Update: PIMCO Euro Short Maturity Source UCITS ETF

Dieser von Source aufgelegte Renten-ETF ist einer der seltenen seiner Art -- er ist aktiv verwaltetet. Das Performance-Ziel der verantwortlichen PIMCO-Manager lautet EONIA plus und soll mit einem breiten Mix an Kurzläufern erreicht werden.  

Jose Garcia-Zarate 06.11.2015

Rolle im Portfolio

The PIMCO Euro Short Maturity Source UCITS ETF is an actively managed fund that aims to deliver returns above EONIA (that is, the overnight reference rate for the euro computed as a weighted average of all overnight unsecured lending transactions undertaken in the banking system). The exchange-traded fund manager invests in investment-grade EUR-denominated bonds with very short maturity (mostly up to one year). The ETF distributes dividends on a monthly basis.     

This ETF will primarily appeal to investors seeking a boost in returns over a standard (that is, passively managed) eurozone money market ETF while limiting risk in the process. However, because it is an actively managed fund, investors should not overlook that a) the ETF’s performance will be determined by the investment choices made by the portfolio manager and b) the management charge will be much higher than those levied by passive ETFs.    

Money market ETFs--or close alternatives such as this ETF--can be deployed as a core holding in an investment portfolio as a substitute for outright cash positions. Some investors may also use the ETF to neutralise cash drag (that is, the diminishing effect on portfolio returns caused by holding, rather than investing, cash). Investors using this ETF for cash management purposes will have to carefully consider whether the potential returns (net of fees) on offer are financially attractive relative to cheaper passive alternatives.

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Über den Autor

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

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