数十亿美元因安全操作失败而损失 - 彭博社

照片：盖蒂

去年，在经历了一轮熊市之后，投资者决定将超过6000亿美元投入以股息为中心的交易所交易基金（ETF）。

十一个月后，这项业务失败了。

与在动荡的季节提供庇护相反，最大的股息ETF被市场对科技的狂热所超越，科技股的代表性公司股价上涨了15%甚至更多。排名最低的是iShares Select Dividend（代号DVY）这只180亿美元的ETF，在公用事业和金融股的押注消失后，其总回报率下跌了5.4%。

这是关于市场定时危险性的最新教训，这是一种策略，即通过购买或出售资产来尝试预测价格的变动。投资者希望暴露于具有盈利历史的公司，以防范美联储40年来最激烈的紧缩周期。但他们发现，当收益率飙升时，这些表现不佳的公司特别脆弱。

受害者名单包括200亿美元的SPDR S&P Dividend ETF，其总回报率下跌了3%（SDY），以及Schwab US Dividend ETF（SCHD），其下跌了2.4%，以及Vanguard的高股息收益ETF（VYM），今年基本持平。大多数获利的基金都是规模较小的，比如Invesco Dividend Achievers ETF（PFM），上涨了6.6%，ProShares S&P 500 Dividend Aristocrats ETF（NOBL），上涨了2.3%，以及Vanguard Dividend Appreciation ETF（VIG），上涨了9.6%，专注于中大型股。

Nick Kalivas, from Invesco, said that the weak performance of PFM is related to its underweighting in the so-called Magnificent Seven and its overweighting in lower “growth” technology names like Oracle Corp., Cisco Systems Inc., and IBM Corp.. ProShares claims that NOBL companies achieved “fundamental performance,” achieving an average earnings growth even as overall S&P 500 earnings declined this year. State Street’s Matt Bartolini pointed out that dividend strategies have a “value bias,” and 2023 was a “growth market.”

Vanguard and BlackRock declined to comment.

“With a small handful of growth-oriented stocks dominating market performance, 2023 was a challenging environment for dividend-paying value instruments, especially with compelling arguments for fixed income in a higher rate environment,” said D.J. Tierney, senior investment portfolio strategist at Schwab Asset Management, home to SCHD.

By and large, the cash wave into dividend strategies pushed investors toward value instruments and away from mega-cap technology stocks, which have driven market gains. In the case of SDY, half of the fund is concentrated in three sectors that have fallen this year: consumer staples, utilities, and healthcare. Its top holding, manufacturer 3M Co, has plummeted 15%. Compare that with VIG, which has nearly a quarter of the fund in information technology, an unusual feature in dividend funds.

股息增加股票收益的观念是证券经纪人的销售论点，但这一观点存在争议。他们向股东提供的任何回报实际上都会被股价的机械性下降所抵消 —— 这就是所谓的除息效应 —— 这使得收益主要取决于价值选择。今年对于以其现金流量价值而被评估的价值出现了特别严峻的情况，这是由于债券收益率的上升，这些债券与投资者的资金竞争。

由Paulina Munita翻译。

原始说明：华尔街安全交易失误导致数十亿资金蒸发