具有颠覆性技术分类的股票和相关的交易所交易基金今年表现不佳,而通胀在这些暴跌中发挥了作用。四年来的高通胀正促使美联储实施多年来最激烈的加息机制之一。从历史上看,较高的利率会降低成长型公司的未来现金流的吸引力,因为今天投资者可以以较低风险的方式获得更高的债券。
信不信由你,通货膨胀可能有助于颠覆性技术
事实证明,这一先例拖累了高盛未来科技领袖股票 ETF (GTEK)等 ETF 。然而,愿意透过树木看到森林的投资者后来可能会得到 GTEK 的回报,而通货膨胀可能是一个原因。
“在当今通货膨胀的环境中,公司需要事半功倍,并找出解决瓶颈和低效问题的解决方案。我们相信这将增加对关键下一代技术解决方案的需求。摩根士丹利最新的 CIO 调查发现,平均而言,CIO 预计 2022 年他们的技术预算将增长 4.5%,”根据高盛资产管理(GSAM) 的研究。
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换句话说,无论通货膨胀与否,公司仍然需要投资于基本技术,包括云计算和网络安全。这对许多 GTEK 组件有利,其中许多是中小型公司——这些公司通常会受到通货膨胀的挤压。
“事实证明,当前的通胀环境对中小型企业 (SME) 尤其具有挑战性,因为他们往往缺乏时间、预算和技术团队来与客户建立联系、提高办公室生产力并推动收入增长,”添加 GSAM。“基于云的营销和销售解决方案可以在整个客户旅程中为中小企业提供清晰的可见性,并突出业务增长的切实催化剂。我们相信这些解决方案可以迅速增加中小企业的流量和合同价值,并减少客户流失。”
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由于利率上升挤压科技股而被忽视的另一点是,该组中的一些股票,包括一些 GTEK 成员公司,享有定价权。这与上述基本支出点有关。只是有些产品和服务公司不能吝啬,而这些产品的供应商知道的同样多,并且可以在通胀环境中提高价格。
“对真正创新的产品和服务的需求通常不那么随意,因此比对传统商品和服务的需求更缺乏弹性。网络安全解决方案就是一个重要的例子,”GSAM 总结道。