投資問與答

實際上，現水平的收益率帶來獨特機遇，投資者可構建優質投資組合，並與其他資產相輔相成，從而創造可觀收益。

過去二十年間，全球不少市場曾錄得負利率。面對零利率環境，投資者必須更為進取。現時投資者則可兩者兼得：既創造可觀收益，亦無需承擔過高風險。

在目前環境下配置優質資產的優勢是無需作出明顯取捨。由於優質資產與高風險資產並無相關性，投資者能實現自然的分散配置，而不必付出太大代價。

以機構按揭證券為例，投資者在過去多年往往需要付出溢價，主要因其流動性高且風險低。如今，相關資產不僅提供豐厚收益，亦能顯著提高管理投資組合的靈活性。

信貸仍是投資組合的一部分，但可優化相關配置。此外，由於息差已大幅收窄，投資者應考慮其他資產——按揭證券目前值得關注。

我亦看好新興市場今年前景的。目前美元非但不會升值，更可能會貶值。其他央行正在減息之際，新興市場的實際收益率仍然為正。

我認為在未來兩至三年，隨著生產力提升，通脹將回落，現水平收益率將難以再持續。換言之，這是二十至三十年一遇的投資機會。

就我而言，我會把握目前機會鎖定部份收益。

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The world is increasingly awash in data. Investors can analyze financial statements and other traditional investment datasets. More and more, they are also analyzing alternative data. What are alternative datasets and how are investors using them to predict stock returns?

Keep in mind that investment management is a very competitive business. Successful investors need to act quickly on new information.

Consider earnings announcements. These traditional datasets tell us exactly how much a company has earned over the prior period. Markets react very quickly to these news. Alternative data can provide upstream views and help us get ahead of earnings with reasonable, though not perfect, accuracy.

For example, consumer foot traffic tells us how many people walked into a store this week versus last week. If more people are walking into a restaurant that is part of a large chain, we can predict that revenues are growing. We don’t know how much consumers are spending there, but there is a strong relationship between walking into a store and purchasing something. As part of our research on consumer foot traffic, we verified that foot traffic predicts revenues. Because of that, consumer foot traffic predicts returns. We call our prediction of returns based on consumer foot traffic a signal.

At BlackRock, our Systematic team harnesses traditional and alternative data to analyze thousands of stocks globally.

Over four decades, we’ve built a library of more than a thousand data-driven investment signals. We add more signals every year.

We then use machine learning to combine all those signals — some of which apply only to some sectors — into return predictions for every stock.

In an age of information, traditional and alternative datasets are powering our return forecasts at scale.

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Consistency. Technology. A world of opportunity. In today’s uncertain markets, it’s time to think smarter about income.

When markets fluctuate, income strategies may offer a steadier stream of returns - helping to smooth the ride and keep your portfolio on course.

When most investors hear “income” they think of bonds, but dividend-paying equities can be a powerful alternative - especially during periods of volatility.

The challenge is identifying the right dividend payers and timing them. Payouts vary widely across companies, industries and countries. But this seasonality creates opportunity, and here’s where smarter income comes in.

Our systematic approach harnesses forms of artificial intelligence and big data to evaluate a global universe of over 3000 stocks – analysing thousands of predictive signals to score companies on dimensions such as quality and sentiment. We dynamically rotate across securities to align with regional dividend seasons, aiming to capture the highest payouts available.

In times of uncertainty, don’t let volatility be your guide. Stay invested with a systematic diversified global equity approach, capturing income opportunities that others might miss.

客戶經常提出的一個關鍵問題是「應對現今市場情況，有更聰明的分散投資方式嗎？」

大家好，我是Jeff Shen 是貝萊德系統化主動型股票投資團隊聯席投資總監及聯席主管

近年來我們觀察到股票與債券的相關性上升傳統的60/40投資組合或未能提供想像中的分散效果

面對日益增加的經濟與市場不確定性我們認為更聰明的方式是透過加入另類投資策略，來建立更具韌性的投資組合

例如市場中性及絕對回報等另類策略，這些策略在當前環境下尤其適合的原因有二：首先，無論市場表現如何，它們旨在實現正絕對回報其次，它們通常與整體股票市場的相關性接近零

因此這些策略可以為投資人帶來不同於傳統資產的回報來源進而有助於提升整體投資組合的多元化

貝萊德的系統化投資團隊謹慎管理投資組合以追求與傳統資產類別(如股票、債券與大宗商品) 低相關性的產品

我們的系統化投資策略結合了多項優勢包括尖端科技、大數據的力量，以及人類智慧，以發掘數千隻股票中的潛在機遇從而協助我們有效地應對市場波動。

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The big question that clients in Asia Pacific are asking me is, “Are conditions right for high yield bonds?”

