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A Month For Moats

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A Month For Moats March 10, 2016. Moat Investing  provides key insights and performance trends impacting global moat investing based on Morningstar equity research. U.S.-focused MOAT and internationally-focused MOTI offer investors global exposure to Morningstar’s moat methodology and valuation principals.

A Month For Moats March 10, 2016. Moat Investing  provides key insights and performance trends impacting global moat investing based on Morningstar equity research. U.S.-focused MOAT and internationally-focused MOTI offer investors global exposure to Morningstar’s moat methodology and valuation principals.

Moat Investing: A Month For Moats

For the Month Ending February 29, 2016

Performance Overview

February was a strong month for global moat-rated companies, particularly in the U.S. The U.S.-oriented Morningstar® Wide Moat Focus IndexSM (MWMFTR) far outperformed the S&P 500® Index (5.22% vs. -0.13%). For international moats, Morningstar® Global ex-US Moat Focus IndexSM (MGEUMFUN) posted positive returns while the MSCI All Country World Index ex USA was negative for the month (0.88% vs. -1.14%).

U.S. Domestic Moats: Success in Tech and Industrials

The strong performance of several industrial companies, including rail operators Kansas City Southern (KSU US) and Union Pacific Corporation (UNP US), drove performance in February. Although the overall U.S. information technology sector struggled, all three information technology firms in MWMFTR posted positive performance in February: Qualcomm (QUAL US), International Business Machines (IBM US), and Western Union (WU US). The leading company for the month was Polaris Industries (PII US), as it rebounded from poor results released at the end of January.

Several U.S. moat-rated firms, including media titan Time Warner Inc. (TWX US) and biotech firm Biogen, Inc. (BIIB US), struggled alongside the broad market.

International Moats: Financials Bounce Back

Financials reversed their January trend by leading the way for MGEUMFUN in February. Industrials also posted strong returns. Swedish firms provided the strongest boost to MGEUMFUN’s performance, particularly Elekta AB (EKTAB SS), which develops and sells clinical solutions for the treatment of cancer and neurological disorders.

Several bank stocks out of Australia, Hong Kong, and the UK struggled in February, as did the few consumer staples stocks represented in MGEUMFUN.

MOAT

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Important Disclosure

This commentary is not intended as a recommendation to buy or to sell any of the named securities. Holding will vary for the MOAT and MOTI ETFs and their corresponding Indices.

Index performance is not representative of fund performance. To view fund performance current to the most recent month end, call 800.826.2333 or visit vaneck.com.

An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Fair value estimate: the Morningstar analyst’s estimate of what a stock is worth.

Price/Fair Value: ratio of a stock’s trading price to its fair value estimate.

The Morningstar® Wide Moat Focus IndexSM and Morningstar® Global ex-US Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the Market Vectors Morningstar Wide Moat ETF or Market Vectors Morningstar International Moat ETF and bears no liability with respect to the ETFs or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar Wide Moat Focus Index and Morningstar Global ex-US Moat Focus Index are service marks of Morningstar, Inc.

The Morningstar Wide Moat Focus Index consists of 20 U.S. companies identified as having sustainable, competitive advantages and whose stocks are the most attractively priced, according to Morningstar.

The Morningstar Global ex-US Moat Focus Index consists of 50 companies outside of the U.S. identified as having sustainable, competitive advantages and whose stocks are the most attractively priced, according to Morningstar.

The S&P 500 Index consists of 500 widely held common stocks covering the leading industries of the U.S. economy.

MSCI All Country World Index ex USA captures large and mid cap representation across 22 Developed Markets countries (excluding the U.S.) and 23 Emerging Markets countries.

