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Market Commentaries on the US election from Jupiter Asset Management

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9 år sedan

den

9 november, 2016

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Market Commentaries on the US election from Jupiter Asset Management

Charlie Thomas, manager of the Jupiter Global Ecology Growth SICAV:

Donald Trump’s rhetoric during his campaign will likely place pressure in the short term on renewable energy companies, but looking through the noise, he won’t need to remove clean energy subsidies as the existing policy will in fact already phase out subsidies by the end of his first term, in recognition that the pace of renewable technology progress means that they will largely no longer be required.

While it is still too early to predict the long-term consequences of the election, both in the White House and on Capitol Hill, we are mindful that despite a rancorous campaign, one of the few areas that the democrats and republicans found common ground is the pressing need for US infrastructure investment. This bodes relatively well for companies providing environmental solutions particularly in the water, smart energy and rail transport infrastructure.

Sebastian Radcliffe, manager of the Jupiter North American Equities SICAV fund:

The difficulty in assessing the impact of a Trump win is the scope of uncertainty as to what he would actually do. The short term impact is likely negative for equities as the greater uncertainty translates into a higher risk premium. However based on the broad thrust of his comments so far he is likely to initiate substantial fiscal stimulus that could materially accelerate the economy. While the market will fret over the uncertainty, the reality is that there is a material separation of powers where substantive legislative change requires approval of both houses of congress and there are sufficient moderate Republicans to join their Democrat Congressional colleagues in halting some of the more wild eyed initiatives that might come out of the new President.

Ariel Bezalel, manager of the Jupiter Dynamic Bond SICAV fund:

Donald Trump’s victory has raised the level of market uncertainty we can expect over the coming months and as such is likely to prove negative for risk assets (equities, credit spreads) in the short term. Conventionally, a risk off environment, in this case the end of the US election campaign resulting in a Trump victory, should benefit US Treasuries short term. However, medium term this is unlikely to be the case since Trump has been particularly vocal on the need to boost fiscal spending, saying he wants, at the very minimum, to double Hillary Clinton’s proposed $275bn infrastructure programme, a measure he said he would fund via debt issuance. A debt-funded infrastructure programme of this scale could help to stimulate the economy and be quite inflationary – an environment that would be negative for rates and fairly positive for equities. Therefore, longer term we expect the US yield curve to steepen.

We did not position our portfolio specifically to benefit from a Trump or a Clinton win. However, generally, it is our belief that monetary policy has reached its limits, whether it be in the US, Europé or Japan among others; future stimulus is very likely to be fiscal in nature. Trump is likely to deliver an expansionary policy to encourage economic growth. It would have been the same if Clinton had won. This shift in thinking about the nature of stimulus going forward was one of the key reasons why we reduced the duration of the portfolio significantly since July from 5.1 to 2.9 years today. We did this mainly by selling our medium and long dated US Treasuries and initiating a short position in the bund (around 10% of the portfolio) back when they were trading with negative yields.

Additionally we have:

Put in place some credit spread hedges (2.16% North American HY CDX and 2.95% European Crossover)
Trimmed the longer dated investment grade and high yield bonds we own. 50% of the portfolio has a maturity under 2 years.
Positions in gold mining convertibles (1.9% of the portfolio). These should help in a risk-off environment.

Jason Pidcock, manager of the Jupiter Asia Pacific Income SICAV fund:

In foreshadowing this Trump win, investors have been selling out of equities and keeping their powder dry. If this continues, and the fear of a recession under a Trump presidency spreads, we believe it is likely that the US Federal Reserve may well postpone its much-anticipated December rate increase.

Paradoxically, such a scenario might create an ideal environment in which the Jupiter Asia Pacific Income Fund could flourish; bond prices would be pushed up, yields would fall and investors seeking income would be practically forced to continue to search for yield in equities. Then again, what good is outperformance when you’re only able to do so on a relative basis against a turbulent market.

Asian stocks that derive a significant portion of their revenues from the US market may see short to medium term volatility, driven by market sentiment. Within our fund, these are mainly IT and electronics companies like Hon Hai, Delta and TSMC, that are based in Taiwan and play a big role in the Apple/iPhone supply chain.

At a country level, we believe the Philippines will continue to be a risk: whether President Duterte likes it or not, the country does have economic ties to the United States. It has one of the largest call centre operations in the world, and American companies are a huge employer in this field. If there is one small consolation for us, it is that Trump’s election means Duterte is arguably no longer the most controversial head of state in the world! Trump, we believe, is likely to spark any number of diplomatic rows as his presidency gets underway, but for the Philippines, we think a lot of the bad news has already been priced in. We remain overweight, but aren’t adding any more positions until we see how things pan out.

The information contained in this press release should not be relied upon by private investors or any other persons to make financial decisions.

