Analyse: Lyxor ETF STOXX Europe 600 Telecommunication

Dieser Sektor-ETF gewichtet vor allem britische Aktien. Top-5-Werte machen 70% des Fondsvermögens aus.

Lee Davidson 02.03.2012

Rolle im Portfolio

The Lyxor ETF STOXX Europe 600 Telecommunication provides equity exposure to European domiciled telecommunication firms. Currently, the telecomm industry accounts for 3% of global GDP and figures to be an important contributor to global GDP growth. While the European telecomm market is relatively mature, growth opportunities exist for firms within developing markets. The International Telecommunications Union (ITU) reports that the percentage of households with internet access has increased from 20% to 33% globally since 2006. In the developed world, 75% of households tend to have internet access compared to only 25% of developing world households. Keep in mind, that while the developing world as a whole has yet to become saturated with internet connectivity, the absolute number of users in some developing nations is massive. China, for instance, accounts for 25% of the world's internet users and 37% of all developing countries' users. Despite a considerable absolute number of Chinese users, per capita internet usage in China is still only around 31%. In addition to variances in usage based on geography, internet usage is largely divided along demographic lines. Today, internet users tend to be disproportionately younger with 45% of all internet users under the age of 25. Over time, total internet usage should continue to increase as today's young users will not likely reduce or eliminate their internet usage en masse.

Over the past ten years, the fund’s reference index has exhibited moderate correlations of 0.74 and 0.83 to the MSCI World and STOXX Europe 600 indices, respectively. Lately, yield-seeking investors have been flocking to the telecomm sector to take advantage of attractive dividend yields. At the time of this writing, this ETF's dividend yield is 5.2% compared to 2% for the MSCI World index. Given its narrow sector focus, this ETF is most suitable for use as a tactical tool.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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