債券の銘柄選択

債券の銘柄選択: すべての市場で動ける準備を

グローバル・クレジット担当CIOであるマーク・キーセルが、PIMCOのポートフォリオ・マネージャーがどのようにボトムアップ・プロセスから銘柄選択をし、今後有望と見られるグローバルな消費関連を含むすべての市場で動ける準備をしているのかについてご説明いたします。

詳しくはこのセクションから

Read Transcript

Shot of PIMCO office building exterior and shot of Mark Kiesel walking through PIMCO offices into a meeting room.

Mark Kiesel, CIO Global Credit:The life of as portfolio manager is to always be prepared and that’s not just for things that can go well but also for things maybe that won’t go as well. We always want to challenge our conviction. We always want to look ahead and ask ourselves what could we be missing.

Text on screen: Morning Meeting - Newport Beach, Ca, U.S.

Shots of a meeting around a table.

Environments are changing; we think markets are going to become more volatile, so having that forward view will make us better decision makers. So this is when we think we’ll thrive. I’m Mark Kiesel, I’m CIO, Chief Investment Officer responsible for overseeing global credit at the firm.

Text on screen: Bond by Bond: Prepared to Act in Every Market

Shots of a meeting.

PIMCO’s bottom up process is a key component of our overall investment process at

the firm.

Text on screen: European Markets Meeting
Graphics highlights the time the meeting in taking place in difference time zones.

As a portfolio manager I’m very focused on equity moves, price moves, as analysts they're very focused on fundamentally is anything deteriorating or improving.

Shots of PIMCO employees working.

That teamwork is really invaluable and that's how we ultimately come across our ideas, and ultimately what we want to buy and sell in the portfolios.

Shot of a Picks and Pans Meeting in PIMCO’s Newport Beach office.

We have a top picks and pans meeting every month and it involves a series of about five or six meetings around the world with over a hundred portfolio managers and analysts. And that essentially is the roadmap for all portfolio managers at PIMCO, what to buy what to sell across investment grade, high yield, bank loans, emerging markets. And in fact a lot of the alpha at PIMCO has come from this process.

Shots of PIMCO employees working.

What we pride ourselves on is understanding the details; we want to know everything. In our credit portfolios we literally have two, three, four hundred positions so the level and depth of knowledge that's required is significant.

Shot of Mark walking through a hallway.

I think some of the most exciting moments for myself at the company have been with the analysts,

A shot of an airplane takes up the left half of the screen while a shot of Mark walking upstairs takes up the right side. Shots transition to two side-by-side shots of a construction site.

visiting the companies and really coming up with insights that we saw ahead of others.

Shot of Mark walking through the office to his desk.

For example we were early and identified the housing crisis two years before it happened.

Aerial shot of a neighborhood.

Chart: The line graph plots the S&P/Case-Shiller U.S. National Home Price Index from 1988 - 2012, and shows that prices hitting their peak in 2008-2009 before falling.

We thought the inventory problem would worsen. We thought housing could fall 30%, and ultimately it ended up happening.

Shots from the 2008 financial crisis.

Also, in the recession, when no one wanted to lend to the banking sector, our analysts were there, helping to essentially recapitalize the banking industry,

Shots of PIMCO employees working.

and because we were there, we were able to negotiate terms and get deals into our clients' portfolios.

Shots of an Asian Markets Meeting with text on screen highlighting the time it is taking place in each time zone.

One of the things that PIMCO benefits from is having a long-term orientation. As we look out going forward one area of opportunity we do see is in the global consumer: Incomes are rising and in fact as incomes rise people tend to spend more.

Shots from retail stores.

Text on screen:

  • U.S. ~68% Population, 325.7 Million (2017)
  • China ~53% Population, 1.415 Billion (2017)

For example the US consumer, consumer spending accounts for 68% of the economy, in China it's only 53%. China's consumer will come online, they'll expand their wealth they'll take more vacations and that more of China's growth will come from the consumer.

A series of shots of electronics, automobiles, vacations, luxury items, and housing scrolls by with text labeling each of them.

Shots Mark in a meeting and working at his desk.

But having that forward view gives us a advantage because we ultimately want to buy companies not based on past results but where they're going.

Shots of a walls of screens with trading information and maps.

The beauty of this is that all these companies vary. They’re all in different industries in different countries.

 

Shots from a PIMCO meeting.

So the ability of active managers to add value is significant, and that’s something we do at PIMCO. We have very high standards, we want to deliver not only strong, consistent performance but also superior service to our clients.

One of the things we always pride ourselves on is that if we’ve had any success in the past ignore it - wake up every day and earn it, and that’s something we’re very proud of here at the firm.

For more information, visit pimco.com

Disclosures


Past performance is not a guarantee or a reliable indicator of future results.

All investments contain risk and may lose value. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Management risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results, and that certain policies or developments may affect the investment techniques available to PIMCO in connection with managing the strategy. Investors should consult their investment professional prior to making an investment decision.

