摘要
美國聯準會 7 月 26 日宣布升息一碼， 9 月是否升息仍待觀察，靜待時機完美收手升息循環，對於經濟數據仍不敢掉以輕心。隨著通膨增速持續回落，升息循環確實已經接近最終章，瀚亞尤其看好投資等級債表現，推薦優選瀚亞投資-優質公司債基金(本基金配息來源可能為本金)，透過團隊優質選債，並提供多元幣別及收息選擇。
暫停升息後，兩張圖看懂投資級債當前優勢
即將迎接「升息尾端」到下次「升息前」這段期間，預料市場利率將處於高原期，從歷史表現來看，投資等級債目前正具備「價格美、債息優、時間點恰好」等優勢。
指數平均報酬佳
借鏡歷史經驗，根據 Bloomberg 統計自 1995 年以來美國五次升息循環，最後一次升息後的各債種表現，投資級債券是平均表現最好的債種，以 ICE BofA US Corporate Index 為例，升息後 1~3 年平均報酬達 13~28%。
圖：美國停止升息後主要債券平均報酬
資料來源：Bloomberg, 1993/4/30 – 2023/6/15。美國投資級債指數為 ICE BofA US Corporate Index，美國公債指數為 ICE BofA US Treasury Index，美國非投資級債指數為 ICE BofA US High Yield Index。過去 30 年共五次美國停止升息：1995/2/1、1997/3/25、2000/5/16、2006/6/29、2018/12/19。
停止升息後趨勢上升
當停止升息後，直到下一次升息啟動的前三個月，投資級債指數行情平均可持續長達 4 年，且平均漲幅達 37%，且五次都是呈現上漲趨勢。此外，聯準會暫停升息，直到啟動降息前，投資等級債殖利率都有機會在高利率環境下維持高檔，加上目前投資級債券指數百元報價仍處於 20 年低位，顯示目前投資價值極高。
表：停止升息後至下次升息前三個月期間表現
資料來源：Bloomberg，1995/2/1 - 2023/6/15。註：投資人無法直接投資指數，且指數回報 不代表任何本基金之績效表現。
挑投資級鑽 選瀚亞好債
把握當前極佳進場時機！建議優選瀚亞投資-優質公司債券基金（本基金配息來源可能為本金）。本基金聚焦在 A 級信用評等美國公司債，前 10 大發行人皆為美國知名大企業或成熟市場政府債，例如美國銀行、美國公債等（註：投資人申購本基金係持有基金受益憑證，而非本文提及之投資資產或標的）。
基金亦提供美元、澳幣、紐幣及南非幣避險等累積、月配、穩定月配選擇；另提供管理費後收級別，多元幣別申購免操心。
熱賣級別歷史配息一次看
有穩定配息需求的投資人，建議挑選穩定月配級別，對於手上持有美元者，分別提供美元穩定月配、美元後收穩定月配等兩種選擇，配息記錄參考如下。
表：以 Admc1 級別（美元穩定月配）/ T3dmc1（美元後收穩定月配）配息紀錄為例
資料來源：瀚亞投資，2023/05。註：就申購手續費屬後收型之瀚亞投資系列基金T3級別，手續費雖可遞延收取，惟每年仍需支付1％的分銷費，可能造成實際負擔費用增加。分銷費用反映於每日基金淨資產價值，為每年基金淨資產價值之1%(約每日0.00274%)。在原始申購日屆滿三年之次一營業日，T3級別自動免費轉換為相應的A級別。投資人申購手續費屬後收型之T3級別前，應向銷售機構確實瞭解前收與後收級別之費用差異。
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