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Uncommon truths from Source

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Uncommon truths. "The UK votes to exit the EU. Cameron resigns" was among our list of 10 "improbable but possible" events for 2016. Though we had neutralised our UK exposures ahead of the vote, we never really expected it to happen. Nor did the markets judging by Friday's reaction. Oh David, what have you done?

Uncommon truths. ”The UK votes to exit the EU. Cameron resigns” was among our list of 10 ”improbable but possible” events for 2016. Though we had neutralised our UK exposures ahead of the vote, we never really expected it to happen. Nor did the markets judging by Friday’s reaction. Oh David, what have you done?

Sterling took it on the chin and UK 10 yr yields fell by nearly 30bps, more than other ”quality” sovereign yields. However, when it came to equity markets, that of the UK was protected by the decline in sterling and the biggest pain was reserved for Japan and the Eurozone.  The former suffered due to the ”safe-haven” status of its currency while the latter was hit by fears of contagion, both economic and political.

How we react now depends upon whether we think the markets got it right on Friday or whether there was an over or an under-reaction. In our opinion the direct economic consequences of Brexit will be felt most acutely in the UK, with a smaller negative effect in the rest of the EU and little or no effect in the rest of the world (what the UK loses in export and FDI share will likely go elsewhere, probably within Europe). A dramatic future economic scenario outside the UK relies on political contagion to the rest of the EU bringing an end to the Eurozone and the EU itself.

There are many uncertainties but what we do know can be summarised as: the UK is likely to leave the EU and Scotland appears set to seek independence from the UK; UK politics are in a mess, with a new PM unlikely to be appointed until October, the Labour party tearing itself to shreds, the leaders of the Brexit campaign unprepared for victory and discontent among those who wanted to stay in the EU; there are calls from within a range of other EU countries to hold similar referendums and a number of countries have potential ”trigger” events (today’s election in Spain, Italy’s October constitutional referendum, for example); central banks are now likely to be more accommodative, including the Fed.

The above is a mixed bag but would leave most investors on the cautious side. However, there are some more positive possibilities, which basically consist of the UK and other EU governments making good decisions (including Eurozone fiscal union and a break with austerity). Realistically, central bankers are likely to continue being first line of defence for some time.

Friday provided a good template for what the markets could do under a negative scenario: gold, sovereign debt and defensive equities would outperform.

A more constructive scenario would see the reverse, with ”riskier” bond categories (EM and HY) outperforming along with equity-like assets (especially Japanese and Eurozone equities, along with banks).

Though volatility may remain elevated in the short term, we suspect the markets got it just about right on Friday and do not wish to change our stance at this stage. The world now feels like a riskier place but that has been reflected in prices and volatility indices (the VSTOXX index peaked at 42 on Friday, a level usually seen when a buying opportunity presents itself). We maintain our maximum exposure to cash (it is there for if the markets sink further) and are slightly overweight in equity-like assets. The obvious candidates for purchase at the moment would be Eurozone and Japanese equities but we already have as much of those as we allow ourselves to hold.

Apologies for the late arrival of this and the length of the document. It is a one-off event, we hope!

Inside this week

Figure 1: UK equities outperform when STG falls
Figure 2: UK savings and bond yields
Figure 3: Asset class returns — A week that finished well for JPY, gold and sovereigns
Figure 4: Equity sector returns — Bad week for banks; good for healthcare and staples
Figure 5: The week ahead — Spanish election results, US ISM, China PMI

Disclaimer

Investors in Source products should note that the value of your investment may go down as well as up. As a result you may not get back the amount of capital you invest.

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Is Mobile Powering the Future of Gaming?

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The global gaming industry has evolved into one of the world’s most dynamic entertainment sectors, expected to generate $188.9 billion in 2024 and surpass $200 billion by 2027, outpacing film and music combined.

The global gaming industry has evolved into one of the world’s most dynamic entertainment sectors, expected to generate $188.9 billion in 2024 and surpass $200 billion by 2027, outpacing film and music combined.

