荷蘭退休金基金投資5％於黃金，減少其債券敞口

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2021-05-13　荷蘭退休金基金投資5％於黃金，減少其債券敞口

Dutch Pension Fund invests 5% in gold, reduces its bond exposure
荷蘭退休金基金投資5％於黃金，減少其債券敞口
Neils Christensen
Wednesday May 12, 2021 17:14

Gold continues to be an attractive safe-haven asset for pension funds looking for options in a world awash with negative-yielding bonds.
黃金仍然是養老基金的誘人避險資產，在全球充斥著負收益率債券的世界中尋找期權。

According to a report from Investment & Pensions Europe, a Dutch pension fund for specialty chemicals firm DSM is the latest firm to jump into the precious metal, allocating 5% of its portfolio to the precious metal.
根據歐洲投資與養老金公司的一份報告，荷蘭特種化學品公司DSM的養老基金是最早進入貴金屬市場的公司，將其投資組合的5％分配給了貴金屬。

The European media outlet said that the pension fund started building its precious metal exposure in October 2020. The company said that it reduced its bond exposure by 10%, investing half of the proceeds into gold and the rest split between equities, real estate, and infrastructure.
歐洲媒體報導稱，養老基金於2020年10月開始建立其貴金屬敞口。該公司表示，將其債券敞口減少了10％，將收益的一半投資於黃金，其餘的則分別用於股票，房地產和金融。基礎設施。

The company said that it started buying gold after conducting an asset and liability management (ALM) study in 2020.
該公司表示，它在2020年進行了資產和負債管理（ALM）研究後開始購買黃金。

“This study showed adding gold to our asset mix had a clear added value because of its diversification benefits,” the fund is quoted as saying in the article. “As a result, the expected risk for the portfolio has been reduced while the expected return has not.”
該基金在文章中援引該基金的話說：“這項研究表明，將黃金添加到我們的資產組合中具有明顯的增加價值，因為它具有多元化的收益。” “因此，投資組合的預期風險有所降低，而預期收益卻沒有。”

The pension fund bought its last portion of gold in April to reach its strategic allocation of 5%. The fund ’s assets total €7.7 billion, which suggests it owns about €386 million in gold. The fund said it invests in physical gold, which is stored at a Swiss bank.
養老基金在四月份購買了最後一部分黃金，以達到其5％的戰略配置。該基金的資產總額為77億歐元，這意味著它擁有約3.86億歐元的黃金。該基金表示，它投資了實物黃金，該黃金存放在瑞士的一家銀行中。

DSM is joining a handful of pension funds that have been taking a closer look at gold to balance risks in their portfolio.
帝斯曼（DSM）加入了一些養老金基金，這些基金一直在仔細研究黃金，以平衡其投資組合中的風險。

Although gold is still relatively under-owned by pension funds, a recent report from the World Gold Council said that interest is growing.
儘管養老金基金仍然相對缺乏黃金，但世界黃金理事會（World Gold Council）最近的一份報告稱，這種趨勢正在增加。

In a survey published by the World Gold Council May 4, roughly 30% of UK pension funds said they were looking to increase their exposure to gold.
在世界黃金協會5月4日發布的一項調查中，大約30％的英國養老基金表示，他們希望增加對黃金的敞口。

“With many pension funds looking to de-risk their long-term liabilities, there is a need to protect yield as well as generate it. For this reason, we believe that an investment in gold can address these concerns. During periods of heightened risk and uncertainty, gold has historically benefitted from flight-to-quality flows, providing both positive returns and helping to reduce portfolio losses,” Krishan Gopaul, senior analyst at World Gold Council, said in the report.
“由於許多養老基金希望降低其長期債務的風險，因此有必要保護和產生收益。因此，我們認為對黃金的投資可以解決這些問題。世界黃金協會高級分析師Krishan Gopaul在報告中說：“在風險和不確定性增加的時期，黃金一直受益於高質量的流動，既提供正收益，又有助於減少投資組合損失。”

However, gold ’s allocation is still relatively small compared to other asset classes. According to the report, nearly 60% of portfolios surveyed said they would increase their exposure to infrastructure. In second place was private equity, with 40% of respondents saying they would increase their exposure.
但是，與其他資產類別相比，黃金的配置仍然相對較小。根據該報告，近60％接受調查的投資組合表示將增加對基礎設施的投資。排在第二位的是私募股權，有40％的受訪者表示會增加風險敞口。