Disclaimer

IMPORTANT – Please read the following before proceeding

Before you continue, please read this important information carefully and scroll down to the "ACCEPT" and "DO NOT ACCEPT" buttons.

By clicking the "ACCEPT" button, you are consenting to be bound by all the terms set out herein. If you do not agree with any of these terms, click the "DO NOT ACCEPT" button.

By proceeding to access information contained herein, users are deemed to be representing and warranting that they are either Hong Kong residents or are observing the applicable laws and regulations of their relevant jurisdictions.

Value Gold ETF

  • Value Gold ETF (the “Fund”) is a fund listed on the Stock Exchange of Hong Kong Limited (“SEHK”), which aims to provide investment results that closely correspond to the performance of the London Bullion Market Association Gold Price.
  • The Fund only invests in bullion and may experience greater volatility due to single economic, market or political occurrences.
  • The Fund has adopted a multi counter and units are traded in HKD, RMB and USD on SEHK. The nature of the multi-counter model may make investment in the units riskier than in single counter units or shares of an SEHK listed issuer. Investors without RMB or USD accounts may buy and sell HKD traded units only.
  • RMB is not a freely convertible currency and is subject to foreign exchange control policies, as well as repatriation restrictions imposed by the PRC government. Investors whose base currencies of investments are not in RMB should take into account the potential risk of loss arising from fluctuations in value between such currencies and the RMB.
  • The Fund does not insure its bullion and the Fund and unitholders could suffer a loss if the bullion held by the custodian is lost or damaged.
  • As the Fund is not actively managed, the Manager will not adopt a temporary defensive position against any market downturn. Investors may lose part or all of their investment.
  • Trading prices of units on the SEHK are subject to market forces and the units may trade at a substantial premium/discount to the net asset value of the Fund.
  • You should not make investment decision on the basis of this website alone. Please read the prospectus for details and risk factors.

Value China ETF and Value China A-Share ETF

  • Value China ETF and Value China A-Share ETF (collectively the “Funds”) are index-tracking funds listed on the Stock Exchange of Hong Kong Limited (“SEHK”) which aim to provide investment results that closely correspond to the performance of the FTSE Value-Stocks China Index and FTSE Value-Stocks China A-Share Index respectively.
  • Value China ETF and Value China A-Share ETF are subject to emerging market risks. Generally, investments in emerging markets are subject to a greater risk of loss than investments in a developed market due to greater political, economic, taxation and regulatory uncertainty and risks linked to volatility and market liquidity etc.
  • Each of the Funds is also subject to concentration risk as a result of investing only in a single geographical region. Adverse developments in such regions may affect the value of the underlying securities in which the Funds invest.
  • An affiliated company of the Manager and Sub-Manager of the Funds assists with the compilation of the Index and accordingly potential conflicts of interests may arise.
  • Prices on the SEHK are based on secondary market trading factors and may deviate significantly from the net asset value of the Funds.
  • You should not make investment decision on the basis of this website alone. Please read the prospectus for details and risk factors.
  • The Fund/ the investment manager may at its discretion pay dividend out of gross income while charging/ paying all or part of the Fund’s fees and expenses to/ out of the capital of the Fund, resulting in an increase in distributable income for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividend out of capital.
  • Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.
  • Any distributions involving payment of dividends out of the fund’s capital or payment of dividends effectively out of the fund’s capital (as the case may be) may result in an immediate reduction of the net asset value per share/unit.

Sensible Asset Management Hong Kong Limited does not make representation that information and website on this site are appropriate for use in all jurisdictions available on the web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. By accessing each site, the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory rubric.

To the best of its knowledge and belief, SAMHK considers the information contained herein is accurate as at the date of publication. However, no warranty is given on the accuracy, adequacy or completeness of the information provided by third party. Neither SAMHK, nor its affiliates, directors and employees assumes any liabilities in respect of any errors or omissions provided by third party on this website. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the prospectus for details and risk factors in particular those associated with investment in emerging markets and the arrangement in the event that the Funds are delisted. Investors should also note that the Funds are different from a typical retail investment funds, in particular, units in the Funds may only be created or redeemed directly by a participating dealer in large unit sizes.

Information in this website has been obtained from sources believed to be reliable but SAMHK does not guarantee the accuracy or completeness of the information provided by third parties.

This website has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Sensible Asset Management Hong Kong Limited.

The information provided herein is for informational purposes only and is not intended to provide professional advice and should not be relied upon in that regard. Persons accessing these pages are advised to obtain appropriate professional advice where necessary. Information posted on this site is current only as at the date of posting and may no longer be true or complete when viewed by you. All information contained herein may be changed or amended without prior notice, although SAMHK does not undertake to update this site regularly.

All copyright, patent, intellectual and other property rights in connection with the information contained herein are owned by SAMHK or its affiliates. No rights of any kind are licensed, assigned or shall otherwise pass to persons accessing this information.

Notice relating to the Personal Data (Privacy) Ordinance (the “Ordinance”)

When providing services to our clients and other parties, Sensible Asset Management Hong Kong Limited and its affiliates (collectively “SAMHK”, “the Company”) may from time to time require you to supply your personal data for the purposes of opening or continuing portfolio accounts and in the establishment or continuation of investment management and advisory services by the Company.

Failure to supply such data may result in SAMHK being unable to provide investment management and advisory services.

