تغییر رویه بزرگترین مدیر سرمایه‌گذاری جهان پس از ۶ سال در مورد اوراق قرضه

After six years, BlackRock finds opportunities in government bonds.

BlackRock, the world’s largest asset manager, is once again warming up to government bonds, after six years of largely avoiding them.

The firm’s chief investment officer, Rick Rieder, said in a note on Monday that he’s become more optimistic on government bonds, citing a combination of factors including a shift in the Federal Reserve’s monetary policy outlook, falling inflation, and a more attractive yield environment.

“We are now tactically overweight government bonds,” Rieder wrote. “We believe that the combination of a more dovish Federal Reserve, a more attractive yield environment, and a potential for lower inflation all contribute to a more favorable outlook for government bonds.”

For years, BlackRock has favored corporate bonds and other riskier assets over government bonds, arguing that the low yields on government bonds didn’t offer enough compensation for the risk.

However, the recent shift in the Fed’s monetary policy outlook, with expectations of interest rate cuts later this year, has changed the calculus for BlackRock. The firm now believes that government bonds can offer a more attractive return profile, especially in a slowing economy.

“We believe that government bonds can now play a more important role in portfolios, providing both income and diversification,” Rieder wrote. “We are particularly interested in long-duration government bonds, which are more sensitive to changes in interest rates.”

The move by BlackRock is significant because it reflects a broader shift in sentiment among investors towards government bonds. After years of being shunned by investors, government bonds are now starting to look more attractive as economic growth slows and inflation falls.