【收益優化】2021年7月基金評論

市場現況:

這是一個正面的月份,也是金融市場下半年的開端。投資者情緒的驅動因素包括央行的鴿派言論和穩健的企業盈利。這超過了 Delta 變種病毒感染案例的增加以及中國監管打擊對當地股票市場的影響等壞消息。

在固定收益方面,公司債券的總報酬在本月結束時處於正值區間,尤其是英國信貸,其表現優於歐洲和美國信貸。高收益債券在本月也錄得正的總報酬,美國高收益債券和泛歐市場也錄得類似收益。

在核心政府債券中,美國國債、英國國債和德國國債在 7 月份的總報酬均達到正值,但年初至今仍落後。英國公債是本月該資產類別中表現最佳的債券,這得益於英國央行的鴿派言論。

本月基金表現大致持平,主要是由於其減持長存續期的部位。儘管這一部未在今年大部分時間(尤其是第一季度)的表現有所幫助,但隨著政府債券收益率的下降,它已經開始有所下降。公司債券曝顯,這是我們最具堅定看法,是表現相對正面的一個小績效貢獻者。

部位調整:

我們繼續出售長期美元公司債,主要看好債券期限為 5 至 10 年的歐洲債券。在這方面,我們仍然看好優質公司債券,儘管其估值相對於今年的核心政府債券有所收窄。

談到我們對投資組合內利率風險(存續期間)的看法,我們認為更高的經濟成長和未來更高的通膨將對政府債券施加進一步的壓力。因此,我們將投資組合的存續期間從 2.6 年削減至 2.3 年。

在股票方面,沒有重大變化,因為我們繼續支持可以從2021-22經濟全面重新開放中受益的循環性股票。

我們對政府債券曝險進行了小幅調整,主要是在新興市場和歐洲外圍國家。這包括減少墨西哥和巴哈馬的持股,增加智利的債券,以及加碼羅馬尼亞債券。我們還加碼了日本通膨掛勾債券的部位,因為它們被認為是便宜的。

最後來到高收益的部分,就交易活動而言,這是一個平靜的月份,資產類別對基金來說繼續處於低配狀態(約15-16% 的曝險,而中性權重為33.3%)。

 
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