Global Aggregates
研究了全球综合债券组合相比本地或全球主权债券组合在风险收益权衡上的优势，对货币对冲投资者尤其有益，但需应对策略复杂性增加。
With low government interest rates and increased correlation across sovereign markets in Europe and the United States, investors and money managers have been searching for new ways to increase the return of fixed-income portfolios. At the same time, bond markets outside the United States have seen significant growth in non-sovereign sectors like corporates and mortgages. In Europe this development is mainly a consequence of the introduction of a common currency. Global sovereign bond investors can now access credit sectors across markets to expand their investment universe. Single-currency investors, on the other hand, especially those domiciled in small and illiquid markets, profit from the wider global investment-grade markets through multimarket and multisector (global aggregate) portfolios, while hedging currency exposures. Money managers can thus add value to portfolios through a much wider investment opportunity set. Analysis of the advantages of global aggregate portfolios with respect to other types of fixed-income portfolios, especially on a currency-hedged basis, confirms the intuitive assessment that global aggregate portfolios offer a better risk-return trade-off than local or global sovereign portfolios. Money managers, while profiting from a wider opportunity set, have to balance this advantage against the increased complexity and number of strategy dimensions.