capital of 50 billion per fund. A bond fund is that VFM is also VFMVFB of new capital primarily from institutional investors - information at making investors more questions about whether major shareholders of VFM major part in of this contribution.
Vi Thanh Dang, Director of Personal Banking ĐTCK Vinawealth told that VFF has prepared a "significant additional investments".
Meanwhile, the fund is still pretty tight-lipped about the investment strategy of his coming. Talking to ĐTCK, VFF just said, the Fund will "depending on the market place" to switch to other assets, including long-term bonds, investment tools have floating interest rates or mixed portfolio including corporate bonds (TPDN) and bonds to "optimize profitability and risk."
Some ideas to think about the investment funds will be transferred to the TPDN - assets are very high interest rates to nearly double the current rate bonds. However, Circular guiding 183/2011/TT-BTC open fund established regulations, investment funds open only on listed bonds or bond prepared by listed companies, meanwhile, have very TPDN rarely listed on the exchanges today.
On the other hand, increased investment in TPDN is unlikely to help the fund achieve impressive profits. Two bond fund VDeF-A and-B VDeF of Dragon Capital - two of the few investment funds currently outstanding bonds - will achieve relatively good performance. But that balance between profitability - risk of VDeF-B, the proportion of funds with high TPDN, appears to be less dominant than VDeF-A.
VDeF-B is the proportion of 28% and 5% TPDN bonds linked shares (corresponding to 33% of risk assets), profits first 5 months of the year reached 8.7%. While VDeF-A proportion of risky assets is much lower, with only 8% TPDN, but profit is not less, gained 8% during the same reporting period. In 2012, the two funds profit respectively 17.9% and 17.4%.
ĐTCK survey showed that overall, investors in short-term bonds are still hoping bond yields will continue to fall by around 50 points again. Investors said that the bond market's rebound is still not stable, because this movement means investors are pushing rather than the profit they have to find a new property full advantage alternative to channel bond.
No comments:
Post a Comment