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Informieren Sie sich hier für unsere Anlagethemen im Jahre 2018

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The world declares war on plastic

High-yield “Green Tech” trio for the custody account

New plastic economy

Plastic pollution affects everyone, because plastic only breaks down after decades, if not centuries. To ensure that the mountains of waste associated with it do not pile up to the skies, increasing numbers of consumers, official bodies and companies are pursuing the same aim: a better plastic economy. This includes recycling, above all, which is being promoted right across Europe. The EU, for instance, is specifying a strategic framework for the Member States, under which they are intended to recycle 55 per cent of plastic waste by 2030. China, for its part, ended the importing of plastic waste in 2018 and has launched a programme under which public bodies and companies in 46 cities are being required to separate their waste from 2020. Companies, too, are making their contribution. As an example, the private-sector initiative “Plastics 2030 – Voluntary Commitment” was devised for the European plastics industry. Its aim is to use only reusable, recyclable and recoverable plastics for packaging in the 28 EU countries, along with Norway and Switzerland, by 2040. From 2030, the target is a 60 per cent recycling rate.

A “plastic-free” troika

Waste disposal specialist Veolia Environnement is one of the three, and is focussing on increasing the volumes of plastic subsequently reprocessed into a recycled raw material. The company is also the most important partner in the “New Plastics Economy” initiative set up by the Ellen MacArthur Foundation to develop new production systems. The Dutch chemicals company LyondellBasell, for its part, has alternative bioplastics as one of its targets. In mid-June, the company produced plastic from renewable raw materials for the first time. According to the company’s information, “bio-polypropylene” and “bio-polyethylene” were produced together in a major industrial setting for the first time in Europe. The US-based Ball Corporation is similarly doing good business in alternatives to conventional plastic. The company is a global market leader for aluminium cans and other containers for foods, and is benefiting from the trend “away from plastic, and towards aluminium”.

Click here to learn more about the subject The world declares war on plastic.

Double-digit percentage yield

Avoiding or reusing plastic pays off on the stock market as well: for example, shares in Ball have moved steadily and unerringly upward over the past ten years, increasing in value more than sixfold. Leonteq has combined the company, founded as early as 1880, with Veolia Environnement and LyondellBasell in a multi barrier reverse convertible. The new product has a maximum term of 15 months. Under the soft call provision function, the issuer has the right to terminate the multi BRC early, initially after six months and then quarterly thereafter. The conditions of the product, which is denominated in Swiss francs, speak for themselves: the impressive coupon, of 10.00 per cent p.a., is combined with a barrier at 60 per cent of the starting values.

Callable Multi Barrier Reverse Convertible

High risk buffer

Overall, therefore, the multi BRC allows the underlying assets to fall by 40 per cent without the prospects of returns being put at risk. Should at least one of the trio breach its barrier during the term, the repayment may reduce. This would be the case if an underlying asset were not to recover to its starting level by the end of the term. In that instance, the classic “worst-of” principle is applied. The guaranteed coupon payment, which is made quarterly, would cushion possible losses to some extent, however. Conversely, if all the underlying assets are again trading at or above the strike level at the closing fix, the holder of the certificate incurs no losses. In that scenario the full nominal sum is repaid together with the coupon payment, which ultimately corresponds to the maximum yield.

Ball Corp vs. LyondellBasell vs. Veolia (5 years, values standardised to 100 points)

Plastik-Leonteq-Strukturierte-Produkte-Chart-910-EN

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Swiss Big 3

on a coupon hunt with three heavyweights

Two times increased forecast...

The healthcare duo of Novartis and Roche, based in the cradle of the blockbusters that is Basel, are currently scoring well not only with their interim reports, but also because both have raised their annual targets. For 2019, Novartis is targeting revenue growth in the mid to high single-digit range, with the adjusted operating result set to grow in the low to mid ten per cent range. But Novartis is also optimistic when looking beyond this year. CEO Vasant Narasimhan wants to launch at least 10 drugs on the market by 2021 with sales potential running into the billions. In fact, there are over 25 blockbuster drugs in development at the moment. Depending on the market launch of these new drugs, the 35% operating profit margin being targeted in the pharmaceuticals business for 2022 could even be achieved earlier, according to Narasimhan. By comparison, in 2018 the yield was 32%. Roche, too, has raised its sales and profits forecast: For the current year, an increase in sales and in adjusted profit by a mid to high single-digit percentage is calculated. Previously, the anticipated increased was in the mid single-digit area.

...and one out-performance

Nestlé has “only” boosted its annual targets. Nothing should be read into that, however. The forecast operating result margin of 17.5% for the overall year and organic growth in sales of around 3.5% has been chosen relatively conservatively, according to analysts. The world’s biggest food manufacturer could therefore yet spring a positive surprise over the second half of the year. Moreover, group CEO Mark Schneider is also optimistic for the longer-term future. “We are well on the way to achieving the targets set for 2020,” commented Schneider as the half-year report was presented. Investments in growth areas such as coffee, baby foods and animal feed are set to return the group to old growth rates of around 5%. Investors appear to trust Schneider: in the current year, Nestlé shares have already gone up by over 30%, thus outperforming the overall market by around 12 percentage points.

Click here to learn more about the subject The big 3: achieving success together

Trio with high-value underlying assets

Novartis and Roche have not been able to keep up with the high tempo of the Nestlé share in the year to date. That said, the pharmaceuticals duo have each seen their share price rise by a tenth – a similarly positive result. Novartis shares even marked a new all-time high. To realise the maximum yield of 5% p.a. with the new multi barrier reverse convertibles to Nestlé, Novartis and Roche, the trio do not need to post further gains. The coupon of 5.00% is paid out regardless of the trend in the share price of the underlying assets. Conversely, repayment of the nominal sum depends on how the price trends. To avoid too heavy a stress on the holder’s nerves during the 3-year term, while a risk buffer affords partial protection. The critical barrier is set at 65% of the start level. The term can be shortened due to a callable function. The issuer has the right to terminate the product each quarter, with the first opportunity coming after one year.

