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23 ott 2017

5 things to know about Japanese indices



Japan is very much on TOPIX

Japan, as we said here, is becoming an increasingly attractive investment destination. House prices are rising, consumption is picking up and earnings per share are growing faster than in any other major market. Japan still appears quite cheap, with discounts vs. world stocks higher than normal. Some of Shinzo Abe’s arrows finally appear to have hit at least some of their targets. He could be firing more soon. 

Index exploration​

Flows rebounded strongly in September, after outflows in August, but the rush to the land of the rising sun is not without its subtleties. The major indices come in various shapes and sizes, so it’s important you know why you’re really investing in Japan. What you think of its prospects matters an awful lot when it comes to choosing your index. 

How the flows look

How the flows look

*Source: Lyxor Cross Asset Research, as at 6 october  2017*Please note that eurozone yields are represented by 10yr bund in the yield segment

The figures relating to future performance are a forecast and are not a reliable indicator of future results.


Mapping it out: 5 things to know about Japanese indices: 

This simple guide below should help you find the right option:


  • 1- They derive their revenues from different places

The higher an index’s share of domestic revenue, the less sensitive it is to movements in the yen. SGQJ offers the greater domestic exposure, while the TOPIX offers exposure to the full Japanese economy, which matters if you think recovery will be broad-based or if you’re backing the yen to strengthen from here. More yen weakness would ordinarily point to the Nikkei 225, but you might miss out on the domestic recovery/reflation story. 

Soucre: Factset, Bloomberg & SG Quantitative Research as at 30  September 2017


  • 2- They view sectors differently

SGQJ excludes financials entirely, while the other indices have exposures that reflect their domestic, or their export, focus. The differences aren’t always too great however.

2- They view sectors differently

Source: Factset, Bloomberg & SG Quantitative Research as at 30  September 2017


  • 3- They come in all shapes & sizes

The SGQJ does not use any size weighting in its methodology, leading to much more of a small-cap bias. As a result, it is also more growth-oriented than the market cap indices. Choosing a quality income play doesn’t have to mean limiting your participation in a recovery.

The JPX-Nikkei 400 index consists of companies expected to deliver shareholder value. Using measures such as efficient use of capital and good corporate governance, the Index aims to provide investors with high quality exposures. If you believe Japan’s corporate culture is changing as it should, this could be the index for you.

3- They come in all shapes & sizes

  1. Source:Factset, Bloomberg & SG Quantitative Research as at 30  September 2017


  • 4- Some concentrate more than others


The TOPIX gives you the broadest exposure to Japan but its small-cap exposures do add some risk. The Nikkei 225 is by far the most top-heavy of the indices. Its pricing methodology and lower number of constituents make it more volatile than the others as well.

4- Some concentrate more than others

  1. Source: Factset, Bloomberg & SG Quantitative Research as at 30  September 2017


  • 5- Managers find them hard to beat

Over 10 years, fewer than 1 in 5 managers have outperformed the TOPIX

5- Managers find them hard to beat

Source: Bloomberg, Morningstar 30  September 2017

​​

Risk Warning

It is important for potential investors to evaluate the risks described below and in the fund prospectus which can be found on www.lyxoretf.com

CAPITAL AT RISK: ETFs are tracking instruments: Their risk profile is similar to a direct investment in the Underlying Index. Investors’ capital is fully at risk and investors may not get back the amount originally invested. 

REPLICATION RISK: The fund objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication. 

COUNTERPARTY RISK: Investors are exposed to risks resulting from the use of an OTC Swap with Societe Generale. In-line with UCITS guidelines, the exposure to Societe Generale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme. 

UNDERLYING RISK: The Underlying Index of a Lyxor ETF may be complex and volatile. When investing in commodities, the Underlying Index is calculated with reference to commodity futures contracts exposing the investor to a liquidity risk linked to costs such as cost of carry and transportation. ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks. 

CURRENCY RISK: ETFs may be exposed to currency risk if the ETF is denominated in a currency different to that of the Underlying Index they are tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns. 

LIQUIDITY RISK: Liquidity is provided by registered market-makers on the respective stock exchange where the ETF is listed, including Societe Generale. On exchange liquidity may be limited as a result of a suspension in the underlying market represented by the Underlying Index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, Societe Generale or other market-maker systems; or an abnormal trading situation or event.

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Some of the funds described in this communication are sub-funds of either Multi Units Luxembourg or Lyxor Index Fund, being both investment companies with Variable Capital (SICAV) incorporated under Luxembourg Law, listed on the official list of Undertakings for Collective Investment, and have been approved and authorised by the CSSF under Part I of the Luxembourg Law of 17th December 2010 (the “2010 Law”) on Undertakings for Collective Investment in accordance with provisions of the Directive 2009/65/EC (the “2009 Directive”) and subject to the supervision of the Commission de Surveillance du Secteur Financier (CSSF). Alternatively, some of the funds described in this document are either (i) French FCPs (fonds commun de placement) or (ii) sub-funds of Multi Units France a French SICAV, both the French FCPs and sub-funds of Multi Units France are incorporated under the French Law and approved by the French Autorité des marchés financiers. Each fund complies with the UCITS Directive (2009/65/CE), and has been approved by the French Autorité des marchés financiers. Société Générale and Lyxor AM recommend that investors read carefully the “risk factors” section of the product’s prospectus and Key Investor Information Document (KIID). The prospectus and the KIID are available in French on the website of the AMF(www.amf-france.org). The prospectus in English and the KIID in the relevant local language (for all the countries referred to, in this document as a country in which a public offer of the product is authorised) are available free of charge on lyxoretf. com or upon request to client-services-etf@ lyxor.com. The products are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on NYSE Euronext Paris, Deutsche Boerse (Xetra) and the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. 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This document together with the prospectus and/or more generally any information or documents with respect to or in connection with the Fund does not constitute an offer for sale or solicitation of an offer for sale in any jurisdiction (i) in which such offer or solicitation is not authorized, (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation. In addition, the shares are not registered under the U.S Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States (including its territories or possessions) or to or for the benefit of a U.S Person (being a “United State Person” within the meaning of Regulation S under the Securities Act of 1933 of the United States, as amended,and/or any person not included in the definition of “Non-United States Person” within the meaning of Section 4.7 (a) (1) (iv) of the rules of the U.S. Commodity Futures Trading Commission.). No U.S federal or state securities commission has reviewed or approved this document and more generally any documents with respect to or in connection with the fund. Any representation to the contrary is a criminal offence. This document is of a commercial nature and not of a regulatory nature. 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The obtaining of the tax advantages or treatments defined in this document (as the case may be) depends on each investor’s particular tax status,the jurisdiction from which it invests as well as applicable laws. This tax treatment can be modified at any time. We recommend to investors who wish to obtain further information on their tax status that they seek assistance from their tax advisor. The attention of the investor is drawn to the fact that the net asset value stated in this document (as the case may be) cannot be used as a basis for subscriptions and/or redemptions.The market information displayed in this document is based on data at a given moment and may change from time to time. Authorizations: Lyxor International Asset Management (Lyxor AM) is a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2009/65/EC) and AIFM (2011/61/EU) Directives.Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudentiel et de résolution (the French Prudential Control Authority. 


Research disclaimer

This material reflects the views and opinions of the individual authors at this date and in no way the official position or advices of any kind of these authors or of Lyxor International Asset Management and thus does not engage the responsibility of Lyxor International Asset Management nor of any of its officers or employees. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.

 © 2016 LYXOR INTERNATIONAL ASSET MANAGEMENT ALL RIGHTS RESERVED

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