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2021-06-07

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2021-05-02

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2021-04-28

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Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>

2021-04-28

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2021-05-09

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2021-09-06

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2021-05-22

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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适合收入</blockquote>

2021-05-26

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2021-05-24

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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适合收入</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的凯文·卢姆(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高收益债券的较大发行人之一。（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年冠状病毒的低迷中反弹，利率仍然很低，而通胀一直在上升。</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担心随着利率上升债券价格下跌。</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(Kevin Loome)<a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a>证明了在通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。他住在费城。</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。这是该投资研究公司的最高评级。该基金的投资者股票类别和顾问股票类别拥有四星级评级。</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相对于其基准ICE美国银行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）的总回报（包括股息再投资）<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>，均被晨星评为三星。</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%。投资者股票(TUHYX)的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“美国基金高收益债券”类别中排名第11百分位或更高。自该基金成立为恒基高收益机会基金（2013年5月）以来，这三个股票类别的排名均在第三个百分点或更高。</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>Loome在接受采访时表示，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 $21.2 billion.</p><p><blockquote>T.Rowe Price美国高收益基金拥有约5亿美元的资产，尽管T.Rowe Price在Loome管理的相同策略下管理的总资产约为25亿美元。相比之下，ICE美国银行高收益约束指数追踪的整体高收益债券市场规模为1.5万亿美元。SPDR彭博巴克莱高收益债券ETF的资产为10.3美元，ishares iBoxx$高收益公司债券ETF的资产为212亿美元。</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>Loome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，即非投资级商业贷款。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会带来比投资级债券更多的收入，还会带来信用风险。更高的违约率意味着更多的机会以折扣价买入债券，从而在债券到期时获得收益，前提是基金经理的信用分析正确。</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>在市场动荡时期，评级较低或未评级发行人的债券将以大幅折扣交易，就像去年冠状病毒大流行初期的情况一样。然后，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。</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用选择，”Loome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“总回报加收益率机会”的一年。在当前的环境下，随着价格的回升，“你能拥有的最好的收入机会，”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>美国股市正处于回调之中，这可能反映了投资者对通胀的担忧，此前美联储债券购买和联邦政府的刺激措施导致货币供应量大幅增加。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率可能保持在2%的长期目标之上，这种情况可能会改变。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已从去年底的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，持有债券基金股票的投资者将会感到紧张，因为债券市场价值和基金股价将会下跌。</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>卢姆说：“当你看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，息票最高。”</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中最好的固定收益空间？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，特别是在其久期非常低的情况下，因为投资组合将更快地周转，释放的资金将投资于支付更多费用的新债券。</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适合收入</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适合收入</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的凯文·卢姆(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高收益债券的较大发行人之一。（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年冠状病毒的低迷中反弹，利率仍然很低，而通胀一直在上升。</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担心随着利率上升债券价格下跌。</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(Kevin Loome)<a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a>证明了在通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。他住在费城。</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。这是该投资研究公司的最高评级。该基金的投资者股票类别和顾问股票类别拥有四星级评级。</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相对于其基准ICE美国银行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）的总回报（包括股息再投资）<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>，均被晨星评为三星。</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%。投资者股票(TUHYX)的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“美国基金高收益债券”类别中排名第11百分位或更高。自该基金成立为恒基高收益机会基金（2013年5月）以来，这三个股票类别的排名均在第三个百分点或更高。</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>Loome在接受采访时表示，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 $21.2 billion.</p><p><blockquote>T.Rowe Price美国高收益基金拥有约5亿美元的资产，尽管T.Rowe Price在Loome管理的相同策略下管理的总资产约为25亿美元。相比之下，ICE美国银行高收益约束指数追踪的整体高收益债券市场规模为1.5万亿美元。SPDR彭博巴克莱高收益债券ETF的资产为10.3美元，ishares iBoxx$高收益公司债券ETF的资产为212亿美元。