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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.
  • 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.
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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

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金市債市或成資金避風港 (Chinese only)

西方國家通脹持續高企,歐美正迎來歷史上最快的加息周期。縱使在緊縮環境下不利金價表現,但高通脹正不斷侵蝕企業利潤及消費者購買力,持續的加息又恐為經濟帶來衰退風險,環球股市波動仍有可能會加劇,債市及金市有望成為資金避風港,因此市場上仍存在有利金價表現的因素。

俄軍侵烏加劇糧食危機

歐盟區上周二(31日)公布五月份通脹數據,在食品及能源價格飆升帶動下,消費物價指數(CPI)按年急升8.1%,不單高於預期的7.7%,更連續7個月創下歷史新高。核心CPI則按年漲3.8%,超過 4 月份的 3.5%,亦接近歐洲央行 2% 目標的一倍,表明通脹已經開始失控。歐盟就針對俄羅斯的制裁達成協議,今年底前將大幅削減九成俄國原油進口量。同時,美國進入自駕遊旺季及中國解封防疫措施下,進一步加深原油市場供不應求的狀況,意味油價只會持續居高不下。

俄烏戰火已持續超過三個月,俄烏兩國作為歐洲的重要糧倉,隨著烏克蘭部分國土在俄軍連番炮擊下已成一片廢墟,可耕作的土地面積已大大減少,小麥貿易極速縮減,日前更有消息指俄國將封鎖烏克蘭的糧食出口,並以此作為與歐美談判的籌碼。同時,部分國家正禁止部分糧食出口,令全球糧食危機進一步惡化,聯合國糧食組織此前警告,目前全球食品價格較去年同期急升近30%,若俄烏衝突持續,糧食危機可能延續數年之久。

美十年期國債孳息飆88%

隨著歐洲正面臨史無前例的物價飆升,歐洲央行從七月份開始加息的可能性顯著增加,甚至有機會仿效美國聯儲局大幅加息50個基點。事實上,在通脹及加息的雙重夾擊下,不少大型歐美企業正面對不斷上升的成本壓力,對於估值不菲的股份而言,更可能因為盈利表現不及預期而持續面臨估值修正,最終拖累股市表現。另外,高通脹亦不斷打擊消費者信心,歐美經濟向來以消費作主導,經濟有可能因此放緩,並同時出現滯脹。

隨著市場對滯脹的擔憂有增無減,股市表現或難以有起色,資金越來越有可能重新流入債市或金市。今年首五個月,美國十年期國債價格下滑超過8%,孳息率則急升逾88%;紐約期金於三月中曾升至2070美元兼創一年半高後持續回落,首五個月計表現則大致平穩。目前市場預計聯邦基金利率有望今年達到2.5%以上,同時可能會加劇美國經濟的衰退風險,促使資金流入債市避險,孳息率回落下,加上黃金向來被投資者視為抗衡通脹的工具,市場上暫不乏利好金價的因素。

 


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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