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 "stabilizing force" to protect investors' wealth amidst market volatility [2][32]. Group 1: Understanding Defensive Assets - Defensive assets are categorized as those that maintain stable intrinsic value and exhibit lower price volatility during market fluctuations, contrasting with risk assets that are more sensitive to market changes [4]. - The two primary functions of defensive assets are to reduce portfolio volatility and provide high credit quality and liquidity, ensuring stable cash flow during market downturns [4]. Group 2: Types of Defensive Assets - Cash and Cash Equivalents: High safety and liquidity, including money market funds that can be accessed anytime without fees [6][8]. - Bond Assets: Fixed income with potential for interest and price appreciation, with government bonds offering more stability than corporate bonds [10][11]. - Dividend Assets: Provide regular cash flow through dividends, performing well in bear markets and benefiting from valuation recovery in bull markets [14][15]. - Gold: Recognized as a "safe haven" asset during crises, maintaining value better than fiat currencies [16][18]. - Commodities: Stable demand and serve as a hedge against inflation, with specific commodities like oil and metals being particularly relevant during supply disruptions [20][21]. 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 [24][26]. - Stagflation: Commodities excel as inflation rises, while bonds struggle due to tightening monetary policy [28]. - Geopolitical Conflicts: Gold prices tend to rise significantly during conflicts, reflecting its status as a hard currency [30][31]. Group 4: Conclusion - In the current complex investment landscape, incorporating defensive assets into portfolios is essential. Diversifying across different types of defensive assets can enhance overall portfolio resilience [32].