AMP 對比特幣進行了適度配置，確認其首次涉足加密貨幣

AMP 高級投資組合經理 Steve Flegg 在本週的 LinkedIn 帖子中解釋說，加密貨幣已經變得“太大”，其潛力“太大”，不容忽視

AMP has included a small allocation to bitcoin in its Dynamic Asset Allocation program, making it the first major superannuation fund to officially integrate the cryptocurrency into its portfolio.

AMP 在其動態資產分配計劃中納入了少量比特幣配置，使其成為第一個將加密貨幣正式納入其投資組合的大型退休基金。

After “testing and careful consideration by our investment team and committee”, AMP decided to include “a small and risk-controlled position” in digital assets within the program earlier this year, Stuart Eliot, AMP's head of portfolio management, told Super Review.

AMP 投資組合管理主管 Stuart Eliot 告訴Super Review，經過“我們的投資團隊和委員會的測試和仔細考慮”，AMP 決定在今年早些時候的計劃中納入數字資產的“小額且風險可控的部位」。

The exposure, which represents around 0.05 per cent of AMP's total superannuation assets under management, also recognises the structural changes in the industry over the past year, Eliot said.

艾略特表示，這項風險敞口約佔 AMP 管理的退休金總資產的 0.05%，也認識到了過去一年該行業的結構性變化。

This includes the launch of exchange traded funds by leading international investment managers, which have provided greater access to digital assets for investors.

這包括領先的國際投資管理公司推出交易所交易基金，為投資者提供了更多獲得數位資產的機會。

“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,” Eliot said.

艾略特表示：「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。

In October, Jonathan Armitage, chief investment officer at CFS, said that despite the meteoric rise of cryptocurrency over the past year, the volatile asset class lacks the appropriate characteristics for inclusion in a superannuation portfolio.

10 月，CFS 首席投資長 Jonathan Armitage 表示，儘管加密貨幣在過去一年中迅速崛起，但這種波動性較大的資產類別缺乏納入退休金投資組合的適當特徵。

“[Crypto] has been very volatile. You will hear an awful lot of stories from people about when they have made gains. Those same people tend to go quite silent when crypto or bitcoin goes down,” Armitage said.

“[加密貨幣]一直非常不穩定。你會從人們那裡聽到很多關於他們何時獲得收益的故事。當加密貨幣或比特幣下跌時，這些人往往會保持沉默，」阿米蒂奇說。

“I think it’s worth reminding people that there have been several occasions where cryptocurrencies have fallen over 60 per cent in a very short period of time, we are talking weeks.”

“我認為值得提醒人們的是，加密貨幣曾多次在很短的時間內下跌超過 60％，我們談論的是幾週的時間。”

According to the ASX’s Australian Investor Study 2023, around 15 per cent of Australian investors hold cryptocurrency and nearly 30 per cent of prospective investors are interested in investing in crypto in the next 12 months.

根據澳洲證券交易所 2023 年澳洲投資者研究，約 15% 的澳洲投資者持有加密貨幣，近 30% 的潛在投資者有興趣在未來 12 個月內投資加密貨幣。

However, Armitage considers cryptocurrencies to have a “fairly speculative” nature, in contrast to more traditional asset classes like equities and bonds, where investors, such as CFS, can better gauge potential future returns.

然而，Armitage 認為，與股票和債券等更傳統的資產類別相比，加密貨幣具有「相當投機」的性質，CFS 等投資者可以更好地衡量未來潛在回報。

“The underlying focus has been on, how is this investment going to help continue to build the wealth of the members who sit within our super fund?” he said.

“根本的焦點是，這項投資將如何幫助我們的超級基金成員繼續積累財富？”他說。

For these reasons, Armitage said that he does not believe the characteristics of cryptocurrency “are the right ones to have within a superannuation portfolio”.

基於這些原因，阿米蒂奇表示，他不認為加密貨幣的特徵「適合在退休金投資組合中擁有」。

Similarly, Brian Parker, the chief economist of $300 billion fund Australian Retirement Trust, voiced scepticism about committing member funds to cryptocurrencies like bitcoin earlier this year.

同樣，規模達 3000 億美元的澳洲退休信託基金的首席經濟學家布萊恩·帕克 (Brian Parker) 在今年稍早對將成員資金投入比特幣等加密貨幣表示懷疑。

“If I think about bitcoin, even if I have access to a bitcoin ETF, why should I buy it? It still doesn’t pay me any interest, it’s a highly speculative investment, I still can’t value it in any fundamental way, and I don’t know how it behaves over a number of economic cycles,” Parker told Super Review at the time. 

「如果我考慮比特幣，即使我可以購買比特幣 ETF，我為什麼要買它？它仍然沒有給我帶來任何利息，這是一項高度投機性的投資，我仍然無法從根本上評估它的價值，而且我不知道它在多個經濟週期中的表現如何，」帕克告訴《超級評論》時間。

“I can’t be sure about whether it’s a risk-on asset or a defensive asset and so, it remains a very speculative area.”

“我無法確定它是風險資產還是防禦性資產，因此，它仍然是一個非常投機的領域。”

Any decision to include bitcoin in a portfolio would require more information on its inverse and positive correlations to other asset classes along with understanding how it behaves across different market cycles, he said.

他表示，任何將比特幣納入投資組合的決定都需要更多有關其與其他資產類別的逆相關和正相關的信息，並了解其在不同市場週期中的表現。

“At that point, you might be able to make a decision as to whether to include it in a portfolio, but I don’t think we’re at that point yet,” Parker said.

「到那時，你也許能夠決定是否將其納入投資組合中，但我認為我們還沒有到那個時候，」帕克說。

“From the point of being a super fund, our job primarily is to invest in a range of assets that deliver both income and growth, and frankly, that still means that shares, bonds, private equity, property, private credit make a hell of a lot more sense than speculative digital currencies.”

「從超級基金的角度來看，我們的工作主要是投資一系列能夠帶來收入和成長的資產，坦白說，這仍然意味著股票、債券、私募股權、房地產、私人信貸會帶來巨大的收益。