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2021-05-23
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This high-yield strategy may be best for income as inflation becomes a threat<blockquote>随着通货膨胀成为威胁，这种高收益策略可能最有利于收入</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":133675467,"tweetId":"133675467","gmtCreate":1621747508059,"gmtModify":1631892681591,"author":{"id":3580898776597625,"idStr":"3580898776597625","authorId":3580898776597625,"authorIdStr":"3580898776597625","name":"likaboss","avatar":"https://static.tigerbbs.com/027156c6b15571003ac371d19a653946","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Like and comment </p></body></html>","htmlText":"<html><head></head><body><p>Like and comment </p></body></html>","text":"Like and comment","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/133675467","repostId":2137909732,"repostType":4,"repost":{"id":"2137909732","kind":"highlight","pubTimestamp":1621605926,"share":"https://www.laohunote.com/m/news/2137909732?lang=zh_CN&edition=full","pubTime":"2021-05-21 22:05","market":"us","language":"en","title":"This high-yield strategy may be best for income as inflation becomes a threat<blockquote>随着通货膨胀成为威胁，这种高收益策略可能最有利于收入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2137909732","media":"MarketWatch","summary":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with risin","content":"<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.</p><p><blockquote>T. Rowe Price 的 Kevin Loome 强调了垃圾债券在通胀上升的经济增长中的优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8f72122ebea9d0d1d2abd4cf3b0c62d\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><span>Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特汽车信贷是 T. Rowe Price 美国高收益基金持有的较大高收益债券发行人之一。（彭博社）</span></p></blockquote></p><p>High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.</p><p><blockquote>高收益债券，也称为垃圾债券，在收益率匮乏的世界中一直是一种受欢迎的投资类别。</blockquote></p><p>But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.</p><p><blockquote>但随着经济从 2020 年冠状病毒危机中反弹，利率仍然很低，而通胀一直在回升。</blockquote></p><p>This means income-seekers might be afraid of a decline in bond prices as interest rates rise.</p><p><blockquote>这意味着寻求收入的人可能会担心随着利率上升而债券价格下跌。</blockquote></p><p>Kevin Loome of T. Rowe Price <a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a> makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.</p><p><blockquote>T. Rowe Price 的凯文·卢姆<a href=\"https://laohu8.com/S/TROW\">$(特罗)$</a>证明在通货膨胀不断增长的经济中，高收益债券投资组合可能比投资级投资组合具有优势。</blockquote></p><p>Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.</p><p><blockquote>Loome 是 T. Rowe Price 美国高收益基金的投资组合经理。他于2017年加入T. Rowe Price，作为该公司收购亨德森高收益机会基金的一部分，该基金最初成立于2013年5月。他在费城工作。</blockquote></p><p><b>Fund outperformance</b></p><p><blockquote><b>基金表现优异</b></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class and Advisor share class have four-star ratings.</p><p><blockquote>T. Rowe Price 美国高收益基金的机构股票被晨星公司评为五星级。这是投资研究公司的最高评级。该基金的投资者份额类别和顾问份额类别具有四星级评级。</blockquote></p><p>Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF <a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a> and the <a href=\"https://laohu8.com/S/EEME\">iShares</a> iBoxx $ High Yield Corporate Bond ETF <a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>, which are both rated three stars by Morningstar.</p><p><blockquote>以下是截至 5 月 14 日，该基金所有三个类别的总回报（包括股息再投资）与其基准 ICE BofA 高收益约束指数和两只大型交易所交易基金 - SPDR 彭博巴克莱高收益债券 ETF<a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a>和<a href=\"https://laohu8.com/S/EEME\">iShares</a>iBoxx$ 高收益公司债券 ETF<a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>，均被晨星公司评为三星级。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3a25d42954658e7731b127ec7a3ba699\" tg-width=\"1259\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.</p><p><blockquote>T. Rowe Price 美国高收益基金的机构股票的 30 天 SEC 收益率为 4.49%，30 天年化股息收益率为 5.40%。