Update: iShares China Large Cap UCITS ETF

Dieser ETF bildet die Performance von 50 der größten chinesischen Firmen ab, die an der Börse in Hongkong gelistet sind. China-Aktien sind heute im Schnitt günstig bewertet. Kopflastigkeit und hohe Gewichtung der Finanzbranche zu beachten. 

Monika Dutt 22.09.2016
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Rolle im Portfolio

IShares China Large Cap UCITS ETF provides exposure to 50 of the largest companies listed on the Hong Kong Stock Exchange. Foreign investors have limited access to companies listed on China's mainland exchanges; known collectively as A-shares. A much easier route to Chinese stocks has been to trade companies listed on offshore and overseas exchanges, most notably Hong Kong. 

In general terms, when investing in China, one buys into state-controlled firms. These tend to be mega-cap companies enjoying oligopolistic positions in their respective industries. In the case of this exchange-traded fund, its FTSE China 50 benchmark is heavily tilted toward the financial sector, accounting for approximately half of the index's total weighting. Individual constituents are capped, but roughly 60% of total portfolio value is routinely taken up by the top 10 constituents.

Given its narrow concentration, this index does not provide a good representation of the available opportunity set in its Morningstar Category. As a result, we see this ETF more as a tactical tool for investors looking to place a short-term bet on the direction of the offshore Chinese equity market, and particularly the financial sector. Investors looking for core holdings would perhaps be better served by funds tracking more-diversified benchmarks such as MSCI China. Besides, with an ongoing charge of 0.74%, this iShares ETF is the most expensive China equity passive fund in its category.

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Über den Autor

Monika Dutt  E' Analista sulle strategie passive di Morningstar Europe

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