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留意目标日期基金中的债券风险

Capital Group®, home of American Funds®

Key takeaways:

  • BBB发行的超低利率促进了升级和收益率。
  • 这一趋势可能会在一些目标日期基金中提高风险,特别是对于老年投资者来说。

数百万投资者依赖于其目标日期基金,不仅有助于增长财富,而且在市场波动中保持这种财富。传统上,目标日期提供者依赖于高质量债券来帮助提供这种平衡。

但即使在投资级信用(评分BBB / BAA及以上),这些基金债券曝光中,信用质量也会有所不同。投资级债券较低的信贷质量趋于在股票市场衰退方面往往更糟糕。在当今的不确定经济环境中,风险可能会升高,因为较高的企业杠杆和较低质量的债券发行增加。

虽然这给所有参与者带来了下行风险,但较近或退休的投资者都特别脆弱。为了评估一个系列潜力的垫子下滑,计划赞助商可能希望密切研究他们的系列固定收益组合— both in isolation and in relation to the equity portion of the glide path.

丰富的风险频率

超低利率导致一些投资者延长信用谱以寻求产量。因此,投资级市场飙升了较低质量的发行。实际上,根据J.P.MORGAN的说法,最低投资级的投资级数的信用额度占美国投资级公司债券市场的近一半。1992年的低于大约20%的速度。

虽然这些债券确实产生了更高的收入,但在风险时,它们的行为更像股票。例如,在第一季度股权卖出期间,根据Bloomberg Barclays美国的分析,BBB债券(最低梯级)张贴了-7.39%的回报。相比之下,指数的AAA部分张贴了5.81%的增益。虽然良好的安全选择可以有助于克服这种脆弱性,但这些较低的质量债券也通过评级降级来成为“堕落的天使” - 潜在地将投资者暴露进一步损失。

BBB bonds have lagged in corrections

This bar chart shows cumulative returns for eight asset classes during the first quarter of 2020 and averaged over the most recent seven U.S. equity-market corrections (spanning from April 23, 2010 through March 23, 2020). For each asset class, the left dark-blue bar shows the cumulative return for the first quarter of 2020. The right light-blue bar shows the seven-correction cumulative return average. Here are the cumulative returns for the first quarter of 2020 and the seven-correction average, respectively, for each asset class: For the S&P 500,  -19.60% and -17.45%; for U.S. aggregate bonds, 3.15% and 1.42%; for U.S. government bonds, 8.08% and 3.23%; for AAA bonds, 5.81% and 2.41%; for AA bonds, 1.48% and 0.73%; for A bonds, -0.56% and -0.33%; for BBB bonds, -7.39% and -2.41%; and for high-yield bonds, -12.68% and -7.26%. Source: Capital Group, using data from Morningstar and Bloomberg, as of March 31, 2020. Returns are cumulative. Average based on the seven most recent U.S. equity-market corrections, defined as between a 10% and 20% price decline (peak to trough) of the Standard & Poor’s 500 Composite Index.

Check for interactions

由于BBB的风险增加的历史,计划赞助商可能希望仔细看看目标日期基金的信用质量。例如,无源系列跟踪主要债券指数本可以看到其BBB暴露在更广泛的市场旁边。积极管理的系列也可能通过投资较低的质量投资级信贷来达到更多的信用风险,以获得收益率。

通过相互基金资产检查四个最大的2025年目标日期基金的BBB曝光,我们看到了这一趋势。截至6月30日,该集团的唯一被动管理基金在BBB债券中拥有20.8%的固定收入资产 - 从早些时候的15.2%。根据Manningstar数据,在其他三个,积极管理的资金,BBB暴露的曝光率范围为9.5%至19.8%。

肯定的是,暴露于高收益和BBB额定债券is not always problematic。然而,当这些债券与股票重型滑行路径配对时,尤其是近退休。这种更具挥发性资产的组合可以损害目标日期基金的缓冲市场下降的能力。

Questions to evaluate risk

When evaluating a target date series, plan sponsors should consider the underlying bond risk and how that risk integrates with equities — particularly in vintages in and near retirement. Ask questions such as:

  • 在整个滑行路径中的投资级信用,高收益和政府债券的混合是什么?
  • How does the exposure to BBB bonds vary over time?
  • How much equity is being used alongside BBB and high-yield bonds?

These questions will become more important as millions of participants near retirement and become more sensitive to downside risk.

To learn more about credit risk in target date funds,download our white paper。用我们Target Date ProView comparison tool看看不同的目标日期提供者如何处理固定收入。



The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Higher yielding, higher risk bonds can fluctuate in price more than investment-grade bonds, so investors should maintain a long-term perspective.

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness.

虽然目标日期投资组合在投资者退休日期时间范围内为投资者进行管理,但分配战略并不能保证将满足投资者的退休目标。

Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

标准普尔500指数是一个市场capitalization-weighted index based on the average weighted results of approximately 500 widely held common stocks. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

投资者应仔细考虑投资目标,风险,费用和费用。这一和其他重要信息载于基金招股章程和摘要招股说明书,可以从金融专业人员获得,并在投资之前仔细阅读。

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

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This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. This information is intended to highlight issues and should not be considered advice, an endorsement or a recommendation.

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