An Index for Any Asset: The Historic Stocks Market (HSTM) Index

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By Jeremy Monk, AKRO investiční společnost, a.s.
The plethora of investment indices continues to grow. Whatever the asset class, there is an index to accommodate it, whether its stocks, bonds, commodities, property, art, fine wine, etc.
But what about an index that tracks the market value of a basket of historic bond and share certificates? A group of scripophily experts joined forces recently to develop one. The traded securities don’t have any “intrinsic” value, they are just financial esoterica that, for various reasons, have significant historical or decorative value.
The Historic Stocks Market (HSTM) Index tracks the auction prices of 100 “representative” share and bond certificates and is updated every six months to incorporate the latest realized sale values. Since its inception in late 2012, the index has risen by approximately 25%.

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