美银信贷策略师梅连季耶夫(Oleg Melentyev)说,这正是债券价格大幅上涨能力有限的原因。
For some, the best way to play high-yield debt right now is to bet against it. Peter Tchir, founder of TF Market Advisors, placed a bet against a high-yield exchange-traded fund in mid-December. He took off the trade on Dec. 27 as his firm decided that a budget standoff in Washington would be resolved, sending prices higher. But, with the rise in bond prices last week, Mr. Tchir says he has put his short trades back on.
对一些投资者来说,目前投资高收益债券最好的方式是做空这类债券。TF Market Advisors创始人切尔(Peter Tchir)去年12月中旬做空了一只高收益上市交易基金。去年12月27日,由于他的公司认定华盛顿的预算僵局将会得到解决、进而推高债券价格,他取消了空头头寸。但随着上周债券价格上涨,切尔说,他又重新建立了空头头寸。
Dennis McCafferty takes an unorthodox approach to the two high-yield funds he manages for John Hancock Financial, doing deep research into struggling companies and making bets on bonds he considers undervalued. His funds were the two best-performing of almost 600 high-yield funds monitored by Morningstar Inc. MORN -0.29% in 2012, delivering returns of 27.3% and 24.6%. Though he acknowledges returns this year will be lower, Mr. McCafferty says 'we still hope to outpace our peers by 2% or more.'
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