摘要
農曆春節期間,股市震盪劇烈,信用債展現出韌性。瀚亞投信表示,考量目前的利率變動與美國經濟擴張更持久的預期相符,有利於信貸市場表現,預計未來12個月各國央行仍以降息為主要方向,緩降息週期較經濟衰退下的大幅降息,對信用債更加有利。
2025年持續看好信用債表現,投資等級債因企業資產負債表持續改善,基本面獲得支撐,即便利差偏緊,以目前5%以上殖利率絕對水準還是將持續吸引長投資金進場;非投資等級債則是在企業基本面具韌性且預期違約率仍可控的基本情境下,有望延續2024年好表現。
瀚亞全球非投資等級債券基金(本基金配息來源可能為本金)經理人周曉蘭表示,非投資等級債發行企業信用穩定,市場預估2025年非投資等級債違約率僅略增至3%,且多集中在小型企業;非投資等級債投資風險緩衝高,淨收益率更優於其他債種,全球總報酬值得期待
周曉蘭說,由於市場仍充斥著諸多不確定性,瀚亞全球非投資等級債券基金(本基金配息來源可能為本金)佈局接近中性且保持彈性,持債以美國為大宗,歐洲地區則聚焦在英國、法國及德國,考量歐美相對經濟體質與貨幣政策方向,未來將逐步增加美國地區的非投資等級債,並專注於防禦性交易,掌握高品質標的,以BB級、主順位、擔保債為主,並降低CCC級的持債比例。
瀚亞全球非投資等級債券基金(本基金配息來源可能為本金)透過全球多元收益布局,以美歐英等成熟國家非投資等級債為主,搭配投資等級債與新興債,超過250檔以上的債券,使信用風險可達分散效果。該檔基金提供多種幣別與級別,包括:新台幣、美元、澳幣、 人民幣,前後收與法人級別,提供投資人多元的選擇。
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