Callable Multi Barrier Reverse Convertible

Breaking the barrier is not the end of the world

If at least one underlying asset in the new multi barrier reverse convertible breaches its barrier and does not return to the starting level by the end of the term, the performance of the investment is reduced. In this case, the classic “worst of” principle comes into play, and the repayment is based on the weakest member of the trio. However, the guaranteed coupon counteracts this and provides a buffer against possible losses. And if, at the closing fix, all underlying assets are again trading at or above the strike price, product-holders do not need to fear any losses at all. In that case, the nominal sum is repaid in full.

Nestlé vs. Novartis vs. Roche (5 years in CHF)

Big3-Leonteq-Strukturierte-Produkte-Chart-910-DE

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Investment 4.0

Tracker certificate on the Swissquote Robotics & Artificial Intelligence Index

Versatile ABB robots

Among the world-leading manufacturers of robots is the Swiss ABB. The group is involved in sectors such as the food and beverage industry as well as the automotive sector. ABB recently announced that it was tapping into a new market for business with the intelligent machines: the medical sector. ABB would like to place cobots, i.e. industrial robots that work in conjunction with humans, in the healthcare industry within just one to two years. ABB estimates the demand for such machines at 60,000 units. The coming years are set to see further impetus for business with cobots right across industry, however. According to the market researchers at Market & Markets, global sales will rocket from 710 million dollars in 2018 to 12 billion dollars in 2025.

Profiting from a megatrend

Ultimately, the intelligent machines are primed to enable a whole new form of industrial value added, known as Industry 4.0. Forecasts from Zion Market Research suggest that the global market for the fourth industrial revolution will rise from 66 billion US dollars in 2017 to 155 billion in 2024. A great many very different companies are hoping to be a part of the imminent paradigm shift in the technology world caused by AI and robotics. They include Big Blue IBM, for instance, whose “Watson” AI program enables the development of digital assistants such as chatbots and the intelligent coordination of services, among other benefits. IT security specialist Trend Micro, in turn, is using AI to unmask email fraudsters, for example. And, thanks to iRobot, the man-made machines are increasingly finding their way inside people's own four walls, where the company’s vacuuming and mopping robot is the world leader. This is also reflected on the balance sheet: sales and profits have almost double in the last five years. Experts reckon that the sector will maintain its growth trajectory. According to figures from Statista, the US market for consumer robots alone will rise from 2.4 billion US dollars in 2018 to 6.8 billion in 2025.

Click here to learn more about the subject «Robots and AI – two digital megatrends.

Active management

There is every chance that Robots and AI will herald the next quantum leap in technological development. This in turn opens up interesting investment opportunities. There would be little point in investors putting all their eggs in one basket, though, because, as already stated, the two megatrends are widely spread. Profits can be found in a wide variety of sectors. Help comes from the Swissquote Robotics & Artificial Intelligence Index, which enables diversified investment in this sector. The barometer includes another 16 members alongside the four already mentioned. The USA accounts for a 44 per cent share in terms of geography, leading the way ahead of Japan at 28 per cent. Japanese internet giant Dena currently has the heaviest weighting. The Index is kept fresh by a quarterly review of the selection. The actively managed portfolio only considers stocks that meet strictly controlled quality and quantity criteria.

Tracker Certificate

20 times high-tech in one tracker

To give investors access to this fast-growing high-tech field, Leonteq has issued an “Actively Managed Certificate”. This tracker allows full participation in the carefully constructed index offered by Swissquote Bank, the only cost factor being an annual management fee of 0.7 per cent. In return investors get a portfolio consisting of 20 members as well as a certificate offering a persuasive combination of transparency and liquidity.

Composition of the Swissquote Robotics & Artificial Intelligence Index

INDEX MEMBER WEIGHTING COUNTRY
Dena 10.94% Japan
Infosys 7.06% India
IBM 7.02% United States
ABB 6.94% Switzerland
Obic 5.97% Japan
Emerson Electric 5.08% United States
Cognizant Tech Solutions 5.05% United States
Elekta 5.02% Sweden
Fanuc 4.97% Japan
Trend Micro 4.97% Japan
Descartes Systems 4.95% Canada
KLA-Tencor 4.08% United States
Simulations Plus 4.08% United States
Teradyne 4.07% United States
Hollysys Automation Tech. 4.05% China
Illumina 3.93% United States
Cognex 3.03% United States
Alteryx 3.01% United States
Irobot 3.01% United States
Yaskawa Electronic 2.98% Japan
Cash component -0.21% -
Source: Leonteq Securities AG, as at 12.07.2019

 

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High-tech for the custody account

Tracker certificate on the Swissquote 5G Revolution Index

Diversified investment strategy

The chip producers mentioned at the start are all included in the brand-new Swissquote 5G Revolution Index. Together the trio make up a weighting of a little more than 15 per cent. In the broad-based barometer, however, there are many more companies that stand ready to profit from the new communications standard. The index comprises 20 members in all, with companies from the USA leading the way. These include the two communications equipment suppliers Ciena and Coring, for instance. The first of them has just completed a successful first quarter in April, coming in well ahead of expectations both in sales and in net profit. This led to a jump in the share price of more than one tenth to reach a new 11-year high. Cornig, which specialises in fibre-optic networks, likewise turned in a convincing performance at the start of the year, and its share price is currently heading towards its best mark of the previous year.

