Sunday, October 10, 2010

Maximising savings

WITH longer life expectancy, escalating medical and education costs, most people’s Employees Provident Fund (EPF) savings will diminish over time.

The worst case scenario will be that retirement savings will run out in a couple of years if one has to finance their children’s tertiary education and pay for private medical bills.

So what should a person do to boost his or her EPF savings without losing out on their retirement savings?

Prudential Assurance Malaysia Bhd chief executive officer Charlie Oropeza says depending on a person’s risk appetite, investment time horizon and income, one can opt to invest in, among others, properties, equities, unit trusts and investment-linked insurance plans.

It is important to invest in the right financial instruments to ensure a comfortable retirement.

Citing a retirement survey commissioned by Prudential, Oropeza says Malaysians tend to be conservative when it comes to the type of investment tools they use to save for retirement.

He says most people rely heavily on low yielding bank savings or fixed deposit accounts to grow their retirement nest egg.

Contrary to the common belief that keeping money in the bank is the best way to preserve capital, Oropeza says this may not be good enough given that interest rates of bank deposits can hardly outrun inflation.

He says regular investing and saving is an effective and convenient way to help one reach his retirement goal.

“Even a little money saved regularly can grow to a tidy sum over time. The easiest way to reach your financial goals is to start investing through a regular savings plan. By setting aside an amount each month, you will be well on your way to developing substantial funds for retirement,“ he says.

Besides putting money aside regularly, he says choosing the right fund and diversification of portfolio is equally important to ensure successful retirement savings.

Portfolio diversification helps spread the risk so that the retirement portfolio is not heavily impacted by one investment. Diversify within the asset class and among several assets, Oropeza advises.

Robert Foo, who is principal consultant of MyFP Services Sdn Bhd, says EPF funds should also be invested into unit trusts. He says investments should be diversified into different funds.

Although EPF has limited the upfront sales charge on unit trust investments to a maximum of 3% of the investment amount, Foo says it is still too high and should be reduced to 1%. Another alternative, he says is to spread this 3% over three years instead of having the investor lose the whole 3% upfront.

If possible, investors should invest through fee-based financial planners who can get funds at net asset value (meaning 0% upfront sales charge), which will be a substantial savings for them, he says.

If the Government is serious about providing ways for Malaysians to fund their retirement, they should allow EPF contributors to invest into offshore funds for greater choice and diversification.

Foo recommends buying a home if one does not own one yet because it is indirectly an investment. He, however, cautions not to over commit and buy a house that will stretch a persons’s finances too much.

Licensed financial adviser Jeremy Tan of Standard Financial Planner Sdn Bhd says another option available for EPF contributors is to withdraw for the purchase of owner-occupied home or settlement of mortgages.

It would only be wise for them to withdraw for this purpose, especially the latter, if the mortgage rate charged by the bank is higher than the average EPF dividend rate.

Based on current mortage interest rates, Tan says it will be more appropriate to keep the monies in EPF to harness the return rather than withdraw for repayment purposes.

On unit trusts, Tan says although this asset class is an option to grow savings, it may or may not provide an increase in returns higher than the EPF’s dividend rate.

The strategy to adopt is to invest regularly and diversify into different asset classes of mutual funds taking into consideration one’s risks appetite, to potentially gain higher returns than EPF rates, he says.

Great Vision Wealth Management Sdn Bhd associate director for tax and financial consulting Darian Lim says those who are not quite sure which unit trusts fund to invest into (there are about 223 approved unit trusts funds) and who “cannot stomach” the market volatility, might be better off just leaving the funds in EPF since it gives reasonable returns at much lower risk.

From EPF’s findings, Lim says about 72% of the members who withdraw their savings at age 55 tend to spend all the money within three years.

He says: “Proper retirement planning is of utmost importance as we slowly move towards a developed nation with better healthcare and medical advancement. People around the world are living longer with those in developed nations having an average mortality age beyond 80.

“As such, everyone needs to have sufficient funds to retire comfortably. It helps to find ways to maximise returns from EPF investments to increase one’s retirement fund.”