</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>Loome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，即非投资级商业贷款。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会带来比投资级债券更多的收入，还会带来信用风险。更高的违约率意味着更多的机会以折扣价买入债券，从而在债券到期时获得收益，前提是基金经理的信用分析正确。</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>在市场动荡时期，评级较低或未评级发行人的债券将以大幅折扣交易，就像去年冠状病毒大流行初期的情况一样。然后，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。</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用选择，”Loome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“总回报加收益率机会”的一年。在当前的环境下，随着价格的回升，“你能拥有的最好的收入机会，”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>美国股市正处于回调之中，这可能反映了投资者对通胀的担忧，此前美联储债券购买和联邦政府的刺激措施导致货币供应量大幅增加。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率可能保持在2%的长期目标之上，这种情况可能会改变。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已从去年底的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，持有债券基金股票的投资者将会感到紧张，因为债券市场价值和基金股价将会下跌。</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>卢姆说：“当你看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，息票最高。”</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中最好的固定收益空间？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，特别是在其久期非常低的情况下，因为投资组合将更快地周转，释放的资金将投资于支付更多费用的新债券。</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":{".DJI":"道琼斯","HYG":"债券指数ETF-iShares iBoxx高收益公司债",".IXIC":"NASDAQ Composite","TROW":"普信集团",".SPX":"S&P 500 Index","JNK":"债券指数ETF-SPDR Barclays高收益债","F":"福特汽车"},"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":{".SPX":0.9,"HYG":0.9,"JNK":0.9,"F":0.9,".IXIC":0.9,"TROW":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107207145,"gmtCreate":1620491954087,"gmtModify":1634198426006,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581992567870492","idStr":"3581992567870492"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107207145","repostId":"1106882084","repostType":4,"isVote":1,"tweetType":1,"viewCount":1854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101706810,"gmtCreate":1619938719130,"gmtModify":1634208972585,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581992567870492","idStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/101706810","repostId":"1103106179","repostType":4,"isVote":1,"tweetType":1,"viewCount":1854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377794130,"gmtCreate":1619564611420,"gmtModify":1634211838963,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581992567870492","idStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377794130","repostId":"1155157199","repostType":4,"repost":{"id":"1155157199","kind":"news","pubTimestamp":1619494851,"share":"https://www.laohu8.com/m/news/1155157199?lang=zh_CN&edition=full","pubTime":"2021-04-27 11:40","market":"us","language":"en","title":"Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155157199","media":"Barrons","summary":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.J.P. Mo","content":"<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>","source":"lsy1601382232898","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>Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</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\">\nMicrosoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-27 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1\">Barrons</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":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155157199","content_text":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.The shares have gained 18% year to date.Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system. Microsoft breaks down its results into three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.Wedbush analyst Dan Ives forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.Citi analyst Tyler Radke last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377796146,"gmtCreate":1619564428285,"gmtModify":1634211841982,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581992567870492","idStr":"3581992567870492"},"themes":[],"htmlText":"Like &amp; comments thanks","listText":"Like &amp; comments thanks","text":"Like & comments thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/377796146","repostId":"1114427491","repostType":4,"isVote":1,"tweetType":1,"viewCount":1614,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":115701924,"gmtCreate":1623029315168,"gmtModify":1634096107514,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115701924","repostId":"2141926289","repostType":4,"isVote":1,"tweetType":1,"viewCount":2502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101706810,"gmtCreate":1619938719130,"gmtModify":1634208972585,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/101706810","repostId":"1103106179","repostType":4,"isVote":1,"tweetType":1,"viewCount":1854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377794130,"gmtCreate":1619564611420,"gmtModify":1634211838963,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377794130","repostId":"1155157199","repostType":4,"repost":{"id":"1155157199","kind":"news","pubTimestamp":1619494851,"share":"https://www.laohu8.com/m/news/1155157199?lang=zh_CN&edition=full","pubTime":"2021-04-27 