Analyse: Source STOXX Europe 600 Optimised Automobiles & Parts ETF

Mit Daimler, BMW, Porsche und Co. auf ein Wiedererstarken der Automobilindustrie setzen? Dieser ETF hat die setzt auf die liquidesten Auto-Aktien.

Lee Davidson 08.03.2013

Rolle im Portfolio

The Source STOXX Europe 600 Optimised Automobiles & Parts ETF provides equity exposure to European-domiciled auto manufacturers and parts makers. If we look under the bonnet of the STOXX Europe 600 Optimised Automobiles & Parts index, the top three German automakers--Daimler, BMW, and Volkswagen--dominate the portfolio, representing ~60% of its total value. Despite being comprised of European auto and parts manufacturers, the index tends to be driven by global market dynamics since the largest constituents conduct business worldwide. As a general rule, the auto industry tends to be highly cyclical and capital intensive compared to other equity sectors. Due to the cyclicality and high fixed costs, auto producers' profits can fluctuate in the face of relatively small changes in demand.

Following the global slowdown in auto production in 2009, these three automakers have rebounded substantially, and posted significant increases in year-over-year revenues and profits in 2012. Over the past year, revenues and profits were boosted by the escalation of BRIC country auto demand, which is poised to rise further. Moreover, these firms have some of the best brand equity in the industry and are diversified across most consumer types, especially luxury consumers. Luxury brand demand tends not to oscillate as greatly with cyclical swings as does demand for non-luxury brands, which exhibit much more volatile demand. As producers of luxury brand vehicles, these automakers have some built-in cushion to weather cyclical downturns better than most of their peer group.

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Lee Davidson  is an ETF analyst with Morningstar Europe.

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