Market Performance Gold Report - Q3 2020 - Funds People
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Market Performance Gold Report Q3 2020 This report is for professional investors/qualified investors/qualified clients. Please do not redistribute.
This is the first of our four-part series on gold.
In this part of our Q3 Gold Report, we look
at the performance of the gold price, in both
nominal and real terms, and compared to
other assets including major currencies.
Please keep an eye out for future reports in
this series. We will be reviewing some of the key
macro factors that impacted the gold price in
the third quarter. We will also be looking back at
previous US elections and drawing conclusions
that may be relevant for today’s gold investors.
The gold price maintained its strength in the third quarter
and, while some of the metal’s shine may have faded in the
second half of the period, gold still produced a strong return.
Introduction A highlight of Q3 was gold hitting an all-time high
of over $2,000 an ounce. *
Data: Bloomberg, $2,064 gold price recorded on 6 August 2020.
Market Performance
Quarterly price performance
Gold
Gold set a new all-time high in Q3 at
2100
$2,064 an ounce
2050
2000
USD per Fine Troy ounce
1950
1900
1850
1800
1750
Jun 2020 Jul 2020 Aug 2020 Sep 2020
Data: Bloomberg, gold price in USD, for period 30 June to 30 September 2020
While the gold price registered a relatively impressive 5.9% gain over the third quarter to finish
at $1,886 an ounce, the path from beginning to end was certainly not a smooth one. Soon
after breaking through the $1,800 barrier, it didn’t take long for gold to hit an all-time high
of $2,064 on 6 August. In fact, the gold market had hardly paused for breath when the price
shot through the previous record of $1,900 (reach on 5 September 2011). This meant that
in the first six weeks of Q3, the gold price appreciated by 15.9% from the previous quarter’s
strong performance. However, most of its gains were then given up as the gold price fell to
$1,862 before rebounding in the final days of the quarter.
Gold Report 03
Market Performance
Quarterly
price returns
Quarterly price returns
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
12.9%
9.1%
7.7%
5.9%
4.5%
3.9%
3.0%
0.8%
-4.9%
Data: Bloomberg, annual change in gold price, in USD. 2020 is for the year to 30 September.
Gold Report 04
Market Performance
Annual Annual price performance
-5.4% 2000
price returns 2001
2002
2.4%
24.7%
2003 19.3%
As shown in the previous chart, Q3 marked the eighth
consecutive quarter of positive returns for the gold price 2004 5.5%
in USD terms. The gain of 5.9% follows the 12.9% return in
the second quarter of the year. On a 12-month basis, gold 2005 17.9%
has returned 28.1%.
2006 23.1%
Gold has returned 24.3% over the first three quarters of
2020, more than in any of the previous nine full year periods. 2007 30.9%
Over the last two decades, there have been only three years
when gold ended with a higher return, with 2007 seeing that 2008 5.7%
period’s highest annual return of 30.9%. We would need to
see gold finish the year above $2,000 to challenge that feat. 2009 24.3%
2010 29.5%
2011 10.0%
2012 7.0%
-28.2% 2013
-1.4% 2014
-10.4% 2015
2016 8.1%
2017 13.5%
-1.5% 2018
2019 18.3%
YTD 2020 24.3%
Data: Bloomberg, annual change in gold price, in USD. YTD 2020 is for the year to 30 September.
Gold Report 05
Market Performance
Asset Class Quarterly asset class returns
US Treasuries
Gold
USD 1mo deposit
Returns
US Corporate Bonds
US High Yield
MSCI World
BBG Commodity
MSCI Emerging Markets
Q3 was clearly a risk-on quarter, with riskier assets yielding the
greatest returns, and this theme played out across equities,
9.6%
fixed income and commodities. Global equities returned 9.0%
8.0% 9.0%
over the three months, with emerging markets outperforming
developed markets. The strong performance of commodities
was driven largely by industrial metals; the copper price
increased by 11.0% in Q3. The preference for riskier assets 5.9% 4.7%
was evident in fixed income, as US high yield outperformed
0.4% 1.6%
investment grade credit, which outperformed Treasuries.
