2017年1月8日 星期日

政府公債/公司公債(BOND)：BND / LQD / PCY 初探 (as of 12/31/2016)

閱讀順序：
  1. 均衡人生5個球(Brian Dyson: work, family, health, friends and spirit)
  2. ２０１７ETF投資計畫模擬參考 (Investment Policy) X 心態致勝(Mindset: The New Psychology of Success
  3. 政府公債/公司公債 (BOND)：BND / LQD  / PCY (頁236) <<你沒學到的巴菲特：股神默默在做的事>> 作者：闕又上






政府公債/公司公債(BOND)：BND / LQD  / PCY

Expense Ratio
美國國家公債：BND (Vanguard Total Bond Market Index Fund ETF Shares ) 
 0.06%
美國公司公債：LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF)
 0.15%
新興國家公債：PCY (PowerShares Emerging Markets Sovereign Debt Portfolio) 0.50%



美國國家公債：BND (Vanguard Total Bond Market ETF) 
Suitability
Vanguard Total Bond Market ETF BND is a solid, low-cost option for core exposure to investment-grade bonds. It efficiently tracks the Barclays U.S. Aggregate Float-Adjusted Bond Index,...   Read full Analyst Report 

Investment Objective and Strategy
The investment seeks the performance of a broad, market-weighted bond index. The fund employs an indexing investment approach designed to track the performance of the Bloomberg Barclays U.S. Aggregate Float Adjusted Index. This index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All of its investments will be selected through the sampling process, and at least 80% of its assets will be invested in bonds held in the index.





美國公司公債：LQD (iShares iBoxx $ Invst Grade Crp Bond) 
Suitability
IShares iBoxx $ Investment Grade Corporate Bond offers diversified access to investment-grade corporate bonds. It may be a suitable holding for investors who want fixed-income exposure...   Read full Analyst Report 

Investment Objective and Strategy
The investment seeks to track the investment results of the Markit iBoxx® USD Liquid Investment Grade Index composed of U.S. dollar-denominated, investment-grade corporate bonds. The fund generally invests at least 90% of its assets in securities of the underlying index and at least 95% of its assets in investment-grade corporate bonds. The underlying index is designed to provide a broad representation of the U.S. dollar-denominated liquid investment-grade corporate bond market.





新興國家公債：PCY (PowerShares Emerging Markets Sov Dbt ETF)
Suitability
PowerShares Emerging Markets Sovereign Debt PCY tracks an index of U.S. dollar-denominated emerging-markets sovereign bonds. This fund differs from traditional market-cap-weighted exchange-traded...   Read full Analyst Report 

Investment Objective and Strategy
The investment seeks investment results that generally correspond (before fees and expenses) to the price and yield of the DBIQ Emerging Market USD Liquid Balanced Index (the "underlying index"). The fund generally will invest at least 80% of its total assets in U.S. dollar-denominated government bonds from emerging market countries that comprise the underlying index. The underlying index measures potential returns of a theoretical portfolio of liquid emerging market U.S. dollar-denominated government bonds. The fund is non-diversified.





PCY, BND基金表現(as of 12/31/2016)





PCY, LQD基金表現(as of 12/31/2016)





  • 綠角財經筆記: 晨星使用指南---基金搜尋與資料解讀續(How to Use Morningstar)
    Trailing Total Returns，分別有基金近一天、近一週、近一個 月、近三個月、今年到目前為止、近一年、三年、五年與十年的表現。 這個Total Return就是我們最常用來看基金表現的方法，一般所說的 基金績效就是指這點。但是，對絕大多數的基金來說，Total return是言過其實的誇大之詞。為什麼?因為Total Return是一種 Time-weighted return，假設投資人從一開使就買進沒賣，會拿到怎樣的報酬。 事實上，投資人進進出出，而且通常在低點出，高點進。在波動大的基金，特別是如此。所以，投資在某支基金的全體投資人的報酬，通常都比Total Return低。 
  • 綠角財經筆記: 沒有未來的過去
    投資人什麼時候會情緒亢奮?就是當他看到一個投資標的過去亮眼表現的時候。
    當他看到一年30%，50%，或是一個月10%的報酬率時，他開始興奮了。他開始想像，假如我在月初投入100萬，一個月就賺10萬了。想像即將”化為己有”的報酬，是這個世上僅次於海洛因的成癮性毒品。
    為什麼是毒品，因為有害。
    為什麼成癮?因為儘管有害，投資人仍是樂此不疲、反覆為之。
    ”那是過去的報酬”的理性聲音，已經完全消沒在亢奮情緒的漩渦中。
    投資人買進需要的是一種感動，一種衝動。被過去亮麗表現所感動，興起一股想要這樣報酬的衝動。

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