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Analyse/UBS ETF (CH) - SMI

Dieser ETF investiert in die grössten Schweizer Aktien. Anleger sollten die Dominanz der drei Schwergewichte Nestle, Novartis und Roche beachten. 

Hortense Bioy, CFA 11.07.2014

Rolle im Portfolio

The UBS ETF (CH) - SMI provides exposure to Swiss large cap stocks, some of which are also the biggest in Europe. As such, this fund can be used as a core holding, but investors should be aware of the peculiarities of the underlying index. The SMI is extremely top heavy, with the top three constituents accounting for about 60% of the index’s value. Nestle, the world’s biggest food company, is the largest stock represented, with a 21-25% weighting, followed by drug makers Novartis and Roche. This inevitably results in high sector concentration, with healthcare accounting for almost 40% of the index's value, while consumer goods and financials combined represent another 45%.

This fund can also be implemented as a tactical tool to overweight Swiss large cap equities within a diversified portfolio.

Additionally, for non-Swiss investors, this fund can serve as a diversifier within a broad pan-European portfolio by providing exposure to the Swiss franc, one of the world’s most stable and strongest currencies. However non-Swiss investors should be mindful that while a strengthening franc will enhance the return of this fund as denominated in their home currencies, a weakening franc will weigh on its performance as measured in their home currency.

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Über den Autor

Hortense Bioy, CFA

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

Audience Bestätigung


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