貝萊德:資產配置應轉向公共股票和債券 以應付高利率環境
貝萊德投資研究所策略師建議,目前應轉向選擇公共和私人投資以及戰術性持有債券,以度過高利率環境。打破傳統資產配置框架,從廣泛配置轉向公共股票和債券,並指過去舊假設未能反映目前所處的新形勢,意即主要央行正在將利率提高至經濟陷入衰退的水平,以試圖壓低通脹。
策略師表示,投資者著眼於具體的股票板塊,例如能源或醫療健保,選擇現金流強勁、具有韌性的供應鏈,從而可以承受經濟衰退的公司。
報告又指,投資者應該考慮固定收益配置,因為固定收益的回報與股票表現關係越來越密切,不能再像以往那樣發揮投資組合「壓艙石」的作用。由於殖利率具有吸引力,而且高於目標的價格壓力可能會持續,因此青睞戰術性配置通膨掛鉤債券和短期債券。
策略師預計,隨著聯儲會尋求遏制黏性通膨,利率會保持高位,並不認為聯儲局會通過降息或重返歷史低利率環境來救市。(ca/k)
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