Analyse: db x-trackers DBLCI - OY Balanced UCITS ETF

Dieser roll-optmierte Rohstoff-ETF setzt auf einen breit diversifizierten Rohstoff-Korb. Trotz steigender Korrelation zu Aktien habe Rohstoffe ihren Diversifikationsvorteil nicht eingebüßt.

Lee Davidson 01.03.2013
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Rolle im Portfolio

The db x-trackers DBLCI OY Balanced ETF provides investors with broad-basket commodity exposure across the most economically significant commodity sectors. In an attempt to address the dynamic nature of commodity futures curves, this fund’s reference index employs an “optimum yield” methodology that seeks to maximise the implied roll yield when moving from one futures contract to another. The optimum yield methodology, on a historical basis, has generated superior performance when compared against other broad-basket commodity indices.

Historically, broad-basket commodity futures exposure has been an excellent source of portfolio diversification, demonstrating low correlations with traditional asset classes, like equities and fixed income. These low correlations have traditionally reduced portfolio volatility and increased risk-adjusted returns. In recent years, however, investors have seen these correlations begin to rise with respect to equities. Despite this rise in correlation, commodity futures can still be utilised as a hedge against unexpected inflation and furthermore, unexpected inflation has historically driven positive returns for the broad commodity space. To capitalise on this asset class properly, an investor may, therefore, consider a broad-basket commodity futures allocation to hedge against inflation.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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