你適合高收益債券基金嗎? 投資前停看聽

你適合高收益債券基金嗎? 投資前停看聽

高收益債券基金一直是國人青睞的基金類型,主因其「高收益」的魅力遠超過其他債券基金,因此買氣居高不下。不過,高收益債券基金為何能有較高收益?如何評估可能投資風險?適當的投資策略與配置為何?你適合高收益債券基金嗎?這些都是投資人投資前應先了解與建立的投資觀念,金融業者和投資人應共同努力做好各項金融商品投資前的評估,讓投資人找到「速配」的基金,也讓各項金融商品發揮其投資優勢。

許多人投資「高收益債券基金」是期待賺取穩健高收益,卻未去探究為何它能比其他債券基金給你更高的收益率,更忘了金管會與投信投顧公會為何對高收益債基金在銷售端祭出高標準,其實都是為了提醒投資人一定要先了解商品和自己之後再進行投資,才能找到真正適合自己的投資標的。

綜觀各類債券,高收益債屬於信用評等相對較低的債券,也就是企業或機構所發行非投資等級的債券。信用評等相對較低(BBB-或Baa3等級以下)的債券,代表信評機構認為其違約的機率較高,因此發行人必須支付更高的票息,才能吸引投資人買進其所發行的債券,所以選擇以高收益債為主要投資標的的高收益債券基金,固然在無違約風險狀態下可以收到較高的債券票息,但相對地也要承受景氣反轉時較高的債券違約風險,高風險伴隨著高報酬仍是投資市場的鐵律,投資人投資前應考量這種風險與報酬間的取捨。

一般而言,高收益債券基金主要投資標的就是違約風險相對較高的高收益債券,而新興市場債券基金主要是投資在開發中國家或地區,且有相當比例可以投資於高收益債券。所以退休人士、保守型、不瞭解或無法承擔高收益債券相關風險的投資人,並不適合投資,即使投資,投資的金額占投資組合之比重,也不適宜太高。

目前銷售高收益債券基金時基金名稱後方均會加註「本基金主要係投資於非投資等級之高風險債券」或「本基金有相當比重投資於非投資等級之高風險債券」等警語,同時應揭露高收益債券基金各類投資風險且投資人應簽署風險預告書,足見高收益債基金投資風險評估的重要性。

而以高收益債券基金為訴求的基金有哪些投資風險?其實在投資人須親自簽署的風險預告書中揭露的非常清楚,包括信用風險、利率風險、流動性風險,以及不宜占投資組合比重過高、配息來源可能為本金等應注意事項,投資人在簽名之前宜充分了解這些風險,也應詳讀以替自己的權益把關。

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