The risk-on dominance in Q3 has taken high yield and
0.1%
emerging market equities into positive territory for the
12-month period. However, the performance of the gold price
remains substantially ahead of other asset classes. Only the
broad commodities index is below where it was at the end of Annual asset class returns
September 2019, declining by -8.9% over the 12 months.
28.1%
8.2% 7.8% 8.5% 8.0%
1.0% 2.3%
Data: Bloomberg, in USD terms to 30 September 2020. -8.9%
Gold Report 06
Market Performance
Relative strength of the gold price
Gold spot price Moving average 100 Day Moving average 50 Day Moving average 200 Day
2200
2000
USD per Fine Troy ounce
1800
1600
1400
1200
Sep19 Dec 19 Mar 20 Jun 20 Sep 20
14-day RSI
100
90
80
70
60
Index level
50
40
30 All of the charted moving day averages (top chart) continue to show
the uptrend of the gold price, albeit the momentum has slowed most
20 recently. Turning to the Relative Strength Index (bottom chart), the
10 swift price appreciation over the first six weeks of the quarter saw gold
reach an overbought condition from mid-July into mid-August. The
0 sharp correction sent gold back below $2,000 and, on 21 September,
the price crossed its 50-day moving average. This technical sell signal
Sep19 Dec 19 Mar 20 Jun 20 Sep 20 caused an acceleration in the price decline, with the RSI showing that
gold came close to oversold territory.
Data: Bloomberg, to 30 September 2020
Gold Report 07
Market Performance
Gold price return, nominal and adjusted for inflation
In Q3 2020, gold returned
Nominal Gold price Inflation-adjusted Gold price
2000
5.9%
in nominal terms
1750
1500
5.0%
when adjusted
USD per Fine Troy ounce
1250
for inflation
1000
750
500
250
0
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Data: Bloomberg, to 30 September 2020.
If we adjust the 5.9% nominal increase in the gold price to account for the effect of inflation,
we see gold returned 5.0% in real terms in the quarter. On a 12-month basis, gold returned
26.5% when deflated by the US Consumer Price Index (CPI), which increased 1.3% year-on-
year to the end of August (September CPI reading not available at the time of writing).
Gold Report 08
Market Performance
G10 currencies
Gold in USD, and returns of G10 currencies
3.1% 4.0%
Norwegian Krone
4.1% Swedish Krona
British Pound
Danish Krone
4.4%
Swiss Franc
Euro
2.8%
1.9% 4.3%
Canadian Dollar
2.3%
Japanese Yen
In looking at gold, which is priced in USD, and how the
G10 currencies performed against the USD, two things
are apparent: gold was the quarter’s best performer and
the dollar was weak. All 10 currencies within the group
had positive returns against the greenback over the
three months, from currencies generally perceived to be 3.7%
safe-havens to the currencies of commodity-led economies. Australian dollar
Looking into Q4, with the US Presidential election quickly
approaching, we could see potentially significant movements
in the dollar, one direction or the other. Combine that with
uncertainty around the election result, throw in the prospect Gold
2.5%
of rising inflation as the Federal Reserve seems intent on
remaining ultra-accommodative for the foreseeable future, 5.9% New Zealand dollar
and you have the recipe for what could be an important
quarter for gold, and for gold investors.
Data: Bloomberg, returns are for Q3 2020.
