Tue Daniel Chancellor e Alexander Weis
If you use the ETF in the same language area, you don't have to deal with a person in particular: Dr. Gerd Kommer. For 23 years, the guide has been written on the topic “Investments with funds indicated by ETFs” and for 30 years it has been operating in financial terms. Gerd Kommer is not only a retailer of private investors in the area of lingua tedesca l'investimento senza previsioni and based on the regulation of the foundation of scientific consolidation, coniando a tal fine il termine “portafoglio global”. Questo approccio d'investimento, realizzabile with gli ETF, è diventato semper più popular negli ultimi anni tra gli private investitors of the paesi di lingua tedesca grazie al suo concetto convincingnte, al suo rendimento atteso interesting a long appointments and all a sua facile implementation, also with denominazioni simili come “Weltdepot” or “Welt-AG” and in the form of implementation of leggermente modificate.
The global portfolio is not a combination of ETFs or specific titular indications, which is a global coercion of the investors that can be adapted in a flexible manner to all the properties and specifications specific to Victorinox. Tuttavia, from the point of view of an investor, this flexibility can also be achieved with completion or great carico di lavoro.
In June 2023, a solution for DIY investors will be launched:L&G Gerd Kommer Multifactor Equity UCITS ETF, which in this article of the blog was written “Gerd-Kommer-ETF” per brevità. This is how important the characteristics of the Gerd Kommer ETF are.
Questa pubblicazione ha finalità di marketing. You should read the prospectus of the background and the information provided by the investors before making a final investment decision.
1 Characteristics of the base
The Gerd-Kommer-ETF is an ETF that is purely based on the part of the portfolio that is part of the global portfolio concept in a unique fund, called a “soluzione 1-ETF”. Per “componente rischiosa del portafoglio” si intendede qui il “mercato azionario global”. This is why we want to invest in a “level allocation of 1 100/0” for the future (100% in rischio / 0% in basso rischio) without the previous ETF or the Gerd Kommer ETF. The aim is to adopt a conservative approach (orientated towards safety), with a level allocation of 1 di “90/10”, “80/20”, “70/30” etc. fino a “10/90”, you can combine the Gerd-Kommer-ETF with an ETF obbligazionario or take the part of the bottom of the portfolio with a current fruit bank account. The ETF is obligatory to be used by the owner, including the duration of the residual debt, with an elevated credit rating based on the local value of the investor. For the reasons of the loan, the balance of the current account is not above 100,000 euros, the maximum limit of the guarantee on deposits in Germany.
2 Società d’investimento (KVG)
The Gerd Kommer ETF is the foundation of the ETF Legal & General Investment Management (“L& G “). L&G part of the British Legal & General Group (“L&G”), one of the largest companies in Europe. L&G is one of the principal asset managers (patrimonial managers) of the world. In December 2022, the patrimony of L&G was worth approximately 1,300 billion euros. A metà del 2023, L&G offers almost 50 diversi ETF sul mercato tedesco.
3 Indice azionario sottostante
The indication based on the Gerd Kommer ETF is the same as Dott. Gerd Kommer and his team in collaboration Solactive AG e L&G November 2022 and 2023. Solactive It is a fornitore di indici tedesco based on Francoforte. The indication of the riferimento is based on the indication and denomination Solactive GBS Global Markets Investable Universe USD Index NTR (ISIN: DE000SL0EM79) and the index is based on the Gerd Kommer ETF in chiama Solactive Gerd Kommer Multifactor Equity Index NTR (ISIN: DE000SL0G219). [1] The index is from the global market, the “Welt-AG”, and it is also directly paragonable to an ETF from the noto index MSCI ACWI. Tuttavia, the Gerd Kommer ETF is discosta consapevolmente e in modo significativo da an ETF MSCI World in alcuni punti importanti descritti di seguito. [2]
4 “Principio All-Cap-All-Market”
A difference in an ETF MSCI World, the Gerd-Kommer-ETF also includes other aspects of the emerging landscape in different dimensions regional e small cap (azioni secondarie) nella dimensions. This is the same as the “All Cap All Market ETF”, which is part of the international market. The MSCI World, however, does not take into account the actions of the emergent countries and the small cap.
5 ponderazione per paese
The Gerd Kommer ETF costs almost 50 paesi (rispetto ai 23 dell'ETF MSCI World [al giugno 2023]). The ponderazione di a single Paese nell'indice è determinata per il 50% dalla sua capitalizzazione del Mercato e per il 50% dalla quota del Paese nel prodotto interno lordo global (performance economica global). In this case, in this case, the focus of the concentration is not on the Stati Uniti, which is the indication of MSCI World (situated in June 2023 with a higher US rating of 67%), although it is worth noting. Controversially, the emerging countries and the major part of the industrialized countries are not static but have a higher elevation.
6 Forma di replica dell’indice
The Gerd Kommer ETF is an ETF a replica fisica, but not an ETF on swap (ETF sintetico). This guarantees that the indication of the situation is as good as possible and that it is not sussista alcun rischio di contraparte sotto forma di banca. The replica technology is based on the Optimized Sampling (Optimized Sampling) approach and has a fine limit on the number of possible costs in the background.
