Analyse: CS ETF (Lux) on MSCI Emerging Markets

Dieser ETF bietet einen diversifizerten Zugang zu Schwellenländern. Replikation erfolgt über das statistische Sampling-Verfahren, das in volatilen Märkten seine Tücken haben kann.  

Alastair Kellett 16.01.2013

Rolle im Portfolio

The CS ETF (Lux) on MSCI Emerging Markets provides exposure to a wide array of mid- and large-cap companies within the world’s emerging regions. This broad category of countries has seen its importance on the global stage rise dramatically in recent years. Whereas this type of exposure would once have been considered only as a speculative tactical tool, it is increasingly becoming a core component of a globally balanced portfolio. That said, this can be a volatile area of the market. The MSCI Emerging Markets Index has had annual standard deviation of 18.8% for the past 10 years, versus 14.2% for the MSCI World. Its correlation to other equity exposures does suggest some benefit as a diversifier. Over the same period it has shown correlation to the local-currency returns of the S&P 500, the MSCI Europe, and the broader MSCI World Index of 78%, 78%, and 83%, respectively. Some of that benefit, however, has shrunk in recent years. The corresponding five-year correlations are 84%, 86%, and 89%. The fund does not make any distributions; hence is may not 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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