Analyse: Amundi ETF CAC 40 UCITS ETF

Die französische Wirtschaft leidet unter Schwindsucht. Dennoch befinden sich im CAC 40 viele internationale Konzerne, die vor allem außerhalb der Landesgrenzen erfolgreich arbeiten. 

Hortense Bioy, CFA 02.08.2013

Rolle im Portfolio

This fund, 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. This fund can also act as a tactical tool to overweight French large cap equities within a diversified portfolio under the belief this market is undervalued given its near-to-medium-term prospects.  Like many country indices, the CAC 40 is fairly top heavy, with the top 10 constituents accounting for about 55% of its weighting. The healthcare and financial sector are currently the largest sector represented with a 15-17% weighting each. Investors outside of the Eurozone looking at this euro-denominated fund should be aware of currency risk. A weakening euro will weigh on the return of the fund in the investor’s home currency.

Go to top

Fundamentale Analyse

While many European countries struggled during the global financial crisis, France held its position fairly well, helped by the relative resilience of domestic consumer spending, a large public sector, and by virtue of being less exposed to the downturn in global demand than some other countries. Nonetheless, the second largest economy in the Eurozone contracted in 2009, though subsequently recovered somewhat in 2010 and 2011. However, the unemployment rate has increased, now exceeding the 10% mark, and public finances have deteriorated as a result of the government’s pursuit of aggressive stimulus and investment measures in response to the economic crisis.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Um diesen Artikel zu lesen, müssen Sie sich anmelden

Hier kostenlos registrieren

Über den Autor

Hortense Bioy, CFA

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

Audience Bestätigung


Auf unserer Websites werden Cookies und andere Technologien verwendet. Damit können wir Ihre Präferenzen nachhalten und Ihnen eine optimale Nutzung unserer Website ermöglichen. Weitere Informationen finden Sie unter Cookie-Optionen.

  • Andere Websites Morningstar