Hi, I'm Mitch Garfin, Co-Head of Leveraged Finance, overseeing our U.S. and global high yield strategies.

One of the biggest reasons why I believe that conditions are right for investing in high yield is the evolution of the high yield market. We have seen a significant upgrading in credit quality within the high yield universe over the last 10 or 15 years¹.

We've seen lower-quality credit finance themselves in the leveraged loan market and in the private credit markets as opposed to high yield, thus leaving a much richer, higher-quality opportunity set within high yield.

Given some of the potential volatility out there, we believe that an active approach is well-suited for high yield investing. The way potential macroeconomic conditions are going to impact certain sectors or certain issuers is going to be uneven and we believe actively managed portfolios within high yield is ideally suited for the asset class.

Finally, with rising uncertainty, high yield can be relatively attractive to both investment grade as well as equities.

In particular, high yield offers significant income pick up relative to investment grade bonds². Versus the equity markets, price volatility within high yield is lower as compared to the potential volatility that exists in equity markets³.

Sources:

¹ BlackRock, Bloomberg data, as of February 2025

² Bloomberg, as of 31 January 2025. US High Yield represented by Bloomberg US Corporate High Yield 2% Issuer Capped Index. US Investment Grade represented by Bloomberg US Corporate Investment Grade Index.

³ BlackRock data, as of March 2025

我是 Justin Christofel，貝萊德多元資產收益團隊投資主管。

目前客戶最常向我提出的一個問題是：「多元資產策略如何應對市場波動？」

多元資產配置策略具備雙重優勢：一方面能夠橫跨全球市場捕捉投資機遇，另一方面亦可因應市場環境與風險格局的變化，靈活調整資產配置。

 這包括：聚焦具質素的派息企業；增加非美股的配置；對長期利率保持審慎；精選收益率相對吸引的信貸資產。

 現時的市場環境或會令投資者感到無所適從。

然而，我們認為只要把握多元化的投資機會，並保持靈活應變，多元資產投資者能夠掌握合適部署，從容應對當前市況。

此外，構建一個以收益為主要回報來源的投資組合，有助投資者強化組合抗跌力，減低受今年潛在市場震盪的影響。

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The big question that clients in Asia Pacific are asking me today is, “Can financials sustain their positive momentum?”

I'm Vasco Moreno, a portfolio manager within BlackRock's Fundamental Active Equity team.

I think financials can sustain their momentum. On the one hand, the economic activity as well as interest rates across the world are in the sweet spot for bank profitability ¹. We also have increased investment, which is going to drive loan growth as well as capital markets activity.

We have costs potentially going down, on the back of the deployment of AI in the industry. 

Regulation is in the process of being rolled back with very positive implications for both consumer credit companies as well as banks.

And lastly, we have strong capital returns in the form of both dividends ² as well as buybacks, which should continue to increase.

This year there are two major structural tailwinds in the industry.

In the US, we have a much better regulatory backdrop.

In Europe, we should have a significant increase in investment, both in infrastructure and military, which should drive economic growth with positive implications for both loan growth as well as interest rates.

Sources: 

¹BlackRock, as of January 2025

²BlackRock, Bloomberg data, as of March 2025

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Episode Title: Why the strong demand for gold?

Transcript

The big question that we’ve been getting from clients is, “Why has gold gone up so much and should they invest in it?”

Hi, I’m Elaine Wu, Head of APAC Investment and Portfolio Solutions at BlackRock.

The reason for the demand for gold is partly driven by flight to safety. Risk of geopolitical tension results in uncertainty in the equity market.

And when that happens, gold is actually a good commodity to hedge your portfolio.

Another tool that clients can consider is investing into active ETFs that rotate between styles in times of market change or uncertainties.

So for instance, a portfolio manager can decide to shift the focus away from growth driven companies into more defensive companies that provide dividend yield in times of market volatility.

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The big question that clients are asking me today is, “Why now for Asian bonds?”

