奥莱利(Tom O'Reilly)在资产管理公司Neuberger Berman Group与别人共同管理着220亿美元的高收益率投资。他说,自己一直在出售低评级企业发行的债券,并买进质量较高的债券,这使得他所投资债券的平均信用评级高于他所追踪债券指数的信用评级。
'We do upgrade the quality of the portfolio as yields tighten,' Mr. O'Reilly says.
奥莱利说:随着收益率下降,我们确实提高了投资组合的质量。
Ms. Jones is also recommending investors move out of the most risky of high-yield debt into bonds that are more highly rated.
嘉信理财的琼斯也建议投资者抛售掉手中那些最具投资风险的高收益率债券,转而将资金投入评级更高的债券。
Others are looking further off the beaten path for bargains in debt of smaller companies that are less-often traded but often have high yields.
其他人则将目光进一步移开那些热门投资对象,到规模更小企业发行的债券中搜寻便宜的垃圾债券。这些债券虽然不常被交易,但常常具有高收益率。
'We continue to pick up extra yield by focusing on smaller deal size,' said David Breazzano, who runs $5 billion of high-yield investments for institutional clients at DDJ Capital Management LLC.
布雷泽诺(David Breazzano)在投资管理公司DDJ Capital Management LLC为机构客户管理着价值50亿美元的高收益率投资。他说:我们继续在挑选那些收益率特别高的垃圾债券进行投资,方法是把关注点放在规模较小的垃圾债券发行交易上。
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