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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 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.

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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.

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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.

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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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  • 【信報】黃金金價續受不明朗因素支持 (Chinese only)

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【信報】黃金金價續受不明朗因素支持 (Chinese only)

新冠肺炎今年首季在全球擴散,導致全球股市暴跌,美元需求亦因其國際儲備及結算貨幣特殊地位而急增,即使有傳統避險功能的黃金亦一度成為套現工具,令現貨金價在3月份的6個交易日內,由最高每盎斯1703美元急插至1451美元,跌幅達到14.8%。不過,其後逐步收復失地,並於4月14日升至1747.85美元,其後維持在1660美元以上整固。

首季投資需求急增

為免新冠肺炎在國內擴散,各國採取一系列包括封城等的限制措施,令到經濟活動煞停,致黃金的消費需求顯著下降。據世界黃金協會指出,黃金在中國的珠寶首飾需求方面大幅減少了65%,為有紀錄以來最大跌幅,全球首季在這方面需求亦按年大跌39%至325.8噸紀錄新低。

然而,全球經濟受到嚴重打擊,疫情仍未受控,黃金的投資需求大增。黃金ETF在今年首季需求急增298噸至3185噸歷史高位,金條及金幣需求則按年減少6%至241.6噸,當中金條需求減少19%至150.4噸,但金幣需求則增加36%至76.9噸。另一方面,環球央行亦在首季淨購買了145噸黃金,按年下跌8%,整體上令首季黃金需求按年微升1%至1083.8噸。

上半年經濟勢收縮

目前歐美國家仍然深陷疫情困境,即使開始逐步復工,今年首兩季GDP大幅收縮已成定局。美國首季GDP初值按年收縮4.8%,最近公布的4月份失業率升至14.7%,非農業職位減少2050萬個。阿特蘭大聯邦聯備銀行預測,第二季GDP將會大幅收縮34.9%;歐盟統計局則預測今年歐羅區GDP將會收縮7.7%;日本央行預期日本2020年財政年度GDP收縮3%至5%,中國首季GDP按年亦大幅收縮6.8%,且暫時不制訂增長目標。

然而,這些主要經濟體多預測明年將會恢復增長,此外亦預期,經過首兩季經濟收縮後,全球經濟在第三季回穩,故不排除金價在上半年突破4月份高位1747.85美元,挑戰1845元後,才展開調整浪,但若美、中第二階段貿易談判進展不理想,在加上美國11月總統大選結果的不確定性,金價強勢有機會延續至今年底才結束。

 

刊登於2020年5月12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

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