Analyse: iShares MSCI Europe UCITS ETF

Wer nicht nur an eine Erholung der Eurozone glaubt, sondern auch an die britische Wiederauferstehung, setzt auf diesen breit anlegenden Europa-Aktien-ETF. 

Rolle im Portfolio

The iShares MSCI Europe ETF is suitable for use as either a core portfolio building block or a tactical tool. It can be used as a core portfolio building block for investors seeking exposure to equity markets across developed Europe. As for its potential uses as a tactical tool, more aggressive investors could use this ETF to overweight European equities, or it can be shorted to bet against the performance of the underlying equities to hedge an existing position.The inclusion of Switzerland and the UK within the MSCI Europe index makes this ETF a somewhat more diversified option than a strict Eurozone equity benchmark. Still, at 0.95, the 3-year correlation between the MSCI Europe index and the MSCI EMU index has been very high. As such, there is little diversification benefit to using this fund in tandem with other vehicles tracking broad developed Europe benchmarks. Investors in the UK or Switzerland who already have exposure to their domestic equity market, perhaps through a FTSE 100- or SMI-following ETF, should take care not to unintentionally overweight their domestic exposure in their portfolio by adding this ETF.

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Fundamentale Analyse

The economic outlook for the Europe has improved somewhat recently. Rising manufacturing activity, solid signs of recovery in southern parts of the Eurozone and a rebound of the Chinese economy are all encouraging signs for this year.

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Über den Autor

Gordon Rose, CIIA, CAIA,

Gordon Rose, CIIA, CAIA,  ist Fondsanalyst bei Morningstar.

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