EXCLUSIVE: Small Caps At 'Most Attractive Relative Valuations' Since 1990s, Says Russell Investments' Paul Eitelman
EXCLUSIVE: Small Caps At 'Most Attractive Relative Valuations' Since 1990s, Says Russell Investments' Paul Eitelman
In an exclusive interview with Benzinga, Paul Eitelman, Chief Investment Strategist for North America at Russell Investments, laid out a measured approach to small-cap stocks as we head toward 2025.
羅素投資北美首席投資策略師保羅·艾特爾曼在接受本辛加獨家採訪時闡述了在我們邁向2025年之際對待小盤股的謹慎態度。
While he acknowledges the long-term benefits of maintaining a small-cap allocation, Eitelman also warns of the sector's sensitivity to macroeconomic shifts.
艾特爾曼承認維持小盤股配置的長期好處，但他也警告說，該行業對宏觀經濟變化的敏感性。
The Russell 2000 Index is a popular benchmark for measuring small-cap equity performance in the U.S. stock market. It tracks the smallest 2,000 companies, providing a clear view of the small-cap segment. The iShares Russell 2000 ETF (NYSE:IWM), the Vanguard Russell 2000 ETF (NYSE:VTWO) and the Avantis US Small Cap Equity ETF (NYSE:AVSC) are popular funds tracking the Russell 2000 index.
羅素2000指數是衡量美國股市小盤股表現的熱門基準。它追蹤了最小的2,000家公司，爲小盤股細分市場提供了清晰的視角。iShares Russell 2000 ETF（紐約證券交易所代碼：IWM）、Vanguard Russell 2000 ETF（紐約證券交易所代碼：VTWO）和Avantis美國小型股股票ETF（紐約證券交易所代碼：AVSC）是追蹤羅素2000指數的熱門基金。
Don't miss out on this unparalleled opportunity:
千萬不要錯過這個無與倫比的機會：
- Register now to secure your spot at Benzinga's Largest SmallCap Conference ever in Chicago!
- 立即註冊，確保您在Benzinga在芝加哥舉行的有史以來最大的小型股會議上佔有一席之地！
'Small Cap Faces A Two-Scenario Problem'
'小盤股面臨兩個場景的問題'
"We think investors should maintain a strategic allocation to small cap stocks," Eitelman advises. However, the near-term outlook is uncertain: "Small cap faces a two-scenario problem – macro uncertainty is high, with economists conflicted on whether the U.S. economy is slowing toward a soft or hard landing."
艾特爾曼建議：「我們認爲投資者應維持對小盤股的戰略配置。」但是，短期前景尚不確定：「小盤股面臨兩個情景的問題——宏觀不確定性很高，經濟學家對美國經濟是向軟着陸還是硬着陸放緩存在分歧。」
Small-cap stocks have more volatile balance sheets and are highly sensitive to economic cycles, making them vulnerable to a recession but positioned to outperform in a soft landing.
小盤股的資產負債表波動性更大，對經濟週期高度敏感，這使得它們容易受到衰退的影響，但在軟着陸中卻有望跑贏大盤。
Eitelman suggests taking a cautious approach to tactical positioning during this period of high uncertainty.
艾特爾曼建議在這段高度不確定的時期對戰術定位採取謹慎的態度。
Small Caps At 'Most Attractive Relative Valuations'
小盤股處於 「最具吸引力的相對估值」
Despite the short-term challenges, Eitelman highlights the longer-term case for small-cap investments: "Small cap companies are trading at their most attractive relative valuations to large cap since the late 1990s."
儘管面臨短期挑戰，但艾特爾曼還是強調了小盤股投資的長期理由：「自20世紀90年代末以來，小盤股公司的相對估值相對於大盤股最具吸引力。」
The market's low stock-level correlations also provide fertile ground for active management, which, in Eitelman's view, "allows investors to limit their exposure to unprofitable companies that make up a large share of the Russell 2000 Index."
市場低的股票水平相關性也爲主動管理提供了肥沃的土壤，在艾特爾曼看來，「允許投資者限制對佔羅素2000指數很大份額的無利可圖公司的敞口。」
His advice to investors is clear: use skilled active managers to navigate this challenging landscape and capitalize on undervalued opportunities.
他對投資者的建議很明確：使用熟練的活躍經理人來應對這一充滿挑戰的格局，並利用被低估的機會。
- Small Caps Set To 'Lead Their Large Cap Brothers' For Rest Of 2024, Says Market Strategist
- 市場策略師表示，小型股將在2024年剩餘時間內 「領導他們的大盤股兄弟」
Don't miss the opportunity to dominate in a volatile market at the Benzinga SmallCAP Conference on October 9-10, 2024, at the Chicago Marriott Downtown Magnificent Mile.
不要錯過2024年10月9日至10日在芝加哥市中心壯麗大道萬豪酒店舉行的Benzinga SmallCap會議上在動盪的市場中佔據主導地位的機會。
Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you're a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders.
獨家訪問首席執行官演講、與投資者的 1:1 會面以及頂級金融專家的寶貴見解。無論您是交易者、企業家還是投資者，該活動都提供了無與倫比的機會來擴大您的投資組合並與行業領導者建立聯繫。
Secure your spot and get your tickets today!
確保您的位置並立即獲得門票！
Image created using artificial intelligence via Midjourney.
通過 Midjourney 使用人工智能創建的圖像。
譯文內容由第三人軟體翻譯。