Kutheni le mali isisombululo ekukhangela ingxaki
Inzuzo enye yenani elikhulayo lemali yokuthengiswa kwebhanki (i-ETFs) kukuba kukho iiphothifoliyo ezibandakanya iimfuno ukuba abatyali-mali babengaze bazi ukuba banalo. Umgca: ezinye zezicwangciso zinokuba nzima kakhulu ukuyiqonda. Enye into enjalo eyaqala ngo-2013: ihlanganiswe i-ETF ephezulu.
I-ETFs ye-Hedged High Yield: I-Basics
Ezi zi-ETF zifuna ukubonelela nge-intanethi izivuno ezikhangayo ezibophelelweyo eziphezulu kodwa ngaphandle kweyomyinge wengozi yemingcipheko enomdla ehambelana nokutyalomali.
Iimali zifezekisa ngoku ngokuzalisekisa iipotfoliyo zabo eziphezulu kwiindawo eziphathekayo . Isikhundla esifutshane notyalo-mali oluphakanyiswayo xa ixabiso lokhuseleko liyancipha. Ekubeni iintengo zebhondi ziwela xa kuveliswa isivuno , isikhundla esifutshane kwiibhondi siya kuzuza kwiimeko zokukhula kwezivuno. Ngale ndlela, isikhundla esifutshane kwi-Nondyebo sinceda "inqwaba" ngokubhekiselele kwimeko yokunyuka kwamazinga.
Ngokomzekelo, i-FirstTrust ephezulu yokuThengisa ixesha elide / elifutshane ETF (i-HYLS) isebenzisa umlinganiselo (okt, ukuboleka imali) ukutshala imali engama-130% kwipotfoliyo yayo kwizibophelelo eziphezulu ezilindelekile ukuba ziphumelele, kwaye isebe malunga ne-30% mfutshane ukuma kwiiNondyebo ze-US kunye / okanye izibophelelo zenkampani . Esi sikhundla esifutshane senza "inkundla" kuyo yonke iphothifoliyo.
Le ndlela yenza ukuba imali ihlukanise iindawo ezimbini zomngcipheko kwizibophelelo eziphezulu ezivunayo : ingozi yemboleko kunye nomngcipheko wenzalo.
Umngcipheko wesikweletu ngumngcipheko wokungafezeki (kwaye utshintsho kwiimeko ezinokuchaphazela izinga lokungagqibekanga, njengokukhula koqoqosho okanye i-income income), kanti ingozi yemigangatho yenzalo kukuba olo tshintsho kwi-Treasury yields luya kuthintela ukusebenza. Ezi mali ziphelisa kakhulu umngcipheko wokugqibela, ukubonelela "ukucoceka" kwintengo yemboleko.
Oku kulungile kakuhle xa abatyali-zimali benesimo sengqondo esihle malunga neengozi zemboleko-ngokomzekelo, xa uqoqosho luqinile kwaye iinkampani ziqhuba kakuhle. Ngakolunye uhlangothi, indlela ejikeleziweyo yinto engalunganga, xa iimeko zemboleko zihlahloka. Kule meko, umngcipheko weentengo zemboleko uba ngumthwalo xa umngcipheko wezinga lomyinge wenza njengobungqina obuhle bokusebenza ngenxa yokuba uhlambulula ezinye zehla. Olu hlobo lungalahleka kubafakeli-mali abaninzi banikezelwa ukuba ngexesha le mali yaqaliswa - iimeko zeetyala ze-2013 zazincomeka kakhulu kwiminyaka emine edlulileyo.
Ziziphi izinto ezikhethiweyo kwi-ETFs kwi-Hedged High Yield Bond?
Abatyalomali banamathuba amahlanu okukhethwa kuwo:
- I-WisdomTree BofA I-Merrill Lynch ePhakamileyo yokuThengisa isiXhobo IsiXhosa Isixa-mali (HYZD) Ixabiso lentlawulo: 0.43%
- I-WisdomTree BofA I-Merrill Lynch ePhakamileyo yokuThengiswa kweBond Time Duration (HYND), 0.48%
- UkuPhakamisa okuPhezulu kokuQala ukuThengisa ixesha elide / elifutshane ETF (HYLS), 0.95%
- Abathengi bemarike-Uvimba-mali ophezulu we-Hedged Bond ETF (THHY), 0.80%
- I-ProShares ephezulu yokuThengisa iMali yokuThengisa iHTF (HYHG), i-0.50%
- I-iShares Intlawulo yeMali eHedged High Yield Bond ETF (HYGH), 0.55%
Iingenelelo kunye Nezilungelo ze-ETFs eziThengisiweyo eziPhakamileyo
Iinjongo eziphambili zeengxowa-mboleko eziphezulu ezivunyiweyo zikunokuthi zinciphise impembelelo yokukhupha izibophelelo, ukuvumela abatyali-mali ukuba bafumane izivuno ezikhangayo ngaphandle kokukhathazeka malunga nokuba amathuba okuveliswa kweNondyebo aya kuphakama.
