Vissa investerare har hoppat på hypen med digitala valutor, och betraktar Bitcoinsom en alternativ värdebevarare, i klass med guld. ETF Secutitiesanser emellertid inte att Bitcoin kan fungera som en en lämplig ersättning till guld och värdefulla metaller som handlas i form av börshandlade fonder. Faktum är att Maxwell Gold säger att Bitcoin kan inte ersätta guld. (Ja han heter faktiskt så).
”Bitcoin och andra kryptovalutor dominerar tidningarnas rubriker, men investerare bör inte förbise guld” säger Maxwell Gold, chef för för investeringsstrategi hos ETF Securities, i en analys.
ETF Securities strateg hävdade att guld har en stark historik av att bevara värden över långa perioder. Han säger att guld är vanligtvis motiverad för att säkra risker och är en fysisk tillgång med efterfrågan rotad i konsument- och industriapplikationer utöver dess roll i det finansiella systemet.
Är Bitcoin en alternativ värdebevarare?
Vissa kan se kryptovalutor som bitcoin som en alternativ värdebevarare eller en form av digitalt guld. Gold hävdade dock att bitcoin misslyckats med att möta tre huvudfunktioner av pengar – ett utbyte, en kontonhet och en värdeförvaring – som andra valutor uppvisar. Medan guld inte längre ses som ett lönsamt medium för utbyte eller konton, är ädelmetallen fortfarande en användbar värdebevarare.
Guld har ett historiskt rekord för att upprätthålla värde för investerare. Å andra sidan bör bitcoins begränsade track record och hög volatilitet vara röda flaggor för dem som klassificerar det som en värdebevarare. ETF-strategen påpekade att Bitcoins årliga volatilitet årligen varit 15 gånger mer volatil än US-dollarn, 7 gånger mer volatil än priset på guld och 3 gånger mer volatilt än priset på olja, en av de mest flyktiga råvarorna.
Bitcoin drivs av spekulanter
Bitcoin-efterfrågan drivs också av spekulanter, vilket har skapat ett scenario för återkommande beteende. Denna vinstsökande motivation bakom Bitcoin ses som en komplett motsats till investeringsgrunden bakom att äga guld.
”En viktig investeringsförmån som erbjuds av guld är dess roll som en hedge mot marknadskonflikter, geopolitisk volatilitet och systemrisk, säger Gold. ”Gold ger diversifiering genom sina historiskt låga korrelationer med de flesta tillgångsklasser, särskilt aktier. I den här egenskapen har guld uppvisat en genomsnittlig avkastning på + 7 procent jämfört med en genomsnittlig avkastning på -21 % i S & P 500 under kursras på 10% eller mer sedan 1987. Dessa säkringar och potentiella riskreducerande egenskaper visar att guldets huvudinvesteringsroll är rotad i riskhantering inte i kapitalappreciering”
Dessutom har guld en verklig applikation från smycken och elektronik. I motsats till detta utnyttjar bitcoin bara nytta från utbredd acceptans och användning vid breda transaktioner, vilket ännu inte har uppenbarats.
Ett antal fysiskt uppbackade börshandlade fonder
Investerare som fortfarande vill komma åt ädla metaller kan överväga ett antal fysiskt stödda metallrelaterade ETFer som ett sätt att diversifiera en traditionell aktie och portfölj, till exempel
ETFS Physical Swiss Gold Shares (NYSEArca: SGOL)
ETFS Physical Silver Shares (NYSEArca: SIVR )
ETFS Physical Platinum Shares (NYSEArca: PPLT) och
ETFS Physical Palladium Shares (NYSEArca: PALL).
ETF-investerare kan också använda ETFS Physical Precious Metals Basket Shares (NYSEArca: GLTR) som en ger exponering-alla fyra ädelmetaller.
Aberdeen Standard Investments Broadens U.S. Business With Addition Of ETF Securities U.S.
AberdeenStandard Investments (ASI) today announced that it has acquired the U.S. business of specialist commodity Exchange Traded Product (ETP) provider ETF Securities.
The in-fill acquisition, for an undisclosed amount, further broadens ASI’s suite of investment capabilities with the addition of a range of commodity-based Exchange Traded Funds (ETFs). It also provides the platform and expertise to enable ASI to grow its existing Smart Beta capability by launching strategies within an ETF vehicle structure. This means ASI is now able to offer investment solutions across all vehicle types, strengthening its ability to meet the evolving, bespoke needs of clients.