Innovative Europeans

The Europeans too, though, have much to offer when it comes to 5G. The innovative Swissquote barometer includes the two Scandinavians, Ericsson and Nokia, for example. The latter completely realigned the group towards 5G at the end of the year, merging the mobile phone and landline business into a single unit on 1 January 2019. The Finns are already seeing plenty of orders as a result. Nokia won a major 5G contract worth 3.5 billion dollars from T-Mobile US, for instance. Nevertheless, orders remained below expectations at the start of the year. CEO Rajeev Suri expects to see a significant upturn in the second half of the year, though. Just before the end of the first half-year, the network equipment supplier secured an order from Saudi Arabia. That means Nokia now has 5G orders from a total of 43 suppliers around the world.

Click here to learn more about the subject «5G – The world starts up the data turbo.

Mixed industries

When it comes to the 5G future, there will be more than one winner. Many different companies from a wide range of industries will be able to take a slice of the billion-dollar cake for themselves. That means exploiting the opportunities of the new mobile phone standard through a diversified portfolio could well deliver rewards. With the 5G Revolution Index, the experts at Swissquote have done all the hard work for investors of looking for the top companies in this segment. The basket contains 20 international companies from a variety of sectors. The majority of those selected are technology groups, which account for a 64 per cent share. Almost a third are in the Financials segment. These include Digital Realty Trust, for instance, an American real estate fund that builds and operates data centres. The remaining almost three per cent come from the Telecommunications Services industry. The current selection is not set in stone, however: Swissquote subjects the index to regular review and adjusts it where appropriate.

Tracker Zertifikat

Callable Multi Barrier Reverse Convertibles

Full participation

To ensure that investors can profit from Swissquote’s sophisticated analytical process, Leonteq has issued a tracker certificate on the strategy index. The product got off to a good start: since being launched at a price of 100 US dollars at the beginning of May 2019, the participation security climbed more than eight per cent within the first two months. The tracker certificate tracks the performance of the underlying stock one to one, with only an annual management fee of 0.7 per cent being levied. The certificate also has an unlimited term, allowing it to take a long-term view of the investment background of the stocks.

Broadcom vs. Intel vs. Qualcomm (5 years)

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Conquering the summit, with a safety rope

Bonus Certificate on the SMI

On the way to the sound barrier

June 30th is the 31st anniversary of the SMI. Unlike at the time of its milestone celebration last year, the domestic index is presently charging towards its birthday with enormous momentum. The 20 Large Caps recently exceeded 9,900 points for the first time ever. The magical 10,000 point mark (on a daily closing price basis) suddenly seemed within reach (see graph). The euphoria caused the overall assessment to shoot up, along with rapidly rising stock prices – the SMI is now up 18% since the beginning of the year. Based on corporate results predicted for the next twelve months, the price-earnings ratio for the index is currently over 16, meaning this highly regarded indicator is significantly above the average of the last ten years (see graph). And if that is not enough: the SMI is now exhibiting a distinct valuation premium compared to other European benchmarks, such as the DAX or France’s CAC-40.

For lack of alternatives

Low interest rates are a driving force for stocks, not only here but all over the world. It can be safely said, however, that investors in the CHF region repeatedly encounter low yields. The 10-year government bonds issued by the Confederation have been generating virtually no profit for years. Their current return of -0.50% is once again clearly negative. And bonds from companies with solid ratings provide meagre pickings as well. Stocks with attractive dividends pose a tempting contrast. The dividend yield for the SMI is currently 3.3% – about 380 basis points higher than the level of the Confederation bonds. The premium is of course not without reason. There is no capital guarantee on the stock market, and investors are willing to accept a multitude of special risks. The US-China trade dispute, Italy’s budget situation and the unresolved Brexit issue are causing many a furrowed brow at the moment.

Click here to learn more about the subject «Swiss stock market: Six months of superlatives.

Exposure up, partial protection down

The uncertainties, as well as the valuation levels achieved, have given investors cause to consider pursuing profits on the SMI. But then there is the immediate issue of re-allocation of the released funds. The bonus certificate offers a happy medium. This structured product allows investors to retain their market position, whilst offering a certain degree of downward protection. Leonteq is currently offering a subscription to a new bonus certificate on the SMI. The term of the product - purchased in the index’s currency CHF - is two years. If the stock market continues its rise, the structure would participate in full at the end of the term. There is no maximum limit (cap). Upon initial fixing, Leonteq sets the barrier to 73% of the current SMI value. As long as the benchmark does not fall to or below this mark over the course of its term, the repayment is at least 100%.

Bonus Certificate

A central strength – despite risks and side effects

It is dividend payments that make this favourable disbursement possible. Leonteq applies the dividends accrued over the term of the certificate towards financing the structure. If the risk buffer of 27% (100%-73%) proves insufficient and the SMI breaches the barrier, partial protection becomes defunct. The holder of the product would then assume the full risk of the benchmark. Repayment in this case is directly linked to the closing value of the SMI. If after breaching the barrier the SMI turned upward again, the product would continue to participate. Please keep in mind that the participation component would participate in full until the end of the term. Until then, other parameters, especially changes in the anticipated dividends, can affect the price. The distinct strength of the bonus certificate remains unchanged: investors can remain invested when/if the SMI does breach the five-figure level, allowing them to remain calm despite political and macroeconomic developments.

SMI: 5 years (in points)

Schweizer-Aktienmarkt-Leonteq-Strukturierte-Produkte-SMI 5 Jahre-910-EN

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Recycling as an investment opportunity

Tracker Certificate on Swissquote Global Recycling Index

Accepting the scale of the problem

Open the lid, chuck it in, close the lid – it’s not exactly hard for people to get rid of their rubbish. But these three simple steps are a long way from solving the problem. Whether sea creatures trapped in plastic packaging, gigantic rubbish heaps or children in the third world sifting through electrical scrap for recyclable components, shocking media images are forcing consumers to see the consequences of their actions for themselves.

