數十億美元因安全操作失敗而損失 - 彭博社
Emily Graffeo
照片:蓋蒂
去年,在經歷了一輪熊市之後,投資者決定將超過6000億美元投入以股息為中心的交易所交易基金(ETF)。
十一個月後,這項業務失敗了。
與在動盪的季節提供庇護相反,最大的股息ETF被市場對科技的狂熱所超越,科技股的代表性公司股價上漲了15%甚至更多。排名最低的是iShares Select Dividend(代號DVY)這隻180億美元的ETF,在公用事業和金融股的押注消失後,其總回報率下跌了5.4%。
這是關於市場定時危險性的最新教訓,這是一種策略,即通過購買或出售資產來嘗試預測價格的變動。投資者希望暴露於具有盈利歷史的公司,以防範美聯儲40年來最激烈的緊縮週期。但他們發現,當收益率飆升時,這些表現不佳的公司特別脆弱。
受害者名單包括200億美元的SPDR S&P Dividend ETF,其總回報率下跌了3%(SDY),以及Schwab US Dividend ETF(SCHD),其下跌了2.4%,以及Vanguard的高股息收益ETF(VYM),今年基本持平。大多數獲利的基金都是規模較小的,比如Invesco Dividend Achievers ETF(PFM),上漲了6.6%,ProShares S&P 500 Dividend Aristocrats ETF(NOBL),上漲了2.3%,以及Vanguard Dividend Appreciation ETF(VIG),上漲了9.6%,專注於中大型股。
Nick Kalivas, from Invesco, said that the weak performance of PFM is related to its underweighting in the so-called Magnificent Seven and its overweighting in lower “growth” technology names like Oracle Corp., Cisco Systems Inc., and IBM Corp.. ProShares claims that NOBL companies achieved “fundamental performance,” achieving an average earnings growth even as overall S&P 500 earnings declined this year. State Street’s Matt Bartolini pointed out that dividend strategies have a “value bias,” and 2023 was a “growth market.”
Vanguard and BlackRock declined to comment.
“With a small handful of growth-oriented stocks dominating market performance, 2023 was a challenging environment for dividend-paying value instruments, especially with compelling arguments for fixed income in a higher rate environment,” said D.J. Tierney, senior investment portfolio strategist at Schwab Asset Management, home to SCHD.
By and large, the cash wave into dividend strategies pushed investors toward value instruments and away from mega-cap technology stocks, which have driven market gains. In the case of SDY, half of the fund is concentrated in three sectors that have fallen this year: consumer staples, utilities, and healthcare. Its top holding, manufacturer 3M Co, has plummeted 15%. Compare that with VIG, which has nearly a quarter of the fund in information technology, an unusual feature in dividend funds.
股息增加股票收益的觀念是證券經紀人的銷售論點,但這一觀點存在爭議。他們向股東提供的任何回報實際上都會被股價的機械性下降所抵消 —— 這就是所謂的除息效應 —— 這使得收益主要取決於價值選擇。今年對於以其現金流量價值而被評估的價值出現了特別嚴峻的情況,這是由於債券收益率的上升,這些債券與投資者的資金競爭。
由Paulina Munita翻譯。
原始説明:華爾街安全交易失誤導致數十億資金蒸發