FOR FINANCIAL PROFESSIONALS

Een gescreende obligatieportefeuille:
de gulden middenweg

26/sep/2016 / By BlackRock

De lage rente en toenemende volatiliteit stellen obligatiebeleggers voor lastige dilemma’s. Een screening op basis van zorgvuldig gekozen maatstaven kan de voordelen van actief en passief beheer met elkaar combineren.

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De rente op staatsobligaties van veel ontwikkelde landen staat al lange tijd ongekend laag en niets wijst erop dat hierin op korte termijn verandering zal komen. Het rendement op 26% van de obligaties in de Barclays Global Aggregate index werd door Barclays per 30 juni op negatief gesteld. Anderhalve maand later is het beeld er niet rooskleuriger op geworden (zie grafiek). Gekeken naar het reële rendement op staatsobligaties van belangrijke landen als de Verenigde Staten, het Verenigd Koninkrijk, Duitsland, Italië en Japan, blijkt dat alleen obligaties met een langere resterende looptijd nog een enigszins acceptabel rendement kunnen opbrengen. Het is dan ook niet verwonderlijk dat veel obligatiebeleggers naarstig op zoek zijn naar oplossingen die potentiële verliezen kunnen beperken.

Reëel rendement (yield) op staatsobligaties

Reëel rendement (yield) op staatsobligaties

Bron: Thomson Reuters Datastream en BlackRock Investment Institute, per 16 aug. 2016.

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