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随着通货膨胀走高,回报也需相应提升

Published: February 6, 2024


Investor Knowledge +  5 Minutes = New Thinking

Investors are often told about the importance of creating an investment plan that they can stick to through the thick and thin of their investing journey. And a key piece of any plan is an investor's asset allocation - or the mix of investments they hold within their portfolio. Now, traditional asset allocations like the 60/40 portfolio (60% stocks and 40% bonds) have historically delivered attractive risk-adjusted returns for many investors.

然而,如今找到适宜的资产组合可能并不那么一帆风顺。通货膨胀一直居高不下,而利率也处于数十年来的高位。因此,投资者可能更难实现他们达成财务目标所需的回报。 Simply put - higher inflation requires higher returns.

Although we at TD Asset Management Inc. (TDAM) feel stocks and bonds are still the bedrock of a diversified asset allocation strategy, we also feel market fundamentals have changed to some degree. For example, economic growth has been much more volatile in recent years and inflation has trended much higher than long-term historical averages.

If these trends persist, we may experience several different market environments and more variability in the returns of stocks and bonds. This may also necessitate more active and tactical management of a portfolio to help drive risk-adjusted returns. Therefore, investors may want to consider additional diversification through new investment options within their asset allocation to help drive returns higher during unpredictable times.

TDAM delivers on the options

TDAM has a broad and extensive lineup of Exchange-Traded Funds (ETFs), to help you construct a well-diversified portfolio in today's changing market and economic environment. For those that want to take a hands-off approach, consider asset allocation ETFs. A single ticket solution that can get you diversified exposure to stocks and bonds.

For instance, TD ETF Portfolios are all-in-one solutions designed for investors who are looking for a low-cost and efficient way to invest and lack the time or expertise to pick individual securities. You can choose from three different options with differing allocations to equities and fixed income depending on your risk profile and investment horizon. For instance, a 30% equity and 70% fixed income allocation is considered more conservative while a 90% equity and 10% fixed income mix is more aggressive. For those wanting to do it themselves, consider a "core and explore" strategy.

Core and explore

Core and explore is a method of portfolio construction where an investor buckets their investments into two groups, the core which typically consists of passive investments and explore which tends to consist of more active strategies. This gives an investor more control on how they invest and can increase the risk/return profile of a portfolio. Percentage allocations to each group will depend on the investor's tolerance for risk, investment horizon and market outlook. The core allocation is meant to provide stability and long-term growth, while the explore allocation aims to generate higher returns and enhance overall portfolio performance.

Core - TDAM offers a plethora of low cost, passively managed ETFs for portfolios with exposure to Canadian, U.S. or international markets. For the equity component, investors could utilize ETFs that track some of the major stock markets in the world, with exposure to some of the biggest companies and blue-chip names most people are familiar with. These types of ETFs will help provide the potential for growth as well as stability obtained through broad diversification. For the fixed income allocation, an investor can choose between investment grade government and corporate bond exposure that helps provide diversification and income to portfolios.

Some core options on the equity side from TDAM include TD U.S. Equity Index ETF (TPU), TD Canadian Equity Index ETF (TTP) and TD International Equity Index ETF (TPE). For fixed income, investors can choose something like the TD Canadian Aggregate Bond Index ETF (TDB) which provides broad exposure to high quality investment grade government and corporate debt.

Explore - Once the core is established, the more tactical investment options can be added. The main objective for the explore allocation is to generate returns above a benchmark and could reflect the investors short-term expectations or views in certain sectors or geographies, like real estate, infrastructure, commodities and even fixed income. The explore portion of the portfolio typically contains investments that have lower correlations to traditional asset classes and sometimes higher volatility.

Some explore options from TDAM include TD Active Global Infrastructure Equity ETF (TINF), TD Global Carbon Credit Index ETF (TCBN), TD Active Preferred Share ETF (TPRF), TD Q U.S. Small-Mid-Cap Equity ETF (TQSM) and TD Select Short Term Corporate Bond Ladder ETF (TCSB).

For more information read New Age Strategies for the Old School Portfolio.

To see what ETF options are available to you, download our TD ETFs Quick Product Guide, available on our website TD.com/etfs.