Thestar

分散風險、成本低廉-ETF存老本養退休金

「我要用ETF來存退休金!」台灣投資人愈來愈瘋ETF(指數股票型基金),作家王文華早在2003年就開始買ETF,打算抱個30年,當做退休老本。

王文華跟ETF結緣,不是因為熱愛投資,相反的,是因為對投資失望。1994年,王文華拿到美國名校史丹佛大學MBA學位後,開始進入投資市場,剛好遇到網路科技泡沫正不斷脹大,跟很多人一樣,他也瘋狂追逐不斷被炒高的科技股,直到科技泡沫終於爆破,所有的積蓄歸零。

「我好像看到一部我主演的戲,但是最後沒拿到片酬。」笑看當年賠光畢業後好不容易累積的幾百萬新台幣積蓄,王文華在冷靜沉澱後,決定再也不冒亂壓個股的風險,選擇ETF重新出發。

不必費神挑標的 投資成本比共同基金低

「ETF就是一個最能分散風險的投資,風險分散掉了,才有辦法長期累積資產。」事實上,具備財經背景的他,即使投資ETF也會做縝密研究,他說,若以美股道瓊工業指數過去100年的走勢為例,整個趨勢明顯向上,即使不可能投資100年,放個30年總還是能賺錢。

道瓊工業指數過去81年漲32倍

道瓊工業指數過去81年漲32倍


所以,2003年後,他陸續買進連結美股道瓊、S&P500指數的ETF,再搭配漲勢比較凌厲的中小型股ETF,例如連結美股Russell 2000指數的產品,一直持有到現在都沒賣過,他說,這些都是未來退休後,可以支持他遊山玩水的額外資產。

事實證明,2003年以來,S&P 500指數即使經歷去年金融風暴重創,累積仍有30%報酬,平均年報酬率還有5%。

因為是當做長期投資,王文華說,他並不會特別地去細盯指數變化,通常每隔一段時間就買一點,慢慢的累積,像台灣50ETF(0050)也是他頗偏愛的標的,成立初(2003年6月)就買進到現在,報酬率也有近50%。

為 什麼王文華會把ETF當做退休準備的投資商品?除了ETF本身具備分散風險的特性(編按:因為ETF為追蹤指數,也就是投資一籃子股票,已經分散掉單一個 股的風險,也因為被動的跟隨指數波動,比較不會有選錯共同基金的問題),投資成本低廉,也是長期投資者偏愛的主要原因。

專門研究ETF產 品、滙豐中華投信機構業務發展部協理游景德做過估算,若把共同基金跟ETF的主要投資成本(編按:包括基金管理費、股票買賣手續費等)比一比,若投資1 年,共同基金約比ETF高出2%,若以複利的方式計算,投資10年,共同基金的投資成本會比ETF高出22%。

投資ETF愈久,成本節省的效果愈大

投資ETF愈久,成本節省的效果愈大


「當然,也有共同基金長期的投資績效是大幅超越大盤,也就是贏過跟隨指數的ETF,但是你必須挑到對的基金,長期投資才能平衡掉多出來的成本。」ING集團旗下的安智證券投資長劉益銘這麼說。

王文華的邏輯則是,想要在本身的固定薪資之外增加額外收入,就必須要加入這個市場,但是不必抱著一定要打敗市場的決心,只要能跟隨市場走,挑對市場,長期還是能穩健獲利。

瞄準新興市場 金磚四國最有成長潛力

歷經去年全球金融風暴,未來,該怎麼透過ETF才能達到長期獲利的目標呢?

劉 益銘認為,不管短線或者長線,新興市場的投資獲利機會都大於成熟市場。對比較積極的投資人來說,或許手上已經持有新興市場的共同基金了,不過,由於共同基 金大部分都還是投資幾個比較大的市場,一些成長力道強、比較少被注意、或共同基金選擇比較少的市場,則可以透過ETF來補強,例如土耳其、泰國或者印尼。

由於ETF是緊跟指數波動,習慣短線波段操作的投資人,可以趁新興市場一出現拉回時就分批買進,因為現在整個股市的走勢還是往上走的,短期內不太容易看到大幅回檔,所以,為了分散風險,短線操作的投資人只要一有拉回就可以買一點,等達到設定的獲利目標時,就先了結出場。

不像共同基金的表現是根據經理人主動選股的判斷準確與否,基金投資的個股表現也差異頗大,ETF反正就是跟著指數走,對波段操作的投資人來說,買賣點的判斷反而更容易些。

至 於長線投資,趨勢還是應該瞄準新興市場,劉益銘及游景德都認為,過去,大家都習慣把核心投資放在成熟市場,但是近幾年,新興市場不論在基本面或者經濟成長 面都大幅進步,反觀成熟市場因為去年金融風暴,可能還要花好一段時間才能修復損傷嚴重的經濟。未來,核心投資反而應該逐漸偏重在新興市場,其中又以金磚四 國最有繼續成長的潛力。