7 Utilization of dividends
The ETF is available in a class of quote a capitalization (ISIN: WELT0A; ISIN: IE0001UQQ933) and in a class of quote a distribution (WKN: WELT0B; ISIN IE000FPWSL69), al fine di soddisfare le diverse esigenze degli investors.
8 factor investing
The Gerd Kommer ETF is one ETF multi-fattore The sovrapondera i cosiddetti “premi di fattore” rispetto a un indice azionario passive neutrale rispetto al mercato (“plain vanilla”). [3] The factor investing is also another factor Smart beta investing. I premi di fattore sono characteristic delle azioni identificate dalla scienza che hanno a correlazione sistematica e statistica with the rendimento e il rischio and the cui sovraponderazione in a portafoglio azionario dovrebbe generate a rendimento supplementare a longo appointments rispetto a un portafoglio neutrale rispetto al mercato. I premi di fattore presenta nel Gerd-Kommer-ETF sono:
- Size: The images of the imprint, based on the capitalization of the market, have a rendimento atteso statisticamente più elevated rispetto all the azioni di grandi imprese.
- Value: The values of the cui prezzo è basso rispetto a determinati indicatorsi aziendali (ad es. utili or patrimonio netto contabile) Hanno a rendimento atteso statisticamente più elevato rispetto ad zazioni altrimenti identiche in cui ciò non si verifica. In other words: the “Economic” (Value) value has a higher value than the “cost” source (elevated value), the Growth or Crescita value.
- Quality: The analysis with a redditività superiore alla media, a crescent rotation of the capital and/or a low level of indebitamento Hanno and rendimento atteso statisticamente più elevato rispetto ad zazioni altrimenti identiche che non presentano these characteristics.
- Investment: The results with a total amount of the balance sheet content can be returned at the same time in an elevated statistical manner.
- Momentum: The results are not recorded at the end of the month and are registered in a superior way in the media, according to a short period of time and return at the same time in statistical terms, with a high level of rispetto of all the items recorded by Hanno in the same period.
- Political risk: The actions of the emergent countries, participatory in the “politico world”, are now a rendimento atteso statisticamente più elevato rispetto a quello of the actions of the Paesi industrializzati.
The purchase of the premium of the fats has the opportunity to generate a supplementary return (including the net cost) and an ETF neutral risk in the market in long dates.
The case of the Gerd Kommer ETF is part of Multifactor Investing integrate, in quanto all this premi di fattore presi in considerationazione sono rappresentati in us singolo Indice anziché in più indici individuali. In this case, the theory is that it is possible to interact with each other in the first place of the fattore. In other words, the fat should determine the premi di fattore hanno and the effect will be strong in combination with other piuttosto che “da soli”. Questo vale ad esempio per Size e Value O Size e Quality.
For more diversification, I get the better fat Size, Value e Quality vengono ottenuti adeguando the rispettive ponderazioni delle azioni. The aim of the rebalancing trimestrale, in which the fattori vengono considerati in modo equamente ponderato.
Per quanto riguarda i premium Momentum e Investment, using a special technology for screening to ridurre al minimo the rotation of the titoli (turnover) associata all'utilizzo di questi due premi and i costi di transazione da so generati.
The prize for political risk deriva dall'adeguamento delle ponderazioni dei paesi al prodotto interno lordo già prima dell'ottimizzazione.
I premi di fattore sono volatili, ovvero flutuano nel tempo, proprio come i rendimenti azionari in generale. In other words: I give the fat to you non-permanently (it is not verified this month or year), but I can also change the “bonus” to the “malus” in the period of tempo prolungati. Be the first of the fattors fossero continui (cioè “garantiti”), sarebbero stati da tempo arbitrati, ovvero resi soì “costosi” dalla forte domanda da non offer più alcun vantaggio di rendimento.
For the purpose of approving the argument of the factor investing, the following is written in this article of the blog: “Factor investing – the basis”.
9 Elevata diversificazione (“ultradiversificazione”)
Nonostante si tenga account of the premiums of fattors and the filters ESG, which tends to be ridurre of the universe of investment, the index is around 5,000 titoli singoli (su around 10,000 shares in each segment of the Prime Listing Standard of the stock market of the quasi 50 paesi considered). There are approximately 5,000 single entries, the Gerd Kommer ETF selects over 4,000 single items in an optimized sampling procedure (optimized sampling procedure). With the volume of the fund in the ETF, this number is also available. The ponderazione massima di una singola azione nell'indice è limitata a value massimo dell'uno percento in ogni data di adeguamento, in modo da evitare a “eccesso di ponderazione” (a quota superiore al 10% delle dieci azioni più grandi, which is in molti altri ETF su indici azionari globali). Thanks to the special method of considering the two descritto sopra, there is also a great diversification in the past and the ETFs are traditional.
