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"They're all debts!" ​​said fund manager Wang Qian (pseudonym) with a double meaning.

Indeed, observing the changes in the size of public funds this year, we can see that the size of bond funds has been rising against the market trend, and the saying "all are bonds" is true. At the same time, the recent bond market has entered a volatile period, and bond funds have also quickly "taken off their makeup" in the wave of changes in the bond market. The originally stable bond funds suddenly showed extremely high volatility. "All are bonds" refers to the "debt" that bond fund research and investment owe to the stable returns of the products.

The rise in scale against the market trend is more of a spontaneous behavior of investors; but the "debt" of bond fund investment capabilities is more worthy of industry reflection. In the recent changes in the bond market, it can be clearly seen that some bond fund products are suspected of duration mismatch and product drift in order to expand their scale. The actions of some bond funds to gain popularity and expand their scale through "extreme challenges" have also attracted attention from many parties. The industry believes that "it is never too late to mend the fold after the sheep have been lost", and the demand for fixed-income product allocation represented by bond funds is expected to exist for a long time. Bond funds that adjust in fluctuations have reached the decision point of professional upgrading. Only superb professional capabilities can guarantee the further development of public bond funds. (China Securities Journal)