Chris Demetriou, Chief Executive-Americas at Aberdeen Standard Investments commented:
”The needs of our clients are evolving, and we need to be able to offer the full range of solutions to our clients. For some, active solutions will be right and, for others, passive and Smart Beta options will be the solution. ASI has been offering passive, quant and Smart Beta solutions to clients for some years now, managing over $84 billion in assets in these strategies. The expansion of our capabilities into the ETF space shows our commitment to providing the largest range of solutions to our clients in the U.S.”
ETF Securities’ U.S. operations currently manage $2.8 billion as of April 26, 2018.
Notes to editors
Aberdeen Standard Investments has relationships with around 500 financial sponsors across approximately 1000 funds globally.
Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.
With over 1,000 investment professionals we manage $684.6 billion* of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which they invest.
We are high-conviction; long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance. We are resolute in our commitment to active asset management.
Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen plc, one of the world’s largest investment companies.
Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017.
*Standard Life Aberdeen AUM/AUA is US$778.8 billion as of December 31, 2017.
Important Information
Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd., Aberdeen Asset Management Ltd., Aberdeen Asset Management Asia Ltd., Aberdeen Asset Capital Management, LLC, Standard Life Investments (Corporate Funds) Ltd., and Standard Life Investments (USA) Ltd.
ALPS Distributors, Inc. is the marketing agent for ETFS Silver Trust, ETFS Gold Trust, ETFS Platinum Trust, ETFS Palladium Trust and the ETFS Precious Metals Basket Trust. ALPS Distributors, Inc. is the distributor for ETFS Bloomberg All Commodity Longer Dated Strategy K 1 Free ETF, ETFS Bloomberg All Commodity Strategy K 1 Free ETF and ETFS Bloomberg Energy Commodity Longer Dated Strategy K 1 Free ETF.
Risk Warnings: Exchange-traded securities may or may not be suitable for a particular investor. The price of exchange-traded securities may go up or down and an investor may not get back the amount invested. Exchange-traded securities are priced in either US dollars or Euros and the value of the investment in other currencies will be affected by exchange rate movements. To the extent exchange traded securities are traded in other currencies, their value may also be affected by exchange rate movements. Futures trading is speculative and may result in losses.
Past performance is not necessarily indicative of future results. Restricted Investors: The distribution of the Prospectus and the offering, sale and delivery of exchange traded securities in certain jurisdictions may be restricted by law. Any subscription for exchange traded securities should be made on the basis of the Prospectus.
Disclaimer: Any investment in exchange traded securities carries with it certain risks, including those risks set out in the Prospectus. You should obtain your own independent financial, taxation and legal advice before making any decisions about any investment in exchange traded securities. This information is not an offer for exchange traded securities and should not be used as the basis for any investment decision.
Gold posted a third consecutive week of gains and gold ETPs finally broke a 10-week streak of outflows. Uncertainty around China’s currency policy, volatile equity markets and the realization that a September Fed hike is not a done deal drove the price higher. While current negative sentiment is providing support for gold prices, the near term outlook will depend on central bank discussions coming out of the Jackson Hole this week. Any dovishness is likely to boost the upward momentum for defensive commodities.
Gold ETPs see highest inflows since January. Physical gold ETPs received US$230.6mn of inflows last week, as rising prices has lifted the negative sentiment against the metal. Futures market shorts have also been trimmed for the fourth consecutive week. While a confluence of factors has driven gold prices higher, a standout observation was that the VIX index rose 87% last week, signaling a market shift from greed to fear. Gold has traditionally been the first port of call in times of market stress.
Eight consecutive weeks of oil ETPs inflows follow sharp price declines. Bargain hunting continued last week with US$71.8mn of inflows into long oil ETPs. Brent fell 5.3% and WTI declined 2.6%, as the global production surplus accelerates. WTI had fallen to a 6 ½ year low. ETP investors realize that such low prices will drive a reduction in capex and eventual fall in production, but for now crude inventories in the US are still rising, depressing the price. US oil rigs also continue to reopen, adding to supply. ETP investors will need to be patient and bear with the lag in the response from producers.
ETFS Daily Leveraged Natural Gas (LNGA) received highest inflows in 11 weeks. Natural gas inventories rose less than expected (53Bcf vs. 59% Bcf expected), driving a temporary rally last Wednesday and Thursday. The current period of seasonally high demand from the power sector’s air conditioning needs will likely come to an end in autumn and could place downward pressure on price. LNGA received US$4.3mn last week.
Investors trimmed long coffee ETP exposure by US$4.3mn. With the Brazilian harvest coming close to an end, the realisation that last year’s drought has led to smaller bean sizes this year has driven up prices in recent weeks. However, a benign winter has minimised frost-damage and so what the harvest lacks in quality will be made up for in quantity, which has driven prices lower over the past week. Coffee suffers from a weak Brazilian Real, which has encouraged Brazilian farmers to offload stocks cheaply. Sugar conversely rose 1.2% last week, as concerns around poor monsoon rains in India could lead the market into balance for the first time in six years. Long sugar ETPs attracted US$1mn of inflows.
