Dieser ETF bietet Exposure in norwegische Standardwerte. Der Fonds ist somit auch ein indirektes Investment in Rohöl, das ein starker Treiber der norwegischen Wirtschaft ist. Anleger sollten aber auf die extreme Kopflastigkeit achten. Energiewerte wiegen knapp 50%.

Hortense Bioy, CFA 18.09.2015
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Rolle im Portfolio

DnB OBX would be most suitable as a tactical tool for investors looking to place a bet on Norwegian large cap equities, and more specifically on the country’s heavily-weighted energy sector. About 43%-47% of the fund is allocated to energy and materials stocks, with a special focus on Statoil, the world’s biggest offshore oil and gas producer, which has a 18-22% weighting. Those looking to invest in this fund should have a positive view on the prospects of the commodity space, and energy prices in particular. Another 27-30% of the fund is comprised of telecommunications company Telenor and banking group DnB NOR. This top heavy stock composition makes DnB OBX one of the most concentrated single country ETFs in Europe, with all the idiosyncratic risks it entails.

This Norwegian krone-denominated fund can also serve as a diversifier within a European equity allocation by providing unique currency exposure. However, non-Norwegian investors looking at the krone as a safe haven because of the country’s strong fiscal position and positive account surplus should temper their view. Being highly correlated with energy prices, the krone is first and foremost a commodity currency with the same sensitivity to global growth that characterises all commodity currencies.

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Über den Autor

Hortense Bioy, CFA

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