Hi, I’m Yii Hui, portfolio manager on the Asian Fixed Income and Credit team at BlackRock.

Amid the global market volatility triggered by escalating trade tensions, the golden age of fixed income shines bright, especially in Asian credit.

The asset class has evolved into a higher quality, diverse investment universe, no longer dominated by one country or sector. We believe this transformation offers investors opportunity for both growth and resilience.

Since President Trump announced his presidential bid in 2022¹, Asian credit has outperformed US credit by over 4%², supported by higher growth, lower inflation, and stronger fundamentals. With more room for rate cuts and limited supply of US dollar credit, Asian credit also benefits from a supportive technical backdrop.

More importantly, tariffs have low direct impact on companies within the Asian credit universe³, as the market is largely made up of infrastructure players, government-backed corporations, and companies focused on domestic demand.

Elevated yields in Asian credit present a timely and compelling opportunity for investors. By capturing undervalued, higher-yielding, and shorter duration bonds, investors may benefit from relatively attractive yields without taking excessive risk.

Notes:

¹ Between 15 November 2022 and 10 Apr 2025

Sources:

² BlackRock, Bloomberg, as of 10 April 2025. Asian Credit refers to the JP Morgan Asian Credit Index. US credit refers to BBG Global Agg Corporate TR Index Hedged USD.

³ BlackRock, as of 31 March 2025

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Episode Title: How can I make the most of today’s global investment opportunities?

Transcript

Rick Rieder, CIO of Global Fixed Income and Head of Global Allocation, BlackRock

The big question that clients in Asia are asking me today is, “How can I take advantage of global investment opportunities in the current economic and geopolitical environment?”

<Insert TBQ intro animation>

Hi, I'm Rick Rieder, Chief Investment Officer of Global Fixed Income and Head of Global Allocation at BlackRock.

So I think we're in the golden age of fixed income, and I have been doing this for multiple decades and now, what is extraordinary is the yield that's available around the world. You don't have to stretch, you don't have to take inordinate risk, you don't have to worry about things like negative interest rates. Now, you’ve got generous interest rates, you’ve got generous real rates and you don't have to go out the yield curve.

We're living in a world that we haven't seen in a couple of decades, where real rates are extremely high. So we've gone through this period after Covid, where all of a sudden, the rate of inflation has come down¹ and now there's

Income around the world is something we haven't seen in fixed income for a long time, and taking advantage of that – different asset classes, different regions – your ability to diversify and generate return significant.

¹BlackRock, Bloomberg, data as of November 29, 2024. There is no guarantee that any forecasts made will come to pass.

客戶經常提出的一個關鍵問題是「我應如何駕馭波動市場？」

我是貝萊德策略性股票團隊投資總監Alister Hibbert

這是公開市場投資者最基本的問題之一。公開市場的優勢在於投資者能迅速改變想法以及調整投資組合，但這並不意味我們應頻繁改變策略。事實上投資者本身的行為偏誤，往往導致投資決策短視及回報欠佳。

歸根結底，我們需牢記任何週期性事物都有自我修復的屬性，熊市過後就是牛市。當企業的業績因收入低於預算而不達標後，管理團隊便會調整成本結構及收益以改善業績。但投資者面對這些波動往往會迷失方向，使暫時的週期性損失變成永久損失，皆因在錯誤時機出售股票。

在市場大幅波動時，靜觀其變的策略有許多論據。簡而言之投資者需忽略市場的日常雜音，謹記保持樂觀態度，堅持長期投資策略，並專注於最優質的企業，這些企業能夠在未來十年或以上持續實現高回報，並隨著時間創下領先市場的複合盈利。

因此投資者應選擇最佳（較佳）的企業並長線持有。

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The big question clients are asking now is, “Is Asia Credit making a comeback?”

Hi, I'm Stephen Gough, portfolio manager and Head of Asia Credit at BlackRock.

The Asian Credit market investors knew three years ago is vastly different to what we see today.

It is now more diverse and no longer dominated by one country or sector. This shift opens up opportunities for alpha generation through deliberate bottom-up security selection.

With supportive economic growth, muted inflation, companies increasingly exhibiting quality tilts, and attractive valuations, the market has outperformed global peers over the past year.

It might surprise investors to hear that Asian Credit is a huge hotspot for alpha, and the way we generate alpha is by selecting the right securities. Being able to tell the difference between a good opportunity and a great opportunity is everything.