This material contains the opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

フィルタ: すべてリセット

フィルタ

Close Filters Dropdown
  • タグ

    リセット

    閉じる
  • Category

    リセット

    Bond by Bond
    Careers
    Economic and Market Commentary
    Investment Strategies
    PIMCO Foundation
    PIMCO Education
    View from the Investment Committee
    View From the Trade Floor
    Viewpoints
    Education
    閉じる
  • リセット

    閉じる
() filters applied

ビデオ一覧

コンテンツ を探す
  • 債券の銘柄選択
  • 経済・市場コメント
  • 運用戦略
  • インベストメント・コミッティー
  • View From the Trade Floor
  • PIMCOの視点
  • 債券の基礎
  • A
  • B
  • C
  • D
  • F
  • G
  • H
  • I
  • K
  • M
  • O
  • P
  • R
  • S
  • T
  • W
  • Y
クリア
Tina Adatia
債券ストラテジスト
Del Anderson
クレジット・アナリスト
Meredith Block
ESG Research Analyst
David L. Braun
ジェネラリスト・ポートフォリオ・マネージャー
Jelle Brons
グローバル社債チームのポートフォリオ・マネージャー
Erin Browne
マルチアセット戦略担当ポートフォリオ・マネージャー
Grover Burthey
ESGポートフォリオ・マネジメントの統括責任者
Libby Cantrill
エグゼクティブ・オフィス
Stephen Chang
ポートフォリオ・マネージャー
Devin Chen
米国商業用不動産チームの共同統括責任者
Pramol Dhawan
エマージング市場ポートフォリオ・マネジメントの統括責任者
Joachim Fels
グローバル経済アドバイザー
David Fisher
戦略的パートナービジネスの共同統括責任者
Nick Granger
定量分析担当ポートフォリオ・マネージャー
Adam Gubner
Portfolio Manager, Distressed Debt
Gregory Hall
米国グローバル・ウェルス・マネジメント統括責任者
Ray Huang
エグゼクティブ・バイス・プレジデント
Daniel H. Hyman
エージェンシー・モーゲージ債ポートフォリオ・マネジメントチームの共同統括責任者
Daniel J. Ivascyn
グループ最高投資責任者(グループ CIO)
Mark R. Kiesel
グローバル・クレジット担当最高投資責任者(CIO)
Ryan Korinke
サステナビリティのグローバル統括責任者
Jason Mandinach
オルタナティブ・クレジット戦略およびプライベート戦略統括責任者
Samuel Mary
ESGリサーチ・アナリスト
Scott A. Mather
米国コア戦略兼サステナブル投資担当 最高投資責任者(CIO)
Kyle McCarthy
オルタナティブ・クレジット・ストラテジスト
Mohit Mittal
ポートフォリオ・マネージャー
Alfred T. Murata
モーゲージ・クレジットチームのポートフォリオ・マネージャー
John Murray
商業用不動産投資を担当するポートフォリオ・マネージャー
Jason Odom
アセットアロケーション・ストラテジスト
Rick Pagnani
保険リンク証券の統括責任者
Lupin Rahman
ソブリン・クレジットのグローバル統括責任者
Steve A. Rodosky
ポートフォリオ・マネージャー
Emmanuel Roman
最高経営責任者(CEO)
Jerome M. Schneider
ショートタームおよびファンディング・デスクの統括責任者
Marc P. Seidner
非伝統的戦略担当の最高投資責任者
Emmanuel S. Sharef
住宅市場分析のスペシャリスト
Anmol Sinha
Kimberley Stafford
プロダクト戦略部門 グローバル統括責任者
Christian Stracke
グローバル・クレジット・リサーチ・グループの統括責任者
Geraldine Sundstrom
アセットアロケーション戦略担当のポートフォリオ・マネージャー
Jessica K. Tom
シニア・クレジット・アナリスト
Eve Tournier
汎欧州クレジット・ポートフォリオ・マネジメント統括責任者
Francois Trausch
アリアンツ・リアルエステート 最高経営責任者(CEO)兼 最高投資責任者(CIO)
Megan Walters
アリアンツ・リアルエステート 調査部門 グローバル統括責任者
Qi Wang
ポートフォリオ執行担当 最高投資責任者(CIO)
Jamie Weinstein
ポートフォリオマネージャー、スペシャル・シチュエーションズ戦略責任者
Tiffany Wilding
北米担当エコノミスト
Nelson Yuan
PIMCO
セクション : タグ : 日付 : エキスパート :
すべてリセット
Taking Credit: Current Opportunities in Public and Private Markets
PIMCOの視点

パブリック・プライベート両市場における現在の投資機会 (video)

パブリック・プライベート両市場における現在の投資機会

グループCIOのダン・アイバシンがクレジット市場全般に見い出している大きな投資機会に期待をしている理由と、パブリック(公開市場)・プライベート(非公開市場)の両市場にアクセスできるPIMCOが、いかにユニークな立場にあり、流動性が高い資産から低い資産に至る全範囲で現在の投資機会を活用できるのかについてご説明します。

経済・マーケット関連

インフレリスクをヘッジする3つの方法(video)

インフレリスクをヘッジする3つの方法

インフレに強いポートフォリオにするための方法は沢山あります。今日は投資妙味が増しているエマージング通貨、グリーン・エネルギー、不動産の3つをご紹介します。

アセットアロケーション展望の詳細を読む

Does the 60-40 Portfolio Still Make Sense?
経済・マーケット関連

株式60%債券40%のポートフォリオはまだ有効? (video)

株式60%債券40%のポートフォリオはまだ有効?

インフレリスクの高まりなど不確実性が高い今の環境では、ポートフォリオ構築が重要です。投資家はポートフォリオを分散する選択肢を広げることを検討するべきでしょう。

アセットアロケーション展望の詳細を読む

結果をさらにダウンロードする さらに {{cCtrl.fetchResults}} コンテンツをみる