From arcades to smartphones, the gaming industry has continuously evolved with each technological shift. Today, mobile gaming is a major player the market, currently accounting for the largest share of global revenues. As digital platforms, cloud gaming, and eSports continue to grow, gaming is establishing itself as a core part of the global entertainment economy.

Mobile gaming is leading this transformation, currently accounting for the majority of industry revenues and 40% of all global app downloads. With 5G adoption and 90% smartphone penetration expected by 2030, billions of new players will join the market, making gaming more accessible than ever.

However, the rollout of 5G also carries risks, uneven global infrastructure buildout, high capital costs for carriers, and potential fragmentation across networks could delay or limit the full realization of these benefits.

Source: Vantage Market Research, 2023; Pelham Smithers, 2020

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IMPORTANT INFORMATION

This is marketing communication. Please refer to the prospectus of the UCITS and to the KID/KIID before making any final investment decisions. These documents are available in English and the KIDs/KIIDs in local languages and can be obtained free of charge at www.vaneck.com, from VanEck Asset Management B.V. (the “Management Company”) or, where applicable, from the relevant appointed facility agent for your country.

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Fyra nya börshandlade fonder från JP Morgan

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JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från Nasdaq 100 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från Nasdaq 100 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

JPM US Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från S&P 500 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

nxtAssets ripple direct ETP ger enkel tillgång till utvecklingen av kryptovalutan Ripple (XRP). ETPen är fysiskt säkerställd av de underliggande kryptovalutorna. Handel är möjlig antingen i euro eller amerikanska dollar.

WisdomTree Physical Stellar Lumens ger enkel tillgång till utvecklingen av kryptovalutan Stellar. ETPen är fysiskt säkerställd av de underliggande kryptovalutorna.

NamnISIN
Kortnamn
AvgiftUtdelnings-
policy
JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF – USD (acc)IE000JIPY1U8
HEQQ (EUR)
0,50%Ackumulerande
JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF – USD (dist)IE0006UQKVQ0
HEQD (EUR)
0,50%Utdelande
JPM US Hedged Equity Laddered Overlay Active UCITS ETF – USD (acc)IE000VAZZYM3
HEOL (EUR)
0,50%Ackumulerande
JPM US Hedged Equity Laddered Overlay Active UCITS ETF – USD (dist)IE000K4JG8P9
HEDL (EUR)
0,50%Utdelande
nxtAssets ripple direct ETPDE000NXTA034
NXTX (EUR)
NTXY (USD)
1,00% 
WisdomTree Physical Stellar LumensGB00BN7K9C82
WXLM (EUR)
0,50% 

Produktutbudet inom Deutsche Börses ETF- och ETP-segment omfattar för närvarande totalt 2 595 ETFer, 203 ETCer och 282 ETNer. Med detta urval och en genomsnittlig månatlig handelsvolym på cirka 25 miljarder euro är Xetra den ledande handelsplatsen för ETFer och ETPer i Europa.

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AIFS ETF en satsning på infrastruktur för artificiell intelligens

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iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) med ISIN IE000X59ZHE2, försöker spåra STOXX Global AI Infrastructure-index. STOXX Global AI Infrastructure-index spårar prestanda för företag över hela världen som är engagerade inom området AI-infrastruktur. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) med ISIN IE000X59ZHE2, försöker spåra STOXX Global AI Infrastructure-index. STOXX Global AI Infrastructure-index spårar prestanda för företag över hela världen som är engagerade inom området AI-infrastruktur. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,35 % p.a. iShares AI Infrastructure UCITS ETF USD (Acc) är den enda ETF som följer STOXX Global AI Infrastructure-index. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

Denna ETF lanserades den 5 december 2024 och har sin hemvist i Irland.

Investeringsmål

Fonden strävar efter att uppnå avkastning på din investering, genom en kombination av kapitaltillväxt och inkomst på fondens tillgångar, vilket återspeglar avkastningen från STOXX Global AI Infrastructure Index, fondens jämförelseindex (”Index”).

Handla AINS ETF

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Euronext Amsterdam.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
Euronext AmsterdamUSDAINF
Borsa ItalianaEURAINF
Euronext ParisEURAINF
XETRAEURAIFS

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