This communication, including any data and views in it, does not constitute an invitation to invest or investment advice in any way.

Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested.

The views expressed are those of the author at the time of writing, are not necessarily those of Jupiter as a whole and may be subject to change. This is particularly true during periods of rapidly changing market circumstances. Every effort is made to ensure the accuracy of any information provided, but no assurances or warranties are given.

Issued by Jupiter Asset Management Limited (JAM). JAM is authorised and regulated by the Financial Conduct Authority and its registered address is The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.

No part of this communication may be reproduced in any manner without the prior permission of JAM.

Liknande ämnen:Jupiter Asset Management

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REX Shares lanserar tre nya covered call ETFer i Europa

Publicerad

9 timmar sedan

den

2 juli, 2025

Redaktionen

REX Shares har inlett ett samarbete med HANetf för att lansera tre nya covered call ETFer i Europa.

REX Shares har inlett ett samarbete med HANetf för att lansera tre nya covered call ETFer i Europa.
De tre ETFerna är REX Tech Innovation Income & Growth UCITS ETF (ticker: FEGI), REX Tech Innovation Premium Income UCITS ETF (ticker: FEPI) och REX Crypto Equity Income & Growth UCITS ETF (ticker: CEGI).
Enligt en nyligen genomförd oberoende undersökning uttryckte fondväljare i hela Europa den största efterfrågan på strategier med covered call och räntebärande tillgångar inom hela spektrumet av aktiva ETFer.
ETFerna är noterade på London Stock Exchange, Xetra och Borsa Italiana.

HANetf, Europas första och enda oberoende white-label UCITS ETF och ETC-plattform, och ledande leverantör av digitala tillgångs-ETP:er, är glada att kunna tillkännage lanseringen av tre aktivt förvaltade covered call-ETFer från REX Shares.

REX Tech Innovation Income & Growth UCITS ETF

ISIN: IE000OBK3UE0

TER: 0,65 %

Börs	Bloomberg Ticker	RIC	SEDOL	Valuta
London Stock Exchange	FEGI LN	FEGI.L	BSD55C4	USD
London Stock Exchange	FEPD LN	FEPD.L	BSD55D5	GBP
Xetra	ASWL GY	ASWL.DE	BVBMG47	EUR
Borsa Italiana	FEGI IM	FEGI.MI	BVBMJ15	EUR

REX Tech Innovation Premium Income UCITS ETF

ISIN: IE000HF69TA9

TER: 0,65 %

Börs		Bloomberg Ticker		RIC		SEDOL		Valuta
London Stock Exchange	FEPI LN		FEPI.L		BSD5591		USD
London Stock Exchange	FEPG LN		FEPG.L		BSD55B3		GBP
Xetra	ASWK GY		ASWK.DE		BVBMG03		EUR
Borsa Italiana	FEPI IM		FEPI.MI		BVBMG36		EUR

REX Crypto Equity Income & Growth UCITS ETF

ISIN: IE0008BA4TY1

TER: 0,65 %

Börs		Bloomberg Ticker		RIC		SEDOL		Valuta
London Stock Exchange	CEGI LN		CEGI.L		BSD55F7		USD
London Stock Exchange	CEPG LN		CEPG.L		BSD55G8		GBP
Xetra	ASWM GY		ASWM.DE		BVBMG14		EUR
Borsa Italiana	CEGI IM		CEGI.MI		BVBMG25		EUR

Både FEGI och FEPI erbjuder exponering mot 20 ledande amerikansknoterade teknikaktier – inklusive FANG+-aktier – och strävar efter att generera månatliga intäkter genom covered call-strategier. FEGI skriver optioner på cirka 50 % av portföljen och balanserar intäkter och tillväxtpotential, medan FEPI använder en heltäckande strategi där man skriver calls upp till 10 % av kapitalet för att öka avkastningen utan att helt begränsa uppsidan.

Samtidigt fokuserar CEGI på 25 amerikansknoterade företag kopplade till krypto- och blockkedjeekosystemet och använder även en covered call-strategi på ~50 % i syfte att leverera attraktiva månatliga utbetalningar och fånga volatilitetsdrivna intäkter utan att väsentligt begränsa tillväxten.

De tre lanseringarna markerar REX Shares första inträde på den europeiska marknaden. Företaget förvaltar över 5 miljarder dollar i förvaltat kapital (AUM) över sina strategier i USA.

ETFer baserade på covered call och options ser betydande tillväxt i Europa och representerar nu 4,35 miljarder dollar i förvaltat kapital (AUM), efter att ha registrerat över 2,56 miljarder dollar i nettoflöden hittills i år. Enligt en nyligen genomförd oberoende undersökning uttryckte fondväljare i Europa den största efterfrågan på covered call- och räntebärande strategier inom hela spektrumet av aktiva ETFer (publicerat i HANetfs senaste Thematic & Active Review).