An investment in the Market Vectors Morningstar Wide Moat ETF (MOAT) may be subject to risks which include, among others, fluctuations in value due to market and economic conditions or factors relating to specific issuers. Medium-capitalization companies may be subject to elevated risks. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

An investment in the Market Vectors Morningstar International Moat ETF (MOTI) may be subject to risks which include, among others, fluctuations in value due to market and economic conditions or factors relating to specific issuers. Foreign and emerging markets investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, changes in currency exchange rates, unstable governments, and limited trading capacity which may make these investments volatile in price or difficult to trade. Medium-capitalization companies may be subject to elevated risks. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

Fund shares are not individually redeemable and will be issued and redeemed at their Net Asset Value (NAV) only through certain authorized broker-dealers in large, specified blocks of shares called ”creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333. Please read the prospectus and summary prospectus carefully before investing.

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Europafokuserade ETPer ser större andel av flödena under första kvartalet

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HANetf har släppt sin rapport om börshandlade europeiska ETPer för första kvartalet 2025, som avslöjar banbrytande insikter i den snabba utvecklingen av den europeiska ETF-marknaden.

HANetf har släppt sin rapport om börshandlade europeiska ETPer för första kvartalet 2025, som avslöjar banbrytande insikter i den snabba utvecklingen av den europeiska ETF-marknaden.

Tillgångar i europeiska ETPer nådde 2,4 biljoner dollar under första kvartalet, varav ETFer stod för 2,28 biljoner dollar. Kärnaktions-ETFer ledde flödena (45,70 miljarder dollar) medan räntebärande ETFer ökade med 15,19 miljarder dollar.

Viktiga data

  • Europeiska ETPer överstiger 2,4 biljoner dollar i förvaltat kapital under första kvartalet 2025
  • Flöden omdirigerades till Europafokuserade ETPer jämfört med USA-fokuserade mitt i tullkrisen
  • Kärnaktions-ETFer överstiger milstolpen på 1 biljon dollar i förvaltat kapital med 45,70 miljarder dollar i nettoflöden under första kvartalet
  • Aktiva ETFer i förvaltat kapital ökade med 11,65 % under första kvartalet och optionsbaserade ETFer i förvaltat kapital med 54,55 %.
  • Antalet europeiska ETP-varumärken fortsätter att öka och uppgår nu till totalt 131.
  • Europa godkänner semitransparenta ETFer, vilket potentiellt uppmuntrar fler aktiva förvaltare i USA att gå in på den europeiska ETF-marknaden.
  • Försvars-ETFer såg flöden på 4,16 miljarder dollar under första kvartalet, vilket motsvarar 4,5 % av de totala ETF-flödena i Europa och en 5-faldig ökning jämfört med föregående kvartal.

Läs hela rapporten för att upptäcka kvartalsdata, ETF-marknadens utveckling, tillväxten inom nya områden som optionsbaserade ETFer och mer.

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JAAA ETF an aktiv satsning på säkerställda obligationer

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Janus Henderson Tabula USD AAA CLO UCITS ETF USD Acc (JAAA ETF) med ISIN LU2994520851 är en aktivt förvaltad börshandlad fond. Denna ETF ger tillgång till USD CLO:er (collateralised loan obligations) med AAA-rating.

Janus Henderson Tabula USD AAA CLO UCITS ETF USD Acc (JAAA ETF) med ISIN LU2994520851 är en aktivt förvaltad börshandlad fond. Denna ETF ger tillgång till USD CLO:er (collateralised loan obligations) med AAA-rating.

Den börshandlade fondens TER (total expense ratio) uppgår till 0,35 % per år. Ränteintäkterna (kupongerna) i ETFen ackumuleras och återinvesteras.

Den börshandlade fonden lanserades den 26 mars 2025 och har sitt säte i Luxemburg.

En högkvalitativ aktiv USD CLO ETF

En börshandlad fond med collateralised loan obligations som erbjuder ett övertygande alternativ till företag med investment grade-betyg. AAA CLOer syftar till att erbjuda högre avkastning och större kreditspread* för en tillgång av bättre kvalitet med liten känslighet för räntevolatilitet.

*Skillnaden i avkastning mellan värdepapper med liknande löptid men olika kreditkvalitet, ofta använd för att beskriva skillnaden i avkastning mellan företagsobligationer och statsobligationer. Vidgade spreadar indikerar generellt en försämrad kreditvärdighet hos företagslåntagare, medan en minskning indikerar en förbättring.