ETFS Palladium Trust (PALL) saw US$12.0mn of redemptions, the highest since September 2014. With Chinese auto demand remaining soft, prospects for global autocatalyst demand, which accounts for 70% of palladium use, remains poor. However, tightening emissions regulation in Europe in September could see the loadings of platinum group metals rise.
Key events to watch this week. Central bankers will convene at Jackson Hole, Wyoming at a pivotal juncture in the Fed’s rate cycle. Consensus expectations are for a September hike, but speeches and presentations by policy makers could sway opinions.
Video Presentation
Nitesh Shah, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.
For more information contact
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
Important Information
General
This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority.
This is a strictly privileged and confidential communication between ETFS UK and its selected client. This communication contains information addressed only to a specific individual and is not intended for distribution to, or use by, any person other than the named addressee. This communication (i) is provided for informational purposes only, (ii) should not be construed in any manner as any solicitation or offer to buy or sell any securities or any related financial instruments, and (iii) should not be construed in any manner as a public offer of any securities or any related financial instruments. If you are not the named addressee, you should not disseminate, distribute or copy this communication. Please notify the sender immediately if you have mistakenly received this communication. When being made within Italy, this communication is for the exclusive use of the ”qualified investors” and its circulation among the public is prohibited.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data.
Any historical performance included in this document may be based on back testing. Back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance.
Historical performance is not an indication of or a guide to future performance.
The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision.
ETFS UK is required by the United Kingdom Financial Conduct Authority (”FCA”) to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
Risk Warnings
Any products referenced in this document are generally aimed at sophisticated, professional and institutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant product issue. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may valued in currencies other than those in which there are priced and will be affected by exchange rate movements. Investments in the securities which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled ”Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in any securities referenced in this communication.
If you have any questions please contact ETFS UK at +44 20 7448 4330 or info@etfsecurities.com for more information.
A better-than-expected labour market reading in the US released late last week should set the tone for cyclical optimism this week. However, the initial impact was a sell-off in gold and some cyclical assets as the market took the strong numbers as cue for the hawks at the Fed to start raising rates sooner than previously expected. With the ECB commencing its quantitative easing programme this week and further policy easing expected from a number of other countries, we believe that cyclical commodities will be able to shake off the recent bout of pessimism.
WTI ETP investors become more polarised. While inflows into long WTI continued for the 23rd week in a row, we saw a pick-up in flows into short WTI ETPs. Flows into the long products amounted to US$17.1mn (a three-week low) while flows into the short products amounted to US$9.1mn (a three-week high). A 5.4% gain in WTI led the longs to be victorious this week. US crude inventories continue to rise despite rigs being shut off. The glut in supply could continue for longer than many initially expected, driving the demand for WTI shorts. Additionally with the WTI futures curve in contango, investors in the short products will benefit from positive roll yield. Long Brent ETPs inflows of US$5.9mn reached the lowest level in four weeks.
ETFS Platinum Trust (PPLT) sees US$11.5mn of inflows while ETFS Palladium Trust (PALL) sees US$11.8mn of outflows. US investors appear to be switching between from palladium to platinum as its price is at historically attractive levels. The ratio of platinum to palladium price has fallen to 1.7 down from over 5.5 in 2009. While palladium has risen 6.4% in the past year, platinum has fallen 19.9%. As supply of the both metals tighten this year with a number of South African mines cutting back on production, platinum has the potential to make catch-up gains. Anglo American Platinum Ltd last Monday confirmed its plans to divest its Union and Rustenburg mines by selling or listing them as stand-alone companies.
Coffee ETPs attract US$5.3mn in a volatile week of trading. Coffee fell 6.6% on Tuesday and then rose 6.2% on Wednesday in a particularly volatile week. Continued rain in Brazil, the key producer of Arabica coffee, and increasing production in Colombia drove the price weakness. However the sharp rebound on Wednesday came amidst an interest rate hike by the Brazilian central bank. Prior Brazilian Real weakness contributed to stock off-loading by Brazilian coffee farmers. The Real appreciation that followed the rate rise could help tighten supply. The drastic decline in coffee prices in the past month appears overdone given the damage to coffee bushes had largely taken place in 2014 and the recent rain can do little to reverse that.
US$24.6mn of redemptions from ETFS Copper (COPA) followed China’s lowering of target growth. With China consuming approximately 40% of total global copper supply, its new growth target of around 7% from around 7.5% last year, has been seen to hurt demand for copper. However, we believe tightening supply will mitigate that potential loss of demand.
