Analyse: Amundi ETF CAC 40

Mit diesem ETF können Anleger eine taktische Wette auf einen günstig bewerteten Markt fahren. Konsum- und Finanztitel im Fokus.

Hortense Bioy, CFA 22.03.2013

Rolle im Portfolio

The Amundi ETF CAC 40 (C), which provides low-cost exposure to French large-cap equities, can be used as a core holding. Investing in this well-diversified fund could appeal to investors looking to build a French-centric portfolio. However, it should be noted that the performance of the CAC 40 is closely correlated to international indices. Over the past five years, the CAC 40 has shown a 98% correlation to the widely-held EURO STOXX 50--which has a 40% weighting in French equities. The CAC 40 has shown an 88% correlation to the MSCI World over the same period. This reflects the fact that some of the largest constituents of the French index, such as Total and Sanofi-Aventis, are truly global players with 70 to 90% of their revenues coming from outside France.

The Amundi ETF CAC 40 (C) can also act as a tactical tool to overweight French equities within a diversified portfolio. It could be useful for those who want to place a bet on the near-to-medium-term prospects of the French market under the belief that the benchmark index is undervalued. However, it is important for investors to examine the index’s constituents. Like many country indices, the CAC 40 is fairly top heavy, with the top 10 constituents accounting for about 55% of its weighting. The consumer discretionary sector is currently the largest sector represented with a 17-19% weighting, while financial companies account for about 15-17% of the index's capitalisation.

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Über den Autor

Hortense Bioy, CFA

Hortense Bioy, CFA  is director of passive fund research in Europe.

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