Dieser ETF weist eine hohe Quote von sehr soliden Unternehmen der Euro-Zone auf.

Lee Davidson 14.02.2012
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Rolle im Portfolio

The UBS ETF MSCI EMU ETF is suitable as a core equity holding to gain exposure to stocks domiciled in the European Monetary Union (EMU). The exclusion of non-EMU companies from the benchmark index increases its sector concentration compared to broader European indices such as the STOXX Europe 600. More specifically, the MSCI EMU tends to overweight financials, telecom, and utilities and underweight healthcare compared to the STOXX Europe 600. Despite these differences in sector allocation, the two indices have maintained nearly perfect positive correlation over the past 10 years (~99%). Over the same timeframe, the MSCI EMU index has also exhibited a high historical correlation (~95%) to broad international equity indices (e.g. MSCI World GR), which reflects the multinational nature of the business lines of many of the companies making up its basket of constituents.  

The high quality of most of the firms making up the MSCI EMU index makes this UBS ETF an attractive value-biased investment proposition. As of writing (January 2012), most of the index (i.e. companies representing a combined ~56% of the index’s total value) has been classified by Morningstar equity analysts as companies possessing economic moats. This classification signifies these firms as having defendable and sustainable competitive advantages.

As we write this ETF sports a dividend yield of 3.9%, roughly 2% higher than that of the MSCI World index. 

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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