盘点可用于防御的五类资产

Core Viewpoint - The article emphasizes the importance of balancing offensive and defensive assets in investment portfolios, particularly during uncertain market conditions. Defensive assets serve as a protective measure, helping to preserve capital and provide stability amidst market volatility [2][27]. Group 1: Understanding Defensive Assets - Defensive assets are categorized into risk assets, which are subject to significant price fluctuations, and safe-haven assets, which maintain their intrinsic value during market turmoil [4]. - The two primary functions of defensive assets are to reduce portfolio volatility and to provide high credit quality and liquidity, ensuring stable cash flow during market downturns [4]. Group 2: Types of Defensive Assets - Cash and Cash Equivalents: Highly liquid and safe, including money market funds that can be accessed at any time without fees [6][9]. - Bond Assets: Offer fixed income and typically have an inverse relationship with risk assets, with government bonds providing stronger defensive characteristics [10][11]. - Dividend Assets: Provide regular cash flow through dividends, performing well in bear markets and benefiting from valuation recovery in bull markets [12][13]. - Gold: Recognized as a safe-haven asset during crises, it retains value and is less affected by inflation compared to fiat currencies [14][15]. - Commodities: Serve as a hedge against inflation and supply disruptions, with stable demand across various sectors [16][17]. Group 3: Performance of Defensive Assets in Different Scenarios - Economic Deflation: Bond assets perform best due to liquidity and declining interest rates, while commodities lag [21][22]. - Stagflation: Commodities excel as inflation rises, while bonds struggle due to tightening monetary policy [23][24]. - Geopolitical Conflicts: Gold prices tend to rise significantly during prolonged conflicts, outperforming other asset classes [25][26]. Group 4: Conclusion - In the current complex investment landscape, incorporating defensive assets into portfolios is essential. A diversified approach across different types of defensive assets can enhance overall portfolio resilience [27].