<div id="readability-page-1"><div><p>The commodity exposure of multi-asset funds has treaded lower over the last year as fund managers trimmed their gold and silver exposure after a sharp run-up in prices. At the same time, they raised their equity exposure amid improving valuations.</p></div><div><div><div id="article-index-0">  <p>  The average gold and silver holding of multi-asset funds, which stood at 17 per cent in March 2025, was down to 13 per cent in April 2026. The number of schemes with 15 per cent or more commodity holding has shrunk from 15 to just four in the same period, showed data from Value Research.</p> </div><div id="article-index-1">  <div><p>Multi-asset funds invest across equity, debt and commodities depending on the market condition. The allocations are typically determined by quantitative and valuation-based models that take into account factors such as equity valuations, yields offered by fixed-income instruments, relative commodity valuations, interest rate outlook and economic growth indicators. <small> </small></p></div> </div></div></div></div>

黄金信托 ETF - GraniteShares

黄金 MiniShares 信托 - SPDR

白银矿业股 ETF - GlobalX

<p>多资产基金在 2025 年 3 月将黄金和白银的持仓比例从 17% 降低至 2026 年 4 月的 13%，这一变化是在价格飙升之后发生的。持有超过 15% 商品资产的基金数量从 15 只减少至 4 只。同时，由于估值改善，股票的持仓比例有所增加，因为配置受到考虑多种市场因素的量化模型的指导</p>

Multi-asset funds reduce gold and silver exposure as prices soar

Business Standard

Sprott PHYs Silver

2 倍做多黄金 ETF - ProShares

白银信托 ETF - iShares

YieldMax Gold Miners Opt Inc Strgy ETF

3 倍做多黄金矿业 ETN - MicroSectors

环球银矿 MSCI ETF - iShares

2 倍做多白银 ETF - ProShares

2 倍做多金矿指数 ETF - Direxion

初级黄金矿股 ETF

2 倍做多小型金矿指数 ETF - Direxion

黄金 ETF - SPDR

贵金属股 ETF -ETFS

黄金矿 ETF - Sprott

Sprott Active Gold & Silver Miners ETF

德银贵金属基金 - PowerShares

VanEck Vectors Junior Gold Miners UCITS ETF

黄金 ETF - iShares

全球黄金矿业股 MSCI ETF - iShares

Sprott Silver Mnrs & Physical Silver ETF

金矿股 ETF - VanEck Vectors

随着价格飙升，多资产基金减少了对黄金和白银的投资敞口