Pimco mener, at investorerne skal blive mere sofistikerede i en tid med forventet lavere afkast. Det er ikke nok at satse på mere risikofyldte aktier, f.eks. small-cap. Nogle amerikanske pensionskasser begynder at vælge en såkaldt capital-efficient strategi for at forbedre afkastet. Det er f.eks. at bruge syntetiske instrumenter som futures og swaps, så investorerne dermed kan udnytte hele dybden og bredden på kapitalmarkedet.
Capital‑Efficient Strategies: Tackling the Challenges of Low Prospective Returns
A pragmatic implementation of investment leverage seeks to enhance alpha and diversification.
- Many investors seek ambitious annual return targets – often as high as 7%. Yet with valuations stretched for both equities and bonds, standard portfolio allocations seem unlikely to deliver what’s needed.
- This has led some investors to reach for more returns by reducing exposure to less risky but lower-returning assets and leaning instead into riskier, higher-returning assets.
- Yet shunning diversification and increasing exposure to procyclical assets with embedded leverage is a risky way to tackle the prospect of lower returns. Thus, growing numbers of institutional investors are pursuing an alternative approach that uses capital-efficient strategies.
- These entail direct and more efficient uses of leverage to gain exposure to assets that may improve portfolio returns without a material increase in portfolio risk.
