Update: Amundi ETF CAC 40 UCITS ETF

Wer auf den französischen Standardwerte-Index setzt, baut darauf, dass die vielen globalen Player zu Unrecht in den Sog der Konjunkturschwäche des Nachbarlandes im Westen geraten sind.

Hortense Bioy, CFA 09.01.2015
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Rolle im Portfolio

The Amundi ETF CAC 40 UCITS ETF provides diversified exposure to French large-cap equities and can be used as a core holding within a diversified portfolio. It would appeal mostly to investors looking to build a French-centric portfolio. These should however be mindful of correlations and potential overlaps with the rest of their equity allocation. The performance of the CAC 40 index is closely correlated to broad international indices, and especially European indices. For instance, the CAC 40 has shown a 5-year correlation of 98% to the widely-tracked EURO STOXX 50, which has a 35-40% weighting in French equities.

This fund can also act as a tactical tool to overweight French large-cap equities within a diversified portfolio under the belief this market is undervalued given its near-to-medium-term prospects. Investors considering this fund to make a play on the French economy should be aware that some of the largest constituents of the CAC 40 index, such as Total and Sanofi, are truly global players with 70 to 90% of their revenues coming from outside of France. Therefore, this fund is far from offering pure exposure to the French economy.

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Über den Autor

Hortense Bioy, CFA

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