創新收益型基金 為何受台灣投資人青睞?

受到低利環境和人口結構轉變等影響,全球對收益型產品的需求仍然殷切。鑑於這些趨勢將持續,能夠提供創新方案,以滿足投資者需要的資產管理業者也將獲益良多。

台灣是一個值得參考的例子。近年來,收益相關投資主題備受歡迎,尤其機構投資者對固定收益產品的需求強勁。從人口狀況來看,我們不難理解為何投資人側重於追求收益。預料到2026年,台灣將成為一個超老齡化社會(hyper-aged society);根據世界衛生組織定義,當65歲以上人口占總人口比例超過20%時,即屬超老齡化社會(見圖1)。

圖1:人口老齡化的時間趨勢人口老齡化的時間趨勢

不管社會退休保險及退休金制度是否完備,市場風向仍朝向尋求收益的趨勢發展,以支應台灣超老齡化社會的未來財務需求。大眾對於退休儲蓄不足的憂慮日漸加劇,促使不少台灣投資人自行設法累積個人儲蓄金,而共同基金通常是首選,當中又以債券基金,吸引最多資金流入(見圖2)。

圖2:各資產管理規模(10億新台幣)及市占率(%)

各資產管理規模(10億新台幣)及市占率(%)

產品種類繁多,引起監管當局注意

台灣投資人可以選擇各類多元固定收益產品,包括傳統債券基金、目標日期基金(TDF)、目標到期債券基金(FMP)及債券ETF。

目標日期基金為何受到市場青睞?原因在於:不僅能夠定期配息,收益率更相對目前低利率環境更具吸引力,2016年後漸趨普及。此外,投資人可透過目標到期債券配置,藉此降低整體投資組合的相對風險水平。

與此同時,台灣自2018年起收緊規定,限制寶島債券(Formosa Bond)發行市場,取而代之由債券ETF崛起,廣受投資人歡迎;此外,台灣保險公司的需求亦帶動債券ETF市場增長。在新的會計準則規定下,保險公司不能直接投資於投資級債券,被迫轉入投資組合買入ETF和境內基金。

然而,大量資金流入目標到期產品和債券ETF,自然也導致金融監管機構收緊對這類產品的管制,避免大量資金從過度集中的市場流出,甚至形成風險。2019年金管會就接連發出禁令,限制基金公司推出連續發行債券ETF或目標到期債基金。

致力創新投資方案,瀚亞脫穎而出

資產管理業者想要脫穎而出,產品必須同時滿足投資人及監管機構要求,可透過結合存在已久的投資策略,或建立創新方案。為此,瀚亞(台灣)努力打造出一個兼具現有目標日期,以及目標到期債投資的全新策略。

傳統來說,大部份目標日期基金可歸類於組合型基金,以債券基金當作投資組合的主要部位,而債券基金通常受到指數所驅動,並設有固定存續期。如果在兩至三年內到期的目標日期基金納入一檔存續期為八年的債券基金,會帶來存續期風險過高的問題。因此,新目標日期基金策略會把固定期限特性加入基金,以配合存續期風險。

新增這項特性後,新TDF基金顯然有別於傳統目標日期基金、目標到期債產品及多元資產策略(見圖3)。新目標日期基金提供更廣泛和較穩健的方案,為投資人帶來長期、可持續及穩定的收益,甚至可取回本金和利息。

圖3:產品特性與差異產品特性與差異

台灣資產管理,具備龐大發展潛力

台灣財富管理市場存在著可觀的潛在增長空間,人均生產總值一直穩步上升,過去十年增長達36%;國際貨幣基金組織IMF預測,台灣2020年人均生產總值將平均達到26,910美元;另值得一提的是,台灣的儲蓄率甚高。

根據Market Research.com的數據,2018年高資產淨值(HNW)及富裕人口僅占其成年人口的四分之一,但這些人口擁有台灣逾80%境內資產。此外,台灣高資產人士通常將大部份資產投資於股票、共同基金和債券等,預期共同基金市場的管理資產規模將於2022年達到8兆新台幣,甚至在五年內達到10兆新台幣。

此外,大部份台灣投資人選擇把資金投資於海外市場,並且進行積極管理,而不是將資金保留在當地市場。總而言之,對靈活和創新的資產管理業者來說,台灣是極具優勢的市場之一。

Sources:
1 Population Projections for (Taiwan): 2016–2061 published by the National Development Council. World Health Organisation defines an aging society as one where more than 7% of the population is aged 65 years or above and an aged society as one in which this age group accounts for more than 14% of the total population.
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