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美债长端来了“不计回报的买家” 业绩出众的投资者削减曲线陡峭化押注_我的网站

A |     　　摩根士丹利投资管理的Vishal Khanduja是一位业绩领先的固定收益投资者。    The much-awaited biopic on legendary filmmaker V. Shantaram has taken a big step forward with the makers unveiling the first look of Tamannaah Bhatia as Jayashree. The film has already generated huge buzz with Siddhant Chaturvedi playing the iconic director. The biographical drama based on the life of cinema pioneer V. Shantaram has been one of the most talked-about upcoming films in Indian cinema. Known for shaping the language of filmmaking in India and bringing strong social themes to the screen, V. Shantaram is widely remembered as a revolutionary storyteller who transformed the industry across generations.Earlier, the makers confirmed Siddhant Chaturvedi in the lead role, calling it the most challenging and transformative role of his career. Now, the film’s team has released the first poster of Tamannaah Bhatia as Jayashree, an accomplished actress and V. Shantaram’s second wife. Jayashree was celebrated for her performances in memorable films such as Dr. Kotnis Ki Amar Kahani, Shakuntala, Chandra Rao More and Dahej, and was admired for her elegance and talent.In the poster, Tamannaah appears in a stunning pink Nauvari saree, capturing the vintage charm of the era. Her poised and graceful look instantly transports viewers back in time, hinting at the emotional and artistic depth the film aims to portray.Take a look at her poster here:                                                                 View this post on Instagram          A post shared by Camera Take Films (@cameratakefilms)               Sharing her thoughts on playing Jayashree, Tamannaah expressed that the role holds great significance. She said, “It’s a great responsibility to portray a character rooted in one of the most influential eras of our cinema. And I feel immensely honoured to bring to life Jayashree, as she has been part of such legendary projects and the amount of grace she had was surreal.”She added, “ V Shantaram built a legacy that continues to shape generations… Bringing a piece of that legacy to the screen is truly a special feeling, and I am thankful for the makers of V Shantaram to see me as Jayashree.”                                                                 View this post on Instagram          A post shared by Camera Take Films (@cameratakefilms)                         Titled V. Shantaram, the film traces the filmmaker’s journey from the silent-film era to becoming one of India’s most visionary auteurs. The project is presented by Rajkamal Entertainment, Camera Take Films and Roaring Rivers Production, and is produced by Rahul Kiran Shantaram, Subhash Kale and Sarita Ashwin Varde. It is directed by Abhijeet Shirish Deshpande. The film is expected to be one of the most powerful cinematic tributes to Indian film history.Also Read: Tamannaah Bhatia Movies That Made Her a Fan Favourite。

B | 他正在削减做空美国长期国债的押注，称美国财政部长贝森特已准备“不惜一切代价”，阻止美债收益率继续上升。　　Khanduja是该投资管理公司广义市场固定收益团队主管。

C | 他表示，自己已经减少了对收益率曲线陡峭化交易的敞口。这类交易押注30年期与5年期美国国债收益率之差扩大，而他认为这项交易进一步获利的空间已经缩小。　　“现在很难在投资组合中持有大量曲线陡峭化头寸，因为如今长端出现了一个不以经济回报为目的的买家，”他在接受采访时表示。　　这个买家就是美国财政部。

D | 财政部上周宣布，计划将对市场上现有10年至30年期国债的购买规模至少提高一倍，以防止借贷成本进一步飙升。自该计划公布以来，5年期与30年期美债收益率之差已收窄约10个基点。　　“贝森特实际上已经亮明了底牌，”Khanduja说。

E | 他认为，贝森特的行动相当于迎来了一个“不惜一切代价”的时刻。

F | 这一说法借用了欧洲央行前行长德拉吉2012年为捍卫欧元作出的承诺。德拉吉当时的干预最终帮助平息了欧洲债务危机。　　Khanduja与Brian Ellis共同管理规模44亿美元的Eaton Vance总回报债券基金。过去10年，该基金年化回报率为3.2%，约为美国综合债券指数同期涨幅的两倍。晨星数据显示，该基金过去10年的表现超过约97%的同类基金。截至周一，该基金今年以来回报约0.3%，相比之下，基准指数同期下跌0.2%。　　贝森特出人意料的计划在美国财政部公布旧债回购安排仅两周后宣布，通过减少长期国债的市场供应量，为长债提供了支撑。巴克莱策略师估计，扩大回购规模可能相当于每年增加640亿美元的购买量，约相当于目前20年期和30年期美国国债年度供应量的15%。　　Khanduja将这一举措称为“准量化宽松”。

G | 他表示，由于财政部正在从市场中吸收一部分久期风险，这种干预也可能提振风险资产。

H | 因此，他已经增持投资级公司债，同时减持风险相对较低的抵押贷款支持证券，并押注美元兑收益率较高的新兴市场货币走弱。

I | 责任编辑：李安桐。

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Published on:19:51:58