<p>在最近关于所谓的 “卖掉美国” 贸易和资本流出美国市场的辩论中，外国股票受到了大部分关注。但国际债券，尤其是新兴市场债券，也在蓬勃发展。</p>
<p>“截至目前，固定收益领域表现最佳的区域是新兴市场，” 固定收益 ETF 公司 BondBloxx 的联合创始人 Joanna Gallegos 在本周的 CNBC“ETF Edge” 节目中表示。</p>
<p>例如，iShares JPMorgan USD 新兴市场债券 ETF（EMB）在 2025 年产生了超过 13% 的回报。BondBloxx 的 JP Morgan USD 新兴市场 1-10 年债券 ETF（XEMD）在 2025 年也有类似的表现。</p>
<p>美元疲软、对美国在高支出和赤字时期财政健康的担忧，以及特朗普总统的外交政策对投资的影响，加上近期的表现趋势，都促使投资者更加关注国际多元化。</p>
<p>但对 Gallegos 来说，这首先是关于货币和追逐表现，而不是认为美国作为市场正在失去吸引力。“美元压力使得人们更加关注非美国资产，” Gallegos 说。“我认为人们只是看到去年的回报，并寻找机会来利用这些机会，而不是其他任何事情，” 她说。“美国贸易不会消失，” 她补充道。</p>
<p>Morningstar 一月份的数据支持了美国投资者并未放弃国内市场的观点，无论是股票还是债券，即使更多资产流向海外。</p>
<p>根据 Morningstar 的数据，美国市场 ETF 在一月份吸引了约 1560 亿美元的净流入，这是有史以来最好的一个一月。但投资者也向国际股票 ETF 增加了 510 亿美元的净正流入，这在该类别中创下了月度记录。应税债券 ETF 也表现突出，投资者在这个月的净流入达 460 亿美元，主要由 Vanguard Total Bond Market ETF（BND）和 Vanguard Intermediate-Term Corporate Bond ETF（VCIT）引领。</p>
<p>尽管对私人信贷泡沫的担忧，美国仍然提供 “最强的固定收益市场”，Gallegos 表示，并且 “是全球继续投资的最大机会。”</p>
<p>投资者正在扩大他们的投资组合，增加新的收益来源，同时将美国资产作为核心。“我认为我们仍然看到经济韧性，” Gallegos 说，指出稳定的收益和强劲的企业资产负债表。在债券市场，特别是，她表示，“收益率曲线看起来正在变陡，表现得很合适，长期利率高于短期利率。”</p>
<p>Strategas Securities 的技术策略师 Todd Sohn 在 “ETF Edge” 上表示，固定收益部分潜在变化的规模甚至大于股票资产的变化，但这并不一定是一个国际优先的故事。货币市场基金在过去几年中主导了资金流动，数万亿资产闲置在一旁，因为现金账户产生了不错的回报且没有风险。但随着中央银行利率开始下滑，Sohn 表示，更多资本将流入信贷市场和债券。“这些资金将被投入到固定收益产品中，” 他说。</p>
<p>Gallegos 表示，投资者不再需要为了收益而过度伸展。她强调了投资级信用，特别是投资者抓住机会向 “BBB” 利率区间移动，在那里收益率更高但违约风险历史上仍然较低。她强调，债券不再仅仅是防御工具。“债券不仅仅是你投资组合中的安全部分，也是机会和收入来源，” Gallegos 说。</p>
<h3>按资产规模排名的顶级债券 ETF</h3>
<ol>
<li>Vanguard Total Bond Market ETF (BND)</li>
<li>iShares Core U.S. Aggregate Bond ETF (AGG)</li>
<li>Vanguard Total International Bond ETF (BNDX)</li>
<li>iShares 0-3 Month Treasury Bond ETF (SGOV)</li>
<li>Vanguard Intermediate-Term Corporate Bond ETF (VCIT)</li>
</ol>
<p><em>来源：VettaFi</em></p>

<p>随着美国投资者在 “卖出美国” 交易波动中多元化他们的投资组合，国际债券，特别是新兴市场债券，正受到关注。BondBloxx 的 Joanna Gallegos 指出，新兴市场是固定收益领域表现最好的区域。尽管对美国经济存在担忧，投资者仍在增加对美国资产的投资，同时也在投资国际股票 ETF。随着中央银行利率预计将下降，预计将有更多资金流入信用市场和债券，凸显债券作为收入来源和投资组合中的机会</p>

