Analyse: Source Stoxx Europe 600 Opt Basic Resources ETF

Optimierter Zugang zur zyklischen Minenaktien-Branche.

Lee Davidson 24.01.2012
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Rolle im Portfolio

The Source STOXX Europe 600 Opt Basic Resources ETF provides exposure to top-tier global miners in a considerably cyclical sector. Given its narrow sector focus, this fund is most suitable for use as a tactical tool to complement a diversified portfolio. 

Metal and mining companies tend to experience pronounced cyclicality given the unpredictable nature of commodity prices and producers' high fixed costs. The precariousness of this equity sector-ETF is aggravated due to environmental and operational risks associated with mining as well as country-specific risks associated with some of these firms' assets. Consequently, this ETF’s basic resources reference index has experienced significantly higher volatility than broader market indices, like the STOXX Europe 600. In the past three years, the STOXX Europe 600 Basic Resources index has exhibited standard deviation of returns equal to 34% compared to approximately 25% for the STOXX Europe 600. That said, however, the majority of this index is comprised of the shares of large-cap miners with very global and diverse operations and not pure plays on specific commodity. As such the index’s constituents have to some extent been able to better weather commodity price volatility as compared to their more concentrated peers.

Fundamentale Analyse

In the aftermath of the financial crisis, large diversified basic resources firms have enjoyed an enviable tailwind in the form of a meteoric rise in commodity prices and seemingly insatiable Chinese metal demand. Over the past three years, the sector has posted 19.8% annualised returns. Today, developing nations in the midst of continuing urbanisation are putting upward pressure on prices for staple commodities like iron ore, coal, and copper. Furthermore, a lack of new world-class deposit discoveries and diminishing ore grades mean that top-tier miners will likely be hard pressed to keep pace with rising demand, especially from emerging market economies, and should continue to reap the benefits of rising commodity prices going forward.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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