11:40","market":"us","language":"en","title":"Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155157199","media":"Barrons","summary":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.J.P. Mo","content":"<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>","source":"lsy1601382232898","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>Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</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\">\nMicrosoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-27 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1\">Barrons</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":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155157199","content_text":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.The shares have gained 18% year to date.Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system. Microsoft breaks down its results into three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.Wedbush analyst Dan Ives forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.Citi analyst Tyler Radke last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377796146,"gmtCreate":1619564428285,"gmtModify":1634211841982,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":"Like &amp; comments thanks","listText":"Like &amp; comments thanks","text":"Like & comments thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/377796146","repostId":"1114427491","repostType":4,"isVote":1,"tweetType":1,"viewCount":1614,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107207145,"gmtCreate":1620491954087,"gmtModify":1634198426006,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107207145","repostId":"1106882084","repostType":4,"isVote":1,"tweetType":1,"viewCount":1854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814479124,"gmtCreate":1630882601268,"gmtModify":1632905444883,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814479124","repostId":"2164808914","repostType":4,"isVote":1,"tweetType":1,"viewCount":1761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139453899,"gmtCreate":1621651850311,"gmtModify":1634187370842,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139453899","repostId":"2137909732","repostType":4,"repost":{"id":"2137909732","kind":"highlight","pubTimestamp":1621605926,"share":"https://www.laohu8.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适合收入</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的凯文·卢姆(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高收益债券的较大发行人之一。（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年冠状病毒的低迷中反弹，利率仍然很低，而通胀一直在上升。</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担心随着利率上升债券价格下跌。</blockquote></p><p>Kevin Loome of T. Rowe Price <a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a> makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.</p><p><blockquote>T.Rowe Price的凯文·卢姆(Kevin Loome)<a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a>证明了在通胀不断增长的经济中，高收益债券投资组合可能比投资级投资组合具有优势。</blockquote></p><p>Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.</p><p><blockquote>Loome是T.Rowe Price美国高收益基金的投资组合经理。他于2017年加入T.Rowe Price，作为该公司收购亨德森高收益机会基金的一部分，该基金最初成立于2013年5月。他住在费城。</blockquote></p><p><b>Fund outperformance</b></p><p><blockquote><b>基金表现优异</b></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.</p><p><blockquote>T.Rowe Price美国高收益基金的机构股票被晨星公司评为五星级。这是该投资研究公司的最高评级。该基金的投资者股票类别和顾问股票类别拥有四星级评级。</blockquote></p><p>Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF <a href=\"https://laohu8.com/S/JNK\">$(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相对于其基准ICE美国银行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）的总回报（包括股息再投资）<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>，均被晨星评为三星。</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%。投资者股票(TUHYX)的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“美国基金高收益债券”类别中排名第11百分位或更高。自该基金成立为恒基高收益机会基金（2013年5月）以来，这三个股票类别的排名均在第三个百分点或更高。</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>Loome在接受采访时表示，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 $21.2 billion.</p><p><blockquote>T.Rowe Price美国高收益基金拥有约5亿美元的资产，尽管T.Rowe Price在Loome管理的相同策略下管理的总资产约为25亿美元。相比之下，ICE美国银行高收益约束指数追踪的整体高收益债券市场规模为1.5万亿美元。SPDR彭博巴克莱高收益债券ETF的资产为10.3美元，ishares iBoxx$高收益公司债券ETF的资产为212亿美元。</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>Loome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，即非投资级商业贷款。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会带来比投资级债券更多的收入，还会带来信用风险。