Analyse: iShares MSCI-Brazil

Comeback eines Leidgeplagten? Nach einer schlechten Entwicklung 2011 und 20122 könnten Rohstoffe des Ausschlag für brasilianische Aktien geben. iShares hat den größten Brasilien-ETF am Markt.

Alastair Kellett 16.01.2013

Rolle im Portfolio

The iShares MSCI Brazil ETF provides exposure to many of the biggest and most liquid components of the Brazilian equity universe. Brazil has seen remarkable growth over the last several decades, and now ranks as the world’s sixth largest country by GDP. In turn, Brazilian equities have gone from fringe emerging market exposure to an increasingly important part of a globally balanced portfolio. The MSCI Brazil Index is broadly diversified by sector, but diversification at the company level is limited, with nearly 50% of the index within the top five firms. Returns from Brazilian equities have been erratic, exhibiting annual volatility of almost 25% since 1999, versus 15% for the MSCI World. An investment like this therefore requires a lengthy time horizon and a strong stomach to handle the swings. Its correlation to other equity exposures does suggest some benefit as a diversifier. In the same time period it has shown correlation to the local-currency returns of the S&P 500, the MSCI Europe, and the MSCI World Index of 66%, 67%, and 71%, respectively. Some of that benefit, however, has shrunk in recent years. The corresponding five-year correlations are 76%, 77%, and 80%. The fund pays out dividends from its underlying constituents on a quarterly basis, currently at an annual yield level of 2.57%. It may therefore suit an investor looking for income.

Fundamentale Analyse

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Über den Autor

Alastair Kellett  Al Kellett is an ETF analyst with Morningstar Europe.

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