Alongside climate change, the problem of waste is one of humanity’s greatest challenges. Countries around the world have been responding for a long time already, however: efforts to recycle waste, or to avoid it altogether, are increasing all the time. These days, recyclable materials make up a significant proportion of global waste flows. To give an example, some three quarters of waste in Europe and central Asia has the potential to be exploited through recycling or bio-management. In these latitudes inroads are currently being made into the use of plastic packaging in particular. Not only is plastic increasingly being taken out of packaging, but recycling is also rising strongly in this area. While the recycling rate in the European Union (EU) stood at only a third in 2010, by 2015 it had already passed the 40 per cent barrier. For waste paper the rate is actually above 70 per cent.

Recycling rates by region

Recycling-PostFinance-Swissquote-Leonteq-Strukturierte-Produkte-Recyclingrate-910-EN

Recycling as an investment opportunity

From the morning shower via the lunchtime sushi box to the evening takeaway, when not sleeping the average consumer produces waste almost without interruption. It is hardly surprising, then, that the disposal and treatment of waste such as water, film packaging or cardboard boxes is such a huge sector of the economy. Statista published figures on it last autumn. The statistics portal looked at the water supply, waste water, waste management and environmental damage remediation sectors as a single branch of industry. The experts put the size of this market in OECD states at USD 766.6 billion in 2017. The corresponding turnover was achieved by more than 132,000 businesses with 6 million employees. Unsurprisingly, the USA (based on 2016 figures) is the biggest single market, followed by Australia and Germany. With a turnover of just under USD 5.8 billion, Switzerland occupies 20th place in the rankings. New technologies such as electric cars, however, are also giving momentum to the recycling industry. The EU, for instance, demands a recovery rate of 50 per cent for an electric car battery. Umicore specialises in the disposal of lithium ion batteries. The Belgians use what is known as UHT technology, which produces hardly any residual waste and hence sets new standards in recycling.

Systematic selection process

The Swissquote Global Recycling Index invests in companies that are actively involved in the recycling, waste management, water treatment and pollution monitoring sectors or other environmental services with technologies, products and services. It is typical of the bank’s themes trading platform that a stock must first meet strictly defined criteria in respect of market capitalisation and trading volumes before it can even be considered for inclusion. The starting portfolio numbers 16 industry representatives, 9 of them from the USA. Among the US representatives is Waste Management, for instance. The Houston-based group considers itself the largest provider of environmental solutions in North America. In the USA and Canada Waste Management works for 21 million commercial, industrial and local authority customers. By converting the gas generated in the landfill sites into electricity, the company will become North America’s largest supplier of renewable energy. And business is booming: Waste Management posted record figures in 2018.

Tracker Certificate: Active portfolio, passive investment solution

The most prominent index member from Europe offers strong operational momentum. Last year Veolia Environnement delivered two-digit percentage growth figures on the back of high waste volumes and cost savings. The French water supplier and waste manager is sharing the fruits of its success with shareholders, increasing its dividend by just under ten per cent. Based on the proposed distribution, the Veolia share is returning 4.5 per cent. At the moment, Befesa is involved in the recycling of hazardous residual materials from the steel and aluminium industry. By contrast, Biffa, by its own account Great Britain’s leading provider of recycling and waste management, specialises in plastic. The company is currently investing 15 million pounds in a new plastic recycling facility. It is to process more than a billion plastics drinks bottles every year. That will allow 3 million bottles a day to be converted into new food and drinks packaging. With a tracker certificate from Leonteq, investors can take a diversified position in this highly promising investment universe. The structured product passively tracks the actively managed Swissquote Global Recycling Index.

Back-testing the Swissquote Global Recycling Index

Recycling-PostFinance-Swissquote-Leonteq-Strukturierte-Produkte-Backtest-910-EN

Recycling as an investment opportunity

To enable investors to have systematic and diversified access to the segment, Leonteq has launched a tracker certificate on Swissquote Global Recycling Index in collaboration with PostFinance and Swissquote.

Tracker Certificate

Factsheet

Current Composition

ComPany Country Index weighting
VETROPACK HOLDING AG-BR Switzerland 10%
VEOLIA ENVIRONNEMENT France 9%
WASTE MANAGEMENT INC United States 8%
REPUBLIC SERVICES INC United States 7%
WASTE CONNECTIONS INC United States 7%
BIFFA PLC UK 7%
BEFESA SA Luxembourg 6%
CASELLA WASTE SYSTEMS INC-A United States 6%
STEEL DYNAMICS INC United States 6%
SIMS METAL MANAGEMENT LTD United States 5%
CLEAN HARBORS INC United States 5%
UMICORE Belgium 5%
ADVANCED DISPOSAL SERVICES I United States 5%
TOMRA SYSTEMS ASA Norway 5%
SCHNITZER STEEL INDS INC-A United States 5%

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US Banks show positive results

Callable Multi Barrier Reverse Convertibles on US banks

Hanging on the interest

The Federal Reserve sent a ripple through the US banking sector when it announced in March that, because of the weaker economic outlook, interest rates would not be raised again this year. This immediately raised concerns in regard to the profitability of the financial institutions - after all, higher interest rates mean that banks make more on loans to clients. The net interest margin is a key indicator of return on loans. This figure has risen steadily since the Fed first raised interest rates in 2015. In the first quarter of 2015 the yield of all US banks was 2.95 percentage points. According to the calculations of the Federal Reserve Bank of St. Louis, that figure had risen to 3.35 percentage points by the last quarter of 2018. And JP Morgan has certainly been able to dispel these concerns somewhat: consumer banking loans rose four percent in the first quarter of 2019 as compared to the previous year. The market leader also demonstrated that that peak of the net interest margin has not been reached yet - although growth was slower than in the previous two quarters, the margin increased by 0.02 percentage points compared to the last quarter of 2018.