Investeringsprocess

Fonden kommer att investera minst 80 % av sitt substansvärde i godtagbara CLO:er (Contract Loans) med valfri löptid som har kreditbetyget AAA (eller motsvarande av ett nationellt erkänt kreditvärderingsinstitut) vid köptillfället, med fokus på USD CLO:er. Om värdepapper i portföljen nedgraderas till under ett kreditbetyg på AAA (eller motsvarande), kommer investeringsförvaltaren att sträva efter att sälja de relevanta värdepapperen så snart som rimligen är möjligt, förutsatt att förvaltaren bedömer att det är i investerarnas bästa intresse.

Portföljförvaltningsstrategier och synpunkter utvecklas med input från diskussioner inom Janus Hendersons CLO-portföljförvaltningsteam och den bredare räntebärande gruppen. Analytiker tilldelas att undersöka specifika möjligheter (inträde, utträde eller annat) och fokusera på de vägledande principerna för att bygga en djup förståelse för säkerheter (typ, jurisdiktion, historisk utveckling), motparter (förvaltare, serviceföretag, hedgeleverantörer), kontroll (juridisk, innehavarens rättigheter, kontroll i fallissemang), kassaflöde (förväntat, stressat, allokering). Som en del av denna process beaktas specifikt EU:s värdepapperiseringsregler. Denna interna forskning kompletteras med data från kreditvärderingsinstitut, investeringsbanker, oberoende analys- och värdepapperiseringsdataleverantörer. Alla rekommendationer är föremål för en minsta granskning med fyra ögon innan de verkställs.

Investeringsmål

Fonden strävar efter att ge avkastning från en kombination av inkomst och kapitaltillväxt på lång sikt genom att investera i en aktivt förvaltad portfölj av AAA-rankade collateralised loan obligations (CLOs). Fonden förvaltas aktivt med hänvisning till J.P. Morgan Collateralized Loan Obligation Index AAA (CLOIE AAA). Delfondens portfölj kan avvika avsevärt från jämförelseindexet.

Handla JAAA ETF

Janus Henderson Tabula USD AAA CLO UCITS ETF USD Acc (JAAA ETF) är en europeisk börshandlad kryptovaluta som handlas på London Stock Exchange.

London Stock Exchange är en marknads som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.

Börsnoteringar

BörsValutaKortnamn
London Stock ExchangeUSDJAAA

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Can crypto outperform amidst the current market turmoil?

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Financial markets have been roiled by President Trump’s tariff policies, leading to sharp volatility across asset classes. US equities have taken the brunt of it, with the S&P 500 down as much as 20% from its January highs. Bond markets are also unstable, reflecting shifting expectations around 2025 interest rates.

Financial markets have been roiled by President Trump’s tariff policies, leading to sharp volatility across asset classes. US equities have taken the brunt of it, with the S&P 500 down as much as 20% from its January highs. Bond markets are also unstable, reflecting shifting expectations around 2025 interest rates.

This wave of macroeconomic uncertainty has made it harder to detect underlying investment trends—especially in crypto. Despite its independence from direct government influence, digital assets haven’t been immune to the turbulence. But while volatility has hit traditional markets hard, crypto has once again shown resilience, underpinned by improving fundamentals and a strengthening regulatory backdrop.

What we’ve learned since November

In the wake of President Trump’s election in November, digital assets were hitting all-time highs. But instead of urging investors to chase returns, we warned against getting swept away by the “FOMO” mindset that often happens with investors in this asset class. Our message was simple: stick to your target allocation and avoid overexposure after sharp price increases. This approach is designed to help investors benefit from crypto’s long-term asymmetric potential without succumbing to emotional swings.

Even before the election the Nasdaq Crypto Index™ (NCI™) had already risen nearly 50% for the year (as of October 31, 2024). Trump’s win added fuel to the fire, boosting optimism that US crypto regulation could finally turn a corner. By year-end, the NCI™ had more than doubled, closing with a 105% gain.

