The Currency Asset Class - too easily overlooked by retail investors?
%XW ZLWK WKH GROODU KDYLQJ EHHQ LQ D ZHDNHQLQJ PRGH IRU PXFK RI WKH SDVW GHFDGH IRUHLJQ FXUUHQF\ H[SRVXUH KDV RIWHQ DGGHG WR WRWDO UHWXUQV RI IRUHLJQ VWRFNV IRU 86 LQYHVWRUV
ETF’s - Not just for Institutional ,QYHVWRUV
FDQ XVH WKHVH RU RWKHU FXUUHQF\ LQVWUXPHQWV LQ WKHLU SRUWIROLRV IRU D UDQJH RI DSSOLFDWLRQV
'LYHUVLI\LQJ FDVK -XVW DV LQYHVWRUV GLYHUVLI\ WKHLU LQWHUQDWLRQDO VWRFN DQG ERQG SRUWIROLRV WR UHGXFH ULVN LQYHVWRUV FDQ DOVR GLYHUVLI\ WKHLU FDVK DOORFDWLRQV &XUUHQF\ LQYHVWPHQWV DUH DW WKHLU FRUH DQRWKHU ZD\ WR KROG FDVK
$QG MXVW DV LQYHVWRUV GLYHUVLI\ WKHLU VWRFN DQG ERQG SRUWIROLRV VR WRR FDQ WKHVH LQVWUXPHQWV $OO WKH VDPH UHDVRQV DSSO\ GLYHUVLI\LQJ SRUWIROLRV ORZHUV ULVN IRU LQYHVWRUV 7KLV LV SHUKDSV RQH RI WKH VLPSOHVW DQG PRVW RYHUORRNHG XVHV RI FXUUHQF\ (7)V
86 Currency Investor | Autumn 2011
Investors ([FKDQJH WUDGHG IXQGV (7)V KDYH PDGH LW HDVLHU IRU UHWDLO LQYHVWRUV WR JDLQ FXUUHQF\ H[SRVXUH
$GGLWLRQDOO\ PRVW LI QRW DOO (7)V DQG (71V HDUQ LQWHUHVW DW ORFDO SUHYDLOLQJ LQWHUHVW UDWHV 7KHVH UDWHV DUH RIWHQ EXW QRW DOZD\V EHWWHU WKDQ WKH SUHYDLOLQJ LQWHUHVW UDWHV LQ WKH 8 6 ,QYHVWRUV ZKR ZRXOG RWKHUZLVH KROG D FDVK DOORFDWLRQ LQ 8 6 GROODUV LQ WKHLU SRUWIROLRV PD\ ORRN WRZDUGV FXUUHQF\ LQVWUXPHQWV LQ VHDUFK RI KLJKHU \LHOG
6SHFXODWLRQ 7KH VHFRQG XVH RI FXUUHQF\ LQ D SRUWIROLR LV VSHFXODWLRQ 7KH FXUUHQF\ PDUNHW LV UHSOHWH ZLWK LQYHVWRUV DQG VSHFXODWRUV PDNLQJ IXQGDPHQWDO FDOOV RI WKH YDOXH RI FXUUHQF\ SDLUV EDVHG RQ HLWKHU VKRUW WHUP RU ORQJ WHUP H[SHFWDWLRQV IRU WKH FXUUHQF\ PDUNHW ,QYHVWRUV ZLVKLQJ WR JDLQ H[SRVXUH WR WKH ULVLQJ YDOXH RI WKH HXUR \HQ 6ZLVV IUDQF RU PRUH WKDQ D GR]HQ RWKHU FXUUHQFLHV RU FXUUHQF\ EDVNHWV FDQ GR VR XVLQJ (7)V
6LPLODUO\ LQYHVWRUV ZKR ZDQW WR WDNH D VKRUW SRVLWLRQ LQ YDULRXV FXUUHQFLHV FDQ GR VR HLWKHU E\ VKRUWLQJ IRUHLJQ FXUUHQF\ SURGXFWV WDNLQJ D ORQJ SRVLWLRQ LQ DQ (7) WLHG WR WKH 8 6 GROODU ,QGH[ RU LQYHVWLQJ LQ RQH RI WKH PD\ (7)V GHVLJQHG WR SURYLGH LQYHUVH H[SRVXUH WR WKH FXUUHQF\ PDUNHW
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92