私募直营店：如何计算债券基金收益率?

　　私募直营店：如何计算债券基金收益率?

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　　券型基金怎么算收益?

At present, the fund market has a wide variety of categories, and each fund has its own investment strategy and calculation method. To know how the expected annualized return of a fund is calculated, it is necessary to first understand the calculation formula, which is how the expected annualized return of a bond fund is calculated?

The formula for calculating the expected annualized return of bond funds is:

Expected annualized yield of bonds=(Maturity principal and interest-Issue price)÷(Issuance price x repayment period)×100%

Due to the possibility of bondholders transferring bonds during the bond repayment period, the expected annualized yield of bonds can also be divided into the expected annualized yield of the bond seller, the expected annualized yield of the bond buyer, and the expected annualized yield during the bond holding period. The respective calculation formulas are as follows:

　　1)Expected annualized yield of bond sellers=(Selling price-Issue price+Interest during holding period)÷(Issue price x Holding period)×100%

　　2)Expected annualized yield of bond buyers=(Maturity principal and interest-Purchase price)÷(Purchase price x remaining term)×100%

　　3)Expected annualized yield during bond holding period=(Selling price-Purchase price+Interest during holding period)÷(Purchase price x Holding period)×100%

　　例如，某人于1995year1month1日以102元的价格购买了面值为100元、预期年化利率为10%、每年1month1日支付一次利息的1991Issued annually5年期国库券，持有到1996year1month1日到期，则：

　　债券购买者的预期年化收益率=?100+100×10%-102　÷?102×1　×100%=7.8%，债券出售者的预期年化收益率=?102-100+100×10%×4　÷?100×4　×100%=10.5%再比如，某人于1993year1month1日以120元的价格购买了面值为100元、预期年化利率为10%、每年1month1日支付一次利息的1992年发行的10年期国库券，持有到1998year1month1日，以140元的价格卖出，则：

　　债券持有期间的预期年化收益率=?140-120+100×10%×5　÷?120×5　×100%=11.7%

　　值得注意的是，以上计算公式没有考虑把获得的利息进行再投资的因素。把所获利息的再投资预期年化收益计入债券预期年化收益，据此计算出来的预期年化收益率为复利预期年化收益率。