Confidence prevails

Since the initial fear of a recession took hold last August, US bank stocks have lagged behind the overall market. While the Dow Jones Industrial Index is currently three percent higher after a wild eight-month rollercoaster ride, the DJ Banks Index is still down almost one tenth. Bank securities have recently regained some ground though. Since the start of the year the sector has managed to remain three percentage points ahead of the overall market. Individual players such as JP Morgan or Bank of America are just about to take off towards new highs. If the boardrooms can be believed, the prospects for the sector are not at all gloomy. “Economic growth and consumer activities in the US remain solid,” states Brian Moynihan, CEO of Bank of America, upon presentation of the latest figures. And despite increasing scepticism on the part of the Fed, JP Morgan remains convinced that its outlook for the significant earnings driver interest surplus is realistic. An increase of about four percent over 2018’s figurer is anticipated for 2019. And even the net interest margin is expected to at least remain stable.

Attractive rates without price increases

Steady share prices of the US banks would definitely be sufficient for the two new multi-barrier reserve convertibles to achieve the maximum return. These products are designed to ensure attractive yields in sideways trending markets. Both soft-callable BRC’s have a maximum term of 15 months. The product issued by Bank of America, JP Morgan and Morgan Stanley offers an annual coupon rate of 8.00%. The model - designed in Swiss francs - allows the three banks setbacks up to almost 35 percent; the underlying barrier levels are defined as 65 percent of the starting price. The BRC offered by Citigroup, Goldman Sachs and Morgan Stanley permits just as much downward leeway. Issued in US dollars, it guarantees an annual interest rate of 11.00 percent. In both cases, the callable feature can shorten the term, and the issuer has the right to terminate the product as of the end of a quarter - the permissible first time being after the first two quarters.

Click here to learn more about the subject “US Banks show positive results”.

Callable Multi Barrier Reverse Convertibles

Risk of breaking through barrier

If the risk buffer is not sufficient for at least one bank stock per product, and its barrier is violated during the term, the result may be a lower repayment. This would be the case if an underlying does not return to the initial level by the maturity date. Then the classic “worst of” principle applies. However, the guaranteed quarterly coupon amounts would cushion any potential losses. If, on the other hand, all underlyings are at or above the strike price upon final fixing, the investor need not fear a loss. Then the full par value is repaid in addition to the coupon amount.

Bank of America vs. JP Morgan vs. Morgan Stanley

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Citigroup vs. Goldman Sachs vs. Morgan Stanley

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Leonteq Momentum Strategy

Tracker Certificate on the Leonteq Multi Asset Index

Momentum investing aims to take advantage of an existing and identified market trend. Typically, exposure is increased to assets showing upward-trending prices and decreased to assets with downward-trending prices.


The motivation for momentum investing comes from the observation that trends bear a certain “inertia” and persist for some time and it is possible to profit by staying with the trend until it subdues.


The Leonteq Multi Asset Index (Index) provides a smart way to gain exposure to momentum investing and is specifically designed for Swiss oriented investors. The Index is dynamically capturing the trending nature of asset prices across five different asset classes. Each asset class in the Index is represented through an exchange traded fund (ETF) hedged in CHF.


Investment universe of the Leonteq Multi Asset Index

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The Leonteq Momentum Strategy in detail

More specifically, the Index increases exposure to the ETF that has experienced the best trailing 12-month total return performance. The Index is constructed by equally-weighting 12 buckets at inception. Each bucket has annual rebalancing dates at which the bucket reallocates 100% in the ETF with best trailing 12-month total return performance. The only difference between each bucket is that rebalancing dates are offset by one month. Such mechanism allows for dynamic and timely capturing (month by month) of the momentum trend and aims to reduce volatility by gradually investing and divesting in ETFs. At any point in time, the Index may be invested in one ETF (if all 12 buckets allocate to the same ETF) or up to five ETFs.

Rebalancing dates of the Leonteq Multi Asset Index

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Composition of the Leonteq Multi Asset Index

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Investment solution

The product offers 100% participation to the Leonteq Multi Asset Index less a management fee of 0.75% p.a. and provides an easy and transparent access to momentum investing across five asset classes. Specifically designed for Swiss oriented investors, the product is denominated in CHF and all components of the Index are either denominated in CHF or CHF-hedged.

Tracker Zertifikat

Leonteq Multi Asset Index

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“Climb on and lift off”

Tracker certificate on the Swissquote China’s Dragons Index

Industrial superpower

If they are to get on equal terms with the economic powers of the world, one of the things that Chinese companies must do is to network and automate their production. It was with a view to improving competitiveness that premier Li Keqiang launched the “Made in China 2025” initiative in 2015. The model for this plan was Germany’s Industry 4.0 project, which was aimed at digitalising manufacturing. The main goals of the programme are to become the world's leading manufacturers of telecommunications, railways and electric power. China also wants to be in the top 3 in respect of robotics, high-end automation and vehicles with new energy. The production of electric cars, for instance, is to rise from 0.3 million 2020 to 7.0 million in 2025. China is already leading the way when it comes to e-mobility. The proportion of electric cars in new registrations is around five per cent in the Middle Kingdom, compared with only about two per cent in the USA.

Investing in the future

The example of electric cars shows that the Chinese programme is in particular stimulating innovation in futuristic sectors. The reason for this is relatively simple: if expertise in high-tech industries is expanded, Chinese products will secure a higher value added. Ultimately, the proportion of core components and materials that are developed in the country is to rise from 40 per cent in 2020 to 70 per cent in 2025. In order to build up internationally leading companies that can compete with the West’s innovative technology giants, Chinese groups are not shying away from takeovers either. The plan is to buy innovative businesses from other countries. The Chinese computer manufacturer Lenovo went down this route as long ago as 2004 when it bought the desktop and notebook business of IBM, making it the leader in this sector.

