GAM Investments首席多资产投资策略师朱利安·霍华德（Julian Howard）表示，随着收益率上升削弱了长期美国国债的分散化效益，投资者在构建投资组合保护时，应超越传统的60/40股票与债券配置。
Investors should look beyond the traditional 60/40 equities-and-bonds mix for building portfolio protection as rising yields weaken the diversification benefits of long-dated U.S. Treasurys, according to Julian Howard, chief multi-asset investment strategist at GAM Investments.
霍华德周一在接受CNBC“Squawk Box Europe”节目采访时表示，投资者在进入2026年第四季度前应“仔细思考”分散化策略，并解释称GAM已在长期股市上涨行情中获利了结，转而加强其投资组合的防御端。
Speaking to CNBC's "Squawk Box Europe" on Monday, Howard urged investors to "think carefully" about diversification heading into the final quarter of 2026, explaining that GAM has taken profits during the long equity rally in favor of strengthening the defensive side of its portfolios.
他指出：“除了美国国债之外，还有其他分散化资产可供选择。”
"Other diversifiers are available beyond U.S. Treasurys," he said, pointing to shorter-dated Treasury bills, gold, insurance-linked securities and mortgage-backed securities as four key portfolio diversification trades.
他将短期国库券、黄金、保险连接证券和抵押贷款支持证券列为四大关键投资组合分散化交易。
"Whatever your view on the rally is, you have to make sure the rest of your portfolio, in a multi-asset context, is going to be robust," Howard said.
霍华德说：“无论你对当前涨势持何种观点，都必须确保在多元资产背景下，你投资组合的其余部分具备稳健性。
"U.S.
美国国债可能并非理想的对冲工具——其久期较长，收益率正在上升，且存在大量动量。”
Treasurys are probably not going to be the ideal offset — They're long duration, yields are going up, there's a lot of momentum there."
“那么，什么才是真正可靠且简单的？
"So what's really, really reliable and simple?
再次强调，是市场的短端部分，它非常、非常有吸引力。”
Again, it's the short-dated part of the market [that is] very, very appealing."
霍华德表示：“长期限资产存在风险，收益率一直在上升。”
"There's risk in long duration, yields have been going up," Howard said.
他补充道，在短端，投资者可以锁定“相当不错的4%无风险、无久期”收益。
At the short end, investors can secure a "nice 4% risk-free, duration-free," he added.
周二早盘，2年期美国国债收益率微升1个基点至4.937%。
The yield on 2-year U.S. Treasurys was up by 1 basis point early on Tuesday at 4.937%.
6个月期美国国库券收益率上升2个基点至4.446%，3个月期国库券收益率则上升2个基点至4.224%。
Yields on 6-month U.S. Treasury bills were up 2 basis points to 4.446%, while 3-month T-bill yields were 2 basis point higher at 4.224%.
“这是一个相当不错的分散化资产——如果市场出现动荡，它将发挥作用。”
"That's quite a nice diversifier — it's going to work if something goes wrong in the market."
美国6个月期国库券。
US6M 1M mountain U.S. 6-Month Treasury Bills.
霍华德表示，这可以成为传统固定收益策略之外的分散化组合的一部分。
That can be part of a diversification book beyond traditional fixed income plays, Howard said.
“你可以将其他非美国……”国债，思考超越60/40配置。”
"There are other things that you can put into a portfolio that aren't U.S. Treasurys, thinking beyond 60/40."
在此，他看好黄金和保险连接证券，包括巨灾债券，这些资产能提供“良好的收益率”。
Here, he favors gold and insurance-linked securities, including catastrophe bonds, which offer a "good yield."
他解释说，抵押贷款支持证券对国债市场波动的敏感度也低得多。
Meanwhile, mortgage-backed securities are also far less sensitive to Treasury-market swings, he explained.
霍华德对股市仍持建设性态度，并补充称，投资者既不应在年底“大幅超配”，也不应放弃一个他认为具有“强劲动能”的市场。
Howard remains constructive on equities, adding that investors should neither enter year-end "massively overweight" nor abandon a market he sees as having "serious momentum."
在供应冲击、通胀压力和债券市场波动导致股票与债券之间历史性的负相关性变得不再可靠之际，投资者正在寻找替代方案。
The search for alternatives comes as the historically negative correlation between equities and bonds has become less dependable amid supply shocks, inflation pressures and bond market volatility.
本月早些时候，贝莱德欧洲、中东及非洲地区财富管理部门另类投资专家团队主管、董事总经理法比奥·奥斯塔（Fabio Osta）表示，市场正“逐渐远离”传统的60/40投资组合结构，他告诉美国消费者新闻与商业频道（CNBC），私募市场在人工智能的推动下，正迎来一个充满增长机遇的“新时代”。
Earlier this month, Fabio Osta, managing director and head of the alternatives specialists team, EMEA wealth at BlackRock , said markets are "moving away" from the traditional 60/40 portfolio mix, telling CNBC that private markets offer a "new era" of growth opportunities, fueled by AI.