【BAG投資術】平衡型基金股債出擊 好球入袋

2022年金融市場面臨通膨和升息兩大考題,俄烏衝突也尚未落幕,油價及原物料飆升,恐慌情緒使得全球風險性資產近期劇烈修正。M&G投資表示,俄烏衝突談判尚未取得共識前,須提防其他變數,建議投資人透過股債平衡型基金,採取BAG策略危機入市,保持投資組合多元化,降低單一資產風險。

近年來平衡型基金受到國人青睞,基金規模與淨申購顯著成長,瀚亞投資認為,平衡型基金提供如債券型基金的息收目標,波動度又低於股票型基金,相當適合當前市場環境,以及投資人期待報酬收益與債息能同時兼顧的需求。

面對戰爭、通膨與升息等複雜變數,M&G投資建議採取「BAG」策略因應:「Buy the dip 逢低買進」、「Adjust 靈活調整」、「Global Balance 全球平衡」。M&G入息基金(本基金配息來源可能為本金)由歐洲專業經理團隊操盤,透過BAG投資策略以及槓鈴式配置,靈活調整投資組合,把握危機時的進場機會。

M&G多重資產投資總監Michael Dyer指出,因應2022年升息、地緣政治等眾多不確定因素,基金操作策略採取「槓鈴式」配置,納入美國長天期公債及今年相對穩健的新興市場債,另布局銀行股,例如評價水準較低的歐洲Dax指數或歐洲銀行股。

Michael Dyer指出,未來除了俄烏衝突外,利率走勢可能會持續成為資產評價的影響因素,而近期地緣政治風險和制裁對基本面的影響,將是重要的風險及報酬影響因素。

為機動因應市場變化,M&G入息基金(本基金配息來源可能為本金)投資組合以金融股和美國公債作為兩大核心主軸,以過去經驗來看,當長天期公債殖利率上升,銀行股表現將優於科技股,尤其在升息環境下,金融族群享有利差優勢,是股票部位投資首選。另一方面,基金也伺機配置長天期美國公債部位,多項優勢包括較不受短期利率干擾、長天期殖利率高於投資等級債,提供下檔保護,同時分散單一資產下跌風險。

圖、歷史經驗看利率與銀行股走勢變化

1-M&G_INCA_202203資料來源:M&G,2021

 
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