Fears of Rising Risk Premiums Drive Currency Volatility And Performance

ETFSEC Fears of Rising Risk Premiums Drive Currency Volatility And PerformanceFears of Rising Risk Premiums Drive Currency Volatility And Performance

ETFS Currency Weekly Fears of Rising Risk Premiums Drive Currency Volatility And Performance

A weekly overview of global currency market developments. The report details the past week’s performance of G10 currency pairs and currency baskets, directional model signals for the week ahead, longer-term consensus currency forecasts, futures market positioning data and a macroeconomic commentary on the FX market.

 

Summary

 

GBP downtrend on more dovish Bank of England
Oil bottom signals upside for CAD, NOK

Risk or inflation the driver for JPY?

 

 

Download the complete report (.pdf)

For more information contact

 

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

 

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Pimco ger sig in i kriget om ETF-avgifterna

Pimco ger sig in i kriget om ETF-avgifterna

Pimco ger sig in i kriget om ETF-avgifterna, en minst sagt sällsynt företeelse när bolaget sänker förvaltningskostnaderna för en av sina aktivt förvaltade börshandlade fonder. Att detta sker tyder på att det råder en knivskarp konkurrens inom ETF-marknaden, till och med för en aktör som Pimco, som är känd som en av de ledande ETF-förvaltarna på räntesidan.

I en registreringsansökan som lämnades in i förra veckan sänkte kapitalförvaltningsbolaget gränsen för sin fee waiver från 2 till 8 punkter för sin PIMCO Low Duration Exchange-Traded Fund (NYSEArca: LDUR). Detta gör att Total Expense Ratio (TER) för denna ETF sjunker till 0,49 procent från 0,55 procent. I realiteten ligger TER för LDUR på 0,57 procent, men Pimco har tagit bort vissa delar av förvaltningsarvodet fram till den 31 oktober 2015.

Förändringen är av stor vikt, vi har tidigare sett hur andra räntefonder som har sänkt sina förvaltningsavgifter har attraherat betydande kapitalflöden. Flera röster säger också att en sådan sänkning endast görs av den som vill ha uppmärksamhet, och jämförelser dras med de sänkningar som skett hos till exempel Schwab och Vanguard som båda två varit mycket aggressiva i sina prissänkningar. Sänkningarna har emellertid varit mycket lönsamma då intresset för dessa företags kärnprodukter ökat väsentligt.

Pimcos ETFer såg under augusti 2014 nettoutflöden på 110 miljoner USD, att jämföra med Blackrock iShares som hade nettoinflöden på 10,7 miljarder USD och Vanguard som hade nettoinflöden på 5,2 miljarder USD.

Med förvaltningsomkostnader på på 0,49 procent hamnar LDURs driftskostnadsprocent i paritet med med PIMCO Low Duration Fund Institutional (PTLDX) som har en driftskostnadsprocent. Som en jämförelse kan nämnas att Low Duration A-Shares class (PTLAX) har en driftskostnadsprocent på 0,8 procent.

Pimcos Low Duration replikerar utvecklingen av en portfölj högkvalitativa obligationer med kort löptid, med fokus att begränsa ränteexponeringen och maximera avkastningen. LDUR började handlas den 22 januari 2014. Sedan dess har utvecklingen varit relativt flack, och LDUR har stigit med 1,9 procent. Även PTLDX har haft en likartad kursutveckling.

Pimcos har dessutom kommunicerat att företaget har för avsikt att stänga ned ytterligare tre ETFer. Per den 1 oktober 2014 kommer följande ETFer från Pimco att stängas ned;

PIMCO Australia Bond Index ETF (NYSEArca: AUD)
PIMCO Canada Bond Index ETF (NYSEArca: CAD)

PIMCO Germany Bond Index ETF (NYSEArca: BUND)

PIMCO Build America Bond ETF (NYSEArca: BABZ)