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成長股vs價值股,當前形勢下誰表現更優秀

成長股vs價值股,當前形勢下誰表現更優秀

Rey Mashayekhi 2020年04月07日
自今年年初以來,兩類股票差距顯著拉大,增長股正不斷走強。

美國股市可能剛剛經歷了33年來最糟糕的一個季度,但如果投資者能謹慎選股,仍可以避免遭受重大損失。

比如在選擇增長股還是價值股的老問題上,投資者或許能夠找到一絲安慰。據Alger資產管理公司的研究顯示,自今年年初以來,兩類股票差距顯著拉大,增長股正不斷走強。

Alger公司指出,自去年年底以來,羅素1000增長指數的表現超過了羅素1000價值指數和標普500指數。而自今年2月中旬美股因為新冠疫情開始直線跳水以來,這種差異變得更加明顯。盡管下跌幅度巨大,但今年到目前為止,該增長指數僅下跌18%。相比之下,價值指數下挫31%,標普500指數則下跌了24%。

這家投資公司當前的投資策略以關注增長股為主,它指出了兩極分化背后的幾個因素。其一是低利率對金融板塊的影響,這些股票通常屬于價值股,并被編入價值指數計算。此外,全球貿易放緩阻礙了“商品自由流動”,進而影響到價值股的表現,因為價值股“往往經營汽車、器材等實體商品”,而以科技為主導的成長股“一般集中在數字經濟領域”。

Alger公司還指出,成長股的資產負債表通常更加健康,這對于“經濟動蕩時期的生存至關重要”,在經濟衰退時投資這些股票也較為安全。據該公司的數據顯示,價值股在前兩次美國經濟衰退時平均收益下降40%,但增長股的收益“相對穩健”。

當然一些觀察人士認為,在做出投資決策時,特別是在考察這兩種股票的指數時,“增長股”和“價值股”的劃分其實把問題過于簡單化了。

嘉信理財公司首席投資策略師莉茲·安·松德斯在接受《財富》采訪時表示,關鍵要看近期哪些板塊和行業的表現優于市場平均,而目前科技和醫藥概念板塊明顯好于金融板塊。

松德斯認為:“成長型股票的表現優于(價值型股票),主要是因為一些板塊的表現更強勁。科技股和醫藥股恰好在增長指數中占據了主導。反觀價值指數的權重股是金融類股票,它們已經被市場環境壓垮了。”

松德斯還說,在如此動蕩的市場環境下,投資者必須精心挑選個股,而不是盲目追逐某些被看好的細分市場“標簽”。她表示:“我們一直在告誡投資者,如果想成為選股專家,就應該關注穩定而高質量的收益增長,同時也要保持價值思維。在當前環境下,關鍵是要精挑細選,采取主動而不是被動的投資策略。”(財富中文網)

譯者:智竑

美國股市可能剛剛經歷了33年來最糟糕的一個季度,但如果投資者能謹慎選股,仍可以避免遭受重大損失。

比如在選擇增長股還是價值股的老問題上,投資者或許能夠找到一絲安慰。據Alger資產管理公司的研究顯示,自今年年初以來,兩類股票差距顯著拉大,增長股正不斷走強。

Alger公司指出,自去年年底以來,羅素1000增長指數的表現超過了羅素1000價值指數和標普500指數。而自今年2月中旬美股因為新冠疫情開始直線跳水以來,這種差異變得更加明顯。盡管下跌幅度巨大,但今年到目前為止,該增長指數僅下跌18%。相比之下,價值指數下挫31%,標普500指數則下跌了24%。

這家投資公司當前的投資策略以關注增長股為主,它指出了兩極分化背后的幾個因素。其一是低利率對金融板塊的影響,這些股票通常屬于價值股,并被編入價值指數計算。此外,全球貿易放緩阻礙了“商品自由流動”,進而影響到價值股的表現,因為價值股“往往經營汽車、器材等實體商品”,而以科技為主導的成長股“一般集中在數字經濟領域”。

Alger公司還指出,成長股的資產負債表通常更加健康,這對于“經濟動蕩時期的生存至關重要”,在經濟衰退時投資這些股票也較為安全。據該公司的數據顯示,價值股在前兩次美國經濟衰退時平均收益下降40%,但增長股的收益“相對穩健”。

當然一些觀察人士認為,在做出投資決策時,特別是在考察這兩種股票的指數時,“增長股”和“價值股”的劃分其實把問題過于簡單化了。

嘉信理財公司首席投資策略師莉茲·安·松德斯在接受《財富》采訪時表示,關鍵要看近期哪些板塊和行業的表現優于市場平均,而目前科技和醫藥概念板塊明顯好于金融板塊。

松德斯認為:“成長型股票的表現優于(價值型股票),主要是因為一些板塊的表現更強勁。科技股和醫藥股恰好在增長指數中占據了主導。反觀價值指數的權重股是金融類股票,它們已經被市場環境壓垮了。”

松德斯還說,在如此動蕩的市場環境下,投資者必須精心挑選個股,而不是盲目追逐某些被看好的細分市場“標簽”。她表示:“我們一直在告誡投資者,如果想成為選股專家,就應該關注穩定而高質量的收益增長,同時也要保持價值思維。在當前環境下,關鍵是要精挑細選,采取主動而不是被動的投資策略。”(財富中文網)

譯者: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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