Okona kuncinci, oku kufuneka kukunciphise ukungahambisani nokuqhathaniswa nesixokelelwano semveli esikhankanywe ngokugqithiseleyo, kwaye kwimeko efanelekileyo kakhulu, yikhokelela ekusebenzeni okuthobekileyo.
Ngexesha elifanayo, nangona kunjalo, le mali nayo inezinto ezinokungabikho nto ezingenakunakunakwa:
Umngcipheko ongezantsi-nzala-ntengo awuthetha ukuba "umngcipheko ophantsi" : Abatyalo-mali abanako ukucinga ukuba le mali ayinako ingozi kuba i-credit risk remainsyona nto ebalulekileyo yokusebenza kwabo. Uphuhliso olungathandekiyo kwezoqoqosho lwentlanga lunokubangela ukuba amaxabiso e-bond-high-yield bonds awele ngexesha elifanayo njengoko amaxabiso e-Nondyebo athola "phakathi kwendiza ekumgangatho ." Kule meko, zombini izabelo zeengxowa-mali ziza kuphazamiseka, kuba iifowuni ziboshwe kuphela ekukhuseleni izibophelelo.
Izibophelelo eziphezulu zezivuno zincinci, umngcipheko wezinga lomdla oza kuqala ngawo : Nangona izibophelelo eziphezulu zentengo zinomngcipheko wezinga lomdla, abanomdla ongezantsi kunomdla kunamacandelo amaninzi eemarike ezimanyeneyo.
Ngenxa yoko, abatyali-mali bafaka ingozi esele iphantsi kuneyo-bundity- bunding-grade bundity bond.
Iziphumo ziyahlukahluka kwiimarike ezithengayo eziphezulu kwixesha elifanelekileyo : Abatyalo-mali abafuna umgangatho ophezulu wokuvelisa isivuno abayi kuwufumana apha. Iimali zingahlawulela iintlawulo ezikufuphi kakhulu kwimarike yemveliso ebolekileyo kwimveliso yemihla ngemihla, kodwa ekuhambeni kwexesha ezi ntlukwano ezincinci ziya kwandisa - ezikhokelela ekubuyiseleni ezikude naziphi na abatyalo-mali abanokuzilindela.
Abazange bazibonakalise kwiimeko ezinzima : Kuhlala kubulumko ukunika ixesha elitsha ixesha lokuzibonakalisa ngokwabo, kwaye oko kuyinyani kwimeko enikezelweyo yokuba imali ayizange ifumane ixesha elide kunye nokudibanisa kakubi kokulahlekelwa ngexesha elifanayo isivuno esiphezulu eside kunye neepotfoliyo ezincinci. Kuze kubekho ubungqina bendlela loo mzekelo uza kudlala ngayo, abatyali-mali kufuneka banike le mali ngempumelelo.
Iindleko ziphezulu kwii-HYLS ne-THHY : Ezi mali ziphethe iirhafu ezininzi eziphezulu ze-0.95% kunye ne-0.80%, ngokulandelanayo. Ngokwahlukileyo, ii-ETF ezidumileyo ezingabonakaliyo, ii-iShares iBoxx $ High Yield Corporate Bond ETF (HYG) kunye ne-SPDR Barclays High Yield Bond ETF (JNK) zinamaxabiso e-0.50% kunye ne-0.40%, ngokulandelanayo. Ngokuhamba kwexesha, ezi ndleko zongeziweyo zingathabatha ingqalelo ebalulekileyo kuyo nayiphina inzuzo yokubuyisela i-HYLS kunye ne-THHY.
Inkqubo ibona ukuba izityalo ziza kuvela : Ifilosofi ephantsi kwezi mali kukuba i-Treasury isivuno iya kukhula ngokukhawuleza ngexesha. Nangona oku kunokwenzeka, akunjalo nesiqinisekiso - njengoko izifundo zaseJapan kwiminyaka eyi-20-25 edlulileyo zisifundisa. Gcina ukhumbule ukuba ezi mali zilahlekelwa ngongoma obalulekileyo wokuthengisa ukuba iimveliso, eqinisweni, zihlala zizinzileyo iminyaka emininzi.
Ngaphantsi
I-ETF ye-Hedged bond-high bond yields are definitely a way of interest, and they can truly prove their value if Treasury yields in the longest that many investors are foreseeing in the decade. Ngethuba elifanayo, kukho ubuninzi bezinto ezingabonakaliyo ezibonisa ukuba le mali ingasisombululo ekufuneni ingxaki. Qaphela ukuba ungabonakali ngokubaluleka kwendlela ehlanganisiweyo.
Ukuziphendulela : Ulwazi olukule ndawo lunikezelwa ngeenjongo zengxoxo kuphela, kwaye akufanele lithathwe njengengcebiso-mali. Ngaphandle kweemeko ngaba le nkcazelo ibonisa isincomo sokuthenga okanye ukuthengisa iziqinisekiso. Soloko ubonisana nomcebisi-mali kunye neengcali zerhafu ngaphambi kokuba utyale.