The top 20 in one package

Lenovo is one of 20 members of the recently launched Swissquote China’s Dragons Index. The strategy of the barometer is concentrated on Chinese companies that record the bulk of their sales in the ten sectors of the “Made in China 2025” initiative. These are next-generation information technology, automated machine tools and robot technology, aviation and aerospace equipment, maritime equipment and high-tech shipping, modern rail transport equipment, autonomous and renewable-energy vehicles, power equipment, agricultural machinery, new materials, biopharmaceuticals and advanced medical products. To ensure that the index is always sufficiently diversified, the number of companies per sector is limited to five. The heavyweight at the moment is the broad-based automation specialist HollySys, which accounts for nine per cent of the index. The recent automotive start-up Nio is on board, for instance, along with Shanghai Pharmaceutical from the healthcare industry.

Click here to learn more about the subject «China: The dragon returns».

Tracker certificate

Active approach for little money

With the corresponding tracker on the Swissquote China’s Dragons Index, Leonteq is offering investors the opportunity to invest for the long term in the rise of the “Chinese dragon”. The active approach ensures that the strategy is always up-to-date. The shares must meet minimum trading criteria, such as a market capitalisation of at least USD 100 million and an average daily trading volume of USD 100,000. The components of the index will be re-weighted regularly every three months.

Industrial robots (annual supplies to China)

China-Dragon-Leonteq-Strukturierte-Produkte-Industrieroboter-910-EN

Price development of the Swissquote China’s Dragons Index

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Click here to learn more about the subject «China: The dragon returns».

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Selection with a «rarity value»

Tracker Certificate on the Swissquote Rare Earth Index

Achilles heel of mega trends

Renewable energies, digitalisation and e-mobility – as soon as these terms are heard on the stock market, the majority of investors will initially think primarily of manufacturers of wind turbines, providers of streaming services and makers of electric cars. These 3 mega trends have an Achilles heel, though, in the form of rare earths. This type of metal is used in countless technological applications, ranging from batteries through smartphones to the electric motor. Contrary to what the name might suggest, these raw materials are not that rare today. This could change, however, as soon as the current growth forecasts become reality. To use e-mobility as an example, 1.1 million vehicles driven by electricity or renewable energy were estimated to have been delivered in 2017. By 2030 this market could have grown to 30 million units.

Professional indexing

In the view of the investment experts of Swissquote, demand for metals of the rare earths is set to increase by 15% in the next few years. The shortage of these raw materials that this forecast suggests has led the online broker to launch the Swissquote Rare Earth Index. The new benchmark targets companies that are in the best position to profit from the increasing demand and shortage. Their business strategy is focused on the rare earths and they generate the majority of their sales in this sector. On the value chain the index sponsor looks at the exploration, mining and processing stages. To come into consideration for the dynamic yardstick, a share must also meet quantitative requirements. In addition to a market capitalisation of at least USD 100 million, these include an average daily trading volume of around USD 100,000. The sponsor rebalances the index every three months. In certain cases, such as new listings, an extraordinary adjustment is also possible.

Heavyweights from down under

The managers can include up to 20 members in the Swissquote Rare Earth Index. The initial composition consists of 15 companies from 7 different countries. Australian companies lead the way with a weighting of 44% in total (see graph). They include Iluka Resources. The Perth-based specialist in the mining of mineral sand regards itself as the world’s biggest producer of natural titanium dioxide. This raw material is used in pigments (dyes), titanium metal and welding technology. Iluka is also the global leader in the extraction of zircon. The opacity of this metal and its resistance to heat, water, chemicals and abrasion make it high in demand. The mining group presented its accounts for 2018 at the beginning of March, reporting a scarcity of zircon in key markets. Together with the price increases that have been implemented, this factor led the group to record a 22% growth in sales. It also saw Iluka Resources effect a turnaround after 2 years in the red.

Click here to learn more about the subject «Rare earths: The beating heart of technological change».

Tracker Certificate

Direct entry to investment

By contrast, last year Glencore suffered a 41% collapse in net profits to USD 3.4 billion. Write-downs were the primary cause of this development. On the operational side, the British-Swiss mining group profited from higher raw materials prices. Glencore posted an 8% rise in its adjusted EBITDA to USD 15.8 billion. Group boss Ivan Glasenberg announced a new share buyback programme amounting to USD 2 billion. Two global mega trends make the CEO optimistic: “Our commodity portfolio and its key role in enabling the energy and mobility transition for a low-carbon economy enables us to look ahead with confidence.” To a certain extent Glasenberg is speaking for the whole sector. Investors who share this assessment have recently had the opportunity to diversify their investment into rare earths.

Swissquote Rare Earth Index: Weighting by country

Rare-earth-Leonteq-Strukturierte-Produkte-Gewichtung-910-EN

Swissquote Rare Earth Index: Current composition as of 13.03.2019

Company Country Weighting
Tronox Australia 9.30%
Iluka Resources Australia 8.76%
Lithium Americas Canada 8.27%
Glencore Switzerland 8.19%
Neo Performance Materials Canada 7.38%
Amg Advanced Metallurgical Netherlands 6.84%
China Molybdenum China 6.60%
Pilbara Minerals Australia 6.42%
TOHO TITANIUM Japan 6.07%
Osaka Titanium Technologies Japan 5.97%
Eramet France 5.85%
Lynas Australia 5.58%
Orocobre Australia 4.99%
Galaxy Resources Australia 4.92%
Altura Mining Australia 4.62%
Cash AUD - 0.22%
Cash USD - 0.02%
Source: Leonteq Securities AG
Historical data are not a reliable indicator of future performance.

Price development of the Swissquote Rare Earth Index

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Click here to learn more about the subject «Rare earths: The beating heart of technological change».

