Inflation-Plus Investing: Real Returns for Real Investors
提出通胀增强策略，旨在提供超越通胀的真实回报，强调从投资组合视角构建策略比单纯依赖通胀敏感资产更有效，并考虑国别通胀和汇率风险。
Inflation-plus strategies attempt to deliver positive real returns over reasonable horizons. The “real” in real return strategies is to adjust for inflation. This is different from the “real” in real asset strategies that focus on real assets (loosely, claims to tangible assets). The distinction is important because real assets might not be good additions to real return strategies. This article details how a portfolio view of building a real return strategy can help improve the efficiency of real return strategies compared to simply building the portfolio out of individual assets that may have favorable inflation sensitivities. We take an international perspective to highlight the importance of country-specific inflation and currency risks along with taking a dynamic approach to navigating a changing inflation landscape.