摘要

 

美國通膨居高不下,股債市短期震盪。根據聯準會 5 月利率決策,連續第六次將基準利率維持在 5.25%~5.5% 目標區間不變,通膨降溫前不著急降息。全球正處於什麼樣的金融環境?對於債券投資人而言,是好是壞?

為何看好債券?四個美國利率政策帶您看懂:

信用債前景相對取決於美國經濟情勢,而目前利率水準處於高檔,預期將持續吸引長投資金,債市中長期表現空間可期。


20240507_us_highyield_1

為何看好「美國非投資等級債」?四個數據帶您看懂:

  • 收益率:指數殖利率處於高檔,4 月一度突破年初迄今高點 8.5%
  • 違約率:未來 12 個月有機會下滑、維持低檔,顯示損失可控
  • 淨收益率:當「收益率減去違約損失」後,淨收益率維持高檔水準
  • 總報酬率:信用狀況預計持續改善,整體報酬可觀

  • 20240507_us_highyield_2

    殖利率高位,非投資級債基金布局要有!

    瀚亞投資-美國非投資等級債券基金(本基金主要投資於符合美國Rule 144A規定之私募性質債券且配息來源可能為本金)是在合理的風險下,追求報酬的最佳選擇。把握本基金四大投資理由:


    20240507_us_highyield_3
    資料來源:瀚亞投信,2024/01/31
    *平均信用評級計算方式:為根據本基金之各信評等級加權平均計算而得。加權平均採簡單加權平均方式,即將各信用評級由高至低給予不同分數後,依本基金於各信用評級之分布及比重加權後所得之分數得出相對應之最接近信用評級或是信用評級區間。*投資標的信用評級方式:個別投資標的信用評級為參考國際信用評等公司之意見。部分當地貨幣債券可能因沒有國際信用評級而被列為無信用評級(Non-Rating),惟不代表無當地信用評級,亦不完全表示該個別債券之真正信用狀況。基金或投組之平均信用評級可能與只計算債券部位之信用評級略有不同。基金之平均信用為該特定日期之狀況,可能隨時點及基金策略不同而有變化。

    更多文章

    了解更多
    川普行情減弱  後市由AI支撐美股向上

    in insights

    股票

    川普行情減弱 後市由AI支撐美股向上

    2024/11

    選前因不確定性高,結果出爐後,不論是誰當選,都會以利空出盡反映,而此次川普與共和黨贏得全面執政,美股短中期受政策轉...

    【印度溫度計】印度股票大幅修正  現在布局正是時候

    in insights

    股票

    【印度溫度計】印度股票大幅修正 現在布局正是時候

    2024/11

    受地緣政治的不確定性、企業獲利疲軟等影響,印度股市10月份結束連四個月的漲勢。瀚亞投信表示,中國一系列的救市措施,...

    巴西股市修正後具投資機會   伺機布局靜待反彈

    in insights

    股票

    巴西股市修正後具投資機會 伺機布局靜待反彈

    2024/10

    巴西較早啟動降息,但現在面臨財政赤字、匯率韌性較低等情況,加上通膨預期升溫、央行轉向鷹派,諸多利空因素,導致今年巴...

    【優質債券】降息主旋律 第四季配置納入優質債

    in insights

    【優質債券】降息主旋律 第四季配置納入優質債

    2024/10

    2024年9月聯準會開啟降息循環,對於固定收益市場未來走勢影響關鍵;根據歷史經驗,降息政策將明顯有利於美國投資級公...

    印度將進入消費旺季 預備降息雙行情

    in insights

    股票

    印度將進入消費旺季 預備降息雙行情

    2024/10

    10月9日印度儲備銀行(RBI)宣布維持利率不變,值得注意的是,RBI貨幣政策委員會本次將政策立場調整為「中性」,...

    This document is produced by Eastspring Investments (Singapore) Limited and issued in:

    Singapore and Australia (for wholesale clients only) by Eastspring Investments (Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore, is exempt from the requirement to hold an Australian financial services licence and is licensed and regulated by the Monetary Authority of Singapore under Singapore laws which differ from Australian laws.

    Hong Kong by Eastspring Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.

    Indonesia by PT Eastspring Investments Indonesia, an investment manager that is licensed, registered and supervised by the Indonesia Financial Services Authority (OJK).

    Malaysia by Eastspring Investments Berhad (531241-U).

    United States of America (for institutional clients only) by Eastspring Investments (Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore and is registered with the U.S Securities and Exchange Commission as a registered investment adviser.

    European Economic Area (for professional clients only) and Switzerland (for qualified investors only) by Eastspring Investments (Luxembourg) S.A., 26, Boulevard Royal, 2449 Luxembourg, Grand-Duchy of Luxembourg, registered with the Registre de Commerce et des Sociétés (Luxembourg), Register No B 173737.

    United Kingdom (for professional clients only) by Eastspring Investments (Luxembourg) S.A. - UK Branch, 10 Lower Thames Street, London EC3R 6AF.

    Chile (for institutional clients only) by Eastspring Investments (Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore and is licensed and regulated by the Monetary Authority of Singapore under Singapore laws which differ from Chilean laws.

    The afore-mentioned entities are hereinafter collectively referred to as Eastspring Investments.


    The views and opinions contained herein are those of the author on this page, and may not necessarily represent views expressed or reflected in other Eastspring Investments’ communications. This document is solely for information purposes and does not have any regard to the specific investment objective, financial situation and/or particular needs of any specific persons who may receive this document. This document is not intended as an offer, a solicitation of offer or a recommendation, to deal in shares of securities or any financial instruments. It may not be published, circulated, reproduced or distributed without the prior written consent of Eastspring Investments. Reliance upon information in this posting is at the sole discretion of the reader. Please consult your own professional adviser before investing.

    Investment involves risk. Past performance and the predictions, projections, or forecasts on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of Eastspring Investments or any of the funds managed by Eastspring Investments.

    Information herein is believed to be reliable at time of publication. Data from third party sources may have been used in the preparation of this material and Eastspring Investments has not independently verified, validated or audited such data. Where lawfully permitted, Eastspring Investments does not warrant its completeness or accuracy and is not responsible for error of facts or opinion nor shall be liable for damages arising out of any person’s reliance upon this information. Any opinion or estimate contained in this document may subject to change without notice.

    Eastspring Investments (excluding JV companies) companies are ultimately wholly-owned/indirect subsidiaries/associate of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV’s) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).