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Global defence

Tracker Certificate on the Swissquote Global Defense Index

Exhibition by the Gulf

The global defence industry had a rendezvous at the International Defence Exhibition and Conference (IDEX) held in the United Arab Industries (UAE) from 17 to 21 February. 1,100 local and international companies showcased their products and services over more than 35,000 square metres of exhibition space. Whether warships or attack helicopters, drones, Jeeps or anti-rocket systems, the visitors in Abu Dhabi were able to get an insight into the state of the art in security and defence technology in 12 halls as well as live presentations outdoors. The occasion also saw contracts being signed and sealed in grand style. One such example was the contract worth USD 1.55 billion signed by the host country with Raytheon. The US group is to equip the Emirate’s air force with a platform system for launching rockets. Meanwhile, Saudi Arabia reached an agreement with the French Naval Group at IDEX to build warships in the kingdom.

Constant growth

It is precisely the role of the two states in the Yemen conflict that makes the defence business of the UAE and Saudi Arabia politically controversial. The deals struck, though, are a prime example of the wave of rearmament to be observed in the region. It is not only in the Gulf, however, that the arms industry is booming: around the world, many countries are strengthening their defence budgets in response to the tense general geopolitical climate. Market observers are largely agreed that business in 2018 will be in the region of USD 1.7 billion or a little higher. According to Statista, the market is set to break the USD 2 billion barrier in 2022 (see graph). More than two thirds of global spending comes from the USA. “Defence budgets in the United States have risen since the start of the Trump era”, a report published by consultants Deloitte in 2018 stated. Since the government is continuing to work on strengthening the military, the experts’ view is that this will remain the case this year.

Global defence spending

Global-Defense-Index-Leonteq-Strukturierte-Anteil-BIP-910-EN

Targeted selection process

General economic conditions are less critical for the growth of the sector. Instead, business is being driven by increasing geopolitical tensions. To that extent the arms industry lends itself to a comparatively defensive investment strategy. It was against that background that Swissquote designed the Global Defense Index as part of its “Themes Trading” series. Companies which record a significant proportion of their business in the defence industry are considered for the new benchmark. The spectrum ranges from suppliers of complete arms and defence solutions to construction and high-tech companies. Their shares must also meet certain quantitative requirements. The method provides for the inclusion of up to 20 members. Not more than 50% of the benchmark may be invested in cash instruments at any time. As index sponsor, Swissquote can put its selection on the test bench every quarter and make any adjustments that may be required.

Click here to learn more about the subject «Global defence: geopolitical risks stimulate growth».

Tracker Certificate

Efficient product solution

The initial composition of the Swissquote Global Defense Index is a who’s who of the global defence industry. It is hardly surprising that companies from the USA set the tone: in addition to Raytheon, already mentioned above, the global industry giant Lockheed Martin is also among the US representatives. The main Pentagon arms supplier, whose product range includes the F-35 fighter jet, for instance, also plays a key role in the aerospace business. The same applies for Airbus, although the majority of the European group’s sales come from the civil aviation sector. On the military side, Airbus is trying to capture a greatest possible share of the rising budget with the A400M and A330 MRTT transport and refuelling aircraft respectively and the H145M attack helicopter, among others. The new tracker certificate gives investors an opportunity to add the Swissquote Global Defense Index to their portfolio. For a management fee of 0.70% p.a., the product – quoted on the SIX since 1 February – is an underlying asset with no term limit.

Index composition (as of 25.02.2019)

Company Country Weighting
Singapore Technologies Engineering Singapore 13.00%
Leidos Holdings US 7.00%
Leonardo Italy 7.00%
Airbus Netherlands 7.00%
Saab Sweden 6.00%
Raytheon US 6.00%
Lockheed Martin US 6.00%
General Dynamics US 6.00%
Crane US 6.00%
American Outdoor Brands US 6.00%
LIG Nex1 South Korea 6.00%
TransDigm Group US 5.00%
Northrop Grumman US 5.00%
Huntington Ingalls Industries US 5.00%
Axon Enterprise US 5.00%
Oshkosh US 4.00%

Performance chart: Swissquote Global Defense Index

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Click here to learn more about the subject «Global defence: geopolitical risks stimulate growth».

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FuW-Risk-Portfolio Index

Invest like the experts

Invest like the experts

«Finanz und Wirtschaft» has been offering direct investment recommendations within the Swiss equity universe and publishing them regularly in the FuW-Risk-Portfolio since as long ago as March 1995. The FuW-Risk-Portfolio Index replicates the performance of the underlying equities. When selecting the portfolio components, FuW’s editorial team focuses largely on undervalued Swiss equities (large, mid and small caps) with a short to medium investment horizon. Allocation decisions are made by the FuW team based on a combination of fundamental and technical analysis. The aim of the investment in high-risk equities is to achieve a better return profile than the Swiss Performance Index®.


CLICK HERE to get back to the overview «FuW Invest».

Highlights
  • Invest like the experts from CHF 100
  • Best-known portfolio of the editors of “Finanz und Wirtschaft”
  • Swiss equity portfolio with track record of many years
  • Tradable on SIX Swiss Exchange

As from now, Leonteq is offering investors a simple, transparent and low-cost way of bringing the FuW-Risk-Portfolio into their own custody account by purchasing the tracker certificate on the FuW-Risk-Portfolio Index – and from an investment of as little as CHF 100. Net dividends will be reinvested in the index.


