Gerd Kommer är en respekterad finansman i Tyskland. Hans investeringsåsikt är någonstans i linje med RikaTillsammans och många finansforum dyrkar honom som en gud .
Han har bland annat grundat en robot som kör enligt faktorinvestering. Lite för dyr (0,7+0,2) så den har jag skippat. Men i sommras startade han en ETF som är väldigt intressant. 0,5% så lite dyr men kan vara värt det.
Några punkter jag gillar
- Hela värden inkl small cap
- mindre USA
- max 1% per aktie (inga galna 8% Apple)
- Rimlig ESG Nivå
- Hans index har 5000 enheter men pga optimerad sampling har fonden bara ca 2000. Fast det kan öka varsom fonden växer.
- Ny fond.
Vad tror ni? Är det något ni skulle tänka er som en robot alternativ eller är det något ni inte skulle ta i med tång?
Fond hemsida (på tyska): https://gerd-kommer.de/etf/features/
The ETF is characterised by the following features:
Innovative approach to country weighting: Individual countries weights are determined as the average of their market capitalisation and economic output, i.e., gross domestic product. This combines the advantages of these two different weighting methods, particularly leading to a reduction in the “US concentration risk”. To date this is the only ETF in the DACH market which takes into account the GDP in relation to country weighting.
“All-Cap-All-Market”: The ETF will invest in both developed and emerging markets, covering the entire investable universe including small, mid and large caps.
Multifactor Investing: Increased exposure to five established factors specifically Size, Value, Quality, Investment and Momentum.
The underlying Solactive index consists of around 5,000 individual companies which undergo a systematic rebalancing process on a quarterly basis.
The Gerd Kommer ETF uses an innovative country weighting method that we developed specifically for the Gerd Kommer Index: The weighting of each country is determined 50% by its market capitalization and 50% by its economic output (GDP).
This GDP weighting in particular reduces the cluster risk in the USA (from currently around 60% in the MSCI ACWI IMI to under 45% [as of mid-2023]) and in particular the share of emerging markets (from currently a good 10% in the MSCI ACWI IMI to around 20% [as of mid-2023]) compared to a pure weighting based on market capitalization.
The Gerd Kommer ETF is a multifactor ETF that overweights so-called factor premiums compared to a market-neutral (plain vanilla) passive stock index (e.g. the MSCI ACWI). It follows an integrated multifactor approach, meaning that all factor premiums taken into account are reflected in a single index instead of across multiple indices.
In fact, emerging markets account for over 10% of global market capitalization, around 40% of global economic output and over 80% of the world’s population (as of mid-2023). This blog post provides more background on emerging market stocks .
Together with the all-cap feature, the Gerd Kommer ETF can therefore be described as an all-cap all-market ETF, which reflects the entire global stock market as completely as possible.
The Gerd Kommer Index contains around 5,000 individual stocks. In addition, the maximum weight on each adjustment day is limited to 1% per company in order to avoid concentration risks. Furthermore, the special GDP country weighting method means there is greater diversification across countries than with conventional stock ETFs. We call this ultradiversification .
The Gerd Kommer ETF initially selects over 2,000 individual stocks from the approximately 5,000 individual stocks in the index using optimized sampling . As the fund volume in the ETF increases, this number can be further increased over time. The aim of portfolio management in the ETF is to follow the index as precisely as possible while at the same time keeping transaction costs low for investors.
The Solactive Gerd Kommer Multifactor Equity Index NTR on which the Gerd Kommer ETF is based contains a CO2 filter (screen). The top 3 percent of companies in eleven main sectors with the highest greenhouse gas intensity relative to company value are excluded.
“Losing stocks” are excluded from the Gerd Kommer ETF. This includes companies that have recently had their initial public offering (IPO) and stocks with a securities lending rate that is significantly higher than the market. On average, such stocks have a lower expected return over time.
The underlying index is the Solactive Gerd Kommer Multifactor Equity Index ,
The ETF is physically replicating (optimized sampling), not a synthetic swap ETF, to ensure that the underlying index is replicated as faithfully as possible.
The Gerd Kommer ETF is managed by Legal & General Investment Management,
The ETF is available in an accumulating (WKN: WELT0A) and a distributing (WKN: WELT0B) share class in order to meet as many investor needs as possible.
The members and weights of the individual stocks in the index are recalculated every three months and the changes are taken into account by the ETF during quarterly rebalancing.
he ongoing costs (“TER”) of the ETF are 0.50% per year, which are already included in the ETF’s reported return and are therefore automatically deducted from capital gains tax.