别再关注60/40投资组合了，或许50/30/20配置更具吸引力

金融界11-02

随着投资者寻求通过投资替代资产来对冲股市和债市的风险，50/30/20的投资组合配置正逐渐受到关注。传统的平衡投资组合通常是60%股票和40%固定收益。据Wealth Enhancement Group的高级投资组合经理Ayako Yoshioka介绍，那些选择在投资组合中引入替代资产的投资者一般不会将超过5%的持仓分配给该类别。与股票、债券和现金等传统金融资产相比，包含私募股权和风险投资的策略...

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ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC"},"translate_title":"Stop focusing on the 60/40 portfolio, maybe the 50/30/20 allocation is more attractive","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ARES":1,"PSP":1,"KKR":1,"CG":1,"APO":1,"BK":1,"FDN":0.64},"content_text":"随着投资者寻求通过投资替代资产来对冲股市和债市的风险，50/30/20的投资组合配置正逐渐受到关注。传统的平衡投资组合通常是60%股票和40%固定收益。据Wealth Enhancement Group的高级投资组合经理Ayako Yoshioka介绍，那些选择在投资组合中引入替代资产的投资者一般不会将超过5%的持仓分配给该类别。与股票、债券和现金等传统金融资产相比，包含私募股权和风险投资的策略进入门槛较高且风险较大。不过，据美国银行称，投资者对这一资产类别的兴趣日益增加。最近一项独立财务顾问调查发现，近四分之三的受访者预计将增加对替代资产的配置。目前，大约一半的受访者将1%到10%的受托资产配置给替代资产，而16%的受访者没有任何配置。兴趣激增并非偶然。那些对高昂的股市长期前景以及逐步上涨的债券收益率感到担忧的投资者，正在寻找与这两种市场无关的资产。“股市估值偏高，债市利率波动不断，而且你不再从债券中获得之前的总回报了，”Yoshioka说道。“因此，不如分配一部分资产，因为相比60/40，也许50/30/20更合适，”她补充说，即50%股票，30%债券，剩下20%替代资产。投资替代资产的理由投资替代资产有两个主要理由。对于股票市场，投资者担心进入牛市第三年的市场不太可能继续提供20%以上的年回报，并认为市场的上涨主要依赖于“七大巨头”，这种情况可能不会持续太久。实际上，市场高度集中且估值偏高的现状促使高盛发布了悲观的长期预测。该公司分析师David Kostin预计，未来10年标普500的年化名义总回报率仅为3%。在债券方面，投资者担心近期债市的波动——例如本周基准美国10年期国债收益率一度超过4.3%——反映了对政府财政状况不稳的担忧。投资者担心，两位美国总统候选人提议的大规模联邦支出政策将导致利率飙升。“消费者的杠杆率不高，企业的杠杆率也不高。所以大家都在关注美国的债务问题，”Yoshioka说。“是不是目前美国才是杠杆率过高的那个？”10月早些时候，亿万富翁对冲基金经理Paul Tudor Jones表示，他将完全避免固定收益资产，转而配置黄金、比特币和大宗商品。尽管如此，其他投资者仍对股票的前景持乐观态度，认为股票作为增长资产类别在未来三到五年内仍有良好表现的潜力，尽管短期内可能存在一定的波动风险。“如果你只是非常笼统地考虑，50%的股票配置可能有点偏低，但如果你想要获得大多数投资者所期待的那种增长，不论其风险类别如何，”Siebert投资总监Mark Malek表示。尽管如此，投资者表示，替代资产可以帮助对冲股票和债券的潜在风险。“这不是关于标普500是否会继续保持领先地位的问题。我认为问题在于，如果它不再领先，你有什么保险政策？”Yoshioka说道。“你需要有某种多元化的元素，以防领导地位转移，持有一些比特币、黄金、国际小盘股或其他替代资产的敞口，可以为多元化提供支持，以备主导地位确实发生变化。”赢家据美国银行称，随着面向金融顾问的产品和教育增加，越来越多的投资者将“显著增加”对替代投资的配置。由State Street和Apollo Global Management推出的一只投资于公私募信贷的ETF，若能通过监管审查，将有望打开私人市场的通道。预计将在替代投资兴趣提升中受益的公司包括Blackstone（BK），美国银行称其在该领域拥有“较大的先发优势”；而Apollo Global Management（APO）、Ares Management（ARES）、KKR & Co.（KKR）和 Carlyle Group（CG）也可能受益。一只投资于私募股权资产管理公司的ETF是Invesco Global Listed Private Equity ETF (PSP)。\n\n\r\n            责任编辑：小讯","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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