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Saudiarabien får status som emerging market

Saudiarabien tilldelades för första gången klassificering som en emerging market av en stor indexkompilator. Att Saudiarabien får status som emerging market är ett viktigt steg mot rikets mål att locka miljarder i ytterligare investeringar till landets aktiemarknad.

FTSE Russell sade att detta land i Mellanöstern kommer att ingå i dess sekundära tillväxtmarknadsgruppering från och med mars 2019, enligt ett uttalande på onsdag. Saudiarabien hamnar därmed i en kategori länder som omfattar bland annat Kina, Ryssland och Indien. Saudiarabien kommer att ha en vikt på 2,7 procent i kompilatorns huvudmarknadsindex, säger FTSE.

Saudiarabien ska gratuleras till takten i landets senaste marknadsreformer, säger Mark Makepeace, FTSE Russells verkställande direktör. FTSE: s beslut är ett av två indexmeddelanden som rikets regulatorer – och marknaderna – väntat på. MSCI Inc. förväntas meddela om Saudiarabien får status som emerging market i deras index under juni 2018.

Det största offentliga erbjudandet någonsin

Meddelandet välkomnades av den saudiska kronprinsen Mohammed Bin Salman, som är i USA på en turné som inkluderar stopp i Washington och New York. Han har s en plan som syftar till att omvandla nationens ekonomi, bland annat omvandla landets nästan 500 miljarder dollar aktiemarknaden till en gateway för utländska investeringar. Investerare väntar också på vad som kan vara det största offentliga erbjudandet någonsin, det statligt ägda Saudi Arabian Oil Co.

Vissa potentiella investerare har avstått från den saudiska aktiemarknaden, vilket speglar oro på politisk omvälvning som kulminerade i slutet av förra året i kvarhållandet av dussintals prinsar och medlemmar av affärseliten i vad kronprinsen sa var en nedbrytning av korruptionen. Sentimentet verkar förbättras, enligt seniora saudiska tjänstemän.

Sarah Al-Suhaimi, ordföranden för Riyadhbörsen, känd som Tadawul, sade i en intervju i New York före meddelandet att samtal med investerare har varit positivt och att FTSE-integrationen kunde räknas om till cirka 3 miljarder dollar i investeringar till Saudiarabien. Hon är ”lika optimistisk” när det gäller MSCI: s beslut, sa Al-Suhaimi.

Marknadsförstärkning

Förväntningar om att den största ekonomin i Mellanöstern skulle erhålla en statusuppgradering har hjälpt till att öka landets börsindex under år 2018. Tadawul All Share Index har stigit 8,3 procent i år. Indexet sjönk 0,7 procent på torsdagen då det positiva beslutet sågs som inprisat i aktiekurserna. En börshandlad fond med inriktning på saudiska aktier, iShares MSCI Saudi Arabia Capped ETF (NYSEArca: KSA), har avancerat nästan 9 procent i mars. Det ironiska är att denna ETF inte följer ett index från FTSE Russell. KSA spårar ett index som heter MSCI Saudi Arabia IMI 25/50 Index.

Denna börshandlade fond kom att lanseras i weptember 2015 och är den enda börshandlade fonder i USA som investerar i saudiska aktier.

FTSE: s tillväxtmarknadsbeteckning kan leda till att inflöden på cirka 5 miljarder dollar kommer från passiva investerare som följer indexet, enligt estimat från Mohamad Al Hajj, en strategist för aktiemarknaden vid forskningsgruppen för EFG-Hermes Holding. Om MSCI följer samma väg som FTSE i juni, kan ytterligare 10 miljarder dollar komma att allokeras i saudiarabiska aktier.

Det finns emellertid skeptiker. En ökning av inflöden kopplade till införlivandet i tillväxtmarknadsindexet kommer snart att avta ut, skrev Jason Tuvey, Capital Economics, i en analys i onsdags. Aktiemarknaderna i Qatar och Förenade Arabemiraten ökade i väntan på EM-indexintegrationen 2014 och föll sedan strax efter skrev han.