Gold Report 09
Investment risks document may not be reproduced or
Past performance is not a guide to used for any other purpose, nor be
future returns. Investment strategies furnished to any other person other
involve numerous risks. Investors than those to whom copies have been
should note that the price of your sent. Nothing in this document should
investment may go down as well as up. be considered investment advice or
As a result, you may not get back the investment marketing as defined in
amount of capital you invest. the Regulation of Investment Advice,
Investment Marketing and Portfolio
Instruments providing exposure to Management Law, 1995 (“the
commodities are generally considered Investment Advice Law”).
to be high risk, which means there is a
greater risk of large fluctuations in the Investors are encouraged to seek
value of the instrument. competent investment advice from
a locally licensed investment advisor
Important information prior to making any investment.
This document contains information Neither Invesco Ltd nor its subsidiaries
that is for discussion purposes only, are licensed under the Investment
and is intended only for professional Advice Law, nor does it carry the
investors in Austria, Belgium, Croatia, insurance as required of a licensee
Czech Republic, Denmark, Dubai, thereunder.
Finland, France, Germany, Guernsey,
Hungary, Ireland, Jersey, Italy, Any calculations and charts set out
Luxembourg, the Netherlands, Norway, herein are indicative only, make certain
Portugal, Romania, Slovakia, Spain, assumptions and no guarantee is given
Sweden and the UK, Qualified Clients that future performance or results will
in Israel, and Qualified Investors in reflect the information herein.
Switzerland. Marketing materials may
only be distributed in other jurisdictions Where individuals or the business have
in compliance with private placement expressed opinions, they are based on
rules and local regulations. current market conditions, they may
differ from those of other investment
Data as at 30 September 2020, professionals and are subject to change
unless otherwise stated. without notice.
By accepting this document, you This document has been communicated
consent to communicating with us by Invesco Investment Management
in English, unless you inform Limited, Central Quay, Riverside IV,
us otherwise. Sir John Rogerson’s Quay, Dublin 2,
Ireland, Invesco Asset Management
This document is marketing Limited, Perpetual Park, Perpetual Park
material and is not intended as a Drive, Henley-onThames, Oxfordshire,
recommendation to invest in any RG9 1HH, United Kingdom, Invesco
particular asset class, security or Asset Management Deutschland GmbH,
strategy. Regulatory requirements An der Welle 5, 60322 Frankfurt am
that require impartiality of investment/ Main, Germany and Invesco Asset
investment strategy recommendations Management (Schweiz) AG, Talacker
are therefore not applicable nor 34, 8001 Zurich, Switzerland.
are any prohibitions to trade before
EMEA8106/2020
publication. The information provided is
for illustrative purposes only, it should
not be relied upon as recommendations
to buy or sell securities. In Israel, thisMacro Factors Gold Report Q3 2020 This report is for professional investors/qualified investors/qualified clients. Please do not redistribute.
Please keep an eye out for future reports,
including a look into how gold performed based
on previous US elections, and a review of supply
and demand trends observed in the quarter.
This is the second of our four-part series on gold. In this part
of our Q3 Gold Report, we look at some of the key macro
Introduction factors that help frame the gold price performance that
we reviewed in the first part of the series.Macro Factors
Gold price and real bond yields
Gold 10-year TIPS yield (righthand scales, inverted)
All-time high of
2200
2000
-1.5
-1.0
$2,064 an ounce
1800 -0.5
1600 0
USD per Fine Troy ounce
1400 0.5
Yield (%, inverted)
1200 1.0
1000 1.5
800 2.0
600 2.5
400 3.0
200 3.5
2007 2009 2013 2015 2017 2019
Data: Bloomberg, to 30 September 2020. Past performance is not an indicator of future returns.
