【新興市場債券】2021年2月基金評論

市場現況:

2月份延續了1月份的市場話題,政府債券市場遭遇了更為嚴重的拋售,殖利率曲線不斷陡升,而這是因為對全球經濟復甦預期的加快和預期通膨水準的上升(因此利率可能較預期早的提高)。

新興市場債券也無法避免價格下跌,基金的績效表現仍在當月呈現負報酬。基金受益於其在投資級債中低於基準指標的權重,特別是其在投資基債美元存續期間的部位低於基準。

與一月份相似,整體而言,表現最佳的是新興市場公司債,這得益於其較短的存續期間。儘管一些與商品市場聯繫更為緊密的貨幣(例如俄羅斯盧布和智利比索)表現良好,但新興市場貨幣的報酬在本月漲跌不一。

部位調整:

基金的定位並沒有重大變化,我們持續增加對當地貨幣債的曝險,並且現在已經高於基準指數3%。

在個別債券方面,我們增加了對伊拉克主權債的曝險,還購買了聖馬利諾的主權債,由於利差收斂至公允價值,我們不久便出售該部位。

在公司債券方面,我們減少了對中國債券(尤其是房地產開發商)的投資。在基本面問題上暫時沒有問題之後,我們增加了短期Eskom債券(一家南非電力公司)的曝險。在其他地方,我們將其在巴西金融業的曝險進行了調整;出售BTG並且購買Itau銀行。

 
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