A few comments to note from the performance tables: ETC Flow and Return Highlights …
– Exchange Traded Commodities (ETCs) experienced a large rise in inflows last week, with total inflows up $168mn and AUM up $690mn. Net inflows have risen by $3.3bn since mid-November, more than compensating for $1.8bn of outflows during the financial market meltdown in the second half of last year. Assets under management now stand at $10.3bn, a whisker below the 3 July 2008 pre-crisis high of $10.4bn.
– The Fed’s announcement last week that it will purchase long term government bonds and mortgage backed securities guaranteed by Fannie Mae and Freddie Mac, caught the market by surprise and appears to have caused investors to increase their allocations to hard assets in the hope that more aggressive easing will benefit cyclical assets and to hedge their portfolios against currency debasement and the risk aggressive monetary easing will lead to high inflation.
– Continuing the theme of the past few months, the largest inflows last week were into oil and physical gold ETCs. ETFS Physical Gold (PHAU), Gold Bullion Securities (GBS) and ETFS Physical Gold (ASX – listed in Australia) received $159mn of new flows, bringing total AUM in ETF Securities’ gold ETCs to $6.8bn, the second largest ETF/ETC gold holdings in the world.
– Energy ETCs saw $43mn of inflows last week, bringing total flows this year to $958mn. ETFS Brent (OILB) and ETFS WTI (OILW) saw the largest inflows, with combined flows of $36mn. Price performance in energy was also extremely strong, with ETFS Brent 1yr (OSB1) rising by 14%, OILB, OILW and ETFS Crude Oil (CRUD) up 11-12% and ETFS Heating Oil (HEAT) up 16% on the week.
– ETFS Physical Platinum (PLAT) has also seen strong flows recently. Last week flows were up $11mn, the 11th consecutive week of inflows. PLAT now holds 243,478 ounces of physical allocated platinum, up 81% from its 21 November 2008 crisis low. PLAT has also been a strong price performer, up 23% so far this year, with only ETFS Physical silver (PHAG, up 26.4%), ETFS Copper (COPA, up 26.1%) and ETFS Gasoline (UGAS, up 23.4%) rising faster.
Source:ETFWorld.co.uk – ETFSecurities
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