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Investovanie do dlhopisových fondov - investujte s Indexfunds.sk

Dlhopisové

Investovanie do dlhopisových fondov.

Investovať do dlhopisov vydaných mimo eurozóny?

V poslednej dobe ma zaujali dva články. Ten prvý je štúdiou z dielne investičnej spoločnosti Vanguard, v ktorej analyzovali, aký vplyv na výnos a riziko portfólia má investícia do dlhopisov v inej než lokálnej mene (z nášho pohľadu by šlo o dlhopisy v USD, GBP, JPY, AUD…). Druhý článok bol reakciou na stĺpček v NY Times, v ktorom sa jeden zo skúsených pracovníkov Goldman Sachs lúči s touto bankou.

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Investovať do dlhopisov s dlhou dobou splatnosti?

Dlhopisy by mali byť určite v portfóliu každého investora kvôli zníženiu rizika plynúceho z akcií. Jednak sú dlhopisy menej rizikové (ich ceny oveľa menej kmitajú ako ceny akcií – štandardná odchýlka je nižšia pri dlhopisoch), a jednak sa zvyknú ich výnosy vyvíjať relatívne nezávisle od výnosov akcií. Netvrdím, že je tomu tak vždy, ale väčšinu času áno. Odbornejšie povedané, korelácia výnosov dlhopisov a akcií je z dlhodobých meraní mierne nad nulou (napr. +0,19 v USA za posledných 110 rokov). Obrázok dolu zobrazuje koreláciu dlhopisových a akciových výnosov (vzájomný vývoj) počas rokov 1900-2010 počítaný z 5-ročných rolovacích intervalov.

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