四不像的意思是什么 _Lack of liquidity in corporate bonds hits index funds

2020-04-02 18:37:07 官方地址: 浏览次数 425136
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(Reuters) - Index fund managers are finding it hard to secure the bonds they need at the prices they want, forcing them to make trade-offs that can hurt investors and leave managers vulnerable in a market downturn. Bond liquidity has all but dried up for corporate issues after new regulations a【正版马会免费正宗资料大全 】nd capital requirements forced Wall Street banks to slash their inventories of fixed-income products following the financial 【王中王手机最快开奖直播 】crisis. That’s especially challenging for index fund managers who must

acquire ce

rtain bonds - or at least broad swaths of bonds - to be able to track specific benchmarks. The lack of liquidity also means funds may have trouble selling bonds in the event interest rates rise and the investors who have sunk about $1.2 trillion 【四肖中特期期准八码 】in net deposits into long-term bond funds since the end of 2004 head for the exits. Bonds inventory at Wall Street banks has dropped to about $60 billion from about $250 billion since the 2008 credit crisis, according t【81444资料开奖记录 】o the Federal Reserve Bank of New York, making them harder to trade, 【定遍本性圣称道打一肖 】analysts and fund managers said. “The days where you can go out and say, ‘I want these ten bonds’ ... and get the Street to 【马会传真真图2020 】of【带丹字的女孩名字 】fer them to you, are probably gone, said Josh Barrickman, 【抓码王2020年第一期 】head of bond indexing at Vanguard Group Inc, which oversees $325 billion in index bond fund and ETF 【4ggy门户彩票 香港 】assets. &ld【北京花家地小区合租房源信息 】quo;So now it’s more, ‘what can I get and are those suitable substitutes for what I actually want?’ To combat the problem, Vanguard has relied on more fixed-income trading specialists to hunt for hard-to-get【香港神彩苹果干细胞 】 bonds that are best suited for building efficient index portfolios, Barrickman said. Index funds have less latitude than actively managed funds, whose managers are paid to beat benchmarks, not track them. More corporate and municipal i【35天空彩票与我同行报码 】ndex funds are sampling the bonds containe【2020正版四不像图每期更新 】d in their benchm【114期精准六肖 】ark instead of trying to approach full re【2020、113期跑狗图 】plication of the index. They also are going outside their benchmark index to find substitutes for hard-to-get 【广州马会 】bonds, said Steve Sachs, head of capital markets at ETF provider ProShares. Sometimes【乘患相攻猜一肖 】 the sampling can be extrem【天天彩票论坛一肖特马会开结 】e, producing returns that 【天空彩票,与我同行,新 】severely lag their i【六开彩2020年94期开什么生肖 】ndex. The $30 million Market Vectors Pre-Funded Municipal ET【2020年手机看开奖结果纪录 】F holds only about 60 bonds, tracking a benchmark with more than 46,000 issues. It【老版跑狗全图143期 】 offers a unique slice of the bond market of pre-funded municipal bonds, but high transaction costs have produced a 12-month return net of 【今晚六合开奖什么号 】fees and expenses of 0.92 percent in

the year ending Sept. 1【二四六八卦玄机资料 】9, which is 23 basis points, or 20 percent, lower than the broad benchmark’s return of 1.15 percent, according to Thomson Reuters data. “There’s plenty of room to find different names that satisfy our need, said Jim Colby, manager of the Market Vectors fund, which is operated by Van Eck Global in New York. “On the other hand, it makes the process more complex to sort through the scenarios. Even funds holding larger percentages of their index can find their sampling cuts per【今晚最快开码结果查询 】formance. The $617 million PowerShares Fundamental High Yield Corporate ETF has 257 bonds in its portfolio, compared with about 2,100 in its benchmark, and has lagged its benchmark by as much as 1.40 p【新版中版四柱预测A 】ercentage points for a 12-month period within the past two years, according to data. That’s partly because it weighs its sample more heavily to high-quality bonds, which limits its yield. BlackRock Inc, the w【解跑狗图分析规则格式 】orld’s largest asset manager, says rock-bottom in【二四六八十能组成什么成语 】terest rates and【发财宝典一行中特 】 low volatility have created complacency among issuers and investors, and that the market for trading corporate bonds is broken. “Driven by record new issue volume,【马会内幕玄机 】 the size of the market has grown substantially while

the market’s trading capacity has decreased, BlackRock said last week in a research paper made public on Monday. I【香港开奖现场结果直播连准8期 】t’s a perfect recipe for a bond 【合肥市房产地图 】market rout to whipsaw investors, one fund index manager said. Meanwhile, many index bond funds are payi【香港三怪玄机图 】ng too much atten

tion to building portfolios that are easy to tra【马会内部绝杀一尾 】de. That doesn’t mean they are doing an efficient job of tracking their benchmarks, said Dave Nadig, chief investment officer at ETF research firm State Stree【2017年37期新跑狗图 】t Global Advisors’【黄大仙资料彩图 】 $9 billion SPDR Barclays High Yield Bond ETF gets high m【护发设庄留大圣猜一肖 】arks for having high yields and fees of 0.【自坏长城打一肖 】40 percent of assets invested, compared to 0.50 percent at【2016年狗跑狗玄机图高手解 】 a rival fund run by BlackRock【2015年71期新报跑狗诗 】. But the fund’s tracking error - the difference between the return an investor receives and the benchmark’s performance - has been twice its fees at times, according to As of June 30, the junk bond ETF’s 12-month median tracking difference was -0.72 percent, or six times higher than the -0.12 percentage points produced by BlackRock’s $12 billion iShares iBoxx $ High Yield

Corporat【跑狗图2018全年图片 】e Bond ETF, according to “JNK has been sloppy in its tracking over the past two

years, so investors may find the all-in cost higher than advertised, said in a research report. Brian Kinney, an executive【2020年15o期新跑狗资料 】 at State Stree【90888九龙心水高手论坛 】t Global Advisors, said higher transaction costs due to the lack of liquidity on the bond market contributed to the junk bond ETF’s wider tracking difference. NEW REQUIREMENTS Wall Street banks want to mak【白小姐中特玄机十码 】e more money per transaction because regulators’ new capital requireme【145期白小姐开奖号码 】nts have made holding 【空采票二四六资料 】bonds on their balance sheets more expensive, Kinney said. Even so, he said t【曾道人内部资料网 】he State Street junk bond ETF tracks its benchmark pretty tightly, given how volatile that sector can be. To be sure, though som【马会小区 】e index funds select bonds that allow them to outperform their indexes, it’s more common for an index fund’s tracking difference to lag its index because of the cost of running a fund that a benchmark doesn’t have. Nevertheless, index fund managers have always behaved a little like politica【码报资料东方心经 】l pollsters who sample a small group of people to get a reading on a larger population. Indexing giant Vanguard typically builds bond portfolios that come closest to having the same number of holdings as their benchmarks, fund disclosures show. The $121 billion Vanguard Total Bond Market Index Fund holds 6,730 bonds, compared to nea【马经玄机图2018年 】rly 8,900 in its benchmar【三期内必开四肖网站 三期内 必开四肖网站 】k. “I chuckle when people talk about a passive index bond fund, Nadig said. “There’s really no such thing. There ain’t much passive about it. These funds are constantly buying and selling.

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