Schwab US Dividend Equity ETF Reverses In December: What's Going On?
Schwab US Dividend Equity ETF Reverses In December: What's Going On?
The Schwab US Dividend Equity ETF (NYSE:SCHD) has given back more than half of its one-year gains in the last month, with the ETF falling more than 7% in December. Here's a look at what may be plaguing the fund.
美國紅利股ETF-Schwab（紐交所：SCHD）在過去一個月已經回吐了超過一半的年度收益，該ETF在12月下跌超過7%。下面來看一下可能困擾該基金的因素。
What To Know: The Schwab US Dividend Equity ETF is heavily weighted in the healthcare sector with four pharmaceutical stocks representing 15.83% of the fund's total holdings. The sector has underperformed recently as increased uncertainty emerged surrounding the potential appointments and policy changes that could come under President-elect Donald Trump.
要點：美國紅利股ETF-Schwab在醫療保健板塊的權重很大，四隻藥品股票佔基金總持倉的15.83%。由於增選總統特朗普可能的任命和政策變化帶來的不確定性，該板塊最近表現不佳。
Healthcare Holdings
醫療保健持倉
Bristol-Meyers Squibb Co. (NYSE:BMY) is the fund's top pharmaceutical holding, representing 4.64% of its assets. The stock is down 2.6% over the past month.
百時美施貴寶公司（紐交所：BMY）是該基金的首要藥品持倉，佔其資產的4.64%。過去一個月該股票下跌了2.6%。
Pfizer, Inc. (NYSE:PFE) is also in the fund's top 10 holdings. It fell more than 5% following the presidential election as the vaccine-maker faces an uncertain political and regulatory environment ahead.
輝瑞公司（紐交所：PFE）也是該基金的前十大持倉之一。特朗普當選後，輝瑞股票下跌超過5%，因爲這家生物-疫苗製造商面臨不確定的政治和監管環境。
AbbVie, Inc. (NYSE:ABBV) and Amgen, Inc. (NASDAQ:AMGN) round out the dividend-focused fund's healthcare holdings. AbbVie shares are down slightly, though Amgen shares are down by more than 10% in December following disappointing clinical trial results from its weight-loss drug candidate, MariTide.
艾伯維公司（紐交所：ABBV）和安進公司（納斯達克：AMGN）是該以分紅爲重點的基金的醫療保健持股。艾伯維的股票略有下跌，而安進的股票在12月份因其減肥藥物候選藥MariTide的臨牀試驗結果 disappointing，不幸下跌超過10%。
Interest Rates: Another factor that could be affecting the Schwab dividend-focused fund is the uncertain interest rate environment. Dividends tend to become more attractive to investors in a low-interest rate environment. Recent comments from the Federal Reserve suggest a more hawkish outlook with inflation remaining sticky and above the Fed's target rate of 2%.
利率：可能影響美國紅利股ETF-Schwab的另一個因素是不確定的利率環境。在低利率環境中，分紅派息對投資者更具吸引力。最近聯邦儲備委員會的評論表明，他們對未來的看法更加鷹派，通貨膨脹依然頑固且高於聯邦儲備的2%目標利率。
Additionally, the incoming Trump administration could again play a factor as Trump has pledged to raise tariffs on foreign imports which could reignite inflation and lead to interest rates staying higher for longer.
此外，特朗普即將上任的政府也可能再次成爲一個因素，因爲特朗普承諾提高對外國進口的關稅，這可能會重新點燃通貨膨脹並導致利率維持在較高水平的時間更長。
When interest rates are high, the yields on bonds and other fixed-income securities become more competitive, making dividend yields less appealing by comparison.
當利率期貨較高時，債券和其他固定收益證券的收益率變得更具競爭力，從而使分紅派息的收益率相比之下顯得 less appealing。
譯文內容由第三人軟體翻譯。