<p>Amid recent debate over the so-called &#34;Sell America&#34; trade and capital rotating out of U.S. markets, foreign stocks have received most of the attention. But international bonds, especially emerging market bonds, have also been riding high.</p>
<div class="lb-trans"><p>在最近关于所谓的 “卖掉美国” 贸易和资本流出美国市场的辩论中，外国股票受到了大部分关注。但国际债券，尤其是新兴市场债券，也在蓬勃发展。</p>
</div><p>&#34;The best performing area in fixed income year to date, and also last year, was emerging markets,&#34; said Joanna Gallegos, co-founder of fixed-income ETF company BondBloxx on this week's CNBC &#34;ETF Edge.&#34;</p>
<div class="lb-trans"><p>“截至目前，固定收益领域表现最佳的区域是新兴市场，” 固定收益 ETF 公司 BondBloxx 的联合创始人 Joanna Gallegos 在本周的 CNBC“ETF Edge” 节目中表示。</p>
</div><p>As an example, the iShares JPMorgan USD Emerging Markets Bond ETF (EMB) generated over a 13% return in 2025. BondBloxx's JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) had a similar 2025.</p>
<div class="lb-trans"><p>例如，iShares JPMorgan USD 新兴市场债券 ETF（EMB）在 2025 年产生了超过 13% 的回报。BondBloxx 的 JP Morgan USD 新兴市场 1-10 年债券 ETF（XEMD）在 2025 年也有类似的表现。</p>
</div><p>Weakness in the U.S. dollar, concerns about the fiscal health of the U.S. at a time of high spending and deficits, and the investing impact of President Trump's foreign policy, plus the recent performance trends, are all contributing to more interest from investors to diversify internationally.</p>
<div class="lb-trans"><p>美元疲软、对美国在高支出和赤字时期财政健康的担忧，以及特朗普总统的外交政策对投资的影响，加上近期的表现趋势，都促使投资者更加关注国际多元化。</p>
</div><p>But for Gallegos, it start with the currency and performance chasing rather than a view that the U.S. is losing favor as a market. &#34;The dollar pressure is putting more of a view on non-U.S. assets,&#34; Gallegos said. &#34;I think people are just seeing the returns from last year and looking for a way to take advantage of those opportunities more so than anything else,&#34; she said. &#34;The U.S. trade is not going away,&#34; she added.</p>
<div class="lb-trans"><p>但对 Gallegos 来说，这首先是关于货币和追逐表现，而不是认为美国作为市场正在失去吸引力。“美元压力使得人们更加关注非美国资产，” Gallegos 说。“我认为人们只是看到去年的回报，并寻找机会来利用这些机会，而不是其他任何事情，” 她说。“美国贸易不会消失，” 她补充道。</p>
</div><p>Morningstar data for the month of January backs up the view that U.S. investors are not abandoning the domestic market, whether it is stocks or bonds being debated and even as more assets move overseas.</p>
<div class="lb-trans"><p>Morningstar 一月份的数据支持了美国投资者并未放弃国内市场的观点，无论是股票还是债券，即使更多资产流向海外。</p>
</div><p>U.S. market ETFs brought in an estimated $156 billion of net inflows in January, which was the best January ever, according to Morningstar. But investors also added $51 billion in net positive flows to international equity ETFs, which was a monthly record for that category. And taxable bond ETFs popped, with $46 billion from investors in net inflows for the month, led by Vanguard Total Bond Market ETF (BND) and the Vanguard Intermediate-Term Corporate Bond ETF (VCIT).</p>
<div class="lb-trans"><p>根据 Morningstar 的数据，美国市场 ETF 在一月份吸引了约 1560 亿美元的净流入，这是有史以来最好的一个一月。但投资者也向国际股票 ETF 增加了 510 亿美元的净正流入，这在该类别中创下了月度记录。应税债券 ETF 也表现突出，投资者在这个月的净流入达 460 亿美元，主要由 Vanguard Total Bond Market ETF（BND）和 Vanguard Intermediate-Term Corporate Bond ETF（VCIT）引领。</p>
</div><p>Despite fears about a private credit bubble, the U.S. continues to offer &#34;the strongest fixed income market,&#34; according to Gallegos, and &#34;the biggest opportunity set for the world to continue to invest in it.&#34;</p>
