Update: Lyxor China Enterprise (HSCEI) UCITS ETF USD

In diesem ETF finden sich die größten chinesischen Unternehmen wieder, die in Hongkong gelistet sind. Anleger sollten die hohe Konzentration im Finanzsektor sowie die geringe Diversifikation auf Ebene der Einzeltitel beachten.

Rolle im Portfolio

Lyxor ETF China Enterprise provides exposure to China’s largest companies listed in Hong Kong. While China is the world’s fastest-growing and second-largest economy, foreign investors have limited access to companies trading on its mainland exchanges. To own Chinese stocks, investors can look to companies listed on overseas--offshore exchanges, most notably Hong Kong.

The Hang Seng China Enterprises Index (HSCEI), which consists of 40 H-shares, is heavily tilted towards the financials sector, accounting for over 70% of total index allocation. Diversification at the security level is also limited, with over 60% of the portfolio within the top 10 stocks. Given its narrow concentration, this fund can be used as a tactical tool for investors looking to place a short-term bet on the direction of the Chinese equity market and particularly on the Chinese financials sector. For core holdings, we suggest investors consider more-diversified China funds. Returns from the HSCEI have been extremely erratic, exhibiting an annual volatility of approximately 40% since 1994. An investment like this requires a lengthy time horizon and a very strong stomach to handle the swings.

Almost all of this fund's holdings are state-controlled firms. These mega-cap state-run companies have benefited from political and financial support from the government, their significant economies of scale, favourable regulations, and oligopolistic positions in their respective industries. Thanks to these enviable operating conditions and double-digit gross domestic product growth rates (in the past decade), Hong Kong-listed Chinese stocks enjoyed significant valuation multiple expansion caused by earnings growth and, in hindsight, overoptimism regarding future growth. In the 10 years through December 2012, this fund’s index generated annualised returns of 18%. Returns have moderated significantly since then, and it is possible the best days of these firms have passed as the government tries to shift its growth model from capital spending to domestic consumption.

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Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure

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