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成长股vs价值股,当前形势下谁表现更优秀

Rey Mashayekhi
2020-04-07

自今年年初以来,两类股票差距显著拉大,增长股正不断走强。

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美国股市可能刚刚经历了33年来最糟糕的一个季度,但如果投资者能谨慎选股,仍可以避免遭受重大损失。

比如在选择增长股还是价值股的老问题上,投资者或许能够找到一丝安慰。据Alger资产管理公司的研究显示,自今年年初以来,两类股票差距显著拉大,增长股正不断走强。

Alger公司指出,自去年年底以来,罗素1000增长指数的表现超过了罗素1000价值指数和标普500指数。而自今年2月中旬美股因为新冠疫情开始直线跳水以来,这种差异变得更加明显。尽管下跌幅度巨大,但今年到目前为止,该增长指数仅下跌18%。相比之下,价值指数下挫31%,标普500指数则下跌了24%。

这家投资公司当前的投资策略以关注增长股为主,它指出了两极分化背后的几个因素。其一是低利率对金融板块的影响,这些股票通常属于价值股,并被编入价值指数计算。此外,全球贸易放缓阻碍了“商品自由流动”,进而影响到价值股的表现,因为价值股“往往经营汽车、器材等实体商品”,而以科技为主导的成长股“一般集中在数字经济领域”。

Alger公司还指出,成长股的资产负债表通常更加健康,这对于“经济动荡时期的生存至关重要”,在经济衰退时投资这些股票也较为安全。据该公司的数据显示,价值股在前两次美国经济衰退时平均收益下降40%,但增长股的收益“相对稳健”。

当然一些观察人士认为,在做出投资决策时,特别是在考察这两种股票的指数时,“增长股”和“价值股”的划分其实把问题过于简单化了。

嘉信理财公司首席投资策略师莉兹·安·松德斯在接受《财富》采访时表示,关键要看近期哪些板块和行业的表现优于市场平均,而目前科技和医药概念板块明显好于金融板块。

松德斯认为:“成长型股票的表现优于(价值型股票),主要是因为一些板块的表现更强劲。科技股和医药股恰好在增长指数中占据了主导。反观价值指数的权重股是金融类股票,它们已经被市场环境压垮了。”

松德斯还说,在如此动荡的市场环境下,投资者必须精心挑选个股,而不是盲目追逐某些被看好的细分市场“标签”。她表示:“我们一直在告诫投资者,如果想成为选股专家,就应该关注稳定而高质量的收益增长,同时也要保持价值思维。在当前环境下,关键是要精挑细选,采取主动而不是被动的投资策略。”(财富中文网)

译者:智竑

美国股市可能刚刚经历了33年来最糟糕的一个季度,但如果投资者能谨慎选股,仍可以避免遭受重大损失。

比如在选择增长股还是价值股的老问题上,投资者或许能够找到一丝安慰。据Alger资产管理公司的研究显示,自今年年初以来,两类股票差距显著拉大,增长股正不断走强。

Alger公司指出,自去年年底以来,罗素1000增长指数的表现超过了罗素1000价值指数和标普500指数。而自今年2月中旬美股因为新冠疫情开始直线跳水以来,这种差异变得更加明显。尽管下跌幅度巨大,但今年到目前为止,该增长指数仅下跌18%。相比之下,价值指数下挫31%,标普500指数则下跌了24%。

这家投资公司当前的投资策略以关注增长股为主,它指出了两极分化背后的几个因素。其一是低利率对金融板块的影响,这些股票通常属于价值股,并被编入价值指数计算。此外,全球贸易放缓阻碍了“商品自由流动”,进而影响到价值股的表现,因为价值股“往往经营汽车、器材等实体商品”,而以科技为主导的成长股“一般集中在数字经济领域”。

Alger公司还指出,成长股的资产负债表通常更加健康,这对于“经济动荡时期的生存至关重要”,在经济衰退时投资这些股票也较为安全。据该公司的数据显示,价值股在前两次美国经济衰退时平均收益下降40%,但增长股的收益“相对稳健”。

当然一些观察人士认为,在做出投资决策时,特别是在考察这两种股票的指数时,“增长股”和“价值股”的划分其实把问题过于简单化了。

嘉信理财公司首席投资策略师莉兹·安·松德斯在接受《财富》采访时表示,关键要看近期哪些板块和行业的表现优于市场平均,而目前科技和医药概念板块明显好于金融板块。

松德斯认为:“成长型股票的表现优于(价值型股票),主要是因为一些板块的表现更强劲。科技股和医药股恰好在增长指数中占据了主导。反观价值指数的权重股是金融类股票,它们已经被市场环境压垮了。”

松德斯还说,在如此动荡的市场环境下,投资者必须精心挑选个股,而不是盲目追逐某些被看好的细分市场“标签”。她表示:“我们一直在告诫投资者,如果想成为选股专家,就应该关注稳定而高质量的收益增长,同时也要保持价值思维。在当前环境下,关键是要精挑细选,采取主动而不是被动的投资策略。”(财富中文网)

译者:智竑

The stock market may have just had its worst quarter in 33 years, but that doesn’t mean there aren’t pockets of the market where investors can insulate themselves from all the damage.

The age-old debate between growth stocks and value stocks, for instance, is one area in which investors may be able to find some solace. According to equity investment firm Alger Management, the disparity between the two categories has grown markedly since the beginning of this year—with growth stocks coming out on top.

As Alger notes, the Russell 1000 growth index has outperformed both the Russell 1000 value index and the S&P 500 since the end of last year, with that divergence becoming more pronounced since the stock market began its coronavirus-related swan dive in mid-February. While having still fallen steeply, the growth index has lost only 18% this year to date, compared to a 31% drop in the value index and a 24% decline for the S&P 500.

The investment manager—which focuses its investment strategy on growth equities—points to a few factors behind the dichotomy. Those include the impact of lower interest rates on financial sector stocks, which are usually categorized as value stocks and tracked by value indexes. Alger also notes how a slowdown in global trade has hindered the “free flow of goods” and hurt value stocks, which “tend to deal more in tangible items, such as autos and equipment.” By contrast, more tech-oriented growth stocks “tend to operate in more of a digital economy.”

Alger adds that growth stocks tend to have healthier balance sheets, which are “critical to surviving economic tumult” and make them safer bets in recessionary conditions. According to the firm, while value stock earnings declined 40% on average in the previous two U.S. economic recessions, growth stock earnings “were relatively flat.”

Of course, some observers believe it is reductive to delineate simply between “growth” and “value” stocks when making investment decisions—and particularly so when considering indexes tracking both types of stocks.

As Charles Schwab chief investment strategist Liz Ann Sonders tells Fortune, it’s more about which sectors and industries have been outperforming the market as of late—with tech and health care stocks outstripping the likes of financials.

“I think the main reason growth stocks have been outperforming [value stocks] has had to do with which sectors have been outperforming,” Sonders says. “That’s tech and health care, and they happen to dominate the growth indexes—whereas the value indexes’ biggest weight is financials, and they’ve gotten crushed because of the environment.”

Sonders adds that in such volatile market conditions, it's important for investors to be particular about the stocks they invest in, rather than fall back on the “labeling” ascribed to certain segments of the market that are deemed good bets.

“We’ve been telling investors that if you’re a stock picker, you want to look at stability and quality in earnings growth, but also have a value mindset,” she says. “This is an environment where being particular and taking an active, rather than passive, approach is important.”

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