AMP Super 的比特幣投資決定確實讓貓躋身退休金領域的鴿子之列

可以想像，AMP（ASX：AMP）將透過滿足投資者對加密資產的強烈興趣來獲得行銷和先發優勢

Superannuation fund AMP (ASX:AMP) has made history by becoming the first mainstream fund in Australia to invest directly in Bitcoin.

退休金基金 AMP（ASX：AMP）創造了歷史，成為澳洲第一個直接投資比特幣的主流基金。

The fund will make an initial investment of $27 million in the flagship cryptocurrency, which will be around 0.05% of the total funds under management.

該基金將對旗艦加密貨幣進行 2,700 萬美元的初始投資，約佔管理資金總額的 0.05%。

The move comes amid increasing demand from members for exposure to digital assets, and follows the launch of several crypto ETFs in the US.

此舉是在會員對數位資產投資的需求不斷增加以及美國推出數個加密貨幣 ETF 之際做出的。

However, the move is also likely to ignite further debate within the super sector, with several investment managers having already expressed strong reservations about the suitability of Bitcoin for retirement savings.

然而，此舉也可能引發超級產業內的進一步爭論，一些投資經理已經對比特幣作為退休儲蓄的適用性表示強烈保留。

Vanguard blasts Bitcoin role in long-term portfolios

先鋒集團抨擊比特幣在長期投資組合中的作用

The strongest reaction came from Vanguard Australia, which blasted Bitcoin as having “no appropriate role” in long-term investment portfolios.

最強烈的反應來自澳洲先鋒集團，該公司抨擊比特幣在長期投資組合中「沒有適當的作用」。

The fund manager said the asset class is risky and lacks intrinsic value, and noted that while speculators have made money on cryptocurrencies, many have also made losses and it predicted many more would lose money in the future.

該基金經理人表示，該資產類別存在風險，缺乏內在價值，並指出，雖然投機者在加密貨幣上賺錢，但許多人也遭受了損失，並預計未來會有更多人虧損。

“The investment merits of bitcoin and other cryptocurrencies are, in our view, weak. They are highly risky and speculative assets that are driven largely by demand and supply dynamics,” Vanguard’s Asia-Pacific chief investment officer Duncan Burns said.

「我們認為，比特幣和其他加密貨幣的投資優勢較弱。它們是高風險和投機性資產，主要由需求和供應動態驅動，」先鋒集團亞太區首席投資長鄧肯·伯恩斯(Duncan Burns)表示。

“This stands in contrast to traditional asset classes like equities, bonds and property, which generate income or cash flows and have an underlying fundamental value.”

“這與股票、債券和房地產等傳統資產類別形成鮮明對比，這些資產類別產生收入或現金流，並具有潛在的基本價值。”

Burns added that crypto assets are also highly illiquid, especially in a downturn, and said that many investors who bought the assets at high prices in 2021 are now sitting on losses.

伯恩斯補充說，加密資產的流動性也非常低，尤其是在經濟低迷時期，並表示許多在 2021 年以高價購買這些資產的投資者現在正遭受損失。

“We believe that many of those who bought the assets at lower prices in the past will sell, particularly if prices continue to rise,” he said.

他表示：“我們相信，許多過去以較低價格購買資產的人將會出售，特別是如果價格繼續上漲。”

“This will leave later buyers exposed to the potential for large losses if prices fall sharply, as they did in 2022.”

“如果價格大幅下跌，就像 2022 年那樣，這將使後來的買家面臨巨大損失的風險。”

Other concerns that have been raised by investment managers within the super sector are the possibility of links between Bitcoin profits and criminal activity and also the highly speculative and non-fundamental nature of crypto investments.

超級產業內的投資經理提出的其他擔憂包括比特幣利潤與犯罪活動之間存在聯繫的可能性，以及加密貨幣投資的高度投機性和非基本性質。

Valuing crypto assets is also a mystery, given the lack of underlying cash flows.

鑑於缺乏基礎現金流，對加密資產進行估值也是一個謎。

Crypto demand is there

加密貨幣需求是存在的

But there is little doubt that there is a demand from investors for crypto assets in their super and already large international fund managers including Goldman Sachs (NYSE:GS) and BlackRock (NYSE:BLK) have been in discussions with Australian super funds about the best way they can integrate crypto investments.

但毫無疑問，投資者對超級基金中的加密資產有需求，並且已經是大型國際基金管理公司，包括高盛（紐約證券交易所代碼：GS）和貝萊德（NYSE：BLK）一直在與澳洲超級基金討論最佳選擇。

It is interesting to note that AMP’s first crypto foray is quite a conservative one.

有趣的是，AMP 的第一次加密嘗試是相當保守的。

That lies well within BlackRock’s recommendation that no more than 2% of a portfolio should be invested in cryptocurrency.

這完全符合貝萊德的建議，即投資加密貨幣的投資組合不應超過 2%。

AMP already sitting on big profits

AMP 已經坐享巨額利潤

It also means that AMP is already sitting on some excellent profits given the strong performance of Bitcoin since the election of President Trump on November 5.

這也意味著，鑑於自 11 月 5 日川普總統當選以來比特幣的強勁表現，AMP 已經坐擁一些豐厚的利潤。

Bitcoin has risen by around 30% over that period, while the S&P 500 index has gained 12%.

比特幣在此期間上漲了約 30%，而標準普爾 500 指數上漲了 12%。

AMP’s chief investment officer Anna Shelley said the investment was made after “testing and careful consideration” and said it was a “small and risk-controlled position”.

AMP首席投資長安娜·雪萊(Anna Shelley)表示，這項投資是在「測試和仔細考慮」之後做出的，並表示這是一個「小規模且風險可控的頭寸」。

Bloomberg has reported that the investment was made through futures, which would enable AMP to hedge the position.

根據彭博社報道，該投資是透過期貨進行的，這將使 AMP 能夠對沖頭寸。

Ms Shelley said the move “recognises the structural changes in the industry over the past year, including the launch of exchange-traded funds by leading international investment managers.”

雪萊女士表示，此舉「認可了過去一年該行業的結構性變化，包括領先的國際投資管理公司推出的交易所交易基金」。

“While our super members have benefited from the exposure, we fully appreciate the risk and volatility characteristics of this emerging asset class and will continue to carefully manage our holding, which is a fractional component of a highly diversified asset mix.”

「雖然我們的超級會員從風險敞口中受益，但我們充分認識到這一新興資產類別的風險和波動性特徵，並將繼續謹慎管理我們的持股，這是高度多元化資產組合的一小部分。

Several large international pension funds have already invested in crypto assets with many citing the ability of crypto to preserve purchasing power and to offer an asymmetric risk-return profile that is not related to other asset classes.

幾家大型國際退休基金已經投資了加密資產，其中許多基金認為加密貨幣能夠保持購買力並提供與其他資產類別無關的不對稱風險回報狀況。