AMP 对比特币进行了适度配置，确认了其首次进军加密货币领域

AMP 高级投资组合经理 Steve Flegg 在本周的 LinkedIn 帖子中解释说，加密货币已经变得“太大”，其潜力“太大”，不容忽视

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 在其动态资产分配计划中纳入了少量比特币配置，使其成为第一个将加密货币正式纳入其投资组合的大型养老基金。

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 投资组合管理主管斯图尔特·艾略特 (Stuart Eliot) 告诉 Super Review，经过“我们的投资团队和委员会的测试和仔细考虑”，AMP 决定在今年早些时候的计划中纳入数字资产的“小额且风险可控的头寸”。

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，这一风险敞口约占 AMP 管理的退休金总资产的 0.05%，也认识到了过去一年该行业的结构性变化。

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

这包括领先的国际投资管理公司推出交易所交易基金，为投资者提供了更多获得数字资产的机会。

“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：“虽然我们的超级会员从风险敞口中受益，但我们充分认识到这一新兴资产类别的风险和波动性特征，并将继续谨慎管理我们的持股，这是高度多元化资产组合的一小部分。”

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 首席投资官乔纳森·阿米蒂奇 (Jonathan Armitage) 表示，尽管加密货币在过去一年中迅速崛起，但这种波动性较大的资产类别缺乏纳入养老金投资组合的适当特征。

“[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.

“[加密货币]一直非常不稳定。你会从人们那里听到很多关于他们何时获得收益的故事。当加密货币或比特币下跌时，这些人往往会保持沉默，”阿米蒂奇说。

“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.”

“我认为值得提醒人们的是，加密货币曾多次在很短的时间内下跌超过 60％，我们谈论的是几周的时间。”

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.

根据澳大利亚证券交易所 2023 年澳大利亚投资者研究，约 15% 的澳大利亚投资者持有加密货币，近 30% 的潜在投资者有兴趣在未来 12 个月内投资加密货币。

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 认为，与股票和债券等更传统的资产类别相比，加密货币具有“相当投机”的性质，CFS 等投资者可以更好地衡量未来潜在回报。

“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.

“根本的焦点是，这项投资将如何帮助我们的超级基金成员继续积累财富？”他说。

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

出于这些原因，阿米蒂奇表示，他不认为加密货币的特征“适合在养老金投资组合中拥有”。

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.

同样，规模达 3000 亿美元的澳大利亚退休信托基金的首席经济学家布莱恩·帕克 (Brian Parker) 在今年早些时候对将成员资金投入比特币等加密货币表示怀疑。

“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. 

“如果我考虑比特币，即使我可以购买比特币 ETF，我为什么要购买它？它仍然没有给我带来任何利息，这是一项高度投机性的投资，我仍然无法从根本上评估它的价值，而且我不知道它在多个经济周期中的表现如何，”帕克告诉《超级评论》时间。

“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.”

“我无法确定它是风险资产还是防御性资产，因此，它仍然是一个投机性很强的领域。”

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，任何将比特币纳入投资组合的决定都需要更多有关其与其他资产类别的逆相关和正相关的信息，并了解其在不同市场周期中的表现。

“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.

“到那时，你也许能够决定是否将其纳入投资组合中，但我认为我们还没有到那个时候，”帕克说。

“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.”

“从超级基金的角度来看，我们的工作主要是投资于一系列能够带来收入和增长的资产，坦率地说，这仍然意味着股票、债券、私募股权、房地产、私人信贷会带来巨大的收益。比投机性数字货币有意义得多。”