Page 38 - CCFA Journal - Sixth Issue

Wealth 财富管理 加中金融

2022 Wealth Management Outlook – A Conversation with Jim Sheridan

2022 年财富管理展望——对话 Jim Sheridan

Jim Sheridan, BA (Econ.), CIM
Senior Portfolio Manager & Wealth Advisor

Translated by Sarah

Magazine: Welcome back to the Magazine Jim. 2021 was an 杂志：欢迎 Jim做客杂志。2021年可以说是非常有趣的一年，
interesting year to say the least. How was your year? 在这一年中您过得如何？

Jim Sheridan: Thank you and Happy New Year to your readers. Jim Sharidan: 感谢各位读者并祝愿大家新年快乐！2021 年对
2021 was a record year for us, but it was full of challenges as well. 我们来说是创下纪录的一年，但同时它也充满了各种挑战。

Magazine: Can you review the year just passed and most 杂志：您可以回顾一下过去的一年吗？
importantly, the year ahead and where you see opportunities?
Jim： 好啊。2021 年是充满了赢家与输家的一年。标准普尔
Jim Sheridan: Yes. 2021 was a year full of winners and losers. The 500 指数(S&P 500)、纳斯达克综合指数(NASDAQ)和道琼斯
S&P 500, NASDAQ and Dow indexes all had a fantastic year, but 工业平均指数(DJI)在 2021 年都表现出色，但这些指数中有
within those indexes were many stocks that did not fare well.
许多股票表现不佳。例如，尽管标准普尔 500 指数（S&P
The small to mid-cap tech was off 40% to 60% from their 500）上涨了 27%，其中还是约有 20%的股票在 2021 年的表
February highs. Many of the big winners from 2020 fell back to 现呈下跌走势。具体来说，中小型科技股较 2 月高点下跌
earth as Covid fears subsided. Peloton (-76%), Zoom (-49%), 了 40% - 60%。除此之外，由于人们对新冠疫情恐惧的消退，
DocuSign (-31%) and PayPal (-18%), just to name a few. About 使得 2020 年中许多大赢家的表现都有所回落。例如：
20% of the S&P 500 stocks are down in 2021 despite the index Peloton、Zoom、DocuSign 和 PayPal 的股票分别下跌了 76%、
being up +27%. Emerging markets were negative for the year 49%、31%以及 18%。与此同时，新兴市场和大多数债券投
and most bond portfolios recorded negative returns as well.
资组合的回报率均为负值。总的来说，2021 年是北美股票
In summary, 2021 was the year of the North American Index. 指数之年。

Magazine: Where do you see opportunities in 2022? 杂志：您认为 2022 年的机遇在哪里？

Jim Sheridan: There are four core areas we favor for the year Jim: 在未来的一年中，我们看好四个核心领域：
ahead:
1. 对机构投资者而言，石油和天然气在投资组合中的
1. Oil and gas remain underweight in portfolios, especially 占比依旧会偏低。这个领域不仅在去年是表现最好
institutional accounts, and while it was one of the top 的行业之一，随着全球经济从新冠疫情的封锁中逐
performing sectors last year, it should continue to 渐复苏，我预计它在 2022 年也会有强劲的表现。形
outperform in 2022 as the global economy emerges 成这个趋势的原因之一是虽然在取暖和运输方面不
from the recent Covid lockdown. While we move away 再使用化石燃料，但人们仍然需要石油用于制造业、
from fossil fuels for heating and transportation, we still
need oil for manufacturing, plastics, clothing, etc. We 生产塑料制品和服装业等等。另外一个原因是：在
just don’t have enough capacity in the short term to 短期内，由于市场正在加速从新冠疫情中的复苏，
satisfy global consumption as we accelerate into a post 所以没有足够的产能来满足全球消费。
Covid recovery. 2. 我们聚焦于像 FAANG 这样在 2021 年成功的、大型
2. The second area we are focused on for success in 2021 的且成熟的科技股。这些公司的收益和收益率都非
is the big, established tech names like the FAANG stocks. 常高。我们看好这些股票的原因是，它们作为资产
Earnings and margins are enormous and they should do 负债表表现强劲和收益不断增长的颠覆性股票会在
well as disruptive stocks that have strong balance sheets 未来表现出色。
and growing earnings should outperform. These remain 3. 我们会继续大力支持股息股票。尽管他们不像成长
solid core holdings for us. 型股票那样令人兴奋，但这些公司有较大的规模和
3. We continue to be big supporters of dividend growers 护城河，并且会在 2022 年寻找提升价值的机会。
that are not as exciting as the high growth stocks, but
these companies have scale and a defensive moat
around them. Look for value to do well into 2022.

CCFA JOURNAL OF FINANCE February 2022
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