To do this, the key ingredient is research. That is why BlackRock has built one of the largest credit teams in Asia, with exceptional access to and deep relationships with our issuers.

We get under the hood to really understand a company, the capital solutions they require and through that deliver success for our clients. This is how we stay ahead of the curve, discerning valuable signals from the noise.

The time for Asian Credit is now.

客戶經常提出的一個關鍵問題是 「人工智能如何幫助我們投資？」

我是貝萊德系統化主動型股票投資團隊基金經理Rui Zhao。 環球市場的股票數量眾多， 投資者要自行分析可謂極為困難， 從各樣來源的資訊中提取對那些公司的有用觀點， 例如公司的產品、盈利能力及增長前景等。 而這正是人工智能帶來的優勢， 亦是我們一直在貝萊德系統分析平台上使用人工智能作出分析及投資的原因。

我們早在2008年便開始使用人工智能， 建立基礎來累積所有的大數據， 並訓練機器來分析數據。 我們每天評估約五千隻證券， 不斷提升機器學習技術， 並持續改進訊號，藉此提高實現超額回報的效率。 這些訊號有助我們識別消費者中流行的產品， 例如獲網絡紅人推薦的產品， 並評估投資者情緒及社交媒體帖文， 範圍涵蓋不同平台及語言。 我們還能從與監管機構交換的企業文件中發現早期警示訊號， 這可能反映了對股東價值的潛在負面影響。 因此，透過在投資過程中使用人工智能， 我們務求更準確預測回報， 為客戶締造穩定收益潛力。

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The biggest question clients are asking me today is how do I make my money work harder for me?

Hi, I'm Navin Saigal, Head of Asia Macro for Fundamental Fixed Income at BlackRock.

Well, cash in the system is at record highs. Money market funds, bank deposits, , corporate balance sheets, you name it. And that's not surprising given the interest rates are also at multi-decade highs.

For most of the last two decades, when interest rates were much lower, you had to lend money for 10 to 30 years to companies that may not even be around to pay you back just to deliver any meaningful income.

But today, with yields significantly higher than before, you can lend money for shorter time horizons to much safer borrowers, say, to governments for 3 to 5 years and still get a meaningful income out of that.

Today, many building blocks that were not available in the past have become available again in portfolio construction. From Asian government bonds to European corporate bonds,

these are all tools that could make up that global diversified portfolio, with a generous income stream.

With central banks on the verge of an easing cycle, this opportunity may not be there forever. So it's time to put your money to work now.

亞洲客戶提出的關鍵問題是 , 我們在科技行業看到強大增長 , 若它已經結束或只是噱頭 , 那麼科技行業是否會持續增長 ?

我是貝萊德科技產業投資團隊的負責人 Tony Kim 。

我認為我們才剛剛起步 , 而且這投資主題將會主導這十年餘下時間 。 針對人工智能及其對科技行業所帶來的影響 , 我們在智能發展方面仍處於初期階段 。 我們全方位檢視人工智能 , 當中我們分解人工智能的所有元素 , 從能源到計算 、 軟件 、 模型 、 數據到應用程式 。 然後我們觀察這些類別和子類別 , 並沿著整個系統進行投資 。

我們相信這趨勢將持續整個十年 , 因此科技行業增長絕對不會就此結束 , 事實上 , 這行業趨勢才剛剛開始 。

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The big question that our clients in Asia Pacific are asking us today is how do I prepare my portfolio in a robust and resilient manner so that the portfolio is ready to maneuver and navigate today's fast changing markets?

Hi, I'm Daniel Caderas . I'm a multi-asset investor, and I lead the Global Tactical Asset Allocation team here at BlackRock.

What worked in the past potentially, where you just combine stocks and bonds in a portfolio and they're largely offset by each other, in particular, during periods of stress and volatility. Those times are gone.

We believe as an investor these days you want to be flexible, you want to be nimble. You also want to incorporate the fact that the world is changing fast, and you want to have a more short-term view.

We are a team which invests in a more tactical manner, which means we focus on the short-term to mid-term time horizon. We do this across a large opportunity set, and that allows us to be flexible in terms of going anywhere. So wherever we believe there's dislocations, discrepancies, wherever the market tends to overreact or underreact, that's where we can position ourselves.