Capital Group 的新主动型 ETF 如何为 2024 年做好准备

9 月份，Capital Group 扩大了其已经很受欢迎的主动型 ETF 阵容。五只新 ETF 包括两只新股票 ETF、两只新固定收益 ETF 和一只资产配置 ETF。我们有机会深入了解了其中的一对 ETF，并了解了管理层认为迈向 2024 年的 ETF 有哪些吸引力。

"Capital Group 全球产品战略主管 Holly Framsted 解释说："我们最近推出的主动型 ETF 是我们为顾问提供他们最常用的构建模块，以便为他们的客户建立稳健模型的愿望的延续。Framsted 和两位投资组合经理本周在纽约证券交易所会见了 VettaFi。

寻找有吸引力的股息增长者
新的 ETF 基金之一是 Capital Growth Dividend Growers ETF (CGDG)。该基金的管理层积极选择当前收益率和长期股息增长结合良好的公司股票。最近，该基金 49% 的资产在美国，还混合投资了欧洲和亚洲的发达国家股票，并持有 7% 的新兴市场股票。

"市场正处于动荡的过渡阶段。资本集团股票投资组合经理格兰特-剑桥（Grant Cambridge）指出："市场正处于动荡的过渡阶段，它正在消化通胀加剧带来的利率上升。"借贷成本上升需要时间来影响企业、个人和整体经济。许多公司的担忧是有根据的。少数被看好的公司正在引领市场。这为投资一些有趣的、被忽视的公司提供了机会。我们正在寻找那些能够最好地适应不断变化的环境并持续增长红利的公司。

CGDG 的最大持仓包括英国石油公司（BP）、博通公司（Broadcom）、Equinix、日本电信电话公司（Nippon Telegraph and Telephone）、菲利普莫里斯国际公司（Philip Morris International）和台湾半导体公司（Taiwan Semiconductor）。

将股票与主动型债券 ETF 相结合  
另一个相对较新的 Capital Group ETF 是 Capital Group Core Balanced ETF (CGBL)。"Framsted 补充说："CGBL 是为投资组合的核心而设计的，它在一个节税工具中提供证券选择、资产配置和再平衡。

最近，该 ETF 有 63% 的资产为股票，其余为全球债券或现金。该基金通过投资于 Capital Group 的一个或多个固定收益交易所交易基金来配置债务证券。股票则由红利股和成长股（如 Meta Platforms 和 UnitedHealth Group）瓜分。通过 Capital Group Core Plus Income ETF (CGCP)，CGBL 混合投资了投资级和投机级债券。

固定收益的风险所在
"Capital Group 固定收益投资组合经理约翰-奎恩（John Queen）评论说："信贷和 MBS 等风险领域看起来比我们年初想象的更具吸引力。CGCP 44% 的资产为抵押担保债务。截至 9 月底，CGCP 还有 31% 的公司债券和 13% 的国债。

"他补充说："这种观点与估值变化关系不大，更多的是与经济环境有关，2023 年 3 月银行倒闭之后，经济环境显得相当脆弱。"投资级公司债券与国债的利差合理。投资级公司债券的基本面也很稳健，因为公司在过去几年的超低利率期间延长了到期期限。抵押支持证券目前的价格很有吸引力，如果利率波动下降，它们的表现会特别好。

CGCP 是 Capital Group 的六只 ETF 之一，管理的资产超过 10 亿美元。Capital Group 红利价值 ETF (CGDV) 和 Capital Group 增长 ETF (CGGR) 是这组主动管理 ETF 的领头羊。

In September, Capital Group expanded its already popular active ETF lineup. The five new ETFs included two new equity ETFs, two new fixed income ETFs, and one asset allocation ETF. We had a chance to dive into a pair of these ETFs and understand what management finds appealing heading into 2024.

“Our most recent active ETF launches are a continuation of our desire to equip advisors with the building blocks they use most frequently to build robust models for their clients,” explained Holly Framsted, head of global product strategy at Capital Group. Framsted and two portfolio managers met with VettaFi at the New York Stock Exchange this week.

Looking for Attractive Dividend Growers
One of the new ETFs is the Capital Growth Dividend Growers ETF (CGDG). The fund’s management actively selects shares of companies with a strong combination of current yield and dividend growth over the long term. It recently had 49% of assets in the U.S. It also had a mix of developed European and Asian stocks, and a 7% stake in emerging markets.  

“The market is in a volatile transition phase. It’s digesting higher interest rates brought on by elevated inflation,” noted Grant Cambridge, equities portfolio manager at Capital Group. “Higher borrowing costs take time to impact businesses, individuals, and the broader economy. There are well-founded concerns for many companies. A narrow group of anointed companies are leading the market. That provides an opportunity to invest in a number of interesting, overlooked companies. We are finding companies that can best adapt to the changing environment and grow the dividend on a persistent basis.”

CGDG’s largest positions included BP, Broadcom, Equinix, Nippon Telegraph and Telephone, Philip Morris International, and Taiwan Semiconductor.  

Blending Stocks With an Active Bond ETF  
Another relatively new Capital Group ETF is the Capital Group Core Balanced ETF (CGBL). “CGBL is built to serve the core of portfolios by offering security selection, asset allocation, and rebalancing in a tax-efficient vehicle,” added Framsted.

The ETF recently had 63% of assets in equities with the remainder in global bonds or cash. The fund allocates to debt securities by investing in one or more of Capital Group’s fixed income exchange traded funds. The equity stake was split between dividend payers and growth stocks like Meta Platforms and UnitedHealth Group. Via the Capital Group Core Plus Income ETF (CGCP), CGBL had a mix of investment-grade and speculative grade bonds.  

Where Risk Is Warranted in Fixed Income
“Risk sectors such as credit and MBS look more attractive than we might have thought earlier in the year,” commented John Queen, fixed income portfolio manager for Capital Group. CGCP had 44% of assets in mortgaged-backed obligations. It also had 31% in corporate debt instruments, and 13% in Treasuries at end-September.

“That view has less to do with changes in valuations and more to do with the economic environment which looked quite tenuous following the bank failures of March 2023,” he added. “Investment-grade corporate bonds offer reasonable spreads over Treasuries. They also offer a solid fundamental picture as companies extended their maturity stack during the extremely low rates of the past few years. Mortgage-backed securities offer attractive current prices and should do particularly well if interest rate volatility declines.”

CGCP is one of the six Capital Group ETFs managing more than $1 billion in assets. This group of actively managed ETFs is led by the Capital Group Dividend Value ETF (CGDV) and the Capital Group Growth ETF (CGGR).