<div class="lb-trans"><p>尽管对私人信贷泡沫的担忧，美国仍然提供 “最强的固定收益市场”，Gallegos 表示，并且 “是全球继续投资的最大机会。”</p>
</div><p>Investors are expanding their portfolios and adding new sources of return while keeping U.S. assets at the core. &#34;I think we still see resilient economy,&#34; Gallegos said, pointing to steady earnings and a strong corporate balance sheet. In the bond market, specifically, she said, &#34;the yield curve looks like it's steepening, behaving appropriately, with rates on the long end being higher than the rates on the shorter end.&#34;</p>
<div class="lb-trans"><p>投资者正在扩大他们的投资组合，增加新的收益来源，同时将美国资产作为核心。“我认为我们仍然看到经济韧性，” Gallegos 说，指出稳定的收益和强劲的企业资产负债表。在债券市场，特别是，她表示，“收益率曲线看起来正在变陡，表现得很合适，长期利率高于短期利率。”</p>
</div><p>Todd Sohn, technical strategist at Strategas Securities, said on &#34;ETF Edge&#34; that the scale of potential change on the fixed-income side of the portfolio is even larger than what is happening with equity assets, but it is not necessarily an international-first story. Money market funds have dominated flows for the past few years, with &#34;trillion in assets&#34; sitting on the sidelines as cash accounts have generated decent returns with no risk. But as central bank interest rates begin to drift lower, Sohn says more capital will move into the credit markets and bonds. &#34;That money is going to get deployed to fixed-income products,&#34; he said.</p>
<div class="lb-trans"><p>Strategas Securities 的技术策略师 Todd Sohn 在 “ETF Edge” 上表示，固定收益部分潜在变化的规模甚至大于股票资产的变化，但这并不一定是一个国际优先的故事。货币市场基金在过去几年中主导了资金流动，数万亿资产闲置在一旁，因为现金账户产生了不错的回报且没有风险。但随着中央银行利率开始下滑，Sohn 表示，更多资本将流入信贷市场和债券。“这些资金将被投入到固定收益产品中，” 他说。</p>
</div><p>Gallegos says investors no longer need to stretch as far for yield. She highlighted investment-grade credit, and in particular, investors seizing the opportunity to move &#34;out on the rate spectrum to BBB,&#34; where yields are higher but default risk remains historically low. And she emphasized that bonds are no longer solely a defensive tool. &#34;Bonds are not just necessarily the safety part of your portfolio, but also the opportunity and the income set as well,&#34; Gallegos said.</p>
<div class="lb-trans"><p>Gallegos 表示，投资者不再需要为了收益而过度伸展。她强调了投资级信用，特别是投资者抓住机会向 “BBB” 利率区间移动，在那里收益率更高但违约风险历史上仍然较低。她强调，债券不再仅仅是防御工具。“债券不仅仅是你投资组合中的安全部分，也是机会和收入来源，” Gallegos 说。</p>
</div><h3>Top bond ETFs by assets</h3>
<div class="lb-trans"><h3>按资产规模排名的顶级债券 ETF</h3>
</div><ol>
<li>Vanguard Total Bond Market ETF (BND)</li>
<li>iShares Core U.S. Aggregate Bond ETF (AGG)</li>
<li>Vanguard Total International Bond ETF (BNDX)</li>
<li>iShares 0-3 Month Treasury Bond ETF (SGOV)</li>
<li>Vanguard Intermediate-Term Corporate Bond ETF (VCIT)</li>
</ol>
<div class="lb-trans"><ol>
<li>Vanguard Total Bond Market ETF (BND)</li>
<li>iShares Core U.S. Aggregate Bond ETF (AGG)</li>
<li>Vanguard Total International Bond ETF (BNDX)</li>
<li>iShares 0-3 Month Treasury Bond ETF (SGOV)</li>
<li>Vanguard Intermediate-Term Corporate Bond ETF (VCIT)</li>
</ol>
</div><p><em>Source: VettaFi</em></p>
<div class="lb-trans"><p><em>来源：VettaFi</em></p>
</div>

As 'Sell America' trade volatility rages on, some of the biggest changes may be in your bonds

CNBC

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iShares MSCI EM Ex-China

Vanguard国际股票ETF

SPDR标普新兴市场高股利ETF

随着 “卖出美国” 交易的波动性持续，一些最大的变化可能会出现在你的债券投资中