Dieser Index ist bewusst so konstruiert, dass er die größten Unternehmen in den 19 Sektoren des Euro-Aktienmarkts zusammenbringt und den Turn-over minimiert. Ungeachet der Bankenkorrektur machen Finanztitel nach wie vor ein Fünftel des Indexgewichts aus. 

Hortense Bioy, CFA 20.05.2016
Facebook Twitter LinkedIn

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.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Um diesen Artikel zu lesen, müssen Sie sich anmelden

Hier kostenlos registrieren
Facebook Twitter LinkedIn

Über den Autor

Hortense Bioy, CFA

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