Since gold is a non-yielding asset, its price tends to be particularly inflation target and broader monetary policy objectives. The Federal
sensitive to changes in the income available from competing Open Market Committee said it expected to keep interest rates at
perceived “safe havens” such as US Treasuries. Lower bond yields, zero until at least the end of 2023, even if inflation rose beyond
especially when adjusted for inflation, reduce the opportunity cost its 2% target. That would generally be positive sentiment for gold,
for holding gold. which earlier in the month recorded an all-time high of $2,064 an
ounce. Towards the end of the quarter, as markets began to question
In the third quarter, real bond yields hit a record low (-1.1% at the whether the statements actually signalled any meaningful shift,
end of August), as concerns grew over the strength of the economic real yields moved off their lows, pushing the gold price lower.
recovery in the US and after the Federal Reserve changed its
Gold Report 03Macro Factors
Gold price and negative-yielding debt
Gold Stock of negative-yielding debt (righthand scale)
2200 18
16
2000
14
USD per Fine Troy ounce
1800 12
USD, trillions
10
1600
8
1400 6
4
1200
2
1000 0
2014 2015 2016 2017 2018 2019 2020
Data: Bloomberg, to 30 September 2020. Past performance is not an indicator of future returns.
In terms of the bond market more generally, the stock of negative-yielding debt went back
up above $15 trillion during the quarter, as the German Bund curve ended September with
all maturities (out to 30 years) yielding below zero. Central bank purchases and the weaker
economic backdrop have kept yields compressed, especially in Europe where the short
end is anchored to the ECB’s negative policy rate. We have also seen increased issuance
with governments needing to fund their pandemic responses and, as with corporates,
take advantage of the lower-rate environment to refinance their debt profiles.
Gold Report 04Macro Factors
Gold price and US interest rates
Gold Fed Funds Rate (righthand scale, inverted)
2200 0.0
0.5
2000
1.0
1800
1.5
USD per Fine Troy ounce
Upper bound (%, inverted)
1600
2.0
1400 2.5
3.0
1200
3.5
1000
4.0
800
4.5
600 5.0
2007 2009 2011 2013 2015 2017 2019
Data: Bloomberg, to 30 September 2020. Past performance is not an indicator of future returns.
Although the Fed Funds rate remained unchanged in the quarter, the Fed announced it was
changing its longer-term goals to “a flexible form of average inflation targeting”. With inflation
having struggled to consistently hit its previous target of 2%, as measured by the Personal
Consumption Expenditures (PCE) Index, the Fed is expected to let inflation run above 2% for
some time. With the current Fed median forecast not seeing PCE inflation back at 2% before
the end of 2023, rates are expected to remain unchanged at 0.25% for the foreseeable future.
Gold Report 05Macro Factors
Gold price and inflation expectations
Gold US 10yr breakeven (righthand scale) US 5y5y inflation swap (righthand scale)
2200 3.5
2000 3.0
USD per Fine Troy ounce
1800 2.5
1600 2.0
%
1400 1.5
1200 1.0
1000 0.5
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Data: Bloomberg, to 30 September 2020. Past performance is not an indicator of future returns.
While the change in the Fed’s stance on managing inflation may not have done much to shift
the market’s view, the speculation of additional fiscal stimulus from the US Government had
more of an effect. Into the end of September, doubt grew over whether a bi-partisan stimulus
package could be agreed, and inflation expectations slipped back. Inflation expectations have
been a key driver of the gold price of late, as reflected in this chart.
Gold Report 06Macro Factors
Gold price and the US Dollar
Gold US Dollar Index (righthand scale, inverted)
USD weaker in Q3 by
2200 83
-3.6%
2000 88
USD per Fine Troy ounce
1800
Index level (inverted)
93
1600
1400
98
1200
1000 103
2015 2016 2017 2018 2019 2020
Data: Bloomberg, to 30 September 2020. Past performance is not an indicator of future returns.
Gold is an asset almost universally priced in USD, making the relative value of the greenback
significant in determining its value in foreign currency terms. During the third quarter, the USD
declined further (-3.6%), although recovered somewhat from its near-term low at the end of
August. The chart shows a clear relationship with the gold price: the gold price strengthened
as the USD weakened and then declined as the USD rebounded through September.
