重新審視分散投資

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。

（僅提供英文版本）

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.