091121 new gold presentation


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A presentation on the ABSA Capital NewGold ETF, to prospective investors (in both English and Chinese)

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091121 new gold presentation

  1. 1. 德博 NewGold Gold Bullion Debentures 新黃金基金 NewGold Issuer Limited Incorporated in the Republic of South Africa Registration number 2004/014199/06 ETFs and Index Products Absa Capital Johannesburg Taiwanese Chamber of Commerce 約堡台灣商會理財保險講座 21 November 2009 2009年11月21日
  2. 2. Contents 內容 德博 About Absa Capital •關於 Absa Capital The case for investing in gold •為何投資黃金 Absa Capital’s NewGold ETF •Absa Capital的新黃金ETF基金
  3. 3. 關於Absa Capital About Absa Capital 關於 德博 Absa Capital, a division of Absa Bank Limited •Absa Capital隸屬於Absa銀行,是南非居 (Absa), is a leading South African investment 於領導地位的投資銀行之一,有全球觸角, bank with global reach, offering clients financing, risk management and advisory 提供客戶各種貨幣及架構的融資,風險管 solutions in a wide range of currencies and 理和忠告方案.提供南非公司向國際發展 structures. At Absa Capital, we provide a platform for expanding the global footprint of 的平台. South African companies. •獨特的商業模型,提供大公司,政府,對沖 With a distinctive business model, Absa Capital can provide large corporates, 基金,資金管理人及法人客戶融資及風險 governments, hedge funds, asset managers 管理方案 and institutional clients with solutions to their financing and risk management needs.
  4. 4. 關於Absa Capital About Absa Capital 關於 德博 Absa Capital became a subsidiary of Barclays •Absa Capital於2005年7月27日成為英屬 Bank Plc on 27 July 2005, when Barclays 柏克萊銀行子公司.柏克萊是一國際金融 acquired a controlling stake in the Absa Group. Barclays is an international financial 集團,提供銀行,信用卡,投資銀行,財富管 services group engaged in retail and 理及投資管理服務. commercial banking, credit card issuing, investment banking, wealth management and investment management services •Absa Capital與柏克萊Capital緊密合作, Absa Capital is closely aligned with Barclays Capital which provides large corporate, 服務大型企業,政府及法人客戶 government and institutional clients with solutions to their financing and risk management needs Barclays Capital has offices in 25 countries, •柏克萊Capital遍及全球25個國家,有 employs over 13 200 people and has the global reach and distribution power to meet 13,200員工 the needs of issuers and investors worldwide
  5. 5. Gold 黃金 德博 “The desire for gold is the most universal and deeply rooted commercial instinct of the human race." Gerald M. “對於黃金的慾望是人類最廣 Loeb 泛並深植人心的商業本能” – “Gold is forever. It is beautiful, useful, and never wears out. 傑羅.陸勃,華爾街出名的交易 Small wonder that gold has been prized over all else, in all ages, as a store of value that will survive the travails of life 者之一 and the ravages of time." James Blakely “Gold has worked down from Alexander's time ... When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken “黃金仍代表世界上最終極的 theory.” Bernard M. Baruch 付款方式” – 艾倫.格蘭斯班, “Gold still represents the ultimate form of payment in the 前美國聯邦儲備會董事長 world.” Alan Greenspan, former Chairman of the Federal Reserve Board of the United States of America
  6. 6. Investment in gold 投資黃金 德博 Key factors that support the investment 支持投資黃金的主要因素為: case for gold include: 策略 Strategic •有效分散組合風險 Effective portfolio diversifier •保值 Store of value Safe haven in turbulent times •動盪時期的避風港 Attractive alternative asset •吸引人的另類資產 Tactical 戰術 Current gold industry fundamentals 現今黃金產業基本面 Current economic fundamentals 現今經濟基本面 Practical 實際 Liquid, 24 hour market 流動性高,一天24小時交易 Recognised as a global “currency” 被看為國際貨幣
  7. 7. Investment in gold 投資黃金 德博 Gold is an effective USA: five year correlation of weekly returns on key asset classes and gold (USD) portfolio diversifier… 3-Month T- Bill Yields -0.19 Gold has low to negative Dow J ones/ Wilshire REITS -0.04 correlation with other Index asset classes, making it LB/ BarCap US Credit Index -0.05 an excellent portfolio LB/ BarCap High Yield Bond 0.08 diversifier Index LB/ BarCap Global Treasuries 0.37 Index 有效分散組合風險… 有效分散組合風險 Wilshire 5000 -0.04 S&P 500 -0.06 與其他資產互動性低 Last revised: -0.11 26 June 2009 DJIndustrial Average Data: Global Insight, World Gold Council, Lehman MSCI World excl. US 0.15 Brothers DJAIG Commodity Index 0.48 -1.00 -0.80 -0.60 -0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00
  8. 8. Investment in gold 投資黃金 德博 保值 …保值 以所能購買的貨品和服務衡量,黃金的價值基本 上多年不變. 然而,許多國家貨幣的購買力長期卻大幅減少 … a store of value, The value of gold, in terms of the real goods and services it can buy, has remained largely stable for many years. In 1900 the gold price was $20.67/oz, equating to about $502/oz in today’s prices. In the two years to end-December 2006, the actual gold price averaged $524/oz. Source: World Gold Council In contrast, the purchasing power of many currencies has generally declined.