Gold Report 07Macro Factors
Gold price and economic risks
Gold Global Economic Policy Uncertainty Index (righthand scale)
2200 450
2000 400
300
1800
USD per Fine Troy ounce
350
1600
Index level
250
1400
200
1200
150
1000
100
800 50
600 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Data: Bloomberg, to 30 September 2020. Past performance is not an indicator of future returns.
Although economic risk reduced through the quarter, it still remains heightened in a longer-
term context. The Global Economic Policy Uncertainty Index is a GDP-weighted measure
of the frequency of national newspaper articles referencing the economy, uncertainty and
policy-related matters. Obviously, the Index has been acutely impacted by the pandemic and
will continue to be so. Energy prices, geopolitics and other macro factors will also feed into
the level of uncertainty, as will political events leading up to and most likely beyond the US
Presidential election.
Please look out for the third part of our series, in which we will review gold’s performance
during previous elections.
Gold Report 08Investment risks In Israel, this document may not be
Past performance is not a guide to reproduced or used for any other
future returns. The value of investments purpose, nor be furnished to any other
and any income will fluctuate (this may person other than those to whom copies
partly be the result of exchange rate have been sent. Nothing in this document
fluctuations) and investors may not should be considered investment
get back the full amount invested. advice or investment marketing as
defined in the Regulation of Investment
Instruments providing exposure to Advice, Investment Marketing and
commodities are generally considered Portfolio Management Law, 1995
to be high risk, which means there is a (“the Investment Advice Law”).
greater risk of large fluctuations in the
value of the instrument. Investors are encouraged to seek
competent investment advice from
Important information a locally licensed investment advisor
This document contains information prior to making any investment. Neither
that is for discussion purposes only, Invesco Ltd nor its subsidiaries are
and is intended only for professional licensed under the Investment Advice
investors in Austria, Belgium, Croatia, Law, nor does it carry the insurance as
Czech Republic, Denmark, Dubai, required of a licensee thereunder.
Finland, France, Germany, Guernsey,
Hungary, Ireland, Jersey, Italy, Any calculations and charts set out
Luxembourg, the Netherlands, Norway, herein are indicative only, make certain
Portugal, Romania, Slovakia, Spain, assumptions and no guarantee is given
Sweden and the UK, Qualified Clients that future performance or results will
in Israel, and Qualified Investors in reflect the information herein.
Switzerland. Marketing materials may
only be distributed in other jurisdictions Where individuals or the business have
in compliance with private placement expressed opinions, they are based on
rules and local regulations. current market conditions, they may
differ from those of other investment
Data as at 30 September 2020, professionals and are subject to change
unless otherwise stated. without notice.
By accepting this document, you This document has been communicated
consent to communicating with us by Invesco Investment Management
in English, unless you inform Limited, Central Quay, Riverside IV,
us otherwise. Sir John Rogerson’s Quay, Dublin 2,
Ireland, Invesco Asset Management
This document is marketing Limited, Perpetual Park, Perpetual Park
material and is not intended as a Drive, Henley-on-Thames, Oxfordshire,
recommendation to invest in any RG9 1HH, United Kingdom, Invesco
particular asset class, security or Asset Management Deutschland GmbH,
strategy. Regulatory requirements An der Welle 5, 60322 Frankfurt
that require impartiality of investment/ am Main, Germany and Invesco
investment strategy recommendations Asset Management (Schweiz) AG,
are therefore not applicable nor Talacker 34, 8001 Zurich, Switzerland.
are any prohibitions to trade before
EMEA8450/2020
publication. The information provided is
for illustrative purposes only, it should
not be relied upon as recommendations
to buy or sell securities.Supply and demand Gold Report Q3 2020 This report is for professional investors/qualified investors/qualified clients. Please do not redistribute.
This is the final of our four-part series on gold. In this part
of our Q3 Gold Report, we look at main drivers of supply and
demand for the gold market this quarter and in the context
of recent periods.