That bullish momentum continued into early 2025, driven by post-halving optimism, improving adoption metrics, and the tailwinds of Trump’s return. However, the tariff shock has since erased much of crypto’s post-election gains, reigniting questions about the asset class’s staying power in a chaotic macro environment. While further corrections are possible, we believe this phase represents another one of those important long-term entry points—just as we’ve seen before.

Why fundamentals still matter

It’s important to keep in mind that crypto’s value and price trajectory isn’t driven solely by macro noise. Several key forces are still working in its favor:

• Bitcoin’s 2024 halving has constrained supply, historically a key catalyst for price appreciation.

• Easing US monetary policy has provided a tailwind to risk assets across the board.

• Institutional adoption continues to grow, with more asset managers, banks, and platforms embracing digital assets in portfolios.

But perhaps the most underappreciated catalyst right now is regulatory clarity in the US. The stance toward the industry has shifted significantly. After years of mixed messages and an enforcement-first approach to regulation, US policymakers are now working toward a more coherent and constructive framework for digital assets. For example:

• There’s real momentum in Congress to pass bipartisan legislation around custody, stablecoins, and crypto exchange-traded products (ETPs)—all of which could serve as gateways for broader institutional participation.

• Regulators are seeking input from the industry, recognizing the need for practical and innovation-friendly rules.

• This policy shift isn’t just eliminating noise—it’s a structural tailwind that could accelerate adoption, investment flows, and long-term utility for digital assets.

Even amid the recent pullback, the NCI™ remains up 7.0% since Trump’s election—outperforming most risk assets and second only to gold, which is up 8.7%. In contrast, the broader “Trump rally has fizzled in traditional markets: the S&P 500 and Nasdaq-100 are both down more than 10% over the same period, weighed down by tariff fears and growth uncertainty.

That divergence highlights a key point: while crypto remains exposed to global macro risks, its relative strength continues to stand out. And as the regulatory and adoption picture improves, the case for long-term crypto allocations is only growing stronger.

Looking ahead: stay disciplined, think long term

With tariffs reshaping global trade and pushing the world toward a more fragmented economic order, crypto’s borderless, decentralized, and politically neutral nature becomes increasingly relevant. It offers a hedge not only against inflation and currency debasement but also against geopolitical dislocation and systemic risk.

The excitement of late 2024 wasn’t a one-off, and neither is the current wave of fear. Crypto’s long-term role in portfolios remains intact. The temptation to react emotionally—whether by chasing peaks or fleeing during corrections—is strong. But discipline, not emotion, is what wins over time.

With regulatory clarity gaining ground and adoption continuing to advance, we believe digital assets are on solid footing—ready not only to weather the current volatility but to emerge stronger as new regulatory clarity, institutional adoption, and use cases unfold in 2025.


This material expresses Hashdex AG and its subsidiaries and affiliates (“Hashdex”)’s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex. By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex’s prior written consent.

Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered “conservative,” “safe,” “risk free,” or “risk averse.”

Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.

This document qualifies as advertisement within the meaning of article 68 of the Swiss Financial Services Act and/or article 95 of the Swiss Financial Services Ordinance and is not a prospectus, basic information sheet (BIB) or a key information document (KID). Any prospectus (in connection with an offer to the public or admission to trading) and/or any BIB or KID (for a product which was meant to be offered to retail clients), in each case if applicable and/or available, of financial instruments described in herein, from the date of its publication (which may be before, on or after the date of this document) and subject to applicable securities laws, is available from Hashdex AG.

Nasdaq®, Nasdaq Crypto Index™, NCI™, Nasdaq Crypto Index Europe™ and NCIE™ are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Hashdex Asset Management Ltd. The Hashdex Nasdaq Crypto Index ETF and Hashdex Nasdaq Crypto Index Europe ETP (the “Products”) have not been passed on by the Corporations as to their legality or suitability. The Products are not issued, endorsed, sold, or promoted by the Corporations.THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCTS.<

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