Men med en potentiell MSCI-inkludering som ligger framför Saudiarabien, är ytterligare uppåtsidan för aktierna möjligt, säger Muhammad Faisal Potrik, analyschef vid Riyad Capital i den saudiarabiska huvudstaden. Hans prognos för årsslutet för det saudiarabiska börsindexet nåddes i veckan, sa han. ”Vi skulle noggrant följa företagens vinst och tecken som motiverar ytterligare prisökning, uppdatering av våra synpunkter med tiden, men skulle undvika att hoppa på den spekulativa bandvagnen.”

Vad ska man köpa?

Utländska investerare har varit nettoköpare av saudiska aktier varje vecka i år, enligt uppgifter från börsen och sammanställd av Bloomberg. Per den 22 mars var utlänningar nettoinköpare på 6,2 miljarder riyaler (1,7 miljarder dollar).

Fortfarande representerar de mindre än 5 procent av det totala ägandet av saudiarabiska aktier. Även före den förväntade utländska tillströmningen handlas aktierna i Riyadh till dyrare värderingar än deras tillväxtmarknadskollegor. Deras genomsnittliga beräknade p/e-tal var nära 14 gånger i veckan jämfört med 12 gånger för medlemmar i MSCI Emerging Markets Index. Kommer detta att ändras nu när det är känt att Saudiarabien får status som emerging market?

Kemikalie- och ståltillverkare Saudi Basic Industries Corp och Al Rajhi Bank är vara företag som troligen kommer att dra till sig det starkaste intresset från investerare utomlands, enligt EFG-Hermes ’Al Hajj.

Här är de 10 aktier som han uppskattar kommer att se de största inflödena

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Global X Funds Announces Name and Index Change for Greece ETF

Global X Funds Announces Name and Index Change for Greece ETF Global X Funds, the New York based provider of exchange traded funds (ETFs), has announced that at the open of trading on March 1, 2016, the Global X FTSE Greece 20 ETF (NYSE Arca: GREK) will begin tracking the MSCI All Greece Select 25/50 Index. The fund, with currently nearly $200 million in assets under management1, will change its name to the Global X MSCI Greece ETF.

The MSCI All Greece Select 25/50 Index is designed to represent the performance of the Broad Greece Equity Universe, while including constituents with minimum levels of liquidity. The Broad Greece Equity Universe includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece.

A specific capping methodology is applied to facilitate compliance with the rules governing the listing of financial products on exchanges in the United States. Additional information regarding the index can be found at www.MSCI.com.

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ABOUT GLOBAL X FUNDS

Seeking to provide access to high-quality and cost-efficient investment solutions, Global X is a New York-based sponsor of exchange-traded funds (ETFs). Founded in 2008, we are recognized for our smart core, income, alpha, risk management and access suites of ETFs, with more than 40 funds available across U.S. and foreign exchanges. Global X is recognized as a leader in developing intelligent investment solutions for our clients. For more information about our ETFs, please visit www.globalxfunds.com.

DISCLOSURE

Global X NAVs are calculated using prices as of 4:00 PM Eastern Time.

The closing price is the Mid-Point between the Bid and Ask price as of the close of exchange.

Since the Fund’s Shares typically do not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in Shares, the NAV of the Fund is used to calculate market returns.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Carefully consider the fund’s investment objectives, risks, and charges and expenses. This and other information can be found in the fund’s prospectus. Click here for the prospectus. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC. Global X Funds are not sponsored, endorsed, issued, sold or promoted by Solactive AG, FTSE, Standard & Poors, NASDAQ, S-Network, Indxx, or MSCI nor do these companies make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO nor Global X is affiliated with Solactive AG, FTSE, Standard & Poors, NASDAQ, S-Network, Indxx, or MSCI.

Investing involves risk, including the possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Securities focusing on a single country may be subject to higher volatility. Investments are concentrated in companies in Greece. Greece’s economy is heavily dependent on the services sector and has a large public sector. Key trading partners are member states of the EU, most notably Germany, Spain, Italy and the United Kingdom. Decreasing demand for Greek products and services or changes in governmental regulations on trade may have a significantly adverse effect on Greece’s economy. Greece’s ability to repay its sovereign debt is in question, and the possibility of default is not unlikely.

