Emerging Market Bonds: "Dollar Denominated" Kusiyana ne "Local Currency"
Vatengesi vane zvingasarudzwa zviviri panyaya yekutsvaga mari mumakambani anotengesa misika . Ikutanga ndeyekutsvaga mune chikwereti chemadhora-chinokonzerwa nenyika dzinokura. Dhora rakabatanidzwa rinongoreva kuti zvibvumirano zvinowanikwa mumataundi eUnited States, saka varimi veUnited States havadi kutendeukira kune dzimwe nyika mari apo vanotenga zvisungo. Chigumisiro ndechokuti hapana chinokonzerwa nehuwandu hwemari pamusoro pehuwandu hwekutsvaira hunoenderana nehuwandu hwemashamba ezvisungo.
Zvikwereti zvinoshandiswa mumari yemunharaunda panzvimbo yeAmerica madhora ndeyechipiri chechikwereti chemari inotanga kubuda. Muchiitiko ichi, mutyairi anofanira kutora madhora kune mari yekunze, yakadai seBrazilian chaiyo, vasati vatenga bhandi. Chigumisiro ndechokuti, kunze kwekutengeswa kwemari kwechibvumirano chechibvumirano, kukosha kwekutsvaga kwekutsvaga kunoshandiswa nekuchinja kwemari - kukwira kana kuwira kwemari yekunze / US dollar kushandiswa kwehuwandu.
Semuenzaniso, mutengi anotenga $ 1 Mamiriyoni anokosha emari yemari yeBrazil yemunharaunda, asi kuti aite saizvozvo vanotanga kuchinja madhora avo mune mari yemunharaunda. Gore rakatevera, mutengo wehutano hwakangofanana, asi mari yakaderedza 5% zvichienderana nedhora. Apo mutengi anotengesa chikwereti uye anotendeukira kumashure emadhora eU.S., kuti 5% kuderedzwa kunotungamirira kune kurasikirwa kwe5% kwehuwandu hwekutsvaga - kunyange zvazvo mutengo wezita wezvisungo muzviitiko zvisingashanduki.
Dhora kana Mari Yedzimwe Nyika Yakasanganiswa - Ndeipi Inobatsira Kwauri?
Izvo zvinogona kubatsira mari yemunharaunda yemunharaunda maviri. Chokutanga, inobvumira varairidzi kuti vatange kusiyanisa maitiro avo kubva kurenda reAmerica. Chechipiri, inobvumira vatengesi kuti vabatsirwe kubva pakuwedzera kwemaitiro emakambani ekubuda mumakambani ane kukura kwehupfumi.
Panguva imwecheteyo, mari yekutsvaga inowedzera chimwe chiyero chekusagadzikana. Izvi zvinova kunyanya kukosha panguva dzokuti vatyairi vari kutarisa kuti vadzivise ngozi. Pazviitiko izvi, zvinonzwisisika kutarisira kuti mari yemunharaunda yemunharaunda ichapedza pasi ye dollar-mazita avo vanobatana. Dollar-based chikwereti inogona kunge iri nzira yakanakisisa munguva dzisina chokwadi kune vashandi vatsva mukirasi yefasi kana kune avo vane zvishoma zvishoma zvinokonzera kushungurudzika.
Nzira Yakasiyana Sei?
Muenzaniso wekuti kushanda kwezvikamu zviviri kunogona kusiyana sei: MuSeptember 2011, kuwedzera kunetseka pamusoro peEuropean chikwereti chinokonzera kukwira kunzvimbo yakachengeteka kubva kune inzvimbo yakakwirira. Pakati peiyo selloff, EMB (iyo inotengesa misika ye ETF inobhadhara chikwereti chemadhora) yakadzoka -4.79%. Munguva imwecheteyo, ELD (iyo inobata chikwereti chemari yemunharaunda) yakadzoka -10.24% - musiyano mukuru munguva shoma yakadaro.
Asi, mumwedzi miviri yekutanga ya2012 - iyo nguva yakajeka yemakwenzi emari, ELD yakadzoka 7.53% uye yakatsvaga kudzoka kweEBB ye 4.51%. Nokufamba kwenguva, zvakadaro, musiyano wacho unowedzera kunyange kunze. Kutarisa pimari mbiri dzePIMCO semuenzaniso, makore mashanu evhareji yegore rekudzoka kwemari yemari yemunharaunda uye mari inodhengetwa nemadhora yaiva 7.37% uye 8.04%, zvichienderana, kusvika musi waJune 6, 2013, uye musiyano mutsva mumashure maviri aya .
Vashandi Vanowanikwa Mazhinji
Vashandi vanotarisira kugovera chikamu chemahofisi avo kune dzimwe nyika dzisungo vanofanira kuita sarudzo pakati pemari yeDorlar-inokonzerwa kana yekunyika-mari yezvisungo mari (kana kuisa imwe inosanganiswa yakadikanwa yezviviri). Dzimwe makambani emari anopa zvose: PIMCO, somuenzaniso, inopa zvose PIMCO Emerging Markets Bond Fund (ticker: PEBIX) pamwe nePIMCO Local Emerging Bond Fund (PELBX).
Munyika yekutengesa-mari inoshandiswa , vatengesi vanogona kusarudza pakati pemiti yakadai seShares JPMorgan USD Emerging Markets Bond Fund (EMB) kana kuti Wisdom Tree Emerging Markets Local Debt Fund (ELD).
The Bottom Line
Mari zhinji inokwanisa kutamira pakati pe dollar- uye mari yemunharaunda-masangano akabatanidzwa. Tsvaga chero ipi zvayo inogona kushandiswa mari yekubhadhara mari kuitira kuti uve nechokwadi chokuti iwe unonzwisisa mari yemachechi ezvisungo muhupfumiroyo yaro kuti uone kuti mari inoenderana nehuwandu hwehuwandu hwehutano uye inowirirana nehuwandu hwekutsvaga mari yako.
ZVINOKUDZIDZA: Pamusoro peMari haisi kupa mutero, utsvaga, kana mari yehupfumi uye mazano. Mashoko aya ari kuendeswa asina kufunga nezvezvinangwa zvekutsvaga, kubvumira kusangana nematambudziko kana mamiriro emari yemumwe muzvinabhizimisi chaiyo uye angave asina kukodzera kune varairi vese. Basa rekare harisi kuratidza migumisiro yemangwana. Kuisa mari kunosanganisira njodzi dzinosanganisira kurasikirwa kwatinoitwa mukuru.