preferred insights · 2019. 3. 7. · 2015/6 2015/9 2015/12 2016/3 2016/6 2016/9 2016/12 2017/3...

Preferred Insights

February 2019

Presented By:

I.

II.

III.

Section I

• 2018 ETF

1 ETF 2018

ETF

ICE ( ) ICE

( ) S&P

ETF iShares ETF(PFF) ETF PowerShares ETF(VRP)

Bloomberg 2019/01/31

ETF

ETF ( )

5.7%

5.5%

4.2%

5.6%

6.1%

-4.3%

-3.6%

-3.0%

-6.2%

-7.6%

10.6%

11.3%

10.6%

8.1%

9.3%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

ETF

ETF

2018 2017

Bloomberg 2019/02

2%

10

1 3

5.85%

1 ETF

• 2018 3.4% 4.2%

2.6%

經濟成長貨幣政策財務體質信評狀況新股發行評價面資金面相關性


-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3 2018/3 2019/3

%

Bloomberg

• 2%

• 1 ISM 12 54.3 56.6

ISM



2019

1.8

1.9

2.0

2.1

2.2

2.3

2.4

2.5

2.6

2018/1 2018/3 2018/5 2018/7 2018/9 2018/11 2019/1

%

46

48

50

52

54

56

58

60

62

2014 2015 2016 2017 2018 2019

ISM (50)

• 1

10

10

10




2.375

3.125

3.375

3

2.375

2.875

3.125

2.75

2.0

2.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

2018 2019 2020

%

2018/09 2018/12

1.0

1.5

2.0

2.5

3.0

3.5

2014/2 2015/2 2016/2 2017/2 2018/2 2019/2

%

• 2018 12.3%

• 2019

16%

Bloomberg S&P500 2019/02/15

經濟成長貨幣政策財務體質信評狀況新股發行評價面資金面相關性經濟成長貨幣政策財務體質信評狀況新股發行評價面資金面相關性

-20%

-10%

0%

10%

20%

30%

40%

50%

S&P500 ( )

( )

6%

7%

8%

9%

10%

11%

12%

13%

14%

• 1 11 14 2018

97 2016 192 2017 178

• BBB*

* ICE Bloomberg 2019/01/31


0

2

4

6

8

0

5

10

15

20

25

30

35

40

45

( ) ( ) ( ) 1

•

• 1 3 J.P. Morgan

( )



0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1 3 5 7 9

11 1 3 5 7 9

11 1 3 5 7 9

11 1

2016 2017 2018 2019

0

5

10

15

20

25

1 3 5 7 9

11 1 3 5 7 9

11 1 3 5 7 9

11 1

2016 2017 2018 2019

• 2018

• 1 5.85%



5.1

5.3

5.5

5.7

5.9

6.1

6.3

6.5

%

• 2019 1 115 127 2015 (118 )

• BBB 179 52 2015 BBB

60 BBB

BBB *

*

BBB ICE Bloomberg 2019/01/31


-150

-100

-50

0

50

100

150

200

250

300

350

2015/1 2015/5 2015/9 2016/1 2016/5 2016/9 2017/1 2017/5 2017/9 2018/1 2018/5 2018/9 2019/1

()

BBB

• ETF 1 2.9

1 ETF

ETF ( )

ETF PFF PGX VRP PFFD SPFF FPE-IV PGF PFXF PSK IPFF EPRF Bloomberg 2019/01/31


-1500

-1000

-500

0

500

1000

1500

2015/6 2015/9 2015/12 2016/3 2016/6 2016/9 2016/12 2017/3 2017/6 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12

( 3 )

: ICE : MSCI : ICE

: Bloomberg 2016/01/31~2019/01/31


0.41

0.54

0.20

-

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

Section II

( )

•

–

–

–

•

– 1 6.67% 3.19


基金產業配置基金國家配置

Bloomberg 2019/01

0.47%

0.55%

1.33%

1.89%

1.91%

2.06%

2.66%

2.68%

2.97%

3.82%

4.04%

4.81%

10.83%

59.98%

0% 10% 20% 30% 40% 50% 60% 70%

2.26%

4.04%

7.35%

7.90%

8.11%

70.34%

0% 20% 40% 60% 80%

* RR1-RR5

Bloomberg 2019/01

2017/1/23

262.38

(A )/ (B )

(N9 )/ (N )

RR3*

1.80%

0.28%

Section III

(

)

•

/

/ 40%/30%/30% ( )

6.9% 4~5

• ETF

•

•

Bloomberg 2019/01

資產類別配置(各資產比重包含ETF或基金之配置)投資工具配置

Bloomberg 2019/01

, 33.94%

, 53.92%

ETF,

3.91%,

8.23%

( ETF),

37.85%

,

25.96%

( ),

27.96%

,

8.23%

•

國家配置產業配置

Bloomberg 2019/01

0.43%

1.21%

2.10%

2.13%

2.17%

3.05%

3.48%

3.91%

4.29%

4.30%

4.42%

5.37%

5.77%

8.23%

49.14%

0% 10% 20% 30% 40% 50% 60%

/ETF

0.84%

1.53%

2.41%

2.71%

3.91%

4.74%

6.16%

6.65%

8.23%

8.82%

54.00%

0% 10% 20% 30% 40% 50% 60%

/ETF

( )

A: B: N9: N:

RR3*

PineBridge Investments LLC

1.70%

0.27%

* RR1-RR5

Bloomberg 2019/01

聲明

•

•

•

•

104 144 10 (02)2516-7883

407 386 12 8 (04)2217-8168

802 6 17 1(A5 ) (07)335-5898

Last updated 18 February 2019. TR108038

( )

www.pinebridge.com.tw

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