Analyse: iShares MDAX

Der deutsche Mittelstand als Performance-Turbo: Die Exportlastigkeit der deutschen Wirtschaft spiegelt sich im MDAX wider. 

Rolle im Portfolio

By providing exposure to German mid-cap stocks, iShares MDAX (DE) can serve as a tool for asset allocators looking to control their market capitalisation and style exposures. This fund is suitable as a core holding in a German or European equities allocation given its broad diversification across companies and sectors. However, despite the fact that all the index’s constituent are domiciled in Germany, many of them are multinational companies generating revenue around the world. For instance, the largest index constituent, EADS, generated only about 40% of its revenue in continental Europe in 2012, with Asia and Oceania representing about a third. Many other index constituents generate less than 50% of their revenue within Germany. As such, this investment can also be seen as a passive play on the global economy with a German bias.

The MDAX index is fairly diversified from the perspective of individual stocks, with the top 10 holdings accounting for about 50% of the index’s value, compared to about 70% for the DAX. The MDAX also offers a different industry and sector exposure, with industrial goods & services making up 33% of the MDAX, more than double their representation in the DAX.

This fund can also act as a tactical tool to overweight mid-cap equities within a diversified European portfolio. It could be useful for those who want to place a bet on the near-to-medium-term prospects of this asset class as a whole under the belief that they represent good value compared to large-cap equities.

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Über den Autor

Gordon Rose, CIIA, CAIA,

Gordon Rose, CIIA, CAIA,  war von 2011 bis 2014 Fondsanalyst bei Morningstar.

Audience Bestätigung

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