High short-term performance of the fund is unusual and investors should not expect such performance to be repeated.

1 As of February 16, 2016

SOURCE Global X Funds

En haj på fondmarknaden

En haj på fondmarknaden Har Du sett det TV-program som heter Shark Tank? Då känner Du säkert igen Kevin O’Leary, också känd som Mr Wonderful. I veckan som gick började hans börshandlade fond O’Shares FTSE US Quality Dividend ETF (NYSEArca: OUSA) att handlas publikt vilket gjorde honom till en haj på fondmarknaden.

OUSA är emellertid inte den första fonden som Kevin O’Leary grundat. Hans bolag O’Shares startade han tillsammans med bolagets VD Connor O’Brien. Tillsammans har dessa två investerare grundat fondbolaget O’Leary Funds som fokuserar på utdelningar, värdeökningar och bevarande av kapitalet. Sedan starten av O’Leary Funds har den förvaltade volymen stigit till cirka 900 MUSD. Totalt sett förvaltar O’Leary Funds 22 aktiefonder och fyra closed end funds. Genom lanseringen av OUSA tar de nu steget in på ETF-marknaden. OUSA är en passivt förvaltad ETF.

Favoriserar utdelningar

Kevin O’Leary är känd för att vilja få betalt för den risk han tar i Shark Tank, och det är snarare en regel än ett undantag att han erbjuder de bolag som söker pengar att få dem i utbyte mot långa royaltybetalningar. Kevin O’Leary ser royaltybetalningar som han ser på utdelningar och har av den anledningen valt att inte investera i Google (NasdaqGS: GOOG) eftersom detta bolag inte betalar honom några utdelningar. Flera av de fonder som han bolag driver är fokuserade på just utdelningar.

Med sin börshandlade fond O’Shares FTSE US Quality Dividend ETF (NYSEArca: OUSA) visar O’Leary sitt engagemang mot bolag som lämnar utdelning till sina aktieägare. Hans ETF OUSA replikerar utvecklingen av FTSE Russell’s FTSE Global Factor Index Series, ett index som fokuserar på företag med låg volatilitet, kvalitativa värden – och höga utdelningar. I indexet ingår bland annat åtta (8) bolag från Dow Jones AT&T (NYSE: T) och Philip Morris (NYSE: PM). Bland de större innehaven märks aktier som Johnson & Johnson (NYSE: JNJ), Exxon Mobil (NYSE: XOM) och Apple (NasdaqGS: AAPL) som allihopa har en kapitalvikt på mer än fem (5) procent av den börshandlade fonden.

Indexets tre största sektorer är konsumtionsvaror, health care och teknik. Det sistnämnda är den sektor som under de senaste åren varit den sektor som stått för den högsta utdelningstillväxten i S&P 500 indexet. Genom

O’Shares väntas lansera fler ETFer baserar sig på samma FTSE Russell multifaktormetodik, inklusive börshandlade fonder som replikerar aktieutvecklingen på utvecklade marknader och utvecklade marknader i Asien. Det verkar onekligen som O’Shares har planer på att bli en betydande haj på fondmarknaden.

Källa: FTSE Russell

Inflows into European Equities Despite Greek Crisis

Deutsche Bank – Synthetic Equity & Index Strategy – Europe

European Monthly ETF Market Review – Inflows into European Equities Despite Greek Crisis

Download the complete report
Data in this report is as of 30th June 2015

European ETP Highlights

As of the end of June 2015, global ETP assets stood at $2.8 trillion with European ETP assets amounting to $499bn (€448bn). Equity ETFs registered inflows of +€2.8bn which were partly offset by outflows from Fixed Income ETFs (-€1.1bn) during the month of June. Commodity ETPs listed in Europe saw outflows of -€0.2bn.

European equities, particularly German equities favoured over US equities

European equities were, again, preferred over US Equities, both among European and US investors. European equities exposed ETFs gathered over +€3.3bn of inflows compared to +€164mn of inflows into ETFs exposed to US equities. In both listing regions, German equities commanded significant inflows.
Fixed income ETFs experience outflows for the second consecutive month
The selloff in bond markets which had started in late April continued in June resulting in bond yields to rise to its highest level for the year in early June. Correspondingly, European fixed income ETPs saw net outflows for the second consecutive month in 2015 (-€1.1bn). This was driven mainly by sovereign and corporate bonds based ETFs.