This follows on from our analysis of the performance of the
gold price and macro factors influencing that price over
Introduction the quarter, as well as an article looking at how gold might
perform in view of the US Presidential election.Supply and demand
Global Global demand for gold in Q3 2020
Tonnes of Gold
demand
333.0
Total demand for gold slumped in a remarkable quarter in 272.5
which the metal’s price hit a record high. Central banks were
small net sellers, breaking a long-term quarterly buying
streak, and ETF demand fell from its record-breaking level of
the previous quarter. Despite other buyers increasing their
activity in the quarter, notably jewellery, Q3 2020 saw the
222.1
lowest demand for gold in over a decade at 892.2 tonnes.
Year-to-date, 2,972.1 tonnes of gold have been bought.
Average annual purchases over the past decade have been
4,431 tonnes; therefore, without a significant pick-up in
demand in the final quarter, 2020 could be shaping up to be
a weak year for gold demand.
76.7
-12.1
Jewellery Technology Retail Central Banks ETF
Investment
Data: World Gold Council, showing gold purchased (or sold if negative) for each industry in the three months
to 30 September 2020.
Gold Report 03Supply and demand
Jewellery demand for gold
Gold
Average gold price in Q3
900
11.6% above the
800
average for Q2
700
600
Tonnes of gold, quarterly
500
400
300
200
100
0
2013 2014 2015 2016 2017 2018 2019 2020
Data: World Gold Council, to 30 September 2020, showing consumption of gold by jewellery industry by quarter.
Despite the aggregate picture, jewellery demand had its strongest quarter of the year so
far, at 333 tonnes, as economic activity began to rebound following the relaxation of social
distancing measures in some regions. Year-on-year, however, demand from the jewellery
sector was 8.9% lower as price-sensitive jewellery buyers were deterred by the higher price
levels – the average gold price in Q3 was 11.6% above the average price for Q2 – and end-
purchasers faced an uncertain economic outlook as coronavirus cases were on the rise again
into quarter end.
Gold Report 04Supply and demand
Central bank purchases of gold
Gold
Central banks net sellers of gold
300
First quarter
250 since Q4 2010
200
Tonnes of gold, quarterly
150
100
50
0
-50
2013 2014 2015 2016 2017 2018 2019 2020
Data: World Gold Council, to 30 September 2020, showing net purchases (or sales) of gold by central banks by quarter.
Central banks were net sellers of gold in Q3, albeit only marginally, selling 12.1 tonnes
in aggregate during the quarter. This puts an end to an incredible streak in which central
banks had been net purchasers for every quarter since Q1 2011. Turkey was one of the
major sellers in the third quarter this year (along with Uzbekistan), reducing its gold
reserves by 22.3 tonnes as it looked to defend its currency in what has been a difficult
year for the country.
Gold Report 05Supply and demand
Gold purchased by ETFs, monthly per region of domicile
Gold price North America Europe Asia Other
200 2500
150 2000
Tonnes of gold purchased
USD per Fine Troy ounce
100 1500
50 1000
0 500
-50 0
Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Data: World Gold Council, to 30 September 2020, showing monthly purchases of gold by ETFs and other gold exchange-traded products. Past performance is not a reliable indicator of future returns.
Gold Report 06Supply and demand
Gold held by ETFs globally
Gold price Total known ETF holdings of gold
Gold ETFs globally hold bullion worth:
120 2500
US$235 billion
Amount held, millions of Fine Troy ounces
100
2000
USD per Fine Troy ounce
80
1500
60
1000
40
500
20
0 0
2004 2006 2008 2010 2012 2014 2016 2018 2020
Data: Bloomberg, to 30 September 2020, showing total amount of gold held by ETFs and other gold exchange-traded products globally.
Past performance is not a reliable indicator of future returns.
