By entering this site you agree to be bound by the Terms and Conditions of Use. Finexis Asset Management Pte Ltd (“we” or “us”, ("FAM")) is a Capital Markets Services licence holder and regulated by the Monetary Authority of Singapore (‘MAS’).
By using this site you represent and warrant that you are an accredited investor or institutional investor as defined in the Singapore Securities and Futures Act (Chapter 289). In using this site users represent that they are an accredited and/or professional investor and use this site for their own information purposes only. https://sso.agc.gov.sg/Act/SFA2001
This site and the information included herein is for general information purposes only and does not constitute an offer or solicitation to subscribe in the funds or products referred herewith. This site does not constitute investment advice or counsel or solicitation for investment in any fund, products or services. The content of this website should not be regarded as investment advice or financial product advice and should not be relied upon as such. In making any investment decision, prospective investors must rely on their own examination of the merits and risks involved. The information contained in this document is subject to change without notice. It is not intended for public use or distribution. Any research or analysis used to derive, or in relation to, the information has been procured from sources deemed reliable by FAM for its own use, without taking into account the investment objectives, financial situation or particular needs of any specific investor. To the best of its knowledge and belief, FAM considers the information contained herein as accurate as at the date of publication.
The funds mentioned in this website are suitable for professional or institutional investors only. All investment involves risk and past performance is not indicative of future results. Our investment management services relate to a variety of investments, each of which can fluctuate in value. The value of funds and portfolios we manage may fall as well as rise, and the investor may not get back the full amount originally invested. The loss on realization or cancellation may be very high including total loss of investment, as the value of such an investment may fall suddenly and substantially. Any projections or forward-looking statements are not necessarily indicative of future or likely performance.
Any links to other websites contained within this website are for the convenience of the user only and do not constitute an endorsement by FAM of these websites. FAM is not responsible for the content of other websites referenced in this website.
Any offer or solicitation will be made only upon execution of completed information memorandum, subscription application and relevant documentation, all of which must be read in their entirety. No offer to subscribe in shares will be made or accepted prior to receipt by FAM of these documents and the completion of all appropriate documentation. Access to information about the funds is limited to investors who qualify as accredited investors only.
I have read and accept the terms and condition of use.
市场速报 – 瑞士信贷的崩溃
是什么导致了瑞士信贷的崩溃？
就在硅谷银行（SVB）和签名银行倒闭后不久，瑞银集团接管瑞士信贷（CS）的消息让银行业的稳定性迅速成为焦点，加剧了人们对2008年金融危机重演的担忧。然而，瑞士信贷的崩溃并不是由利率上升所造成的，而是多年来各种问题的累积所致。该公司一直在风控失误和合规失败中挣扎，损失了数十亿美元，并频繁更换高层管理人员。此外，瑞信还因涉嫌逃税和投注不当等问题而遭受罚款及处罚。最近，该银行公布其在2022年亏损近80亿美元，为2008年金融危机以来最大的年度亏损。雪上加霜的是，沙特国家银行（该银行的最大股东）不准备提供更多资金来支持瑞信的消息，成为了 “压垮骆驼的最后一根稻草”。
尽管三家银行的接连破产可能会引起投资者的担忧，但也要记住，银行破产并不罕见。
从2001年至今，已经有563家银行破产。每年破产的银行数量：
SVB和CS：风险管理不善
尽管银行破产的原因各不相同，但它们有一个共同的根源，即风险管理不善。这在史上最快的加息环境下被放大，从而区分出基本面良好和管理不善的企业。正如诺贝尔奖得主、经济学家道格拉斯·戴蒙德（Douglas Diamond）所解释的那样，美联储的政策并不是导致SVB破产的主要原因，相反，是由于”SVB在其资产负债表的资产和负债的部署方面采取了大量的不良政策导致的。同样，如前所述，瑞士信贷的崩溃是由一系列特殊事件触发的，而这些事件在利率上升的背景下浮出水面。正如沃伦·巴菲特所说：”只有当潮水退去时，你才知道谁一直在裸泳”。
2008年金融危机重演？
对于触发类似2008年金融危机那样的连锁反应的担忧已经出现。许多投资者关心的问题是，2008年的金融危机是否会重演。虽然不能完全排除这种可能性，但这并不是主要情况。2008年之后，银行受到了更为严格的监管，资本也更加充足。这一次，监管机构已经迅速采取措施，防止银行倒闭。杰富瑞金融集团(Jefferies Financial Group Inc.) 的分析师也表示，瑞银集团收购瑞士信贷已经消除了可能对整个银行业产生连锁反应的风险。
另外需要指出的是，那些担心瑞信AT1债券先于股票归零的人应该注意几点：1. 这些债券所设计的本意是吸收损失并保护其他债券持有人，这一目标已经得到实现。2. 债券应该比股票先承担损失吗？一般情况下并不是这样的。彭博资讯的一份报告解释说，瑞士信贷的AT1债券是独一无二的，因为它们有一个允许永久减记的条款（这提醒我们要进行适当的尽职调查！）。
FAM的资产组合是如何配置的？
我们对瑞士信贷的股票或债券没有任何持仓，并且之前我们在关于SVB的市场速报中强调过，我们对银行股票的持仓很少。我们一直与相关基金经理保持密切沟通，以了解近期发展的影响——总体而言，我们的投资组合很好地远离了近期危机的震中。
虽然受到的直接影响很小，但投资者应该为危机中心的一些 “溢出效应 “做好准备。例如，在这样的环境下，定位于”复苏”主题的投资（如小盘股和欧洲股票）预计会出现波动，但这可以被更具韧性的定位于”稳定 “主题的投资（如医疗保健股）抵消。作为长期投资者，重要的是投资于基本面良好且估值具有吸引力的领域——以确保它们在任何短期波动之后都会表现出色。
核心观点
我们重申，目前的状况并不会触发像2008年那样的危机。在波动和下跌的时期，投资者总是被类似于膝跳反应的本能影响，导致市场出现大幅波动：这可能会揭开曾经未知的风险，但也可能带来机遇。只要我们适当地进行多元化投资，就可以避免任何重大的永久性资本损失。这样投资者就可以留在游戏中，获得长期的复合回报。并且市场中总会有被波及到但并未受直接影响的领域：对于那些能够看到市场噪声背后的机会的人来说，现在正是寻找机会的最佳时期。