Greece crisis triggers significant increase in Greek ETF turnover

Greece focused ETFs listed globally saw an increase in on-exchange activity as the Greek crisis escalated in June ($506mn of turnover in June vs $262mn in May’15). However, total assets remained flat during the month ($563mn). Greek ETFs listed in Europe halted trading on June 26th but an ETF listed in US (GREK US) has continued to trade despite the Greek stock market closure in late June.

China outflows continue as equity markets sell off

Since mid June, the Shanghai Composite Index had lost over 32%. This rout had resulted in China focused ETFs listed globally to experience -$3.3bn of outflows in June (-$18bn so far this year).

New thematic, smart beta and currency hedged product launches

Source launched two thematic ETFs that provide exposure to European and Japanese exporting companies while Lyxor launched two min variance ETFs on the FTSE Developed Europe and FTSE Emerging benchmarks. Several currency hedged ETFs (details on pg 7) were also launched by UBS and Blackrock.

Greek Cooperation Supports Bullish Sentiment

ETFS Multi-Asset Weekly Greek Cooperation Supports Bullish Sentiment

Download the complete report (.pdf)

Crude prices oscillate on conflicting signals.

European stocks rise following Greek repayment.

Australian central bank surprises markets.

China will take center stage this week as the country releases Q1 growth figures and lending data. Any signs of weakness will likely stoke speculation that Chinese authorities will conduct further stimulus measures in order to meet the recently set 7% economic growth target. In Europe and the US, inflation data will give an indication as to the continued deflationary impact of energy prices. In particular, US consumer inflation will be monitored for any signs of recovery from last month’s 0% reading, as it is considered a key component in the Federal Reserve’s decision to initiate monetary tightening.

Commodities

Crude prices oscillate on conflicting signals. The price of US crude ended the week up 3.4% after a week of large moves. Oil prices rose approximately 9.6% at the start of the week boosted by news that Saudi Arabia was increasing the price of oil shipments sold to Asian consumers, underlining the growing belief that global oil demand is recovering. This was further corroborated by the release of the Energy Information Administration’s (EIA) monthly energy outlook, which predicted that global oil consumption will grow by an estimated one million barrels this year. However, after a report showing that US crude inventories experienced the largest injection in 14 years, gains were trimmed with the WTI price plunging 6.6% in a single day. Industrial metals benefitted from Chinese authorities lowering guidance rates for funding agreements. The accommodative move was seen as an attempt to buoy economic activity, resulting in lead finishing the week up 4.3%.

Equities

European stocks rise following Greek repayment. Greece repaid a €450 million bailout loan instalment to the International Monetary Fund (IMF) on Thursday causing European equity markets to rally. The FTSE MIB and DAX 30 rose 2.7% and 1.7% respectively during the week. The repayment soothed investor fears that Greece would delay matters, as tensions between finance ministers escalate over the terms of a debt arrangement. The newly elected far left Syriza party has been reluctant to accept any deal that incorporates any form of austerity, as doing so threatens to compromise the party’s credibly amongst the Greek electorate. The FTSE 100 rose 2.7% during the week as the price of Brent crude rose 2.9%, boosting oil and gas stocks that compromise 14.3% of the index.

Currencies

Australian central bank surprises markets. The Reserve Bank of Australia (RBA) shocked markets this week by holding the country’s benchmark interest rate at 2.25%. Most economists had forecasted that the RBA would cut rates in order to bolster recent subpar economic growth and sluggish business capital expenditure. The unexpected move caused the Aussie Dollar to strengthen, rising 3.7% and 2.5% against the Euro and Sterling respectively. The New Zealand Dollar also appreciated this week following the strongest reading in the Australian Construction Index in five months. The data release came following a statement from the New Zealand Prime Minister John Key which stressed the importance of the Australian economy to New Zealand, making the positive impact from the data more pronounced. The NZD finished the week 2.6% up against the Euro.

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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