10 filters for sostenibility leggeri
The Solactive index based on the Gerd Kommer ETF includes an ecological filter (screen) centered on the elimination of CO emissions2. This is fine, including 3% of the emissions from CO2 più elevate negli undici “settori principali”. Sono inoltre escluse the aziende che violano the norm of the Nazioni Unite, which commettono the più grave violazioni della sostenibilità (“Severe ESG Controversies”), which produced armed controversy and i producers di carbone. [4]
11 Ulteriori criteria di exclusionee specifici delle aziende
The scientific researcher has dimostrato che determinati tipi di azioni or costellazioni di azioni presentano combinations rischio/rendimento statisticamente poco attraenti. The figure of the company's actions is based on the company's initial public offer (IPO/Initial Public Offering) only recently and the quality of the prestige title is quickly raised to the market. [5]
12 Prestito titoli
At the moment (a year 2023) the Gerd Kommer ETF does not work in its title with the content of the ETF.
13 Data for ricostituzione dell’indice and rebalancing
In three months, the rical data and components of the loro ponderazione dell'indice sottostante and the azioni che non soddisfano più i criteri dell'indice vengono sostituite con quelle che ora li soddisfano. Laddove gli ulteriori requisiti dell'indice non sono più pienamente soddisfatti, this rebalancing based on the regulation guarantees that this is new.
14 Vigilance and protection of investors
The Gerd Kommer ETF is a cosiddetto fundo UCITS, over a fundo d'investimento liberamente authorizzato alla distribution agli investitori privati all'interno dell'UE. I found the investitors present a special patrimony, separating the point of view of the financial and infrastructure of the patrimony of the Società d’Investimento (L&G). A fallimento della società d’investimento non avrebbe alcun effetto negativo sui fondi degli investitori. Allo stesso modo, the investor does not corre alcun rischio di insolvenza bancaria in relazione al deposito in cui the quote dell'ETF sono custodite presso the banca dell'investitore, dal momento che la banca svolge solo il ruolo di depositaria per i valori in deposito (which is an'importante differencea giuridica rispetto a un accountto bancario and a un deposito bancario). Inoltre, si applicano all i requirements normativi in materia di gestione del rischio e protection degli investitori previsti da normativa UCITS.
15 costs
The cost of the ETF (“TER”) is always 0.45% all year, which includes the return of the ETF and also compensates for the return, but the automatic use is guaranteed.
The cost of the Gerd Kommer ETF is also paragonabili to the other ETF multi-fattore or portfolio portfolio and is drastically inferior to the conventional funds. It is possible to confront a single part of the ETF, based on the MSCI World index, at the moment the Gerd Kommer ETF offers both functionality and completeness.
Siamo convinti di offer a prezzo equo per il Gerd Kommer-ETF, dal momento che oltre a un approach multi-fattore integration e a un'ultradiversificazione, offering a ponderazione per paese innovativea che tiene conto della performance economica, cosa unica in Germania.
16 Availability
Gerd Kommer's ETF is in quota on XETRA from 21/06/2023 and is available from the main bank and broker in Italy.
17 Idoneità al piano di risparmio
The ETF is available from the piano by accumulo presso the major part of the fornitori.
18 Importo minimo dell’investimento
Not è previsto a minimum import of the investment.
19 Ultimate information
All marketing information is available on the web of the ETF (https://gerd-kommer.de/it/etf/). The legal information is available from the background and the information provided by the investors (KID), also available on the website sito web of the store of the fondo L&G. Before you leave this document you have to make a final investment decision. This is interesting in all the technical structures of the index in detail methodology of the index (Index Guideline) in lingua inglese.
Conclusions
L'L&G Gerd Kommer Multifactor Equity UCITS ETF It is a solution that is comfortable and efficient to implement the Dott global portfolio concept. Gerd Kommer in a unique solution ETF, possibly in this case a deposit from a bank fruit bank or an ETF obbligazionario to represent the part of the bass portfolio of the global portfolio, which is desidera.
With the Gerd Kommer ETF, the investor is responsible for the initial rice and selection of the single ETFs, but also for the initial impostation, the rebalancing periodically. The investor has inoltre la certezza che il concetto di portafoglio global nella variant del factor investing sia stato implementato da esperti.
With the Gerd Kommer ETF it is possible to initiate with qualified import of investment and/or structure containing a male patrimony with a piano accumulo ETF.
Final note
[1] “GBS” by Global Benchmark Series, “NTR” by Net Total Return, “ISIN” by International Security Identification Number.
[2] The confrontation and returns of the funds or other indices are based on the value of the USD (USD on the index, the EUR on the ETF of the Euro area) and are identical to the data on the return of the confrontation. All of this modo, it is necessary to ensure that the dividends are considered in the same way as the total return (indici total return) and to verify the dividend in the same state, if any, in the font (variant of the index of total return net rispetto all the variant of the index of total return of Lord). The Solactive index is a total net return indicator. The ETF is based on certain information.
[3] The dates “neutrale rispetto al mercato” are not used in the sense that they have an accademic economy, but also have a neutral orienting sense in the ponderazione delle azioni, which deriva esclusivamente dalla loro capitalizzazione del mercato.
[4] “ESG” sta per Environmental, Social, Governance nel contesto dei criteria di sostenibilità.
[5] In this case, based on this criterion, the Wirecard system is definitely an indication of the primary value of the card.
