Peak oil? This T. Boone Pickens fund is swapping fossil fuels for renewables
Peak oil? This T. Boone Pickens fund is swapping fossil fuels for renewables
MW Peak oil? This T. Boone Pickens fund is swapping fossil fuels for renewables
MW Peak油？布恩·皮肯斯基金正在把化石燃料換成可再生能源。
By Andrea Riquier
安德里亞·裏克爾(Andrea Riquier)著
As always, a trending theme is just one component of what investors should consider
一如既往，流行主題只是投資者應該考慮的問題之一。
An exchange-traded fund named for Texas oilman T. Boone Pickens will swap its strategy, embracing renewable energy stocks in a sign of the times for fossil fuels. But while renewables may seem more cutting-edge than oil, that doesn't necessarily mean investors should automatically gravitate to the new venture.
一隻以德克薩斯州石油商T·布恩·皮肯斯(T.Boone Pkins)命名的交易所交易基金(ETF)將改變策略，擁抱可再生能源股票，這是化石燃料時代的一個跡象。但是，儘管可再生能源看起來比石油更尖端，但這並不一定意味着投資者應該自動被新的合資企業所吸引。
The ETF, the NYSE Pickens Oil Response Fund, or BOON(BOON) , will become RENW, the Pickens Morningstar Renewable Energy Response Fund, in mid-August, embracing a strategy that "seeks to identify companies that are leaders in the transition to a low-carbon economy," fund managers said in a filing (https://www.sec.gov/Archives/edgar/data/1540305/000089418919004394/a497trilinestickers.htm).
基金經理在提交給美國證券交易委員會((https://www.sec.gov/Archives/edgar/data/1540305/000089418919004394/a497trilinestickers.htm).)的一份文件中表示，紐約證交所皮肯斯石油響應基金(NYSE Pkins Oil Response Fund)，或稱BOON(BOON)，將於8月中旬成為皮肯斯晨星可再生能源響應基金(RENW)，採用一項戰略，即“尋求識別在向低碳經濟轉型過程中處於領先地位的公司”。
(https://www.sec.gov/Archives/edgar/data/1540305/000089418919004394/a497trilinestickers.htm)Pickens indirectly controls TriLine Index Solutions LLC, which is the fund's investment adviser.
(https://www.sec.gov/Archives/edgar/data/1540305/000089418919004394/a497trilinestickers.htm)Pickens間接控制着該基金的投資顧問公司Triline Index Solutions LLC。
A change like this isn't as rare as you might think, said Ben Johnson, director of global ETF research at Morningstar. Sometimes they're "ho-hum," swapping out a well-known index like the S&P 500 for a proprietary index of mostly the same large, liquid, publicly-traded stocks, Johnson said.
晨星(Morningstar)全球ETF研究主管本·約翰遜(Ben Johnson)表示，這樣的變化並不像你想象的那麼罕見。Johnson説，有時他們是“平淡無奇”的，把標準普爾500指數這樣的知名指數換成了基本上相同的大型、流動性強、公開交易的股票的專有指數。
But sometimes a swap is a lot more disruptive, like in late 2017, when a Latin America real estate ETF suddenly decided to invest in marijuana (http://www.marketwatch.com/story/high-performing-latin-american-real-estate-etf-remakes-itself-as-a-cannabis-fund-2017-11-09) instead. For some investors, an "about-face" like the one adopted by BOON's investment advisers might be just as jarring, Johnson noted.
但有時掉期交易的破壞性要大得多，比如2017年末，一隻拉美房地產ETF突然決定轉而投資大麻(http://www.marketwatch.com/story/high-performing-latin-american-real-estate-etf-remakes-itself-as-a-cannabis-fund-2017-11-09)。約翰遜指出，對於一些投資者來説，像Boon的投資顧問所採取的那樣的“大轉彎”可能同樣令人不舒服。
See:Want to profit from the housing shortage? There's a new ETF for that (http://www.marketwatch.com/story/want-to-profit-from-the-housing-shortage-theres-a-new-etf-for-that-2019-03-20).
看：想從住房短缺中獲利嗎？那隻(http://www.marketwatch.com/story/want-to-profit-from-the-housing-shortage-theres-a-new-etf-for-that-2019-03-20).有一隻新的交易所交易基金
Unfortunately, investors have little say in it, he told MarketWatch, not unlike when an actively-managed mutual fund or ETF swaps managers and the new staff brings fresh ideas.
不幸的是，投資者在這方面幾乎沒有發言權，他告訴MarketWatch，就像積極管理的共同基金或ETF交換經理和新員工帶來新想法時一樣。
"This is just one example among many where it's clearly a failed first attempt and an attempt to pivot and bring to market something more successful," Johnson said. BOON has lost about 23% over the past 12 months, a period when major broad stock indexes are up about 3-4%, but it has rallied since the start of 2019, returning a little over 7%.