更高的违约率意味着更多的机会以折扣价买入债券，从而在债券到期时获得收益，前提是基金经理的信用分析正确。</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>在市场动荡时期，评级较低或未评级发行人的债券将以大幅折扣交易，就像去年冠状病毒大流行初期的情况一样。然后，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。</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用选择，”Loome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“总回报加收益率机会”的一年。在当前的环境下，随着价格的回升，“你能拥有的最好的收入机会，”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>美国股市正处于回调之中，这可能反映了投资者对通胀的担忧，此前美联储债券购买和联邦政府的刺激措施导致货币供应量大幅增加。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率可能保持在2%的长期目标之上，这种情况可能会改变。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已从去年底的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，持有债券基金股票的投资者将会感到紧张，因为债券市场价值和基金股价将会下跌。</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>卢姆说：“当你看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，息票最高。”</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中最好的固定收益空间？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，特别是在其久期非常低的情况下，因为投资组合将更快地周转，释放的资金将投资于支付更多费用的新债券。</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适合收入</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适合收入</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的凯文·卢姆(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高收益债券的较大发行人之一。（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年冠状病毒的低迷中反弹，利率仍然很低，而通胀一直在上升。</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担心随着利率上升债券价格下跌。</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(Kevin Loome)<a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a>证明了在通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。他住在费城。</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。这是该投资研究公司的最高评级。该基金的投资者股票类别和顾问股票类别拥有四星级评级。</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相对于其基准ICE美国银行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）的总回报（包括股息再投资）<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>，均被晨星评为三星。</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%。投资者股票(TUHYX)的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“美国基金高收益债券”类别中排名第11百分位或更高。自该基金成立为恒基高收益机会基金（2013年5月）以来，这三个股票类别的排名均在第三个百分点或更高。</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>Loome在接受采访时表示，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 $21.2 billion.</p><p><blockquote>T.Rowe Price美国高收益基金拥有约5亿美元的资产，尽管T.Rowe Price在Loome管理的相同策略下管理的总资产约为25亿美元。相比之下，ICE美国银行高收益约束指数追踪的整体高收益债券市场规模为1.5万亿美元。SPDR彭博巴克莱高收益债券ETF的资产为10.3美元，ishares iBoxx$高收益公司债券ETF的资产为212亿美元。</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>Loome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，即非投资级商业贷款。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会带来比投资级债券更多的收入，还会带来信用风险。更高的违约率意味着更多的机会以折扣价买入债券，从而在债券到期时获得收益，前提是基金经理的信用分析正确。</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>在市场动荡时期，评级较低或未评级发行人的债券将以大幅折扣交易，就像去年冠状病毒大流行初期的情况一样。然后，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。</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用选择，”Loome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“总回报加收益率机会”的一年。在当前的环境下，随着价格的回升，“你能拥有的最好的收入机会，”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>美国股市正处于回调之中，这可能反映了投资者对通胀的担忧，此前美联储债券购买和联邦政府的刺激措施导致货币供应量大幅增加。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率可能保持在2%的长期目标之上，这种情况可能会改变。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已从去年底的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，持有债券基金股票的投资者将会感到紧张，因为债券市场价值和基金股价将会下跌。</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>卢姆说：“当你看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，息票最高。”</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中最好的固定收益空间？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，特别是在其久期非常低的情况下，因为投资组合将更快地周转，释放的资金将投资于支付更多费用的新债券。</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":{".DJI":"道琼斯","HYG":"债券指数ETF-iShares iBoxx高收益公司债",".IXIC":"NASDAQ Composite","TROW":"普信集团",".SPX":"S&P 500 Index","JNK":"债券指数ETF-SPDR Barclays高收益债","F":"福特汽车"},"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":{".SPX":0.9,"HYG":0.9,"JNK":0.9,"F":0.9,".IXIC":0.9,"TROW":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136761225,"gmtCreate":1622040053167,"gmtModify":1634184412416,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136761225","repostId":"2138487891","repostType":4,"isVote":1,"tweetType":1,"viewCount":1847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133716783,"gmtCreate":1621811077242,"gmtModify":1634186532214,"author":{"id":"3581992567870492","authorId":"3581992567870492","name":"Ping28l","avatar":"https://static.tigerbbs.com/263f39a742e99a3043e22242a3dc167b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581992567870492","authorIdStr":"3581992567870492"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133716783","repostId":"2137901627","repostType":4,"isVote":1,"tweetType":1,"viewCount":1967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}