Terry Tang, Investment Advisor
February 3, 2020
多年來,加拿大銀行一直向其客戶提供與市場掛鈎的擔保投資證(GICs),此產品亦日漸受市場歡迎。顧名思義,市場掛鈎GICs是一種將傳統的GIC與股票投資相結合的投資產品。想像一下,投資者一筆過投資為期3至5年的GIC,每年您都會收到少量的保證利息收入,而該投資因與一籃子股票或指數掛鈎,這意味著如果所掛鈎的股票或指數在3至5年內上漲,您將獲得相關的增長回報加上本金。聽起來很完美吧?
雖然以上聽起來好得令人難以置信,這類投資產品仍然吸引了不少投資者,因為它不只提供了本金擔保,還混合了收入和增長。然而,此類產品的設計不但複雜,並且缺乏靈活性。仔細考慮後,可能會改變您對此投資產品的看法。
假設您把10,000加元投入了5年期的市場掛鈎GIC,每年您除了可以收取大約0.40%的利息收入,更包括與其掛鈎的股票的潛在增長。在大多數情況下,這些股票主要是大型加拿大公司,它們每年都會支付相當吸引的股息;但吊詭的是,您根本無法盡取這些派息。相反,如果相關股票價格在5年內上漲了,您將只會獲得按參與率約50%-60%計算的一小部分收益,及保證的0.40%年利息收入。換句話說,您會錯失大量的投資回報。
更糟糕的情況是,假如股市停滯不前,您的市場掛鈎GIC就沒有增長,您便每年只獲取0.40%的利息,此回報甚至不足以抵消通脹。假如您把錢放在傳統的GIC上,從而收取每年2.0%的回報反而更好。
雖然這類收息股票的價格會隨時間波動,但從歷史上看,它們都趨於穩定,其價值會在3到5年內有適度的上升。例如,滿地可銀行從2015年到2020年的5年期間,包括股息在內的總回報率為71.36%。這類公司往往擁有多元化的業務,經過驗證的管理經驗,穩定的收入增長和股息政策。簡單來說,您最好直接投資這些股票,因為它們能夠提供誘人的股息回報率,潛在的股價收益,以及享受加拿大股息的稅收優惠。如果您自己缺乏時間或知識來進行投資,請僱用專業的投資顧問。
綜合以上所述,市場掛鈎GIC既複雜又僵化,投資者往往只能得到其價格回報及微不足道的利息收入。以上列表的一籃子股票的平均股息回報率為4.18%,但投資者就不會收到這個可觀的回報。換言之,您並沒有好好運用手上的財富為您生財。
The views and opinions expressed are those of the author and may not necessarily be those of Aligned Capital Partners Inc.  The content is for informational purposes only and not meant to be personalized investment advice.
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