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牛津经济研究院:2022年白银在全球多元资产组合中的相关性研究报告(中译版)(22页).pdf

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1、The relevance of silver in a global multi-asset portfolio THE RELEVANCE OF SILVER IN A GLOBAL MULTI-ASSET PORTFOLIO SEPTEMBER 2022 The relevance of silver in a global multi-asset portfolio 1 Disclaimer and Copyright This report is not to be construed as a solicitation or an offer to buy or sell silv

2、er or related products,securities,or related investments,and nor does it constitute advice in relation to the buying or selling of the same.You must obtain professional or specialist investment advice before taking,or refraining from,any action related to the content of this press release.This repor

3、t may contain forward-looking statements that are subject to risks and uncertainties.Forward-looking statements are based on information and assumptions that the Silver Institute and Oxford Economics had when those statements were made or their good faith belief as of that time with respect to futur

4、e events.Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those in or suggested by the forward-looking statements.Except as required by law,the Silver Institute and Oxford Economics undertake no obligation to u

5、pdate publicly any forward-looking statements after the date of this report or to conform these statements to actual results.While consideration has been taken in preparing the information published in this report,the content is provided without any guarantees,conditions,or warranties as to its accu

6、racy,completeness,or reliability.This report is published by and remains the joint copyright of the Silver Institute and Oxford Economics.It is published only for informational purposes.The relevance of silver in a global multi-asset portfolio 2 TABLE OF CONTENTS Executive summary.3 1.Introduction.5

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本文主要探讨了白银在多元化全球多资产投资组合中的相关性。主要观点和数据如下: 1. 白银经常被忽视在资产配置决策中,而黄金则更受青睐,尽管白银具有与黄金不同的回报特性。 2. 白银价格通常与黄金价格挂钩,但两者之间存在重要区别,影响其风险/回报特征。白银价格波动性高于黄金,且超过一半的需求来自工业应用,使其价格对全球工业周期趋势更敏感。 3. 历史数据显示,白银与除黄金外的其他资产类别(如股票、债券、商品)的低相关性表明其具有重要的多样化潜力。 4. 动态投资组合优化模拟表明,白银在投资组合中的最优权重显著高于大多数机构投资者的实际投资组合。 5. 未来十年内,白银在投资组合中的最优权重预计将高于历史平均水平,反映了白银相对于近期历史的更积极展望。 6. 综合来看,白银应被视为一个独特的资产类别,在有效的多资产投资组合中应获得战略性的投资配置。
银在多资产组合中的作用是什么? 银与黄金相比有哪些独特优势? 银在投资组合中能带来哪些风险调整后收益?
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