对于投资者股票 (TUHYX)，30 天 SEC 收益率为 4.34%，30 天年化收益率为 5.26%。对于顾问股票，30天SEC收益率为4.20%，30天年化收益率为5.08%。</blockquote></p><p>For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.</p><p><blockquote>五年来，T. Rowe Price 美国高收益基金的三个股票类别在晨星公司的“美国基金高收益债券”类别中排名第 11 位或更高。自该基金最初名为 Henderson High Yield Opportunities Fund（2013 年 5 月）以来，这三个股票类别均位列第三百分位或更高。</blockquote></p><p><b>Concentrated portfolio</b></p><p><blockquote><b>集中投资组合</b></blockquote></p><p>During an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.</p><p><blockquote>在接受采访时，卢姆表示，他的基金相对于基准指数和上述 ETF 具有优势，因为其规模使其能够运行更具选择性或更集中的投资组合。</blockquote></p><p>The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.</p><p><blockquote>T. Rowe Price 美国高收益基金拥有约 5 亿美元的资产，尽管 T. Rowe Price 在 Loome 管理的相同策略下管理的总资产约为 25 亿美元。相比之下，ICE 美国银行高收益约束指数跟踪的整个高收益债券市场为 1.5 万亿美元。SPDR彭博巴克莱高收益债券ETF拥有10.3美元的资产，ishares iBoxx美元高收益公司债券ETF拥有212亿美元的资产。</blockquote></p><p>Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"</p><p><blockquote>卢姆表示，他的投资组合持有约 100 家公司发行的债券，其上限为 200 家公司，但“该领域的共同基金经理平均拥有约 450 家公司。”</blockquote></p><p>Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a>), Occidental Petroleum Corp. <a href=\"https://laohu8.com/S/OXY\">$(OXY)$</a> and American Airlines Group Inc. <a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</p><p><blockquote>Loome 还投资杠杆贷款，这是一种非投资级商业贷款。该基金的主要持股包括福特汽车信贷公司（福特汽车公司的子公司）发行的债券。<a href=\"https://laohu8.com/S/F\">$(F) $</a>），西方石油公司。<a href=\"https://laohu8.com/S/OXY\">$(氧)$</a>和美国航空集团公司。<a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</blockquote></p><p>A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.</p><p><blockquote>高收益债券基金不仅可以获得比投资级债券更多的收入，还可以承受信用风险。更高的违约率意味着以折扣价买入债券的机会更多，如果基金经理的信用分析正确，债券到期时就会获得收益。</blockquote></p><p>Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.</p><p><blockquote>评级较低或未评级发行人的债券在市场动荡时期将以大幅折扣交易，就像去年冠状病毒大流行初期所做的那样。随后，随着利率暴跌和资产价值回升，垃圾债券市场价值也随之上涨，这解释了 2020 年两位数的高回报率。</blockquote></p><p>But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.</p><p><blockquote>但在大约 1,000 家高收益发行人的世界中，“如果你持有 1,000 家中的 600 家，你就不能说你正在增加信贷选择，”卢姆说。</blockquote></p><p></p><p>So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.</p><p><blockquote>卢米斯表示，因此，2020 年是高收益债券基金经理拥有“总回报加上收益机会”的一个例子。在当前环境下，随着价格的回升，“你能拥有的最好的就是收入机会，”他说。但在当前的经济环境下，垃圾债券也有价格优势。</blockquote></p><p><b>Advantages in a rising-rate environment</b></p><p><blockquote><b>利率上升环境中的优势</b></blockquote></p><p>We're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year -- the largest increase since 2008.</p><p><blockquote>在美联储债券购买和联邦政府刺激措施导致货币供应量大幅增加之后，美国股市正在回调，这可能反映了投资者对通胀的担忧。过去一年，美国消费者价格上涨了 4.2%，这是自 2008 年以来的最大涨幅。</blockquote></p><p>Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes has increased to 1.65% from 0.93% at the end of last year.</p><p><blockquote>短期利率仍接近于零，因为美联储的联邦基金利率目标区间为零至0.25%。但如果联邦公开市场委员会认为通胀可能会保持在 2% 的长期目标之上，这种情况可能会发生变化。与此同时，市场已经对债券抛售做出反应，推高了长期收益率。10年期美国国债收益率从去年年底的0.93%升至1.65%。</blockquote></p><p>Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.</p><p><blockquote>随着利率上升，持有债券基金份额的投资者会感到紧张，因为债券市场价值和基金股价将会下降。</blockquote></p><p>\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.</p><p><blockquote>“当你查看固定收益的可用性和利率时，最不糟糕的地方是杠杆贷款和高收益（债券），因为它们的期限结构较短，票息最高，”卢姆说。</blockquote></p><p>Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:</p><p><blockquote>为什么垃圾债券和非投资级商业贷款会成为利率上升环境下最好的固定收益领域？原因有三：</blockquote></p><p>So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.</p><p><blockquote>因此，高收益债券基金享有经济改善的优势，因为这意味着违约的可能性较小。它享有定价优势，特别是如果其持续时间很短，因为投资于支付更多的新债券的释放资金将更快地周转。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This high-yield strategy may be best for income as inflation becomes a threat<blockquote>随着通货膨胀成为威胁，这种高收益策略可能最有利于收入</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis high-yield strategy may be best for income as inflation becomes a threat<blockquote>随着通货膨胀成为威胁，这种高收益策略可能最有利于收入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-21 22:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.