Video Presentation
Nitesh Shah, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.
For more information contact
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
Important Information
General
This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority.
This is a strictly privileged and confidential communication between ETFS UK and its selected client. This communication contains information addressed only to a specific individual and is not intended for distribution to, or use by, any person other than the named addressee. This communication (i) is provided for informational purposes only, (ii) should not be construed in any manner as any solicitation or offer to buy or sell any securities or any related financial instruments, and (iii) should not be construed in any manner as a public offer of any securities or any related financial instruments. If you are not the named addressee, you should not disseminate, distribute or copy this communication. Please notify the sender immediately if you have mistakenly received this communication. When being made within Italy, this communication is for the exclusive use of the ”qualified investors” and its circulation among the public is prohibited.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data.
Any historical performance included in this document may be based on back testing. Back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance.
Historical performance is not an indication of or a guide to future performance.
The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision.
ETFS UK is required by the United Kingdom Financial Conduct Authority (”FCA”) to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
Risk Warnings
Any products referenced in this document are generally aimed at sophisticated, professional and institutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant product issue. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may valued in currencies other than those in which there are priced and will be affected by exchange rate movements. Investments in the securities which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled ”Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in any securities referenced in this communication.
If you have any questions please contact ETFS UK at +44 20 7448 4330 or info@etfsecurities.com for more information.
ETF Securities expanderar från råvarusektorn. ETF Securities, det Londonbaserade företaget som historiskt sett mest varit känt för sitt utbud av börshandlade fonder som ger exponering mot råvarusektorn har under 2015 kommit att lansera en rad nya produkter. Vi har tidigare skrivit om detta företags Kinasatsningoch den börshandlad produkt som fokuserar på robotmarknaden. Nu gör ETF Securities en inbrytning med två stycken nya börshandlade fonder, ETFS Zacks Earnings Large-Cap U.S. Index Fund (NYSEArca: ZLRG och ETFS Zacks Earnings Small-Cap U.S. Index Fund (NYSEArca: ZSML). ETF Securities är annars mest känt för sina börshandlade fonder ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) och ETF Physical Palladium Shares (NYSEArca: PALL).
ETF Securities har tillsammans med analystjänsten Zacks utvecklat de nya börshandlade fonderna för att kunna erbjuda kunderna att ta del av Zacks ’egenutvecklade placerings rankning strategi baserad på resultatprognos revideringar och resultatkvalitet, vilket har visat sig kraftigt påverka aktiekurser. Samtidigt som potentialen för förbättrade avkastningen, har viktiga steg tagits för att bidra till att mildra risken. Dessa steg innefattar hög likviditet och ett fokus på hög diversifiering mellan sektorer och aktier. Kombinationen av dessa investeringsstrategier med riskhantering syftar till att skapa mer konsekventa totalavkastning till en lägre kostnad.
ETFS Zacks Earnings Large-Cap USA Index Fund spårar Zacks Vinst Large-Cap USA Index, som består av 142 aktier. Aktierna till detta index består av företag som väljs ut med hjälp av en f en kvantitativ modell följt av kvalitativ analys. Endast de översta fem procenten av aktierna som rankas ”Starkt Köp” är berättigade till inkludering i indexet.
Indexet hade volatilitet på årsbasis på 14,7% och en Sharpekvot på 2,1 i slutet av förra året, enligt den börshandlade fondens uppgifter. Ingen aktier står för mer än 1,62 procent av vikten i ZLRG och topp 10 innehaven inkluderar bland annat Weyerhaeuser (NYSE: WY), Honeywell (NYSE: HON), Raytheon (NYSE: RTN) och Dow-komponenten 3M (NYSE: MMM).
ETFS Zacks Earnings Small-Cap USA Index Fund replikerar utvecklingen av Zacks Resultat Small-Cap USA Index, som använder samma kvantitativa och kvalitativt tillvägagångssätt som sin large-cap motsvarighet. Det index omfattar 139 aktier. Femton branscher med vikter mellan 6,31 till 6,81 procent är representerade i ZSML. Ingen aktie har en vikt som överstiger 3,48 procent av denna börshandlade fonds vikt. De största innehaven omfattar B/E Aerospace (NasdaqGS: BEAV), Spirit Aerosystems (NYSE: SPR), Teco Energy (NYSE: TE) och Lear (NYSE: LEA).
ZLRG tar ut en förvaltningskostnadom 0,65 procent per år, medan avgifterna för ZSML ligger 0,66 procent.
ETFS Zacks Earnings Large-Cap U.S. Index Fund Sektor Innehav