Overall holdings of gold-backed ETFs and similar exchange-traded products hit another
record in the quarter, with 3,880 tonnes of gold bullion now held by these products globally,
valued at approximately US$235 billion at the end of the quarter. This is despite a 36.8%
quarter-on-quarter decline in purchases of gold by these products. July was the second-
strongest month of the year for buying, but the final two months of the quarter were the
weakest since the coronavirus outbreak in March. The European market experienced modest
sales of gold in August as the metal peaked at $2,064, although over the entire quarter the
region saw holdings increase. Asia saw its strongest quarter of the year with net purchases
of 20.7 tonnes, most of which transacted in August.
Gold Report 07Supply and demand
Global gold supply, quarterly
Mine production Recycled gold Net producer hedging Total demand
Quarter-on-quarter mined production increased
1400
13.8%
1200
1000
Tonnes of gold
800
600
400
200
0
2013 2014 2015 2016 2017 2018 2019 2020
Data: World Gold Council, to 30 September 2020.
Gold supply rebounded in the quarter to 1,223.6 tonnes, the highest level since Q4 2019.
As social distancing measures were relaxed, but not removed completely, quarter-on-quarter
mined production increased 13.8% but was 2.2% lower than the previous 12 months. This
was also seen in recycled supply as, although the high price of the commodity encouraged an
increase in the supply of recycled material for the quarter by 24.1%, levels were still below Q3
2019 by 2.3% when the average price was $1,472.3. Hedging positions continued to reduce
as speculators closed out positions, taking advantage of relatively high prices.
Gold Report 08Investment risks used for any other purpose, nor be
Investment strategies involve furnished to any other person other
numerous risks. Investors should note than those to whom copies have been
that the price of your investment may sent. Nothing in this document should
go down as well as up. As a result, you be considered investment advice or
may not get back the amount of capital investment marketing as defined in
you invest. the Regulation of Investment Advice,
Investment Marketing and Portfolio
Instruments providing exposure to Management Law, 1995 (“the
commodities are generally considered Investment Advice Law”).
to be high risk, which means there is a
greater risk of large fluctuations in the Investors are encouraged to seek
value of the instrument. competent investment advice from
a locally licensed investment advisor
Important information prior to making any investment.
This document contains information Neither Invesco Ltd nor its subsidiaries
that is for discussion purposes only, are licensed under the Investment
and is intended only for professional Advice Law, nor does it carry the
investors in Austria, Belgium, Croatia, insurance as required of a licensee
Czech Republic, Denmark, Dubai, thereunder.
Finland, France, Germany, Guernsey,
Hungary, Ireland, Jersey, Italy, Any calculations and charts set out
Luxembourg, the Netherlands, Norway, herein are indicative only, make certain
Portugal, Romania, Slovakia, Spain, assumptions and no guarantee is given
Sweden and the UK, Qualified Clients that future performance or results will
in Israel, and Qualified Investors in reflect the information herein.
Switzerland. Marketing materials may
only be distributed in other jurisdictions Where individuals or the business have
in compliance with private placement expressed opinions, they are based on
rules and local regulations. current market conditions, they may
differ from those of other investment
Data as at 30 September 2020, professionals and are subject to change
unless otherwise stated. without notice.
By accepting this document, you This document has been communicated
consent to communicating with us by Invesco Investment Management
in English, unless you inform Limited, Central Quay, Riverside IV,
us otherwise. Sir John Rogerson’s Quay, Dublin 2,
Ireland, Invesco Asset Management
This document is marketing Limited, Perpetual Park, Perpetual Park
material and is not intended as a Drive, Henley-onThames, Oxfordshire,
recommendation to invest in any RG9 1HH, United Kingdom and Invesco
particular asset class, security or Asset Management (Schweiz) AG,
strategy. Regulatory requirements Talacker 34, 8001 Zurich, Switzerland.
that require impartiality of investment/
EMEA8984/2020
investment strategy recommendations
are therefore not applicable nor
are any prohibitions to trade before
publication. The information provided is
for illustrative purposes only, it should
not be relied upon as recommendations
to buy or sell securities. In Israel, this
document may not be reproduced orYou can also read
