- The market now seems to have priced in an end to interest rate hikes by the end of the year1 and that they will start lowering them again. Despite interest rate hikes, the real interest rate, which is important for asset prices, is still strongly negative (real interest rate = interest rate - inflation). [1]
- The situation on the American commodity exchange, COMEX, becomes more interesting by the day. Never have the so-called Commercials been better positioned to exit their last remaining short positions.[2] The fact that retail and trend-following funds have now gone short metals is rocket fuel once the precious metal prices turn up, as they have no other option than to buy back their short positions, which drives the prices even further. [3]
Source of all data: AuAg Funds / Bloomberg / Sustainalytics / Solactive. Data as of 31.07.2022.
Please note that all performance figures are showing net data. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product.
Macro Outlook
We expect politicians to step in with various creative support measures to limit the effects of a recession. This will have to be financed through increased indebtedness, which will be inflationary and counteract the central banks' attempts to bring down inflation. [4]
As we mentioned earlier, we are waiting for the currency speculators to change their footing and start going long the euro and let go of the US dollar, which has risen so much in the past year. The US interest rate increases have already been priced in, and now they want to position themselves for more hikes from the ECB. A weak currency is certainly making it easy for exporting countries, but at the same time, you get a lot of imported price inflation, which is worrying.
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1M
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3M
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6M
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YTD
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12M
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SI
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AuAg ESG Gold Mining UCITS ETF (ESGO)
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-1.51%
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-23.27%
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-15.75%
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-21.93%
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-26.42%
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-24.89%
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Solactive AuAg ESG Gold Mining Index
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-1.43%
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-23.16%
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-15.59%
|
-21.74%
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-26.15%
|
-24.57%
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Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. Source: Bloomberg / HANetf. Data as of 31/07/2022. Please note that all performance figures show net data.
Composition / Holdings
In the ordinary rebalance, the new composition will be implemented over a period starting on 24.06.2022 (cob) and ending on 29.06.2022 (cob). The new composition and target weights will be fully reflected in the index open 30.06.2022:
- New constitutes (green and bold)
- Deletions (red and drawn out)
- Constitutes with over 85% participation from all 31 quarterly rebalances since the index start on 27.03.2015 (dark)
- ESGO, ESG Risk Score – average: 24,37 / highest: 31,01 (Endeavour)
- Universe, ESG Risk Score – average: 38,10 / highest: 65,20 (as of ESGO inception July 2021)
Source of all data: AuAg Funds / Bloomberg / Sustainalytics / Solactive. Data as of 31.07.2022
Learn more about our gold miners ETF.