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  • 《基金解析》:由下而上寻找高质素债券的一只基金(华语视频)


瀚亚投资(新加坡)有限公司(Eastspring Investment)基金分销资深经理朱永华分析瀚亚投资亚洲高收益债券基金(Eastspring Investments – Asian High Yield Bond Fund)的投资理念与策略。

- 总体而言,新加坡投资团队将以亚洲和债券市场的走势,市场估值以及基本面因素为主要考量,并结合由上而下与自下而上的投资取向。
- 由上而下的投资取向包括研究整个亚洲市场的供需求,并关注债券发行人的质素,再结合由下而上的投资取向。
- 投资团队将与公司管理层会面,以确认公司的财务状况,并分析违约风险较高的发行人。
- 团队相信,投资创造价值的关键是在于从由下而上的投资过程中找出高质素的发行人,以及一部分具较高风险的发行人,从而进行较高的投资。

- 截至2012年6月30日,基金持有由93家企业、政府和半政府机构所发行的114只债券。

- 根据投资限制,非单一政府发行债券的比重不能超过10%,但实际上基金所持有的非单一政府发行债券比重不会超过5%。

- 尽管热煤的价格转弱,但基金依然看好印尼的能源、煤矿业。
- 印尼的煤矿业者和欧美有着显著不同,前者的平均成本介于每吨35至45美元,但后者的平均成本则介于70至75美元之间。

- 基于长期缺乏业绩的记录,以及企业管理方面的问题,基金对中国工业保持谨慎的态度

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Broadcast Date 24 August 2012
Video Duration 00:04:03
Programme 《基金解析》:由下而上寻找高质素债券的一只基金(华语视频)
63 Ratings Views: 3347 Language: Chinese Comment (0)
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Eastspring Inv Asian HY Bd SGD ASDM (H)

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