Update: PIMCO Short-Term High Yield Corporate Bond Index Source UCITS ETF

Dieser ETF setzt auf US-Hochzinsanleihen mit kurzen Restlaufzeiten. Eine Besonderheit ist, dass die Bonds bis zur Endfälligkeit im Index verbleiben, was der Liquidität gut tut.

Jose Garcia-Zarate 17.10.2014

Rolle im Portfolio

The PIMCO Short-Term High Yield Corporate Bond Source UCITS ETF offers investors exposure to the short-to-medium maturity segment (0-5 years) of the USD-denominated market of non-investment grade corporate debt. 

Irrespective of maturity, gaining exposure to the high yield corporate bond market is often thought of as a way to generate higher returns relative to better credits or similar returns to equity. The trade-off is that of higher notional risk vs. investment-grade corporate debt. This means that expectations for a steady stream of income should be lower while the risk profile will be higher. Having said that, the ETF’s maturity limitation effectively curbs these risks. 

The combination of yield pick-up and a higher risk profile means that this ETF is probably best deployed as a satellite component within the fixed income section of an investment portfolio. Aside from curbing volatility, the short maturity focus of the ETF can also be seen as having a duration-management tactical use within a portfolio, particularly so at times of expected rising interest rates. 

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Über den Autor

Jose Garcia-Zarate  is an ETF analyst with Morningstar UK.

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