{"id":800,"date":"2020-11-16T10:50:11","date_gmt":"2020-11-16T10:50:11","guid":{"rendered":"https:\/\/www.assetallocationawards.nl\/?p=800"},"modified":"2020-11-16T10:50:11","modified_gmt":"2020-11-16T10:50:11","slug":"zoektocht-naar-high-yield","status":"publish","type":"post","link":"https:\/\/www.assetallocationawards.nl\/2020\/zoektocht-naar-high-yield\/","title":{"rendered":"Zoektocht naar High Yield"},"content":{"rendered":"<p><strong>Tijdens de <a href=\"https:\/\/www.assetallocationawards.nl\/terugblik\/asset-allocation-awards-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">Asset Allocatie Awards<\/a> uitreiking op 4 februari 2020 is Wellington Management naar voren gekomen als beste fixed income allocator. Hoe navigeert Wellington Management de Covid-19 crisis ten opzichte van de consensus? We hebben gekeken naar de verschillen tussen de consensus en Wellington Management.<\/strong><\/p>\n<h2>Zoektocht van Wellington Management<\/h2>\n<p>Binnen fixed income wordt er door Wellington Management de zoektocht naar yield ingezet. Deze zoektocht naar yield uit Wellington zijn positionering ten opzicht van high yield. Vanwege het waarschijnlijke vernauwen van de spread tussen high yield obligaties en staatsobligaties, het lichtelijk dalen van het aantal wanbetalingen en het sterke profiel van zogenoemde \u2018fallen angels\u2019 wordt high yield overwogen wat overeenkomt met de consensus.<\/p>\n<h3>Bedrijfsobligaties<\/h3>\n<p>Over obligaties uit opkomende markten is Wellington een stuk minder positief. Zo worden obligaties uit opkomende markten onderwogen ten opzichte van een overwogen positie van de consensus. De onderwogen positie komt vanwege de zwakke fundamentele waarden, de hoge hoeveelheid overheidsuitgaven en hun export geori\u00ebnteerde economie\u00ebn. Binnen opkomende markten worden bedrijfsobligaties als een aantrekkelijkere belegging gezien, doordat zij in mindere maten worden blootgesteld door de problemen die staatsobligaties met zich meebrengen.<\/p>\n<h3>Spreads nauwer geworden<\/h3>\n<p>Hoge kwaliteit staatsobligaties worden door Wellington Management gezien als een goede toevoeging voor een portfolio. Vanwege de diversificatie- en liquiditeitseigenschappen, mocht de huidige recessie langer of erger zijn dan dat momenteel wordt verwacht. Hoewel er in het laatste rapport geen direct advies wordt gegeven, wordt de obligatieklasse onderwogen in de consensus.<\/p>\n<p>Tot slot worden bedrijfsobligaties neutraal gewogen ten opzichte van een overwogen positie in de consensus. Spreads zijn de afgelopen tijd nauwer geworden door de ondersteuning van de Federal Reserve. Wellington verwacht dat deze spreads de aankomende tijd nog nauwer zullen worden.<\/p>\n<h3>Premiumrapport<\/h3>\n<p>Voor een maandelijkse update van alle beleggingscategorie\u00ebn kunt u zich abonneren op het rapport: <a href=\"https:\/\/www.alpharesearch.nl\/rapporten-analyses\/asset-allocatie-consensus-premium\/\" target=\"_blank\" rel=\"noopener noreferrer\">Asset Allocatie Consensus Premium<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hoe navigeert Wellington Management, beste fixed income allocator, de Covid-19 crisis ten opzichte van de consensus?<\/p>\n","protected":false},"author":4,"featured_media":803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zoektocht naar High Yield &#8226; 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