監管逾新台幣5,000億元資金的摩根富林明全球新興市場投資總監提塞林頓(Richard Titherington)也認為,若以獲利成長潛力的角度來看,新興市場股市目前仍處在合理價位,至於未來最具上漲潛力的單一國家股市,除了巴西外,他最看好非洲。

《Smart智富》月刊根據提塞林頓、劉益銘、游景德及多家投資機構對未來投資市場前景的預估,加上投資風險考量,針對不同特性的投資人,整理出4套ETF的投資組合,提供投資人做為投資搭配時的參考。

做好資金控管 3策略擴大投資續航力策略

跟股票或共同基金一樣,投資ETF也要有資金控管的準備,也就是雖然投資戰線可以拉長,但是搭配適時的獲利入袋或者持股調整,更能擴大長期投資的續航力,以下為3種資金控管的策略:

策略1》分批買進

跟共同基金定期定額投資方法一樣,ETF也可以分批買進來分攤成本,游景德建議,像現在市場波動很難抓,投資人不妨自己設定時間,例如每個月同一時間就進場買進。

策略2》不定時調整持股水位
劉益銘指出,投資人依照自己設定的成熟、新興市場配置比重(編按:或參考右頁的資產配置建議),如果新興市場股市波段上漲很多了,可以暫時減碼至原本設定的比重,多出來的錢可以先放在現金部位,待市場有回檔時逢低再買。

策略3》依照平均報酬率設停利點
游景德建議,投資人可以依照各市場過去的平均報酬率來設定未來的停利標準,不過,他建議投資人,如果是做長期投資的準備,最好已經連續投資3年以上才開始做停利這件事,獲利累積的效果會比較顯著。

例如,新興市場每年合理的報酬率約在12%,持有3年的ETF約要有36%的報酬率,如果達到了這個標準,就可以先賣掉一部分,如果是買美國或者歐洲的ETF,每年合理的報酬率則可以定在6%。

挑ETF留意5件事 選擇規模大、流動性佳

至於挑選ETF,綜合國際財經期刊富比世(Forbes)及多位投資專家的建議,則有以下5點必須注意的地方:

注意1》資產規模
就全球ETF掛牌數最多的紐約交易所來看,ETF的規模至少要1,000萬美元以上,如果在此水準之下,代表這檔ETF沒有什麼投資人有興趣,流動性就會比較差。

注意2》交易狀況
以美股掛牌的ETF來看,每天至少要有幾百萬股的交易規模,交易規模愈大的,流動性愈好。

注意3》追蹤誤差
基本上ETF應該緊跟指數波動,不過,由於ETF還必須保留一部分現金,所以跟指數波動還是有一點落差;或者,有些ETF經理人會有一些主動調整的情況(例如在投資組合中用期貨避險),就可能讓ETF的表現跟指數偏離,基本上同類ETF,應該選擇追蹤誤差數字較小的。

注意4》市場地位

在同類ETF中,發行歷史愈久的ETF通常能吸引較多投資人青睞,因為追蹤同一指數、發行歷史較短的ETF,可能投資內容跟歷史比較久的ETF沒有太大差別,但是規模通常較小。

注意5》折溢價情況
ETF 因為是追蹤一籃子股票或者指數,根據追蹤標的的價格可以得出ETF的淨值,也就是ETF的真正價格,基本上,交易的市價跟淨值應該是要貼近的,但有時候可 能因為市場過熱,導致市價高於淨值(即所謂的溢價),如果用溢價買進,就是買得比較貴了;同理,如果賣在折價點,就是賣得太低了,最好的狀況是折價買進, 溢價賣出(編按:基智網www.funddj.com可查詢ETF市價及淨值比較)。

在台灣,幾乎大型券商都能用複委託的方式,讓投資人買賣海外的ETF,投資人只要開立複委託帳戶,就能輕鬆在台灣買全球市場,如果不想冒挑錯個股或基金的風險,ETF是長期投資不錯的選擇。

另外,由於兩岸金融交流日益緊密,中國又是未來最受矚目的投資市場,今年第3季台灣陸續引進在香港掛牌、追蹤中國股市相關指數的ETF,提供台灣投資人更方便的管道。

4套ETF資產配置,讓你累積長期獲利

4套ETF資產配置,讓你累積長期獲利

Smart智富