Preferred Insights · 2019. 3. 7. · 2015/6 2015/9 2015/12 2016/3 2016/6 2016/9 2016/12 2017/3...
Transcript of Preferred Insights · 2019. 3. 7. · 2015/6 2015/9 2015/12 2016/3 2016/6 2016/9 2016/12 2017/3...
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Preferred Insights
February 2019
Presented By:
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I.
II.
III.
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Section I
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PAGE 3
• 2018 ETF
1 ETF 2018
ETF
ICE ( ) ICE
( ) S&P
ETF iShares ETF(PFF) ETF PowerShares ETF(VRP)
Bloomberg 2019/01/31
ETF
ETF ( )
5.7%
5.5%
4.2%
5.6%
6.1%
-4.3%
-3.6%
-3.0%
-6.2%
-7.6%
10.6%
11.3%
10.6%
8.1%
9.3%
-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%
ETF
ETF
2018 2017
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PAGE 4
Bloomberg 2019/02
2%
10
1 3
5.85%
1 ETF
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PAGE 5
• 2018 3.4% 4.2%
2.6%
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
Bloomberg 2019/02/18
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3 2018/3 2019/3
%
Bloomberg
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PAGE 6
• 2%
• 1 ISM 12 54.3 56.6
ISM
Bloomberg 2019/02/15
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
2019
1.8
1.9
2.0
2.1
2.2
2.3
2.4
2.5
2.6
2018/1 2018/3 2018/5 2018/7 2018/9 2018/11 2019/1
%
46
48
50
52
54
56
58
60
62
2014 2015 2016 2017 2018 2019
ISM (50)
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PAGE 7
• 1
10
10
10
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
Bloomberg 2019/02/15
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
2.375
3.125
3.375
3
2.375
2.875
3.125
2.75
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
3.6
2018 2019 2020
%
2018/09 2018/12
1.0
1.5
2.0
2.5
3.0
3.5
2014/2 2015/2 2016/2 2017/2 2018/2 2019/2
%
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PAGE 8
• 2018 12.3%
• 2019
16%
Bloomberg S&P500 2019/02/15
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
-20%
-10%
0%
10%
20%
30%
40%
50%
S&P500 ( )
( )
6%
7%
8%
9%
10%
11%
12%
13%
14%
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PAGE 9
• 1 11 14 2018
97 2016 192 2017 178
• BBB*
* ICE Bloomberg 2019/01/31
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
0
2
4
6
8
0
5
10
15
20
25
30
35
40
45
( ) ( ) ( ) 1
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PAGE 10
•
• 1 3 J.P. Morgan
( )
Bloomberg 2019/01/31
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1 3 5 7 9
11 1 3 5 7 9
11 1 3 5 7 9
11 1
2016 2017 2018 2019
0
5
10
15
20
25
1 3 5 7 9
11 1 3 5 7 9
11 1 3 5 7 9
11 1
2016 2017 2018 2019
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PAGE 11
• 2018
• 1 5.85%
Bloomberg 2019/01/31
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
5.1
5.3
5.5
5.7
5.9
6.1
6.3
6.5
%
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PAGE 12
• 2019 1 115 127 2015 (118 )
• BBB 179 52 2015 BBB
60 BBB
BBB *
*
BBB ICE Bloomberg 2019/01/31
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
-150
-100
-50
0
50
100
150
200
250
300
350
2015/1 2015/5 2015/9 2016/1 2016/5 2016/9 2017/1 2017/5 2017/9 2018/1 2018/5 2018/9 2019/1
()
BBB
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PAGE 13
• ETF 1 2.9
1 ETF
ETF ( )
ETF PFF PGX VRP PFFD SPFF FPE-IV PGF PFXF PSK IPFF EPRF Bloomberg 2019/01/31
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
-1500
-1000
-500
0
500
1000
1500
2015/6 2015/9 2015/12 2016/3 2016/6 2016/9 2016/12 2017/3 2017/6 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12
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PAGE 14
( 3 )
: ICE : MSCI : ICE
: Bloomberg 2016/01/31~2019/01/31
經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性經濟成長 貨幣政策 財務體質 信評狀況 新股發行 評價面 資金面 相關性
0.41
0.54
0.20
-
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
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Section II
( )
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PAGE 16
•
–
–
–
•
– 1 6.67% 3.19
Bloomberg 2019/01/31
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PAGE 17
基金產業配置基金國家配置
Bloomberg 2019/01
0.47%
0.55%
1.33%
1.89%
1.91%
2.06%
2.66%
2.68%
2.97%
3.82%
4.04%
4.81%
10.83%
59.98%
0% 10% 20% 30% 40% 50% 60% 70%
2.26%
4.04%
7.35%
7.90%
8.11%
70.34%
0% 20% 40% 60% 80%
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PAGE 18
* RR1-RR5
Bloomberg 2019/01
2017/1/23
262.38
(A )/ (B )
(N9 )/ (N )
RR3*
1.80%
0.28%
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Section III
(
)
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PAGE 20
•
/
/ 40%/30%/30% ( )
6.9% 4~5
• ETF
•
•
Bloomberg 2019/01
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PAGE 21
資產類別配置(各資產比重包含ETF或基金之配置)投資工具配置
Bloomberg 2019/01
, 33.94%
, 53.92%
ETF,
3.91%,
8.23%
( ETF),
37.85%
,
25.96%
( ),
27.96%
,
8.23%
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PAGE 22
•
國家配置 產業配置
Bloomberg 2019/01
0.43%
1.21%
2.10%
2.13%
2.17%
3.05%
3.48%
3.91%
4.29%
4.30%
4.42%
5.37%
5.77%
8.23%
49.14%
0% 10% 20% 30% 40% 50% 60%
/ETF
0.84%
1.53%
2.41%
2.71%
3.91%
4.74%
6.16%
6.65%
8.23%
8.82%
54.00%
0% 10% 20% 30% 40% 50% 60%
/ETF
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PAGE 23
( )
A: B: N9: N:
RR3*
PineBridge Investments LLC
1.70%
0.27%
* RR1-RR5
Bloomberg 2019/01
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PAGE 24
聲明
•
•
•
•
104 144 10 (02)2516-7883
407 386 12 8 (04)2217-8168
802 6 17 1(A5 ) (07)335-5898
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PAGE 25
Last updated 18 February 2019. TR108038
( )
www.pinebridge.com.tw
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PAGE 26
Last updated 18 February 2019. TR108038
( )
www.pinebridge.com.tw