The latest voice of asset management giant Bellaide: The market volatility may be maintained for a period of time.

21st Century Business Herald Reporter Li Yu Shenzhen Report

Since the beginning of this year, the global economy, trade and financial markets have experienced significant shocks, and problems such as fluctuations in inflation, exchange rates, and commodity price fluctuations have troubled market participants.

Recently, the investment team in the Asia -Pacific region of Bryler made the latest market viewpoint, from the perspective of the Asia -Pacific region.

In Bellaide's view, the current development trend of the normalization of policies and tightening through the reduction of the balance sheet shows that the market's volatility may maintain a period of time, and the gap between risk premiums may continue to expand.

Therefore, Belaide believes that when investors are allocating asset allocation, they need to be cautious whether they are between different asset categories or within the same assets. The focus should be on high -quality credit and stocks. Under the long -term trend of economic growth and inflation, the company that can obtain predictable and high defensive cash flows.

Bellaide was founded in 1988. It was formerly an asset management subsidiary under the Blackstone Group. It began to operate independently in 1992 and was listed on the New York Stock Exchange in 1999. As of the end of the second quarter of 2022, Perlaide's management scale reached 8.49 trillion US dollars (about RMB 57.37 trillion).

At present, Berlaide's wholly -owned public fund Black Fund in China has issued three public fund products, which are Berlaid China's new vision, the Vision Vision of the Pakistan Hong Kong Stock Connect, and the advanced manufacturing of Berlaide. In addition, Berlaide also jointly established with CCB Financial Company Belaid CCB CCB Financial Management.

Global stock investment market is facing challenges

At present, the inflation rate of most developed economies has reached the highest level of decades.

Belinda, director of the Belide Asia -Pacific Region Active Investment Strategy Department and Chief Investment Director of Emerging Markets of Basic Active Stock Teams, said that the current development trend of normalization of policies and the tightening of the balance sheet of the balance sheet shows that the volatility of the market may may It will be maintained for a period of time, and the gap between risk premiums may continue to expand. Therefore, when investors are allocating asset allocation, they need to be cautious whether they are between different asset categories or within the same asset category.

From a more macro perspective, Belinda believes that the private equity market has the potential to add value and realize the diversification of allocation. Even the valuation of the private equity market cannot be avoided by the rise in market fluctuations. The three areas that are more promising include private equity credit. When inflation and interest rates rise, the risk exposure of floating interest rate bonds is attractive; the second is physical assets, especially infrastructure and real estate, which can be appropriate through investment. Assets, as a hedge of inflation, are expected to bring sustainable benefits. The third is sustainable development investment. One of the prominent themes is carbonization. It has dual potential, which can bring changes and creating growth opportunities to various industries, but also contribute to financial returns.

For the global stock investment market, Stephen andrews, co -supervisor of the Berlaid Global Emerging Market Stock Team, believes that this year is facing great challenges, including almost all markets in the Asia -Pacific region.

Stephen Andrews said that in the case of inflation effects caused by liquidity to cope with the inflation effect caused by loose monetary policy in the past years, the global interest rate and corporate profit margin are very different. Although the inflation rate of many emerging markets is still in the expected range of long -term, the current level is close to the upper limit.

Therefore, it is expected that the impact of excessive issuance of currency will take more time to correct it, and a risk faced by emerging markets is to fall into the influence of global re -pricing. This risk will increase without possible economic recession. Some cyclical industries show some value under the basis of "normalization", but their short -term performance may decline. "We think that the Chinese stock market will eventually rebound, the key is when it will happen as soon as possible."

Asset allocation is biased towards fixed income

It is reported that the allocation of Berlaide's credit investment in Asia depends on three factors, mainly including quality, short -end yield curves and cash flow conditions.

Berlaide's Asian Credit Team Director Sais said that under the circumstances of uncertainty, quality is an important line of defense for investment.

At the same time, under the environment of inflation and slowing growth, it selectively holds long -term openings in some markets. Although the inflation rate is high and the risk premium is expanding, the short -end curve of investment levels and high -income bonds has begun to appear attractive.

Sais is interested in industries that can predict its cash flow, such as public utilities, medical care and consumer necessities. It is relatively cautious about scientific and technological credit, because their cash return cycles are longer and long -term. In general, commodity companies have strong cash flow, but at the same time they may be restricted by environmental, social and governance (ESG), and investors should have a detailed attitude.

THOMAS TAW, the head of investment strategy in the Ashuo Asia Pacific region, believes that it is currently entering a new world with intensified macro volatility. Therefore, investors need to flexibly seize the opportunity.

According to Thomas Taw, in the past two months, the ISHARES Global Exchange Sale (ETP) mobile capital asset allocation has been biased towards fixed income, because investors seek use of income to increase the defense of investment portfolios. Since the beginning of the year, investors tend to invest in short -term fixed income investment. This situation is particularly obvious in the US market. About 35 billion US dollars of funds flow into various short -term Treasury bond ETPs during the year. Similar trends have also shown stock allocation. Since July, investors have shifted to high -quality stocks and high dividend strategies. Investment bonus ETF is the main trend of this year, with about $ 7 billion in assets. In the core stocks, the capital flow to the large US capsule with a huge cash flow. Investors are looking for risks that can withstand inflation and can pass the rising investment cost to the assets of terminal consumers. Among them, these investment opportunities are providing these investment opportunities in medical care and technology, but they are also looking for investment opportunities in industries and countries that benefit from strengthening the US dollar or driven by local market demand, including in India and Southeast Asia.

Finally, Thomas table said that investors are interested in the minimum volatility strategy. Investors who are allocated to allocate cash are using this method to reduce market risks that need to be afforded. In the past 30 days, the ISHARES minimum volatile (MIN VOL), high -interest (High Dividend) and individual dividends (SELECT DIVIDEND) ETFs have been listed in the United States. The inflow of funds exceeds $ 4 billion.

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