</p><p><blockquote>T. Rowe Price 的 Kevin Loome 强调了垃圾债券在通胀上升的经济增长中的优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8f72122ebea9d0d1d2abd4cf3b0c62d\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><span>Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特汽车信贷是 T. Rowe Price 美国高收益基金持有的较大高收益债券发行人之一。（彭博社）</span></p></blockquote></p><p>High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.</p><p><blockquote>高收益债券，也称为垃圾债券，在收益率匮乏的世界中一直是一种受欢迎的投资类别。</blockquote></p><p>But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.</p><p><blockquote>但随着经济从 2020 年冠状病毒危机中反弹，利率仍然很低，而通胀一直在回升。</blockquote></p><p>This means income-seekers might be afraid of a decline in bond prices as interest rates rise.</p><p><blockquote>这意味着寻求收入的人可能会担心随着利率上升而债券价格下跌。</blockquote></p><p>Kevin Loome of T. Rowe Price <a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a> makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.</p><p><blockquote>T. Rowe Price 的凯文·卢姆<a href=\"https://laohu8.com/S/TROW\">$(特罗)$</a>证明在通货膨胀不断增长的经济中，高收益债券投资组合可能比投资级投资组合具有优势。</blockquote></p><p>Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.</p><p><blockquote>Loome 是 T. Rowe Price 美国高收益基金的投资组合经理。他于2017年加入T. Rowe Price，作为该公司收购亨德森高收益机会基金的一部分，该基金最初成立于2013年5月。他在费城工作。</blockquote></p><p><b>Fund outperformance</b></p><p><blockquote><b>基金表现优异</b></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class and Advisor share class have four-star ratings.</p><p><blockquote>T. Rowe Price 美国高收益基金的机构股票被晨星公司评为五星级。这是投资研究公司的最高评级。该基金的投资者份额类别和顾问份额类别具有四星级评级。</blockquote></p><p>Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF <a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a> and the <a href=\"https://laohu8.com/S/EEME\">iShares</a> iBoxx $ High Yield Corporate Bond ETF <a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>, which are both rated three stars by Morningstar.</p><p><blockquote>以下是截至 5 月 14 日，该基金所有三个类别的总回报（包括股息再投资）与其基准 ICE BofA 高收益约束指数和两只大型交易所交易基金 - SPDR 彭博巴克莱高收益债券 ETF<a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a>和<a href=\"https://laohu8.com/S/EEME\">iShares</a>iBoxx$ 高收益公司债券 ETF<a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>，均被晨星公司评为三星级。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3a25d42954658e7731b127ec7a3ba699\" tg-width=\"1259\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.</p><p><blockquote>T. Rowe Price 美国高收益基金的机构股票的 30 天 SEC 收益率为 4.49%，30 天年化股息收益率为 5.40%。对于投资者股票 (TUHYX)，30 天 SEC 收益率为 4.34%，30 天年化收益率为 5.26%。对于顾问股票，30天SEC收益率为4.20%，30天年化收益率为5.08%。</blockquote></p><p>For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.</p><p><blockquote>五年来，T. Rowe Price 美国高收益基金的三个股票类别在晨星公司的“美国基金高收益债券”类别中排名第 11 位或更高。自该基金最初名为 Henderson High Yield Opportunities Fund（2013 年 5 月）以来，这三个股票类别均位列第三百分位或更高。</blockquote></p><p><b>Concentrated portfolio</b></p><p><blockquote><b>集中投资组合</b></blockquote></p><p>During an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.</p><p><blockquote>在接受采访时，卢姆表示，他的基金相对于基准指数和上述 ETF 具有优势，因为其规模使其能够运行更具选择性或更集中的投资组合。</blockquote></p><p>The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.</p><p><blockquote>T. Rowe Price 美国高收益基金拥有约 5 亿美元的资产，尽管 T. Rowe Price 在 Loome 管理的相同策略下管理的总资产约为 25 亿美元。相比之下，ICE 美国银行高收益约束指数跟踪的整个高收益债券市场为 1.5 万亿美元。SPDR彭博巴克莱高收益债券ETF拥有10.3美元的资产，ishares iBoxx美元高收益公司债券ETF拥有212亿美元的资产。</blockquote></p><p>Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"</p><p><blockquote>卢姆表示，他的投资组合持有约 100 家公司发行的债券，其上限为 200 家公司，但“该领域的共同基金经理平均拥有约 450 家公司。”</blockquote></p><p>Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a>), Occidental Petroleum Corp. <a href=\"https://laohu8.com/S/OXY\">$(OXY)$</a> and American Airlines Group Inc. <a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</p><p><blockquote>Loome 还投资杠杆贷款，这是一种非投资级商业贷款。