You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大摩:投資者應避免持有對實際利率上升敏感的資產類別
阿思達克 01-28 15:23
摩根士丹利投資管理環球多元資產高級投資組合經理兼環球平衡風險控管團隊主管Andrew Harmstone指,美國國債的需求一直增長,特別是來自美國養老基金的需求。由於這些基金的資金日漸充裕,投資組合的持倉已不需要太多股票,因此正加大固定收益資產的持倉比例。此外,海外投資者對美國國債的需求亦相當強勁,因爲其他市場如亞洲的利率上升前景低於美國。 他指,自2021年底,投資者承擔風險的意願已出現變化。上月的市場環境已強調股票存在波動性,而投資者的風險承受能力亦正在改變。隨着Omicron變種病毒出現,供應鏈受阻的時間或會比預期更長。雖然航運成本已經開始回落,反映供應鏈有所改善,但消費者價格指數往往滯後,意味對通脹相關數據的影響或更遲浮現。在這種情況下,央行不得不爲了在未來一段時間內仍然可見的通脹壓力而推行緊縮措施。其後,央行對通脹數據作出反應亦有機會帶來實際利率上升的風險。 他認爲,目前投資者在上述問題解決前都必須謹慎而行,可在市場疲弱時尋找機會,建立新的投資倉位。在利率向上的環境下,降低投資組合的長債持倉是較爲可取的策略。整體來說,投資者應避免持有對實際利率上升敏感的資產類別,併發掘可從中受惠的資產。監於投資者風險承受程度出現變化,估值顯然已變得更爲重要。 另外,摩根士丹利投資管理投資組合經理兼環球平衡風險控管團隊戰術性配置主管張煒迪表示,在新興市場中,認爲亞洲在2022年的表現會更好。其中一個原因是該地區持續放寬與疫情相關的限制措施,經濟逐步回覆正常和復甦。與拉丁美洲及歐非中東地區相比,亞洲市場接種疫苗的人口比例較高。此外,亞洲區內的政府均有能力在需要時實施政策支持增長,因此具備良好的經濟增長條件。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account