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Analyse: iShares MSCI Russia ADR/GDR

Korruption, schwächelndes Wachstum, marode Infrastruktur: Die Probleme in Russland sind manigfaltig. Aber der schwache Rubel und die stark gefallenen Märkte machen den Aktienmarkt für Value-Investoren interessant. 

Rolle im Portfolio

The iShares MSCI Russia ADR/GDR provides equity exposure to Russia. As with all single country emerging market exposures, this iShares ETF would be best deployed as tactical tool within a well-diversified portfolio. The ETF can also be deployed as a core holding complementing exposure to emerging markets in Asian and Latin America. Moderate correlation with international stock markets offers some diversification benefits to the portfolio. The MSCI Russia correlated 85% with the MSCI World Index and 84% with the MSCI Europe Index over the last three years.

Investors should keep in mind though that Russia has been the most volatile of the emerging markets. The MSCI Russia fell almost 75% in 2008, and subsequently gained 100% the following year. This can be partly explained by fluctuations in the price of oil, which plummeted 54% in 2008 and leapt by 79% in 2009. The MSCI Russia had a standard deviation of 23.1% over the last three years compared to 17.5% for the MSCI EM Latin America Index and 14.5% for the MSCI EM Asia Index.

Before considering an investment, investors should review their portfolio for existing exposure to both the energy sector and Russian equities (for instance, Russian equities account for approximately 6% of the value of the MSCI Emerging Markets Index) to avoid unintentionally over weighting this region and sector, respectively.

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Über den Autor

Gordon Rose, CIIA, CAIA,

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

Audience Bestätigung


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