這時間表載列過去數週出現的一些市場事件,以及亞洲固定收益團隊如何駕馭市場波動。團隊亦探討在這個前所未有的時期,部份值得關注的利好因素。(只備英文版本)

In the next 4 to 6 weeks, the team is not in a position to predict at what stage the spread of Cov-19 will be, but we do see cause for more stability in financial markets. There will be more bad news to come, especially via economic data. Yet, we must look through this and look for opportunities. China is a dominant part of the Asian financial markets and the policy measures put in place are showing early signs of their effect and may give us insight as to the next direction for credit spreads. Our fundamental approach to credit research is our strength over the long term. In times like now, valuations are distorted due to market disruption and for the near term may be less of a driver. Focusing on fundamental research to find the most resilient companies to invest in over the longer term, is the most prudent approach at this time. It is imperative to be cautious as we analyse the opportunities and any decision to add risk to the portfolios will be taken carefully. However, we like to leave investors with three positive potential outcomes as we navigate these extraordinary markets.

  1. Potential returns for the year could be higher than initially anticipated at the start of the year, and may be more in line with last year’s Fixed Income returns, as yields in the portfolios increase.  That said, at this juncture fixed income returns are severely challenged given the moves noted above. 
  2. Macro outlook could turn positive over the medium term as Central Banks and Governments commit to do anything it takes to keep their economies afloat. China particularly has been proactive yet cautious to date, and has room for further economic aid given their fiscal position and that their Central Bank rates are not at zero.
  3. Banks are significantly better capitalised and in better position than in 2008 to support the broader economy. That is not to say they would not feel stress - with capital buffers, they have better flexibility to maneuver through this difficult period.

重要資訊

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首域投資(香港)有限公司及首域投資(新加坡) 是First Sentier Investors投資管理業務的一部分,該公司最終由全球金融集團三菱日聯金融集團 (“MUFG”) 擁有。First Sentier Investors(包括不同司法管轄區內的多間公司)在澳洲營運並以首域在其他地方營運。

MUFG及其附屬公司對本文件包含的任何聲明或信息概不負責。MUFG及其任何附屬公司均不保證本文中提及的任何投資或公司的業績或履行償還資本。本文中提及的任何投資並不是對MUFG或其附屬公司的存款或其他負債,而投資存在投資風險,包括收入和資本損失。