HANetf har nu fem covered call-produkter på sin plattform, enligt nedan:

HANetf Covered Call Products	Ticker
REX Tech Innovation Income & Growth UCITS ETF	ASWL
REX Tech Innovation Premium Income UCITS ETF	ASWK
REX Crypto Equity Income & Growth UCITS ETF	ASWM
YieldMax^® Big Tech Option Income UCITS ETF	YYYY
YieldMax^® MSTR Option Income Strategy ETC	M5TY

Kevin Gopaul, CIO på REX Financial, kommenterade: ”Vi är glada över att markera REX inträde på den europeiska marknaden med lanseringen av tre innovativa covered call-ETF:er. Optionsbaserade inkomststrategier har sett en explosionsartad tillväxt över hela världen, och vi har haft turen att spela en ledande roll i den rörelsen. Dessa strategier är utformade för investerare som söker avkastning samtidigt som de förblir fullt investerade i aktier, och vi är stolta över att kunna erbjuda en differentierad, aktivt förvaltad strategi för att generera intäkter från ledande amerikanska teknikledare och kryptorelaterade företag.”

Hector McNeil, medgrundare och VD för HANetf, kommenterade: ”Vi är glada över att samarbeta med REX Shares för att lansera tre nya covered call-ETFer i Europa. Tillgångsslaget har tagit fart i Europa nyligen, men vi tror att det bara har börjat. REX Shares strategi är beprövad i USA, och nu har europeiska investerare en chans att delta.

”Vi har nu 5 covered call-ETFer på HANetf-plattformen och 13 aktiva ETFer. Vi tror att båda dessa områden är redo för betydande tillväxt i Europa, och detta återspeglas i ökningen av förfrågningar vi har fått om att lansera aktiva och optionsbaserade ETFer.

”Vårt mål är alltid att bryta ner inträdesbarriärerna på den europeiska ETF-marknaden och göra det möjligt för kapitalförvaltare från hela världen att lansera sina börshandlade strategier på ett snabbt och kostnadseffektivt sätt. Vårt produktutbud blir alltmer mångsidigt i takt med att vi välkomnar fler partners till plattformen, vilket säkerställer att vi alltid är innovativa och erbjuder relevanta strategier till europeiska investerare.”

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WOEE ETF en aktiv globalfond från iShares

Publicerad

10 timmar sedan

den

2 juli, 2025

Redaktionen

iShares World Equity Enhanced Active UCITS ETF USD (Acc) (WOEE ETF) med ISIN IE000D8XC064, är en aktivt förvaltad ETF.

Denna börshandlade fond investerar minst 70 procent i aktier från utvecklade marknader över hela världen. Upp till 30 procent av tillgångarna kan placeras i private equity-instrument, värdepapper med fast ränta med investment grade-rating och penningmarknadsinstrument. Värdepapper väljs utifrån hållbarhetskriterier och en kvantitativ investeringsmodell.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,30 % p.a. iShares World Equity Enhanced Active UCITS ETF USD (Acc) är den enda ETF som följer iShares World Equity Enhanced Active-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

Denna ETF lanserades den 31 juli 2024 och har sin hemvist i Irland.

Investeringsmål

Fonden förvaltas aktivt och syftar till att uppnå långsiktig kapitaltillväxt på din investering, med hänvisning till MSCI World Index (”Riktmärket”) för avkastning.

Handla WOEE ETF

iShares World Equity Enhanced Active UCITS ETF USD (Acc) (WOEE ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

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

Börsnoteringar

Börs	Valuta	Kortnamn
Euronext Amsterdam	USD	WOEE
XETRA	EUR	WOEE
London Stock Exchange	GBP	WOEE

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AAPL	APPLE INC	Informationsteknologi	5.45	US0378331005	USD
MSFT	MICROSOFT CORP	Informationsteknologi	4.77	US5949181045	USD
NVDA	NVIDIA CORP	Informationsteknologi	3.94	US67066G1040	USD
AMZN	AMAZON COM INC	Sällanköpsvaror	2.72	US0231351067	USD
GOOGL	ALPHABET INC CLASS A	Kommunikationstjänster	1.77	US02079K3059	USD
GOOG	ALPHABET INC CLASS C	Kommunikationstjänster	1.45	US02079K1079	USD
META	META PLATFORMS INC CLASS A	Kommunikationstjänster	1.42	US30303M1027	USD
USD	USD CASH	Cash and/or Derivatives	1.40	–	USD
JNJ	JOHNSON & JOHNSON	Health Care	1.33	US4781601046	USD
MA	MASTERCARD INC CLASS A	Finans	1.26	US57636Q1040	USD