  9. 9. Investment in gold 投資黃金 德博 … a safe haven Gold is among only a handful of financial assets that it investment, does not carry a credit risk – Gold is no one’s liability. There is no risk that a coupon or a redemption 動盪時期的避風港 …動盪時期的避風港 payment will not be made (as for a bond), or that a company will go out of business (as for an equity). It can provide 'insurance' against extreme movements on the value of traditional asset classes that can happen in unsettled times. 黃金沒有信用風險,且在傳統資產價值急遽變動的動盪 時期提供另類「保險」(即保障)
  10. 10. Investment in gold 投資黃金 德博 South Africa: Volatility 與黃金礦業公司相比, …與黃金礦業公司相比 低風 與黃金礦業公司相比 JSE All JSE Gold CDs 90- Gold 險投資 Share JSE Small Cap Mining day (ZAR) Gold (USD) ZAR/USD 1-mth 24.8% 9.7% 39.7% 8.2% 13.8% 13.9% 17.6% 黃金的報酬波動比黃金產業公 3-mth 26.3% 8.8% 51.7% 14.3% 24.5% 18.5% 17.4% 司股票的報酬波動低,而與股 6-mth 25.0% 9.9% 42.8% 16.9% 14.9% 24.7% 17.8% 市大盤相近 1-year 38.2% 14.1% 63.8% 11.8% 37.7% 32.1% 28.3% Data: Global Insight, WGC United States: rolling 22-day volatility … a low risk investment 100% compared to gold stocks, 90% Gold London PM Fix S&P500 80% 70% Gold returns are significantly 60% less volatile than the returns 50% on gold equities, and on par 40% with the broad market 30% 20% 10% 0% J an-02 Sep-02 May-03 J an-04 Sep-04 May-05 J an-06 Sep-06 May-07 J an-08 Sep-08 May-09
  11. 11. Investment in gold 投資黃金 德博 United States: Gold and equities 過去幾年的表現比 …過去幾年的表現比 4.0 GOLD (US$) S&P500 3.5 股市還要優異 3.0 2.5 … has positive track Jan 2 2001 = 1 2.0 record in terms of 1.5 returns, compared to 1.0 the broad market, 0.5 0.0 J an-01 Sep-01 May-02 J an-03 Sep-03 May-04 J an-05 Sep-05 May-06 J an-07 Sep-07 May-08 J an-09 JSE All JSE: GOLD 90-day GOLD GOLD Small Cap Share MINING CDs (US$) (ZAR) 1 year CAGR -21.1% -6.8% 1.7% 10.7% 2.4% 2.3% 3 year CAGR 1.3% 3.6% -11.7% 10.2% 15.4% 19.4% 5 year CAGR 17.2% 18.9% 6.8% 9.0% 18.8% 25.1% Source: Global Insight, WGC
  12. 12. Investment in gold 投資黃金 德博 Gold and the trade-weighted $ 320 290 … and is an excellent 260 Gold price $ per oz Trade-Weighted Dollar currency hedge 230 J 1993 = 100 200 170 an … 優異的防南非幣貶值工 140 具 110 80 50 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 South Africa: Exchange Rate Effect 6.0 USD/ Rand Exchange Rate Index Gold USD Index Gold (ZAR) Index 5.0 4.0 J 2 2001 = 1 3.0 an 2.0 1.0 0.0 J an-01 Sep-01 May-02 J an-03 Sep-03 May-04 J an-05 Sep-05 May-06 J an-07 Sep-07 May-08 J an-09
  13. 13. 德博 NewGold ETF 新黃金基金 The simplest and most cost effective way for institutional and retail investors to obtain direct exposure to physical gold bullion 法人及個人投資人直接投資黃金 最簡單並最有效率的方法 13
  14. 14. Summary 摘要 德博 NewGold Gold Bullion Debentures •新黃金債券於JSE證交所掛牌上市, (“NewGold”) are securities listed on 屬於證券交易基金類,代碼GLD the JSE Securities Exchange within the Exchange Traded Funds sector, under the symbol GLD •由新黃金公司發行,為一公開公司 Issued by NewGold Issuer Limited, a public company incorporated in the RSA •證券發行所得金額用來購買400 盎司倫敦金條 Proceeds of the issue of NewGold Gold Bullion Debentures utilised to acquire gold bullion, in the form of 400oz London Good Delivery Bars
  15. 15. Summary 摘要 德博 All the Debentures in issue are •所有發行債券背後皆有足值實質 100% backed by allocated gold 黃金 bullion NewGold Gold Bullion is held in safe •實質黃金由Brinks公司看管 custody by the NewGold Custodian, Brinks Limited Initially valued at 1/100 of one fine •起初價值為一精特洛伊盎司的百 troy ounce of gold 分之一 Provides investors with a simple, cost effective and secure means of •提供投資人購買,持有及賣出黃金 buying, holding and selling gold 一種簡易,有效率的途徑 bullion
  16. 16. NewGold performance 基金表現 德博 NewGold vs. Gold Mining Index 400 350 300 Price (Scaled) 250 200 150 100 50 0 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 NewGold SA Gold Mining Index 新黃金基金 南非黃金礦業股指 過去5年 Annualised Return (31 Oct 09) 1 Year 2 Year 3 Year Since Inception 9.03% 23.39% 20.98% 24.67% 平均年報酬率(至09 年10月31日) Source : NewGold Issuer Ltd
  17. 17. NewGold assets 基金資產 德博 Quantity of Gold Held (Ounces) 持有黃金數量(盎司) 1,800,000 1,500,000 現已邁向1.8百萬 盎司關口 1,200,000 Ounces 900,000 600,000 300,000 0 Nov-04 May-05 Nov-05 May-06 Nov-06 May-07 Nov-07 May-08 Nov-08 May-09 Source : NewGold Issuer Ltd
  18. 18. NewGold ETF summary termsheet 新黃金基金簡要資料 德博 Issuer NewGold Issuer Ltd Manager NewGold Manager (Pty) Ltd Originator Absa Capital Sector Exchange Traded Funds Listing JSE Limited JSE Code GLD ISIN ZAE000060067 Gold Entitlement Approximately 1/100th one fine troy ounce of gold Custodian Brink’s Limited Shari’ah Compliance Absa Bank’s Shari’ah board Certification
