Analyse: CS ETF (IE) on MSCI USA (USD)

Anleger bekommen mit diesem ETF einen diversifizierten Zugang zu US-Standardwerten.

Alastair Kellett 07.03.2012

Rolle im Portfolio

This CS ETF (IE) on MSCI USA is best suited as a core building block for a portfolio, providing broad exposure to many of the largest companies in the world’s biggest economy. With almost 600 mid- and large-cap constituents, the MSCI USA Index covers more than 80% of the U.S. equity market. It is well diversified by sector and security, with no industry currently accounting for more than 20% of the total, and no individual stock more than 4%. Increasingly, the underlying companies themselves are becoming geographically diversified, getting more and more of their revenue from outside the United States.

Over the last 20 years, the MSCI USA Index has exhibited annualized volatility north of 15%, implying that it may be more appropriate for those with a lengthy time horizon that can stomach the ups and downs that have historically accompanied this exposure. During the same period, it has shown a correlation to the MSCI World Index (in local currency) of 94%, to European equities (local currency) of 82%, and to emerging markets equities (again, as measured in local currency) of 68%.

U.S. equities comprise a large portion of many global equity indices; for example they made up 52.5% of the MSCI World Index at the end of January. So combining this fund with a global product might result in an overweight to U.S. equities. It would therefore work better in conjunction with an EAFE or World ex-U.S. exposure.

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Über den Autor

Alastair Kellett  Al Kellett is an ETF analyst with Morningstar Europe.

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