Update: iShares SMIM

In den vergangenen Jahren haben Schweizer Nebenwerte ihre Large-Cap-Pendants deutlich outperformt. Allerdings trifft die Stärkung des Franken die in der Schweiz beheimateten Firmen stärker als die globalen Player aus dem SMI. 

Hortense Bioy, CFA 29.04.2016

Rolle im Portfolio

By providing broad exposure to Swiss mid-cap stocks, the fund can serve as a tool for asset allocators looking to control their market-cap and style exposures. This fund is suitable as a core holding in a Swiss or European equity allocation given its broad holdings across various companies and sectors. The SMIM Index is fairly diversified from the perspective of individual stocks, with the top 10 holdings accounting for 52%-55% of the index’s weighting. However, mid-cap shares tend to be more volatile than blue chips.

This fund can also act as a tactical tool to give an overweighting to Swiss mid-cap equities within a diversified portfolio. It could be useful for those who want to place a bet on the near-to-medium-term prospects of this asset class as a whole under the belief that they represent good value on a stand-alone basis or as compared with large-cap equities.

Non-Swiss investors can also use this fund to gain exposure to the Swiss franc, arguably one of the world’s most stable and strongest currencies. However, these investors should be mindful that a strengthening franc will enhance the return of this fund as denominated in their home currencies, but a weakening franc will weigh on its performance as measured in their home currency.

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Über den Autor

Hortense Bioy, CFA

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

Audience Bestätigung


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