Index rebalancing
  • The composition of the index is reviewed quarterly by the Index Committee
  • The Index Committee comprises the FuW editor-in-chief, the heads of department and the relevant editors

Tracker Certificate on the FuW-Risk-Portfolio Index

Composition of the FuW-Risk-Portfolio Index as of 05.07.2019

Index member Weighting Industry/activity
Huber+Suhner 11.70% Information, fibre optic, cable technology
Swatch Group 8.97% Watches, microelectronics
Ypsomed 8.76% Injection and infusion systems
LafargeHolcim 7.71% Cement
Vifor Pharma 6.99% Pharmaceuticals
AMS 6.34% Semiconductors, electronics
Logitech 6.22% Software, computer accessories
Zur Rose 6.17% Mail-order pharmacy
Arbonia 6.07% Focussed building industry supplier
Credit Suisse 5.83% Banking
U-Blox 5.82% Technology
OC Oerlikon 5.71% Technology
Swiss Re 4.81% Insurance
Sulzer 4.35% Technology, machinery
Meyer Burger 2.97% Solar power production plant
CHF cash component 1.57% -
Source: Leonteq Securities AG, fuw.ch
Historical data is not a reliable indicator of future performance.

CLICK HERE to get back to the overview «FuW Invest».

About «Finanz und Wirtschaft»

Founded in 1928, “Finanz und Wirtschaft” (FuW) is targeted at experienced private and professional investors who work in or with global financial markets. The largest business editorial team in Switzerland provides insightful background information on the global economy and events on both national and international stock markets daily for digital channels and twice weekly – on Wednesdays and Saturdays – in the newspaper edition. FuW analyses all businesses quoted in Switzerland as well as global companies of significance for investors. In addition to its headquarters in Zurich, the publisher also has dedicated editorial offices in London, New York and Hong Kong.

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We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: 058 800 11 11, email info@leonteq.com or click here.

SCHWEIZER WERTARBEIT

Tracker-Zertifikat auf Fuw-Risk-Portfolio Index

“Digital wallet”: Investing in a mega trend

Tracker Certificate on Swissquote Digital Payments Index

International factors

Whether online or mobile, a large number of companies want to get a slice of the ever-growing digital cake for themselves. That is why they are all battling for a place in the smartphone, or even the smart watch. In the middle of January, for instance, Swatch introduced its new “Swatch Pay”, which allows Mastercard customers to pay contactlessly with a flick of the wrist. In the apps for mobile payment, however, the incumbents do not just include card providers Visa and Mastercard: the industry pioneer for online payment services, PayPal, is also frequently represented. The US group has been on a sustained growth trajectory for years already, meeting with resounding success. The number of active accounts, for instance, has risen from 84 at the start of 2010 to 267 million now. PayPal is also focusing for inorganic expansion, having recorded the biggest purchase in the company’s history in 2018: for 2.2 billion dollars, PayPal acquired Swedish card reader specialist iZettle in order to further expand its product range for mobile payment in shops.

Takeover carousel continues to turn

That there is movement in the payment market at present is also indicated by a recently announced mega deal. Payment technology provider Fiserv, for instance, would like to swallow up payment processor First Data for 22 billion dollars. Both of them, like the German Wirecard, offer payment services and software for banks and retailers. First Data’s customer base includes six million retailers and 4,000 financial institutions in more than 100 countries. The company processes 3,000 transactions every second. However, billion-dollar mergers among industry giants are nothing new: back in 2017, US credit card processor Vantiv amalgamated with its British rival Worldpay. With 31 million transactions a day, Worldpay is not only the largest British payment processor, but also one of the leading players worldwide.

Diversified investment

Digital payment services are entirely on trend, and investors can participate directly in the opportunities of the sector. To that end a tracker certificate based on the Swissquote Digital Payments Index is being launched. It includes an initial 21 stocks of leading companies such as Visa, Mastercard, Worldpay, PayPal and even the two “newlyweds” Fiserv and First Data. Alongside them are also less well-known companies such as the South Korean NHN KCP and Net 1 from South Africa. In all, the barometer includes global payment system operators, financial service providers and suppliers of electronic payment solutions whose solid market share and existing partnerships put them in an excellent position to profit from the current mega trend. The weightings of the individual index members lie between four and seven per cent initially. In terms of regions, the USA sets the tone with a total of 16 companies and an index share of 77 per cent.

Click here to learn more about the subject «Digital payment: the breakthrough is close».

Tracker Certificate

Dynamic concept at a fair price

The Swissquote Digital Payments Index is an actively managed index. Quantitative yardsticks will be applied in addition to the qualitative criteria already mentioned. A stock, for instance, must have a market capitalisation of at least 100 million US dollars and a daily trading volume of around 100,000 US dollars. The maximum number of index components is limited to 25. A management fee of 0.7 per cent p.a. will be charged for the dynamically positioned tracker on the Swissquote Digital Payments Index. This is supplemented by a transaction fee of 0.10 per cent for every component adjustment within the index. The tracker is primarily suitable for investors who want to avoid individual risks and prefer a widely diversified approach.

Price development of the Swissquote Digital Payments Index

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Click here to learn more about the subject «Digital payment: the breakthrough is close».

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We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: 058 800 11 11, email info@leonteq.com or click here.

Welcome To Leonteq

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Important information

The information on this website is intended only for persons residing or having their registered office in Switzerland.

By using this website, you expressly confirm that you are a resident of the selected country. Leonteq Securities AG explicitly declines any responsibility for the distribution of information or documents to natural or legal persons who provide incorrect information regarding their legal place of residence or registered office.

The financial products mentioned on this website are derivative financial instruments. They do not qualify as units of a collective investment scheme in the meaning of Article 7 et seqq. of the Swiss Federal Act on Collective Investment Schemes (CISA) and are therefore neither supervised by the Swiss Financial Market Supervisory Authority (FINMA) nor registered with FINMA. Investors do not benefit from the specific investor protection provided under the CISA.

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Past performance is not an indication or guarantee of future performance of a product or underlying asset. The value of any investment may be subject to fluctuations and, in some circumstances, investors may not recover the original amount invested. Exchange rate fluctuations may also cause the value of an investment to rise or fall.

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Detailed information on selling restrictions is published in the respective issuance programme, which is published on this Website and at www.leonteq.com.

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