由于债券收益率的急剧上升，BlackRock首次在大约六年内调整了对美国国债的看法——同时相应减少了其在股票投资上的持仓。这家全球最大的资产管理公司周二表示，已将美国股票的持仓从“超配”调整为“中性”，并将美国国债的持仓从“中性”上调至“超配”。BlackRock补充称，在过去六年中，其投资组合中一直以“减持美国政府债券”作为主要策略，仅偶尔将持仓调整为“中性”。
Surging bond yields have prompted BlackRock to adjust its view on U.S. Treasurys for the first time in around six years — at the expense of its exposure to stocks. The world's largest asset manager said on Tuesday it has cut its stance on U.S. equities to neutral from overweight, and upgraded its Treasurys position to overweight from neutral. BlackRock's government bond underweight had been a portfolio "mainstay" for the fund management giant for "most of the last six years", it added, only occasionally switching to neutral.
该公司在每周的市场评论中表示：“债券收益率已回升至我们长期预期的较高水平，我们希望锁定一些具有吸引力的投资收益。”这一调整源于近期债券收益率的快速上升：10年期和30年期美国国债的收益率已达到2002年以来的最高水平。今年，10年期美国国债的收益率上升了约110个基点，目前为5.25%；这一上升部分是由于中东冲突导致的能源成本上升所致。
"Yields have reset toward our long-held higher-rates view, and we want to lock in some attractive income," BlackRock said in its weekly market commentary. The move follows a sharp pick-up in yields in recent weeks, with 10-year and 30-year U.S. Treasury yields touching levels last seen in 2002. The benchmark 10-year Treasury yield has moved about 110 basis points this year, to 5.25%, driven partly by the higher energy costs caused by the Middle East conflict.
2020年10月时，BlackRock首次减持美国国债的持仓。目前，BlackRock管理的资产规模超过15.3万亿美元；该公司认为市场对美联储在未来12个月内进一步加息160个基点的预期“过于乐观”。该公司正在增加对整个收益率曲线范围内美国国债的持仓，其中短期债券是其首选投资对象，因为它们最有可能出现预期逆转的情况。
That compares to 0.9% in October 2020, when BlackRock first went underweight. US10Y YTD mountain U.S. 10-Year Treasurys. BlackRock, which has more than $15.3 trillion in assets under management, said market expectations of 160 additional basis points of Fed tightening over the next 12 months now look "overdone." It is adding Treasurys across the yield curve, with short-term bonds its favored pick, where it sees the most room for those expectations to unwind.
此次调整的部分资金来源于对美国股票的获利回吐（BlackRock已将美国股票的持仓评级下调至“中性”），以及美国机构抵押贷款支持证券的持仓（目前也维持在“中性”水平）。BlackRock表示：“我们将短期国债的持仓从‘中性’上调至‘超配’，因为我们认为美联储过度加息的预期有可能逐渐减弱；同时将长期国债的持仓从‘超配’下调至‘中性’，因为当前较高的收益率能为利率风险提供更好的补偿。”
The move is partly funded by some profit-taking in U.S. equities, where it has downgraded its view to neutral, and U.S. agency mortgage-backed securities, where the firm is now also neutral. "We are upgrading shorter-term Treasuries to overweight, where we see scope for excessive Fed tightening expectations to unwind, and long-term Treasuries to neutral as higher yields now provide better compensation for interest rate risk." BLK YTD mountain BlackRock.
该机构指出，在未来12个月内，美国国债收益率即便进一步上升75个基点，其总回报率也仍能保持正值。与此同时，在市场波动加剧的背景下，贝莱德将美股配置评级从“超配”下调至“中性”，这一举措应被视为一项“短期风险管理措施”。该机构依然看好股票板块中的人工智能与科技行业，并表示尽管政策不确定性加剧了短期市场波动，但其对人工智能领域的长期信心并未动摇。
The firm said Treasurys have a 75-basis-point cushion against further yield increases over the next 12 months before total returns turn negative. Meanwhile, BlackRock's switch to neutral from overweight in U.S. stocks should be seen as a "short-term risk management" decision in the context of a volatile market backdrop. It continues to prefer AI and tech within stocks and said its fundamental conviction in AI remains intact, despite citing policy uncertainty as fueling near-term volatility.
“我们只是在管理短期风险，并未改变核心投资理念。收益率上升为我们提供了增持国债的良机，所需资金部分来自减持美股所获得的收益。我们依然看好人工智能行业，一旦市场前景更加明朗且出现理想的入场时机，我们随时准备重新增加风险敞口。”
"We are managing near-term risk, not changing our core convictions. Higher yields offer an opportunity to add Treasuries, funded partly by taking profits on U.S. equities. We remain constructive on AI and stand ready to add risk again as visibility improves and attractive entry points emerge."