Ke wehewehe, ka manawa a me nā pili o Zero Coupon Bond Funds
ʻAʻoleʻike ka lehulehu o nā poʻe kālā i keʻano o ka nui o nāʻano pilina paʻa a me ka hoʻohanaʻana no kaʻoi aku o ka loaʻaʻana o nā kālā kūponoʻole a no ka hoʻololiʻana i ka pilikia o ka kūʻaiʻana a me ka mālamaʻana i nā kālā kālā. A nui aku ka poʻe kālā iʻikeʻole i nā pono o ka hoʻohanaʻana i nā kālā pilikino zero-coupon.
Eia ka mea e pono aiʻoe eʻike e pili ana i kēia mau mea hiʻona paʻa paʻa-kālā:
Nā Palena Zero-Coupon: Definition and Basics for Investors
ʻO ka'elike zero-coupon kahi palapala i kūʻaiʻia ma ke kumukuai (kahi kumu kūʻai ma lalo o kona kumu maka), me ka uku pane i ukuʻia i ka mea kālā kālā i ka wā kūpono. " Coupons " kekahi inoa e pili ana i nā uku ukupanee a me nā hōʻai'ē zero-couponʻaʻole e hāʻawi i nā ukuʻauhau manawa. Ma nā huaʻokoʻa,ʻaʻole e ukuʻia kēia mau paʻa i nā tīkomo, no laila, ka hua'ōlelo zero-coupon.
ʻO ka mea kūʻai i ka palapala hōʻailona e loaʻa i ka waiwai piha o ka palapala hoʻopaʻa i ka wā i hiki ai ka palapala hoʻopaʻa i ke kūlana. Eia naʻe, i kaʻokoʻa,ʻo kahi mea kālā e mālama ana i ka palapala maʻamau ka loaʻaʻana mai o ka uku mai nā uku wāwae manawa, i hanaʻia i kēlā me kēia makahiki.
ʻO kekahi mau haʻahaʻa zero-couponʻaʻole e puka i waho e like me nā zero-coupon mau. Eia kekahi laʻana,ʻaʻole e hoʻomaka ke kumu kūʻaiʻo nā Bond WaihonaʻAmelika ma keʻano he zero-coupon akāʻo ka papahana i kapaʻiaʻo ka Kūpaʻi Kūpaʻi o ka Waihona Puke a me nā Kuleana Kuleana (STRIPS), e wehe i ka coupon, aiʻole ka uku panee, a me nā hōʻailona zero-coupon. "Nā kāpili STRIP."
No ka loaʻaʻole o ka uku o nā zero-coupon a me ka waiwai o ke kumukūʻai ma ke kūlana'ōpio, uaʻoi aku ka maʻalahi o kā lākou uku i nā uku kumukūʻai. No laila,ʻaʻole wale ka paleʻana i ka maikaʻi o ka makahiki no ka hoʻopaʻaʻana i nāʻaina,ʻoi aku ka maikaʻi no nā kālā pilikino zero-coupon.
E pili ana i ka paʻa o nā kālā likeʻole, e hoʻomanaʻo i ka waiwai o ka mea waiwai kālā i nā'āpana o ka pūʻulu kālā aʻaʻole nā kuleana o ke kōpena waihona kālā.
No laila,ʻo ke kumukūʻai o kēlā me kēia kālā (aʻo ka mea i kapaʻiaʻo kona waiwai waiwai nui a iʻole NAV ) he hana nui ia o ka hoʻihoʻi piha o ka pūnaewele i ka mea kālā. ʻO kēia ke kumu o ka pilina paʻaʻana i nā kumu waiwai nui - no ka mea, hiki ke hāʻule i ka waiwai, akā, hiki i ka mea hoʻopaʻa paʻa mea paʻa ke hoʻopaʻa i kā lākou palapala hoʻopaʻa me ka loaʻaʻanaʻole o ka naloʻana, ināʻaʻole lākou e kūʻai aku i kā lākou palapala hoʻopaʻa ma kahi haʻahaʻa. kūʻai.
ʻO ka manawa kūpono loa e hoʻokaʻawale i nā kālā hōʻai'ēʻo Zero-Coupon
ʻO nā uku pākē a me nā uku pākēlua e like meʻelua hopena kū'ē o ka mea kānalua: Inā piʻi kekahiʻaoʻao, e hāʻule kekahiʻaoʻao. No laila, ke piʻi nei ka uku uku uku, e hāʻule ana nā kumukūʻai paʻa a i ka hāʻuleʻana o ka huina kālā uku, e piʻi ana nā uku ukana. No laila,ʻo ka manawa kūpono loa e hoʻokomo ai i loko o ka hoʻopaʻaʻanaʻo ia ka wā e hāʻule ana ka huina kumukūʻai no ka mea e piʻi ana ke kumukūʻai (aiʻole ka waiwai) o kāu haipule hoʻopaʻa.
ʻO ka nīnau wale nō i koe e pili ana i ka manawa kūpono no ka hoʻokomoʻana i ke kālāʻo nā haʻawinaʻoiaʻiʻoʻole:ʻO ka manawa hea e hāʻule ai ka huina kālā paneʻe? ʻO ka paneʻana i loko o nā manawa deflationary .
ʻO ke kumu o ka hoʻoponoponoʻana o ka Federal Reserve i ka pale,ʻo ia ka manawa e hāpai ana i nā kumukūʻai no nā waiwai a me nā lawelawe o nā mea kūʻai, ma o ka ho'ēmiʻana i nā uku pānaʻi ma o ka kūʻaiʻana i nā Bond Waihona.
ʻO nā kālā hōʻai'ē kālā nui loa
ʻO kahi kālā palekana no ka wā pōkole loa-no ka makahiki 2014 a 2015 pahaʻo ka American Zero Coupon 2015 (BTFTX) aʻo kekahi o ka hapa lōʻihi no ka lōʻihi o nā zero-coupon kālā he ETF , PIMCO 25+ Zero Coupon US. Kuhi (ZROZ).
Pono nā kānaka kālā e hoʻolālā i ka mālamaʻana i ka kūʻaiʻana a me ka mālama paʻaʻana i nā kumukūʻai paʻaʻole no ka mea he nui nā wikiwiki o kā lākou kālā. Eia kekahi,ʻo ka lōʻihi lōʻihi eʻoi aku ka loli ma ke kumukūʻai ma mua o nā kau palena lōʻihi.
Eia kekahi lā, i ka makahiki 2013, ua loaʻa i ka ZROZ he -20.9% ka hoʻiʻana, a ma ka makahiki 2014, he 48.8% ka waiwai o ka waihona kālā. A laila, huli houʻo ZROZ i ka mea houʻole i ka makahiki 2016, a loaʻa iā ia ka waiwai liʻiliʻi ma ka 2016, a laila ua hukiʻia i mua o ka waihona kālā me ka mea i heluʻia e ka Bloomberg Barclays US Aggregate Bond Index , i ka 2017.
No laila ke alakai nui me nā koina-couponʻoiai hiki iā lākou ke lilo i mau wā lōʻihi lōʻihi, akā, heʻano loiloi hoʻi lākou, nā mea hoʻokomo kālai'āina aʻaʻole loa no nā hoʻomaka kālā.
Ka Hoʻohaha: ʻO kaʻike ma kēia pūnaewele ua hoʻolakoʻia no ke kūkākūkāʻana wale nō, aʻaʻole pono e kuhiʻia e like me ka'ōlelo aʻo kālā. ʻAʻohe kumu e hōʻikeʻia kēiaʻikepili i manaʻo e kūʻai a kūʻai aku i nā palekana.