没错,企业垃圾债券今年已经上涨近10%;没错,它们的收益率已跌至6.87%,接近至少15年以来的最低点。不过,在未来数月,该资产类别仍有机会获得良好的投资收益。
Default rates are low, as the economy is doing just well enough for issuers to make their payments─and the Federal Reserve has promised to keep interest rates at rock-bottom levels. 'You're kind of in the sweet spot,' says Eric Stein, manager of the Eaton Vance Strategic Income fund, which had 29% of its $2.9 billion portfolio in high-yield investments as of June 30.
企业垃圾债券的违约率很低,因为经济运行情况尚好,发债方能按时支付本息──而且美联储也已承诺继续把利率维持在极低的水平。伊顿万斯收入战略基金(Eaton Vance Strategic Income fund)的投资经理艾瑞克·斯坦恩(Eric Stein)说,“目前正是天时、地利、人和。截至2012年6月30日,该基金管理的29亿美元有29%放在高收益投资品种上。
The rally, though, has made it tougher to find value. Michael Lewitt, a portfolio manager at Cumberland Advisors, which has $2.1 billion under management, says that he is looking at short-term triple-C-rated bonds─those near the low end of the rating scale─that were the result of leveraged buyouts done right before the financial crisis.
不过,企业垃圾债券的整体上扬也让寻找价值洼地变得相对困难。美国坎伯兰顾问公司(Cumberland Advisors)管理着21亿美元的资产,其投资组合经理迈克尔·莱维特(Michael Lewitt)说,他正在关注投资级别为CCC的短期债券──即在评级标准上接近最差等级的品种──这些债券大多是金融危机爆发前不久因杠杆收购而产生的。
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