混合：资产配置和多样化
Asset allocation and diversification are so fundamental to portfolio structure that it’s easy to lose sight of these strategic tools as you track the performance of specific securities or the dollar value of your 投资s. It might be worth considering how these strategies relate to each other and to the risk and potential performance of your portfolio.
Keep in mind that asset allocation and diversification are methods used to help manage 投资 risk; they do not guarantee a profit or protect against 投资 loss.
建立平衡
Asset allocation refers to the mix of asset types in a portfolio — generally stocks, 债券, 现金替代品. These asset classes have different growth and risk profiles and tend to perform differently under various market conditions. Stocks typically have higher long-term growth potential but are associated with greater volatility, while 债券 tend to have moderate growth potential with less volatility. Cash alternatives usually have low growth potential but are the most stable of the three asset classes; however, 如果现金投资跟不上通货膨胀, 随着时间的推移，他们可能会失去购买力.
资产配置没有对错之分. 适当的分配取决于你的年龄, 风险承受能力, 时间范围, 以及具体的目标. Younger investors might be comfortable with a more aggressive allocation heavily weighted toward stocks, because they have a longer time to recover from potential losses and may be willing to accept significant short- to medium-term drops in portfolio value in exchange for long-term growth potential. Older investors who are more concerned with preserving principal and those with near-term 投资 objectives, 比如大学经费, might prefer a more conservative allocation with greater emphasis on 债券 现金替代品.
添加各种
Diversification refers to holding a wide variety of securities within an asset class to help spread the risk within that class. 例如, the stock portion of a portfolio could be diversified based on company size or capitalization (large cap, 中期帽, 和小盘股). You could add international stocks, which tend to perform differently than domestic stocks. A well-diversified portfolio should include stocks across a broad range of industries and market sectors.
A portfolio’s bond allocation might be diversified with 债券 of different types and maturities. Corporate 债券 typically pay higher interest rates than government 债券 with similar maturities, 但它们与更高程度的风险相关. U.S. Treasury 债券 are guaranteed by the federal government as to the timely payment of principal and interest. 外国债券也可以增加多元化. Longer-term 债券 tend to be more sensitive to interest rates; they typically offer higher yields than 债券 with shorter maturities, but this has not been true since the unusual interest-rate increases that began in 2022.
样本组合
This chart shows how aggressive and conservative portfolios could be diversified by dividing asset classes among different types of securities. The percentage of each type of security might vary widely depending on the investor’s situation and preferences, 许多投资者可能不会持有所有类型的证券.
These hypothetical portfolios are shown for illustrative purposes only. 它们是例子，而不是建议.
保持目标
Once you have established an appropriate asset allocation and diversification strategy, it’s important to periodically examine your portfolio to see how it compares to your targeted structure. 取决于变化的程度, you may want to rebalance the portfolio to bring it back in line with your strategic objectives. Rebalancing involves selling some 投资s in order to buy others. Keep in mind that selling 投资s in a taxable account could result in a tax liability.
The principal value of stocks and 债券 fluctuate with changes in market conditions. 股票份额, 当销售, and individual 债券 redeemed prior to maturity may be worth more or less than their original cost. Concentrating in a particular industry or sector could expose your portfolio to significant levels of volatility and risk. 国际投资涉及额外的风险, 比如财务报告的差异, 货币兑换风险, and economic and political risk unique to the specific country or region. 这可能导致更大的股价波动. The principal value of cash alternatives may be subject to market fluctuations, 流动性问题, and credit risk; it is possible to lose money with this type of 投资.