Personal data collected from you may be used by SAMHK within or outside Hong Kong, for the purposes of providing investment management and advisory services and direct marketing. The usage of the personal data may depend upon your relationship with SAMHK, which include but not limited to:

  • the application for the opening of a new account in SAMHK
  • the daily operation of the investment management and advisory services provided to clients
  • marketing of financial services or related products
  • meeting the requirements to make disclosures under the requirements of any law and/ or regulation and/ or codes binding on/ applicable to the Company.

Data held by the Company relating to you will be kept confidential but the Company may from time to time provide information to the following parties for the above purposes:

  • Any agent or third party service provider who provides administrative or securities clearing or other services to SAMHK in connection with the operation of its business
  • Any person to whom SAMHK is under an obligation to make disclosure under the requirements of any law and/ or regulation and/ or codes binding on/ applicable to the Company
  • Any other person under a duty of confidentiality to SAMHK including all subsidiaries and affiliates of SAMHK which has undertaken to keep such information confidential.

SAMHK intends to use your personal data in direct marketing and SAMHK requires your consent (which includes an indication of no objection) for that purpose. In this connection, your name, contact details, held by SAMHK from time to time may be used by SAMHK in direct marketing of financial services or products offered by SAMHK or co-branded partners.

Pursuant to the Ordinance, you have the right to (a) check whether SAMHK holds any personal data about you, and to access such data, at a reasonable fee, (b) request any inaccurate personal data to be corrected, (c) ascertain SAMHK policies and practices relating to personal data, including the type of personal data SAMHK holds and the main purpose for holding such data and (d) exercise your opt-out right if you do not wish SAMHK to use your personal data for direct marketing purposes. All such requests should be directed to:

The Compliance Officer

Sensible Asset Management Hong Kong Limited

43rd Floor, The Center,

99 Queen's Road Central, Hong Kong

Email: operations@valueETF.com.hk

Fund performance (from to )


ETF Insights
  • Home
  • Insights & Education
  • ETF Insights
  • 【信報】黃金疫下供應減支持金價升(Chinese Only)

Latest ETF insights

Read more

Subscribe to our newsletter

Subscribe

Need more information?

Contact us
【信報】黃金疫下供應減支持金價升(Chinese Only)

黃金供應或產金地遍布全球,而這種地域上的分散有助穩定金市及滿足市場需求,就算某地方的供應受到特殊因素影響而減少甚或中止,其他地方的供應亦會增加,以迅速滿足市場需求。然而,在全球經濟一體化之下,大型經濟體若發生經濟災難,其影響亦遍及全球。

根據世界黃金協會的數據,中國每年的黃金產量由2010年的351.1噸,增至2016年的463.7噸,2018年產量亦維持在400噸以上,而增產量最大的是從2011年的371.2噸增加42.1噸,至2012年的413.3噸,增幅為11.34%。

相反,另一個黃金需求大國印度,產量卻由2010年的134.6噸降至2012年的82.6噸。此外,歐洲與北美產量在上述期間並無太大變化。

疫情致消費需求大跌

今年首季受到新冠肺炎疫情影響,各國採取封城措施,妨礙了金礦業以及二手黃金市場交易量,以致首季黃金供應按年減少了4%,各類型的實金需求亦受疫情影響而大減,尤其是歐美國家,消費需求疲弱。全球實金需求按年大跌28%至567.41噸,金條需求按年跌19%至150.4噸,全球珠寶需求更大跌39%至325.8噸的歷史低位。

不過,投資需求按年激增80%至539.6噸。新冠肺炎疫情令到全球三大煉金商—Valcambi、Argor-Heraeus及PAMP在3月23日開始暫停運作,令黃金供應減少,支持了金價上升。

另外,相信是因為市場逐步回復正常,銀行的風險胃納降低,於是重新調整其交易策略及限制其在EFP(期貨轉現貨)交易的風險敝口,倫敦OTC現貨金與COMEX期金的價差在近幾周開始收窄。

本地黃金ETF助減地域風險

以投資黃金為例,EFP交易可以讓持有期金的投資者,在合約即將到期時轉為持有實金,由於EFP反映的是期金與現貨金的差價,這種交易可令投資者免除轉倉時需要為價差付出額外成本。相比之下,在本港上市的黃金ETF,其所有管理及運作皆在本地進行,黃金存放於本港的保險庫,故亦大大降低了地域差異的交易風險,位處於本地的投資者更放心。

表現方面,黃金由年初至今表現亮麗,環球股票及債券市場卻大多錄得單位數甚至雙位數的跌幅。相信在目前市況下,不少投資者轉而追捧避險資產,面對聯儲局無限量寬,美元走弱,黃金被視為最能保值且具升值潛力的避險資產。

刊登於2020年6月10日信報惠理基金專欄。

本文提供之意見純屬盛寶資產管理香港有限公司之觀點,會因市場及其他情況而改變。以上資料並不構成任何投資建議,亦不應視作投資決策之依據。所有資料是搜集自被認為是可靠的來源,但惠理不保證資料的準確性。本文包含之部分陳述可能被視為前瞻性陳述,此等陳述不保證任何將來表現,實際情況或發展可能與該等陳述有重大落差。刊發人:盛寶資產管理香港有限公司

Privacy Info Disclaimer Cookie Policy Copyright©2020 Value Partners Limited. All rights reserved.