利用者:加藤勝憲/債券ファンド
債券ファンドやデットファンドは、債券やその他の負債証券に投資するファンドである[1]。債券ファンドは、株式ファンドやマネーファンドと対比することができます。債券ファンドは通常、ファンドの原証券の利払いと定期的な実現資本増価を含む定期的な配当を支払います。 債券ファンドは、通常、譲渡性預金やマネーマーケット口座よりも高い配当金を支払います。ほとんどの債券ファンドは、個々の債券よりも頻繁に配当金を支払う[2]。
分類
[編集]債券ファンドは、主な原資産によって分類できる[1]。
- 政府： 政府発行債が最も安全だと考えられている。政府はいつでも借金を返すために「お金を増刷」できるためで、米国では、これらは米国債である。安全性が高いため、利回りは通常低い。
- エージェンシー： 米国では、政府系住宅ローン協会（ジニーメイ）、連邦住宅貸付抵当公社（フレディマック）、連邦住宅ローン協会（ファニーメイ）などの政府機関が発行する債券がこれにあたります。
- 地方債： 州や地方の政府・機関が発行する債券で、一定の税制優遇措置があり、通常、連邦税が免除される。場合によっては、州税や地方税が免除されることもある。
- コーポレート（Corporate）：企業が発行する債券： 企業によって発行される債券。 すべての社債は借り手（発行）企業によって保証されており、リスクはその企業の満期返済能力に依存します。 債券ファンドの中には、高利回り証券（ジャンク債）に特化したものもあり、これは発行会社が返済不能に陥る可能性があるため、より高いリスクを持つ社債である。 ジャンク債に特化した債券ファンドは、「投資適格以下の債券」とも呼ばれ、他の債券ファンドよりも配当が高く、配当リターンはリスクとほぼ相関している。
- Government: Government bonds are considered safest, since a government can always "print more money" to pay its debt. In the United States, these are United States Treasury securities or Treasurys. Due to the safety, the yields are typically low.
- Agency: In the United States, these are bonds issued by government agencies such as the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corp. (Freddie Mac), and Federal National Mortgage Association (Fannie Mae).
- Municipal: Bonds issued by state and local governments and agencies are subject to certain tax preferences and are typically exempt from federal taxes. In some cases, these bonds are even exempt from state or local taxes.
- Corporate: Bonds are issued by corporations. All corporate bonds are guaranteed by the borrowing (issuing) company, and the risk depends on the company's ability to pay the loan at maturity. Some bond funds specialize in high-yield securities (junk bonds), which are corporate bonds carrying a higher risk, due to the potential inability of the issuer to repay the bond. Bond funds specializing in junk bonds – also known as "below investment-grade bonds" – pay higher dividends than other bond funds, with the dividend return correlating approximately with the risk.
Bond funds may also be classified by factors such as type of yield (high income) or term (short, medium, long) or some other specialty such as zero-coupon bonds, international bonds, multisector bonds or convertible bonds.[1]
Credit rating
[編集]An important property of bond funds is the rating of the bonds they own. Funds may be rated from high to low credit quality. The quality of a fund is the average of the bonds owned by the fund. Funds that pay higher yields typically own lower quality bonds.
Like stocks, the price of high-yield bonds is subject to fashion.[3][4] For example, in late 2008, many high-yield bond funds were priced at 70 cents on the dollar. In fact, there were few bond defaults and the price recovered. Due to the lower price, investors sold out of high-yield bond funds, having a desire for "safe" cash and bonds.[5]
Bond duration
[編集]Funds invest in different maturities of bonds. This may be described by terms like "short", "intermediate", and "long". This affects how the fund value changes with interest rates. Funds invested in longer bonds will have more change. As a general rule, the yield for longer bonds is higher.[6]
Bond funds usually have a target length, such as five to ten years. Thus over time, they need to sell shorter bonds and buy longer bonds to stay in range. A bond fund with such a target length will never "mature" like a specific bond. Some UITs own bonds with a specific maturity date and will terminate at that point.
Advantages over individual bonds
[編集]- Management:[7] Fund managers provide dedicated management and save the individual investor from researching issuer creditworthiness, maturity, price, face value, coupon rate, yield, and countless other factors that affect bond investing.
- Diversification: Bond funds invest in many individual bonds, so that even a relatively small investment is diversified—and when an underperforming bond is just one of many bonds in a fund, its negative impact on an investor's overall portfolio is lessened.
- Automatic income reinvestment: In a fund, income from all bonds can be reinvested automatically and consistently added to the value of the fund.
- Liquidity: You can sell shares in a bond fund at any time without regard to bond maturities.
Disadvantages over individual bonds
[編集]- Fees: Bond funds typically charge a fee, often as a percentage of the total investment amount. This fee is not applicable to individually held bonds.
- Variable Dividends: Bond fund dividend payments may not be fixed as with the interest payments of an individually held bond, leading to potential fluctuation of the value of dividend payments.
- Variable NAV: The Net Asset Value (NAV) of a bond fund may change over time, unlike an individual bond in which the total issue price will be returned upon maturity (provided the bond issuer does not default).
Total return
[編集]Template:Bond marketTemplate:Bond marketPrice charts on bond funds typically do not reflect their performance due to the lack of yield consideration. To accurately evaluate a bond fund's performance, both the share price and yield must be considered. The combination of these two indicators is known as the total return.
See also
[編集]- Financial risk management#Investment management §
- Income fund
- Money fund
- Stable value fund
- Stock fund
- Target date fund
- Yield curve
脚注・参考文献
[編集][[Category:投資信託]] [[Category:債券]]
- ^ a b c CNN Money 101 - Types of Bonds Archived November 23, 2006, at the Wayback Machine.
- ^ CNN Money 101 - Types of Bonds Archived November 23, 2006, at the Wayback Machine.
- ^ “Junk Bond ETFs Crimped by Outflows - Yahoo Finance”. Yahoo! Finance. 2023年5月31日閲覧。
- ^ “Sour Market Sends Investors to Bond ETFs”. 2023年5月31日閲覧。
- ^ “Bond-fund buyers rewarded for risk in 2009 - MarketWatch”. MarketWatch. 2023年5月31日閲覧。
- ^ “10-Year Bond vs. 20-Year Bond | Finance - Zacks”. Zacks Investment Research. 2023年5月31日閲覧。
- ^ “Calvert - Bond Fund Basics”. 2007年2月3日時点のオリジナルよりアーカイブ。2007年2月13日閲覧。