Update: db x-trackers MSCI World Index UCITS ETF

Dieser ETF streut sehr breit über die globalen Aktienmärkte. Auf eine Sicht von 3-5 Jahren waren MSCI World ETFs von aktiven Fondsmanagern kaum zu schlagen; Anleger sollten bei diesem ETF allerdings die hohe USA- bzw. US-Dollarquote beachten.

Dimitar Boyadzhiev 27.05.2016

Rolle im Portfolio

This db x-trackers ETF aims to replicate the MSCI Word Index, which, with over 1,600 constituents, covers approximately 85% of the equity market capitalisation of 23 developed-markets countries. While the fund overweights the United States--which represents 55%-60% of the portfolio’s value--and has virtually zero exposure to emerging markets, it is relatively well representative of the opportunity set available to investors. Its composition in terms of market cap, sector, and style is in line with that of its average active and passive peers in the global large-cap blend equity Morningstar Category.With that in mind, we believe the fund has the potential to consistently outperform over the long term. The ETF has ranked at the top of the first quartile of the category in risk-adjusted return terms over the trailing three- and five-year periods, while other MSCI World ETFs with longer track records have enjoyed similar rankings over a 10-year period.As measured by its tracking difference (fund return less index return), the fund has shown below-average performance over the past three years in comparison with its ETF peers. With an expense ratio of 0.45%, the ETF is priced competitively against the category, but it is the second most expensive against directly comparable rivals. All factors considered, this fund stands as an above-average offering within its category. It is also an accurate tracker. But there are cheaper and better-performing directly comparable alternatives.

Fundamentale Analyse

The general environment for global developed equities has become more volatile in 2016. Forecasts for global growth have been revised slightly down to account for the buildup of downside risks, such as low commodity prices and challenging conditions in key markets--particularly China. Against this backdrop, the performance of developed economies remains uneven across major areas, while monetary policy remains the key driver of sentiment.

The US is the most important contributor to the performance of MSCI World. After a long period of sustained growth, equity valuations may look somewhat stretched. Further upside has become increasingly dependent on a revival of corporate earnings. During the last quarter of 2015, US earnings per share shrank 6.8% relative to a year earlier, while the sectors suffering a decline in profits were six out of 10--well extended beyond energy and materials. On the upside, the US economy looks fairly resilient, with a solid job market. More importantly, after hiking interest rates in Dec 2015, the US Federal Reserve has toned down tightening expectations. This may provide ongoing support to the US equity market.  

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Über den Autor

Dimitar Boyadzhiev  Dimitar Boyadzhiev ist Fund Analyst, European Passive Fund Research

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