After a more than two-year downturn, the bond market finally appeared signs of recovery after the Spring Festival, this positive push, emerging amid fresh fund inflows, ahead of the end product more than just raise。However, it has suffered "upstream", within two months of starting the year has wound up the five funds, which is debt-based 4。  So dense winding up behind, Boshi Fund has experienced in the end what?  Recently, Boshi Fund issued "Boshi Fund Management Co., Ltd. on double bonds Enhanced Bond Securities Investment Fund fund shares held by Bo announcement of the entry into force 'meeting cum resolution voting results", announced enhanced double bond debt when Bo A / C from 2018 2 from May 27 to enter the settlement period。  It is sad that this is the opening years of Boshi Fund liquidation within two months only the first 5 funds。Earlier, Bo Tai'an Bond A / C, Bo Taihe Bond A / C, when Bo flexible configuration of mixed earnings advantage when A / C and 4-Bo credit debt fund has wound up in January。  Behind the liquidator Boshi Fund since 2018, winding up data outsourcing under a debt-based capital flight attitudes so dense, Boshi Fund has experienced in the end what?"International Finance" reporters in view the above-mentioned five funds after the discovery of the structure of the holders, they have two things in common: ① is winding up the fund in addition to Bo double bonds to enhance bond?The proportion held by foreign institutions in more than 96%; ② from the winding-up look at the track, change the size of this fund is very extreme 5。  1, Bo Tai'an Bond A / C: A Taian moment when bonds were torn Bo / C was established in 2016. 12 years 21, first raised the scale total about $ 200 million。According to quarterly show, the first three quarters of 2017, when Bo assets Tai'an A bond has been maintained at 200 million yuan。Until the fourth quarter, the sudden appearance of 1.4.6 billion copies of large redemption, leading to shrinking the size 0.5.6 billion yuan。After that, the fund declared a liquidation period from January 19, 2018。According to semi-annual report in 2017, when Bo Tai'an bonds held by the proportion of A's organization 99.95%。  2, Bo Taihe Bond A / C: A Taihe bonds when Bo phases of life and death / C was established in April 20, 2016, A share of first raised the scale of 200 million, C share first raised the scale of 290,000 yuan。According to quarterly reports show that during 2016, when Bo assets Taihe A bond has been maintained at 200 million yuan, while the 2017 asset size will be worsened, and a quarter to four quarters ending net assets were 100 million yuan, 000 million yuan, 0.5.8 billion yuan, 000 million yuan。According to semi-annual report 2017, the proportion held by Bo Taihe A bond agency 100%。  3. Flexible Allocation A / C Bo: play the heartbeat Flexible Allocation of Bo A / C was established in November 8, 2013, first raised the scale Total 2.3.7 billion yuan。Although not first raised the scale, but subsequent force amazing。  Quarterly data show, A Flexible Allocation of Bo net assets soared to 37 in the second quarter of 2015 had.2.2 billion yuan, but after emerging changes "roller coaster" type, then the end of the third quarter and fourth quarter net assets were 1.7.2 billion yuan, 25.2.2 billion yuan。First three quarters of 2017, Flexible Allocation armor when Bo assets has been maintained at 500 million yuan to succeed, to the fourth quarter, the sudden appearance of large redemption, asset size has shrunk to 0.1.6 billion yuan。According institutions hold percentage in 2017 semi-annual report, Flexible Allocation armor when Bo 96.9%。  Bo Flexible Allocation?The assets also took a plunge in 2017, a quarter to four quarters ending net assets were 5.0.4 billion yuan, 000 million yuan, 000 million yuan, 000 million yuan。In the last encounter large redemption, the proportion of institutional holders of the fund is 99.7%。  4, when Bo credit debt earnings advantage: the advantages of debt income credit was established in September 15, 2014 when Bo riches can not be trusted, first raised the scale of 3.1.4 billion yuan。Then continue to move up the scale, from the 2015 third quarter, assets will be maintained at between 1.4 billion yuan -16 one hundred million yuan。To the third quarter of 2017, when Bo credit bonds suffered the advantages of large redemption proceeds, asset size has shrunk to 0.2.4 billion yuan。As before winding up the fund assets remaining 0.1.1 billion yuan。In the last encounter large redemption, the proportion of institutional holders of the Fund's 98.94%。  5, Bo double bonds debt enhanced A / C: Enhanced double bonds when debt falls on the altar Bo A / C was established in September 13, 2013, A share of first raised the scale of 1.7.7 billion yuan, C share first raised the scale of 2.2.9 billion yuan。  Quarterly data show that Bo double bonds debt enhanced armor assets soared to 97 in the third quarter of 2016.3.6 billion yuan, while the second quarter of the fund assets still only 0.6.2 billion yuan。But it did not last long, a quarter to four quarter 2017 closing net asset emerged from the cloud of the situation hit bottom, respectively, 93.5.4 billion yuan, 17.2 billion yuan, 0.4.2 billion 0.0.5 billion yuan。In the last encounter large redemption, the proportion of institutional holders of the fund is 99.89%。  Bo double bonds to enhance bond?Of the assets has been no improvement in the fourth quarter of 2015 reached 2.After 5.7 billion, will be the eighth consecutive quarter fell below 50 million wound up the line, until eventually wound up in February 2018。  Why more and more difficult to hold agencies thigh?  Some industry analysts said the Boshi Fund in the open in two months killed five funds, mainly due to outsourcing to get out of funds, a higher proportion of their institutional positions, resulting in highly volatile funds。"International Finance News" reporter noted that last year, Boshi Fund also has wound up the eight funds, 13 funds total liquidation since 2017, there are 11 to。  About one reason frequently wind up, Boshi responsible person to accept the "International Finance News" reporter explained: "Since the fourth quarter of 2016, bond markets remain volatile, with 2017 new regulations introduced in mid-related fund supervision, market and other factors affecting the disadvantaged, winding up the fund industry product rate since mid-2017 significantly accelerated。For the protection of investors' interests, and actively respond to regulatory and market trends, integration and optimization of its product line, under the premise of full communication with customers, our company are starting to take the initiative to dispose of some of its mini fund, the future will further focus on high-quality investment research company resources and better service for the holders。"It is worth mentioning that the reporter learned through daily fund network data, as of the second quarter of 2017, Boshi Fund's 258 funds, there are 96 fund institutions hold percentage is more than 94%。  In fact, abandoned institutional funds Boshi not only one, according to statistics, since 2018, has 30 fund liquidation, there are 11 funds in the proposed winding up。In addition to the winding up of the number of funds Boshi Fund ,, and outside the five opened since the liquidators are three。These Yizao proposed liquidation and winding up of the fund, most fled the capital due to outsourcing。  Why thigh institutions increasingly difficult to hold?Because they do not optimistic about the prospects for the development funds it?Shi Han Wei, general manager of Hengfengtai said in an interview, "International Finance," told reporters: "The main reason is winding up the fund size too small, not enough to cover the cost of benefits。Institutional investors are not optimistic about prospects for the development is not redemption fund, leveraged operation may not match some agencies new regulations related to the joint venture tube。"Last year September 1, China Securities Regulatory Commission issued" public offer open-end securities investment fund liquidity risk management regulations "requirement since October 1, 2017 came into force, stationed in the capital fund from outsourcing is limited, and a lot of debt-based scale frequently affected, the proliferation of mini-fund liquidator accelerate。