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Det kan blive en dyr fornøjelse, hvis porteføljen ikke er sammensat optimalt.

Nikolaj Holdt Mikkelsen, CFA 06/11/2017

Renten på risikofrie danske statsobligationer er i øjeblikket negativ i niveauet 0,5 pct. alt efter obligation og løbetid. Forbliver renten i det niveau vil 100.000 kr. investeret i dag være reduceret til ca. 86.000 kr. efter 30 år. Fratræk herfra en vis inflation vil værdien i reel købekraft være endnu mindre. Ikke ligefrem et ønskescenarie.

Det synes uundgåeligt at investorer må tage nogen risiko, hvis en nogenlunde acceptabel forrentning uden udhuling af købekraften skal opnås. Løsningen kan være flere aktier eller andre risikofyldte aktiver – selv hvis man er oppe i årene eller måske allerede er gået på pension.

Det vigtige er ikke risikoen i det enkelte værdipapir, men porteføljens samlede risiko. Er der tilstrækkelig mange værdipapirer i porteføljen, som komplementerer hinanden godt, vil problemer for et par værdipapirer eller sågar branche ikke sænke hele porteføljen.

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Nikolaj Holdt Mikkelsen, CFA

Nikolaj Holdt Mikkelsen, CFA  

Chefanalytiker i Morningstar Danmark

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