約翰遜説：“這只是眾多例子中的一個，這顯然是一次失敗的第一次嘗試，也是一次試圖轉向市場並將一些更成功的東西推向市場的嘗試。”Boon在過去12個月裏下跌了約23%，在此期間主要股指上漲了約3%-4%，但自2019年初以來一直在反彈，回報率略高於7%。
This transition at least offers investors options. If the fund shut down altogether, it would likely leave investors with a pile of cash and unexpected tax bills, Johnson noted. That happens more often than you might expect -- the ETF "mortality" rate is close to 30%, he said.
這種轉變至少為投資者提供了選擇。約翰遜指出，如果該基金完全關閉，可能會給投資者留下一大筆現金和意想不到的税單。他説，這種情況發生的頻率比你可能預期的要高--ETF的“死亡率”接近30%。
Read:Here's an ETF that proves there is intelligent life in the universe after all (http://www.marketwatch.com/story/a-new-etf-thats-one-small-step-for-man-and-one-giant-leap-for-your-portfolio-2019-07-22)
閲讀：這裏有一隻交易所交易基金(ETF)，它證明了宇宙中終究有智能生命存在，(http://www.marketwatch.com/story/a-new-etf-thats-one-small-step-for-man-and-one-giant-leap-for-your-portfolio-2019-07-22)
As for the new venture, RENW, Johnson advises some soul-searching for anyone interested in the approach. "There have been a number of niche funds launched within that space, all with varying degrees of success, some generally unsuccessful," he said.
至於這家名為RENW的新公司，約翰遜建議任何對這種方法感興趣的人都要進行一些自我反省。他説：“在這一領域推出了許多利基基金，所有基金都取得了不同程度的成功，有些基金普遍不成功。”
(It is important to note that despite Pickens's reputation as a "Texas oilman," he has previously made professional bets, some big, on renewables. In 2008 he launched a policy proposal known as the Pickens Plan (http://pickensplan.com/) to build wind farms that would capitalize on natural gas, in an effort to achieve "American energy independence.")
(值得一提的是，儘管皮肯斯享有“德克薩斯石油商”的美譽，但他之前曾在可再生能源領域下過專業賭注，有些還下了很大的賭注。2008年，他發起了一項名為皮肯斯計劃(http://pickensplan.com/))的政策提案，旨在建設利用天然氣的風力發電場，以努力實現“美國能源獨立”。
As of 2018, according to the U.S. Energy Information Administration, 11% of all U.S. energy use was renewables, a statistic that could signal some upside growth potential. Still, Johnson points out that in many smaller industry segments "there are few pure-play public firms" -- those engaged primarily in the specific area investors are trying to reach.
根據美國能源情報署(U.S.Energy Information Administration)的數據，截至2018年，美國11%的能源使用是可再生能源，這一統計數據可能預示着一些上行增長潛力。儘管如此，約翰遜指出，在許多規模較小的行業中，“很少有純粹的上市公司”--那些主要從事投資者試圖觸及的特定領域的公司。
And the analysis shouldn't end there. "It's important to understand that you're making, a very complicated multi-part bet with these niche firms. Part of the bet is, is this theme legitimate? Is it durable? The second part is,can this fund provide me high fidelity exposure to firms that derive the majority of their revenues from this theme?"
分析不應僅止於此。“重要的是要明白，你是在與這些利基公司進行非常複雜的多部分押注。賭注的一部分是，這個主題合法嗎？它是否持久？第二部分是，這隻基金能否為我提供高保真的風險敞口，投資於那些大部分收入來自這個主題的公司？”
And even if those two boxes get checked, there's a final step, Johnson said. As with any stock or other asset, valuations may be the most important component. "Even if you get the first two, if you're not buying at the right price, it's probably not worth it."
約翰遜説，即使這兩個箱子被檢查了，也有最後一步。與任何股票或其他資產一樣，估值可能是最重要的組成部分。“即使你買到了前兩個，如果你買的價格不合適，可能也不值得。”
BOON will become RENW on Aug. 14, with an expense ratio of 65 basis points, a bit lower than the existing fund's fee.
Boon將於8月14日成為RENW，費用比率為65個基點，略低於現有基金的費用。
Read:This ETF became a 'success story' by offering a little yield in a falling-rate world (http://www.marketwatch.com/story/this-etf-became-a-success-story-by-offering-a-little-yield-in-a-falling-rate-world-2019-07-29)
閲讀：這隻ETF在利率不斷下降的世界(http://www.marketwatch.com/story/this-etf-became-a-success-story-by-offering-a-little-yield-in-a-falling-rate-world-2019-07-29)中提供了一點收益，成為了一個“成功的故事”
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
-安德里亞·裏克爾(Andrea Riquier)；電話：415-439-6400；電子郵件：AskNewswres@dowjones.com
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August 05, 2019 10:29 ET (14:29 GMT)
2019年8月5日美國東部時間10：29(格林尼治標準時間14：29)
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