HIGH levels of world stock markets and memories of 1987 will drive investors into bond funds, according to Mr Stewart Aldcroft, a director of Wardley Investment Services. Mr Aldcroft said his company was considering offering a bond fund without front-end loading as a response to the income plus no-load bond fund launched by rival Fidelity Investments. ''We think people are saying that it's deja vu of 1987,'' he said. ''People are saying that 'We were trapped in 1987, will we be trapped in 1993?' My answer to this is bonds. ''. . . Bonds are predictable. They are not going to give the same sort of return that an equity fund gives, but the market is very sensitive to downside. It's probably time for people to set to putting their investment into bonds.'' He added that as well as foregoing the front-end load on a fund, the company was interested in creating a wider range of bond funds. However, he did not see a wider move towards dropping the front-end load on funds, currently five per cent or more, saying that this encouraged investors to shift cash in and out of the fund very rapidly. Only Regent Financial Services offers a no-load equity fund to the territory's growing band of fund investors, and it charges a one per cent load if cash is removed before 24 months. Wardley has modified its Asian warrants fund to provide down-side protection, widening the investment strategy to include options and other derivatives which can cushion any fall. The company claims the fund offers 150 per cent of the upside of market indices, with 100 per cent of the downside. Markets in Hongkong, Singapore and Kuala Lumpur are at or near all-time highs, as is the Dow Jones industrial average in the United States.