ETFs für Eurozonen-Standardwerte standen im ersten Quartal 2016 auf der Verkaufsliste vieler Investoren. Die Bewertungen sind in Europa nach den Kursrückschlägen der vergangenen Monate indes attraktiv. Eurozonen-Standardindex weist im Vergleich zur Kategorie ein hohes Gewicht an Energie- und Gesundheitstitel auf.

Hortense Bioy, CFA 15.04.2016
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Rolle im Portfolio

The fund offers low-cost exposure to the 50 largest stocks in the eurozone. The very large size of the companies in the index (their average market capitalisation is greater than EUR 50 billion) means that with only 50 components, it captures 60% of the total market value of all eurozone-listed companies. This makes the Euro Stoxx 50 a widely followed benchmark to gauge investor sentiment on eurozone equities.

Assessed in the context of the Morningstar Eurozone Large-Cap Equity category, however, the Euro Stoxx 50 stands as a narrow investment proposition that does not represent the available opportunity set. The category includes active and passive funds that are less concentrated in giant caps and better diversified.

Because of its pure mega-cap focus --and lack of tailwind generally provided by "smaller" caps at times of strong economic growth-- the fund is unlikely to outperform its surviving category peers over a full market cycle. It has landed in the third quartile of the category with an above-average level of volatility during the trailing three-, five- and 10-year periods. The fund has held better in times of market downturns and uncertainty when investors tend to flee to the safety of blue chips.

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Über den Autor

Hortense Bioy, CFA

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