重新平衡投资组合

每个人都喜欢赢家. If an investment is successful, most people naturally want to stick with it. 但这是最好的方法吗?

It may sound counterintuitive, but it may be possible to have too much of a good thing. 随着时间的推移, the performance of different investments can shift a portfolio’s intent – and its risk profile. It’s a phenomenon sometimes referred to as “risk creep,” and it happens when a portfolio has its risk profile shift over time.

在决定如何分配投资时, many start by taking into account their 时间范围, 风险承受能力, 以及具体的目标. Next, individual investments are selected that pursue the overall objective. If all the investments selected had the same return, that balance – that allocation – would remain steady for a period of time. But if the investments have varying returns over time, the portfolio may bear little resemblance to its original allocation.

再平衡是如何运作的

Rebalancing is the process of restoring a portfolio to its original risk profile.¹

There are two ways to rebalance a portfolio.

首先是使用新货币. 在投资组合中增加资金时, allocate these new funds to those assets or asset classes that have fallen. 例如, if bonds have fallen from 40% of a portfolio to 30%, consider purchasing enough bonds to return them to their original 40% allocation. Asset allocation and diversification are investment principles designed to manage risk. However, they do not guarantee against a loss.

The second way of rebalancing is to sell enough of the “winners” to buy more underperforming assets. Ironically, this type of rebalancing actually forces you to buy low and sell high.

Periodically rebalancing your portfolio to match your desired 风险承受能力 is a sound practice regardless of the market conditions. One approach is to set a specific time each year to schedule an appointment to review your portfolio and determine if adjustments are appropriate.

改变配置

随着时间的推移, market conditions can change the risk profile of an investment portfolio. 例如, consider a hypothetical portfolio that was 50% invested in bonds, 10%的国债, 40%的股权. 在几年的时间里, if the stock portion of the portfolio outperformed the other assets, the hypothetical portfolio may no longer reflect the initial allocation. An adjustment may be needed to reflect the original risk profile. Keep in mind that investing involves risks, and investment decisions should be based on your own goals, 时间范围, 对风险的容忍度. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. This is a hypothetical example used for illustrative purposes only. It is not representative of any specific investment or combination of investments.

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