差价合约是复杂的金融交易产品,可带来由杠杆作用而导致迅速亏损的高风险。大部分的零售投资者帐户在跟交易差价合约时录得资金亏损。您应当考虑您是否充分明白差价合约如何运作,以及您是否能承受您的资金损失的高风险。

零售股抛售潮引发美股再度暴跌,哪些ETF有助于避险?

近期,美股市场表现一片惨淡,各大巨头企业纷纷公布Q1财报,受到高通胀的影响,美国两大零售巨头塔吉特和沃尔玛业绩相继暴雷,随即引发了零售股的抛售潮,美股一度全面暴跌。

避险情绪在4月以来主导了市场,股票型ETF也不免会受到影响,结束了持续净流入的记录。在市场急剧震荡的环境中,股票型ETF投资者应该如何调整投资组合以实现风险最小化?

美股经历惊心动魄的一周

过去一周,美股走势可以说是惊心动魄,在短暂的反弹之后再度暴跌,纳斯达克和标普500指数跌幅4%至5%不等,道指也重挫1164.52点下跌近4%。

这次大范围下挫的主因仍然是高通胀引发的市场恐慌,尤其是高通胀对零售业的巨大冲击开始显现,零售企业一方面面对高库存、高成本的压力,另一方面高通胀也在不断打击消费者支出。

全球零售业龙头沃尔玛Q1业绩不及市场预期,财报显示其Q1净利润为20.5亿美元,同比降低25%,另一零售巨头塔吉特Q1净利润10.09亿美元,同比大幅下滑51.9%。两大巨头的Q1业绩暴雷引发零售股股价重挫和抛售潮,拖累整体大市走向。

哪些ETF仍在受市场青睐?

其实,从4月以来美股走势震荡幅度加大,投资者避险情绪开始充斥市场,由于预期主要央行紧缩对经济及平抑通胀的效果在今年下半年才会逐渐显现,短期内通胀对于股市的负面影响可能还会持续。

受到大市低迷的影响,有利于分散风险的股票型ETF的表现也受到了一些冲击,但是仍然有一些ETF逆市受到青睐。道富全球顾问最新报告显示,美国ETF基金4月份净流出105亿美元,主要净流出在于全球型股票ETF,结束了创纪录的34个月净流入纪录,在此期间美国ETF吸金1.8兆美元。

在最近一周,整体股票型ETF净流出61.42亿美元。虽然美股走势高度震荡,但是仍获28.16亿美元净流入,日本与亚太区也获7.3亿与1.57亿美元净流入,主要净流出全球型股票ETF有38.12亿美元。

正是由于当前的经济形势面临较大不确定性,股市的震荡加剧,投资者对于股票型ETF的资产配置也应及时有所调整。今年前4个月,能源ETF表现最为亮眼,但是由于俄乌之战争存在较大不确定性,如果战争一旦结束,这一版块未来可能将会面临修正。

当前,投资者应该将投资重点放在抗商业周期循环、抗通胀和价值型的ETF投资产品,包括基础建设、公用事业产业型、天然资源产业型的ETF等。另外,一些有关低碳、节能的中长期绿色投资主题的ETF也有望在未来产生较理想的表现,包括碳中和、绿色能源、绿色电力等。

值得关注的是,受惠于超短期和短期政府债券 ETF 的推动,4月份固定收益ETF净赚约84亿美元。由于各国目前都纷纷采取紧缩的货币政策对抗通胀,利率走势较为波动的环境中,适当增加配置一些投资等级公司债且具有稳定票息的ETF可降低整体投资组合波动,达到避险的效果。

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