该基金的主要持股包括福特汽车信贷公司（福特汽车公司的子公司）发行的债券。<a href=\"https://laohu8.com/S/F\">$(F) $</a>），西方石油公司。<a href=\"https://laohu8.com/S/OXY\">$(氧)$</a>和美国航空集团公司。<a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</blockquote></p><p>A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.</p><p><blockquote>高收益债券基金不仅可以获得比投资级债券更多的收入，还可以承受信用风险。更高的违约率意味着以折扣价买入债券的机会更多，如果基金经理的信用分析正确，债券到期时就会获得收益。</blockquote></p><p>Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.</p><p><blockquote>评级较低或未评级发行人的债券在市场动荡时期将以大幅折扣交易，就像去年冠状病毒大流行初期所做的那样。随后，随着利率暴跌和资产价值回升，垃圾债券市场价值也随之上涨，这解释了 2020 年两位数的高回报率。</blockquote></p><p>But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.</p><p><blockquote>但在大约 1,000 家高收益发行人的世界中，“如果你持有 1,000 家中的 600 家，你就不能说你正在增加信贷选择，”卢姆说。</blockquote></p><p></p><p>So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.</p><p><blockquote>卢米斯表示，因此，2020 年是高收益债券基金经理拥有“总回报加上收益机会”的一个例子。在当前环境下，随着价格的回升，“你能拥有的最好的就是收入机会，”他说。但在当前的经济环境下，垃圾债券也有价格优势。</blockquote></p><p><b>Advantages in a rising-rate environment</b></p><p><blockquote><b>利率上升环境中的优势</b></blockquote></p><p>We're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year -- the largest increase since 2008.</p><p><blockquote>在美联储债券购买和联邦政府刺激措施导致货币供应量大幅增加之后，美国股市正在回调，这可能反映了投资者对通胀的担忧。过去一年，美国消费者价格上涨了 4.2%，这是自 2008 年以来的最大涨幅。</blockquote></p><p>Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes has increased to 1.65% from 0.93% at the end of last year.</p><p><blockquote>短期利率仍接近于零，因为美联储的联邦基金利率目标区间为零至0.25%。但如果联邦公开市场委员会认为通胀可能会保持在 2% 的长期目标之上，这种情况可能会发生变化。与此同时，市场已经对债券抛售做出反应，推高了长期收益率。10年期美国国债收益率从去年年底的0.93%升至1.65%。</blockquote></p><p>Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.</p><p><blockquote>随着利率上升，持有债券基金份额的投资者会感到紧张，因为债券市场价值和基金股价将会下降。</blockquote></p><p>\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.</p><p><blockquote>“当你查看固定收益的可用性和利率时，最不糟糕的地方是杠杆贷款和高收益（债券），因为它们的期限结构较短，票息最高，”卢姆说。</blockquote></p><p>Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:</p><p><blockquote>为什么垃圾债券和非投资级商业贷款会成为利率上升环境下最好的固定收益领域？原因有三：</blockquote></p><p>So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.</p><p><blockquote>因此，高收益债券基金享有经济改善的优势，因为这意味着违约的可能性较小。它享有定价优势，特别是如果其持续时间很短，因为投资于支付更多的新债券的释放资金将更快地周转。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","JNK":"债券指数ETF-SPDR Barclays高收益债","TROW":"普信集团",".DJI":"道琼斯","F":"福特汽车","HYG":"债券指数ETF-iShares iBoxx高收益公司债",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137909732","content_text":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.This means income-seekers might be afraid of a decline in bond prices as interest rates rise.Kevin Loome of T. Rowe Price $(TROW)$ makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.Fund outperformanceThe T. Rowe Price U.S. High Yield Fund's institutional shares are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class and Advisor share class have four-star ratings.Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF $(JNK)$ and the iShares iBoxx $ High Yield Corporate Bond ETF $(HYG.UK)$, which are both rated three stars by Morningstar.The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.Concentrated portfolioDuring an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. $(F)$), Occidental Petroleum Corp. $(OXY)$ and American Airlines Group Inc. $(AAL)$.A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.Advantages in a rising-rate environmentWe're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year -- the largest increase since 2008.Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes has increased to 1.65% from 0.93% at the end of last year.Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"HYG":0.9,"TROW":0.9,"JNK":0.9,".IXIC":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":3448,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/133675467"}
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