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固定收益用于退休收入、财富积累和财富保值
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DoubleLine 退休解决方案关系经理 Dan Long 和产品专家 Phil Gioia 讨论了固定收益机会以及决定退休收入资产类别分配的四因素框架。该框架的缩写为 BIGG,从压舱、收入、增长和(缺乏)门槛等方面分析固定收益基金及其基础投资组合证券。 Fixed Income for Retirement Income, Wealth Accumulation and Wealth Preservation 22 Oct 2024 LOS ANGELES Dan Long, retirement-solutions relationship manager at DoubleLine, and product specialist Phil Gioia discuss opportunities in fixed income and a four-factor framework for deciding allocations within the asset class for retirement income. The framework, known by the acronym BIGG, analyzes fixed income funds and their underlying portfolio securities in terms of Ballast, Income, Growth and (the absence of) Gates. The discussion was recorded July 24, 2024. Highlights include: (0:27) Fixed income investments as a Ballast against riskier assets by offering lower return volatility and lower correlation to equities. (3:06) Income: The past “fixed income dungeon” of low yields, which set up fixed income for poor performance and undercut the asset class’s reputation as Ballast in 2022, vs. today’s “fixed income sanctuary” where different categories of investment-grade securities offer yields in the mid single digits. (7:09) Growth: thanks both to prevailing yields and discount-priced securities with the prospect of maturing near par, fixed income has offerings for investors who are mindful of wealth accumulation as well as wealth preservation. (9:50) Gates in the form of transaction restrictions, portability issues and high fees can be a tradeoff with some guaranteed-income products. In contrast, fixed income 1940 Act funds such as mutual funds have daily liquidity and, in the case of high-grade assets such as Treasuries, Agency mortgage-backed securities and investment grade corporate bonds, the underlying collateral also is liquid. https://www.youtube.com/watch?v=30DwsMpoqEs
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