摘要
瀚亞投資首席經濟學家Ray Farris表示，美國經濟成長已明顯放緩，2026年可能走低至1.6%，隨著聯準會重新啟動降息，並帶動歐美與亞洲的貨幣政策再度同步寬鬆，同時，美元因實質利率優勢減弱，有利非美市場的表現。
瀚亞投資投資長Vis Nayar更看好亞洲提供更高的盈餘成長潛力，價格卻更具吸引力，因多數亞洲國家具備較大的財政與貨幣政策操作空間，能夠因應全球不確定性，創造差異化投資機會。
亞洲股市兼顧股息與資本利得機會
整體來看，由於政策偏向推動美元貶值，加上亞洲通膨率回落，均為降息政策帶來空間，且亞洲預期獲利成長將超越美國，當前評價仍遠低於美國，創造投資亞洲市場的絕佳時點。
而亞洲企業日益重視股東回報，例如韓國以「價值提升計畫」提供政策誘因激勵企業改善治理，價值釋放可望為未來股市上揚提供動力；中國企業股息發放優渥，近年來則持續加碼的股票回購，股東獲取的報酬持續向上。
根據瀚亞投資統計澳洲、日本、亞太不含日本等股市總報酬率來源，過去20年以來(資料來源：MSCI, 統計自2004/4-2025/3)，其股息收益佔總報酬比重分別高達67.8%、46.5%、44.9%，其餘才是資本利得占總報酬比重，意即亞洲市場相對提供高股息標的選擇。此外，亞洲也是擁有較多股利率企業的市場，公司數量遠超於美國。
資料來源: FactSet, I/B/E/S, MSCI, Worldscope, Goldman Sachs Strategy Research as at 31 March 2025。本文提及之經濟走勢預測不必然代表本基金之績效，本基金投資風險請詳閱基金公開說明書。
看好亞股股息股 聚焦總回報機會
瀚亞投資-亞洲股票收益基金(本基金配息來源可能為本金)，是一檔掌握亞洲總回報機會為主的基金，透過專業團隊主動找尋亞洲多元收益來源，聚焦在成長、現金流、股息殖利率及股息可持續性，採取「總報酬」投資方式，兼顧股息與股價上漲機會。本基金也提供前收配息(美元、澳幣、紐幣、南非幣)及新增後收配息(美元)的多元級別選擇。
基金具備三大特色：
1. 掌握股息生命週期多元機會：追求企業生命不同週期的股息機會，例如：高股利率、高獲利能見度及自由現金流的「股息穩定型」公司、股息發放有望回升或恢復的「股息復甦型」公司、企業股東回報政策穩定且將獲利增長轉化為股息增長的「股息成長型」公司。
2. 機動調整亞洲各國大／中／小型股曝險：透過靈活調整資產配置、地區與投資標的，讓投資組合能快速因應市場變化。
3. 選股兼顧質化與量化，全亞洲精選40~60檔股票：從市值超過5億美元、4800檔股票中，找出亞洲當地最好的A級企業。
基金配息率不代表基金報酬率，且過去配息率不代表未來配息率；基金淨值可能因市場因素而上下波動。基金配息組成項目揭露於本公司網站。申購收取遞延手續費之T類型受益權單位者，其手續費之收取將於買回時支付，且該費用將依持有期間而有所不同，其餘費用之計收與前收手續費類型之受益權單位完全相同，亦不加計分銷費用。T類型受益權單位另設有買回及轉換(轉申購)限制，請詳閱公開說明書。本基金配息前未先扣除應負擔之相關費用。
本文提及之經濟走勢預測不必然代表本基金之績效，本基金投資風險請詳閱基金公開說明書。
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