Iimali ezilawulwe ngokungapheliyo
Iimali ezilawulwa ngokungapheliyo-ezibizwa ngokuba yi- index index- ityala imali kwipotifoliyo yezibhonkco ezenzelwe ukufanisa ukusebenza kwesahlulo esithile, njenge-Barclays US Aggregate Bond Index. Iimali zekhompyutheni zigcina nje zibambe iziqinisekiso ezisekhompyutheni, okanye, kwiimeko ezininzi, isampuli esimeleyo yebhanki.
Xa ukubunjwa kwenguqu yenguqu, utshintsho lwaloo mali. Kule meko, abaphathi beemali abafuni ukuvelisa imbuyekezo enkulu kunomlinganiselo - injongo ijongana nokusebenza kwayo.
Iingxowa-mali eziLawulayo
Imali elawulwa ngokufanelekileyo yilabo abaneemenenja zeepotfoliyo ezizama ukukhetha izibophezelo eziya kuphazamisa i-index phezu kwexesha kwaye ziphephe abo bazibona banokuthi bangaphantsi. Ngokubanzi, injongo yabo kukufumana izibophelelo ezingabalulekanga okanye ukubeka iphothifoliyo malunga neenguqu ezithatyathwayo kwiirhafu. Abaphathi abasebenzayo bangakwazi ukulungelelanisa ukukhula komlinganiselo wabo weemali, ubude , ubungakanani bemali yesilinganiso, okanye ukubeka phakathi kwamacandelo amaninzi emarike.
Ulwahlulo oluphambili phakathi kweendlela ezimbini zokuLawula
- Imirhumo : Njengoko iimali ezilawulwa ngokunyanisekileyo zithatha iindleko zorhwebo ezininzi kunye neemfuno zokunikezela izixhobo ezinzulu zophando kunye nokuphathwa kweephotothifoliyo kuneengxowa-mali ezilawulwa ngokungapheliyo, zivame ukuhlawula imali ephezulu. Ngamanye amaxesha oku kuxabisekileyo, kodwa ke bambalwa kakhulu imali elawulwa ngokunyanisekileyo inokugcina ukungafihleki ngokumalunga nama-indices ngaphezu kwexesha elide. Ngokuhamba kwexesha, iindleko eziphezulu zabaphathi abaqhubayo badla ukutya kwiimbuyekezo - ngokukodwa kwimeko yangoku yezinga elincinci lenzalo.
- Ingeniso kunye neerhafu : Njengoko iimali ezilawulwa ngokunyanisekileyo zihamba ngokutshintsha ii-portfoliyo zabo ngokuphendula kwimimiselo yeemarike, zineengeniso eziphezulu kakhulu kunokuba zichaze imali, ezitshintshayo kuphela xa i-index index ishintshana. Oku kunokubangela ukuba kubekho umrhumo ophezulu weerhafu ekupheleni konyaka, okunciphisa ukubuyiswa kwentela emva kwentela.
- Ukuhlukahluka komsebenzi : Esinye sezizathu ezibalulekileyo kubatyali abaza kukhetha isikhwama esilawulwayo ngumbono kukuba i-fund iya kukwazi ukubetha iimarike ngokuhamba kwexesha. Oku kungenzeka ngokwenene, kodwa endleleni, nokuba neyona mali ingcono kakhulu inokuphelisa iminyaka. Nangona imali elawulwa ngokukhawuleza ivelisa imbuyekezo ehambelana nemarike, ukulawulwa ngokuzimeleyo kunokufumana ithuba elibanzi lokuguqula ngonyaka malunga neengxelo zokubuya. Kwaye xa i-fund ingaphantsi, abatyali-mali bafaka ingozi yokuba baya kuchaneka ekukhethweni kwabo kokuqala (umzekelo, ukutyalomali kwiimbophelelo eziphezulu zokuvelisa ), kodwa abayi kuzuza inzuzo epheleleyo yesigqibo sabo.
- Iziphumo zentsebenzo : Lo ngumbakala obaluleke kakhulu phakathi kolawulo olusebenzayo kunye noluncedo. Nangona kuya kuhlala kusekho inani elihle lezimali ezilawulwa ngokunyanisekileyo kulo nyaka naliphi na unyaka, imali engaphezulu kwexesha leemali ihlala iphezulu. Isizathu esinye salokhu yimirhumo - ikhefu phakathi kweentlobo ezimbini zeemali zikhulu ngokwaneleyo ukuba umehluko uhlanganiswe ngaphezu kwexesha. Kwakhona, iimarike zisebenza kakuhle-oko kukuthi, kuhlalutywe ngolo manani kakhulu lwabatyalomali-ukuba kunzima kakhulu ukuba umphathi anikezele ngokungahambi kakuhle kwithuba elide.
Amanani anokuthwala oku.
Umphathi wotyalo-mali uRobert W. Baird & Co ushicilele iphepha ngoJuni 2012 apho lihlalutye iziphumo zabaphathi abasebenza kwiminyaka eyi-15 edluleyo. I-16% kuphela yeemali eziphezulu ezithengiweyo ezigqithiseleyo kwixesha elizeleyo, ngoxa i-18% kunye ne-37% yabathengi-bhondi bentengo-mali kunye nabaphathi abahlawulwe irhafu batshitshisa amanqaku abo, ngokulandelanayo.
Kuzo zonke iimeko, abatyali-mali babeya kuba bhetele kwiimali zenkcazo. Ngokwahlukileyo, umcebisi-mali u-DiMeo Schneider & Associates ubalwe ukuba ekupheleni konyaka ka-2011, isikhwama semali esisisigxina se- intermediate-term sasike sagqithise umlinganiselo wee-0.3, ngengxowa yeepesenti eziyi-1.6.
Ukuthabatha inxaxheba: kwiingcamango, ulawulo olusebenzayo kufuneka lenze abaphathi bakwazi ukufaka ixabiso ngokukhetha ukhuseleko, ukuphepha ukulahlekelwa, okanye ukulindela ukutshintshwa kwamanani kwiibhonkco abazenzayo kwiiphothifoliyo zabo.
Enyanisweni, nangona kunjalo, amanani ayibonakali ukuba yinyaniso.
Ngaphantsi
Iingxowa-mali ezilawulwa ngokungapheliyo zithinteka, njengoko zichazwe kwikhonkco zeengxowa-mali ezichazwe ngasentla, kwaye abanye abaphathi - njenge-Bill Gross, i-DoubleLine kaJeffrey Gundlach kunye noDaniel Fuss eLoomis Sayles, ukuba bathi abathathu . Nangona kunjalo, ukukhetha ukuba yiyiphi imenenja eya kuphuma kwiminyaka emihlanu ukuya kweyishumi ibe nzima kunzima. Gcina oku engqondweni njengoko ukhetha imali kwipotfolio yakho.