Analyse: iShares Barclays Cap Euro GovBd 7-10 (DE) (EUR)

Anleger sollten auch nach dem Frankreich-Downgrade vor allem auf das Durationsrisiko achten.

Lee Davidson 24.01.2012

Rolle im Portfolio

The iShares Barclays Capital Euro Government Bond 7-10 ETF offers investors exposure to the longer-dated segment of the most liquid issuers of the eurozone government bond market. The bulk of the reference index is composed of bonds from Germany and France, notionally making this one of the safer longer-dated sovereign debt ETFs on the market, even after S&P’s decision to strip France off its AAA rating. Despite the perceived near-zero probability of a German or French government default, the ETF's longer-term maturity bias makes it less advantageous than shorter-dated maturities for capital preservation needs. Long-dated sovereign bonds harbor greater duration and interest rate risk than their short-dated counterparts making them less appropriate for capital preservation purposes. Investors who consider Germany and France to be reliable, however, may be able to ignore the maturity risk and capitalise on the higher yield offered for these longer-dated issuances.

Tactically-minded investors can use the ETF to manage interest rate risk exposure within a broader portfolio of fixed income holdings spanning the entire curve. The ETF’s long-dated bias facilitates duration-lengthening tactics in order to combat falling interest rates. We would argue that the tactical use of this ETF in this manner is likely best suited to institutional investors as it involves a good understanding of yield curve dynamics and the extensive monitoring of economic developments and ECB monetary policies. 

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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