  19. 19. Visit the ABSA Capital ETF website 德博 造訪ABSA Capital ETF網站 造訪 網站
  20. 20. 德博 90% of the NewGold ETF is held by Institutional Investors … Shouldn’t you follow the Smart Money? 新黃金基金超過90%為 新黃金基金超過90%為 90% 法人投資人所持有 … 他們是否透視黃金長期潛力? 他們是否透視黃金長期潛力?
  21. 21. Contacts 聯絡人 德博 Dr Vladimir Nedeljkovic Steven Bayne Kevin Yeh 葉人豪 Absa Capital Absa Capital Daberistic 德博 +27 (11) 895-5367 +27 (11) 895-5370 +27 (11) 658-1333 vladimir.nedeljkovic@absacapital.com Steven.bayne@absacapital.com kyeh@daberistic.com FAIS Act Notice and Disclaimer This presentation is made by Absa Capital, the investment banking division of Absa Bank Limited a registered bank in RSA (“Absa”). Absa is regulated by the SA Reserve Bank. Absa Bank Limited is a licensed Financial Services Provider. This presentation is for information purposes only and you must not regard this as a prospectus for any security, financial product or transaction. Absa does not in any way represent, recommend or propose that the securities and/or financial or investment products or services (“the products”) referred to in this presentation are appropriate and/or suitable for your particular investment objectives or financial situation or needs. This presentation is not: (i) “advice” as defined and/or contemplated in Financial Advisory and Intermediary Services Act, 37 of 2002, (“FAIS Act”) or (ii) any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever (“advice”). You have to obtain your own independent advice prior to making any decision or taking any action whatsoever based hereon and Absa disclaims any liability for any direct, indirect or consequential damage or losses that you may suffer from using or relying on this presentation even if notified of the possibility of such damage or loss and irrespective of whether or not you have obtained independent advice. This presentation is neither an offer to sell nor a solicitation of an offer to buy any of the products, which shall always be subject to Absa’s internal approvals and a formal agreement between you and Absa. Any pricing included in this commentary is only indicative and is not binding as such on Absa. All the risks and issues related to the products are not disclosed and therefore, prior to investing or transacting, you should fully understand the products and any risks and issues related to or associated with them. The products may involve a high degree of risk including, but not limited to, the risk of (a) low or no investment returns, (b) capital loss, (c) counterparty or issuer default, (d) adverse or unanticipated financial market fluctuations, (e) inflation and (f) currency exchange. The value of any product may fluctuate daily as a result of these risks. Absa does not predict actual results, performances and/or financial returns and no assurances, warranties or guarantees are given in this regard. The information, views and opinions expressed herein are based on third party sources believed by Absa to be reliable and are therefore expressed in good faith. Absa gives no recommendation, guide, warranty, representation, undertaking or guarantee concerning the accuracy, adequacy and/or completeness of the information or any view or opinion expressed herein. Any information on past financial returns, modelling or back-testing is no indication of future returns. All opinions, views and estimates are given as of the date hereof and may change without notice. Absa expressly disclaims any liability for any damage or loss as a result of errors or omissions. Absa, its affiliates and individuals associated with them may (in various capacities) have positions or deal in securities (or related derivative securities), financial products or investments identical or similar to the products. Absa intends to make this presentation available in South Africa to persons who are financial services providers as defined in the FAIS Act. The information and views contained in this presentation are proprietary to Absa and are protected by copyright under the Berne Convention. In terms of the Copyright Act, 98 of 1978, as amended, no part of this presentation may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, electronic scanning, recording, or by any information storage or retrieval system, without the prior permission in writing from Absa. The illegal or attempted illegal copying or use of this information or views may result in criminal or civil legal liability.”