本文所含信息由道明资产管理有限公司提供,仅供参考。信息出自我们认为可靠的来源。图表仅供解说之用,并不反映任何投资的未来价值或未来表现。本信息并未提供财务、法律、税务或投资建议。具体的投资、税款或交易策略应根据每位投资者的目标和风险承受能力加以评估。

Solactive AG并未对道明美国股票指数交易所买卖基金给予保荐、推广、销售或任何其他方式的支持,也未就使用Solactive AG指数和/或与Solactive AG指数相关的任何商标或任何时间点的Solactive AG指数价格所取得的结果提供任何明示或暗示的保证或担保,或提供任何其他方面的明示或暗示的保证或担保。Solactive AG指数由Solactive AG计算并发布。Solactive AG会尽一切努力确保Solactive AG指数计算正确。尽管Solactive AG对道明资产管理有限公司存在义务,但并不意味着Solactive AG有义务向第三方(包括但不限于TD指数ETF的投资者和/或金融中介)指出Solactive AG指数中的错误。Solactive AG对Solactive AG指数的发布以及授权用于TD指数ETF的Solactive AG指数或任何与之相关的商标,均不构成Solactive AG建议投资此TD指数ETF的意见,也不以任何方式表明Solactive AG对在TD指数ETF中进行任何投资的保证或意见。

The TD Canadian Equity Index ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Solactive Canada Broad Market Index (CA NTR) is calculated and published by Solactive AG.Solactive AG会尽一切努力确保指数计算正确。 Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the TD Canadian Equity Index ETF. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the TD Canadian Equity Index ETF constitutes a recommendation by Solactive AG to invest capital in said TD Canadian Equity Index ETF nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this TD Canadian Equity Index ETF.

The TD International Equity Index ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR) is calculated and published by Solactive AG.Solactive AG会尽一切努力确保指数计算正确。 Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the TD International Equity Index ETF. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the TD International Equity Index ETF constitutes a recommendation by Solactive AG to invest capital in said TD International Equity Index ETF nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this TD International Equity Index ETF.

The TD Canadian Aggregate Bond Index ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Solactive Broad Canadian Bond Universe TR Index is calculated and published by Solactive AG.Solactive AG会尽一切努力确保指数计算正确。 Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the TD Canadian Aggregate Bond Index ETF. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the TD Canadian Aggregate Bond Index ETF constitutes a recommendation by Solactive AG to invest capital in said TD Canadian Aggregate Bond Index ETF nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this TD Canadian Aggregate Bond Index ETF.

The TD Global Carbon Credit Index ETF ("TD ETF") is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive Global Carbon Credit Index (CA NTR) ("Index") and/or any trade mark(s) associated with the Index or the price of the Index at any time or in any other respect.指数由Solactive AG计算和发布。Solactive AG会尽一切努力确保指数计算正确。无论对道明资产管理有限公司的义务如何,Solactive AG均没有义务向第三方指出指数的错误,包括但不限于投资者和/或TD ETF的金融中介。 Neither publication of the Index by Solactive AG nor the licensing of the Index or any trademark(s) associated with the Index for the purpose of use in connection with the TD ETF constitutes a recommendation by Solactive AG to invest capital in said TD ETF nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this TD ETF.

本文档中的部分陈述可能包含预测性的前瞻性陈述(“FLS”),其中包含“预计”、“预期”、“打算”、“认为”、“估计”和类似的前瞻性表述或其否定形式。前瞻性陈述基于当前对未来普遍的经济、政治、相关市场因素(例如利率和汇率、股票和资本市场)以及普遍经营环境的预计和预测,并假定不发生税法或其他法律或政府管制方面的任何变动或灾难事件。对于未来事件的预计和预测本身受无法预见的风险和不确定性的影响。此等预计和预测可能在未来并不准确。前瞻性陈述并非对未来表现的保证。实际发生的事件可能与前瞻性陈述明示或暗示的事件存在实质差异。包括上文所述各项因素在内的多个重要因素均可能造成这种背离。您不应在任何程度上依赖于前瞻性陈述。

道明资产管理有限公司 (TD Asset Management Inc.) 是道明银行 (The Toronto-Dominion Bank) 的全资拥有附属机构。

® TD标志和其他TD商标为道明银行或其子公司的产权。


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