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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.
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Value China A-Share ETF

  • Value China A-Share ETF (the “Fund”) is index-tracking fund 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 A-Share Index.
  • Value China A-Share ETF is 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.
  • The Fund 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 Fund invest.
  • An affiliated company of the Manager and Sub-Manager of the Fund assists with the compilation of the Index and accordingly potential conflicts of interests may arise.
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  • 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.
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Email: operations@valueETF.com.hk

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  • 疫情挫飾金需求 黃金ETF撐金價 (Chinese only)

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疫情挫飾金需求 黃金ETF撐金價 (Chinese only)

疫情爆發所帶來的經濟後續問題令人憂心,珠寶的需求所受打擊更是沉重,今年第二季飾金需求按年暴瀉53%,至251噸的歷史新低。上半年黃金需求下降6%至2076噸。供應方面,上半年的總供應量亦有收縮,跌6%,黃金開採量亦為2014年以來最低。

由於對經濟增長、未來收入和金價上漲的擔憂,全球黃金首飾的兩大需求大國印度和中國的需求疲弱,分別按年降74%及33%。不同市場實施局部或完全的封鎖措施,不少珠寶商轉為採用網上渠道促進黃金珠寶的銷售。中國為全球首先步出疫情陰霾的國家之一,3月解除局部封城的安排後,珠寶需求在第二季明顯復甦。

科技相關黃金需求亦減

相似的是,消費者對電子產品的需求亦減少,因此在科技相關的黃金金屬需求亦下降11%至115噸,為2002年以來最低。

世界黃金協會最新的報告指,環球央行以減息和注入大量流動性的行動救市,拉動黃金的投資需求,今年首6個月有實金支持的ETF共錄得734噸的流入,投資ETF的資金亦提振期內金價(以美元計)上漲17%,最近更刷新歷史新高,破2000美元水平。

資金主要流入歐美ETF

目前,環球資金之對沖風險需求不斷增長,支持黃金作為風險分散資產的需求。儘管全球風險資產已從第一季的大幅回調反彈,但美股等市場的估值開始出現泡沫,在基本面仍未轉好的背景下,避險情緒亦驅使黃金資產成為市場焦點。

到目前為止,ETF資金流入勢頭持續,北美和歐洲吸引大部分資金,在亞洲上市的基金僅出現了小幅增長,主因是投資者注視中國股票市場表現強勁,單在7月首3周滬深300指數便飆升13%。

環球央行購買黃金的勢頭持續,淨購買量則比過去5年季度平均水平的134.6噸低15%,今年上半年的購買量遠低於2018年和2019年的165噸季度平均水平。俄羅斯是2014年以來全球主要的黃金購買國,環球淨購買量下跌或部分反映其暫停買入黃金的效應。

 

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

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