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Analyse: UBS-ETF SMI (CHF)

Eine konzentrierte Wette auf die größten Schweizer Unternehmen. Nestlé, Novartis und Roche dominieren den Index.

Hortense Bioy, CFA 23.03.2012

Rolle im Portfolio

The UBS-ETF SMI provides exposure to Swiss large-capitalisation equities and can be used as a core holding for investors looking to build a Swiss-centric portfolio. However, investors should be aware that the SMI is very top heavy, with the five largest constituents accounting for about 70% of the index’s value. This means that price fluctuations in those shares have a substantial impact on the index’s value. Nestle, the world’s biggest food company, is the largest stock represented in the fund with a 25% weighting, followed by drug makers Novartis and Roche. Consequently, the CS ETF (CH) on SMI also has a high degree of sector concentration, with healthcare being the top sector with a 35% weighting, followed by consumer goods and financials, which combined represent another 50% of the portfolio.

This fund can also be implemented as a tactical tool to overweight Swiss equities within a diversified portfolio. It could be useful for those who want to place a bet on the near-to-medium-term prospects of the Swiss market under the belief that the benchmark index is undervalued.

For non-Swiss investors, this fund can also serve as a diversifier within a broad pan-European portfolio by providing exposure to one of the world’s most stable and strongest currencies. Over the past five years, the SMI has shown an 85% correlation to the widely-held EURO STOXX 50. By comparison, the DAX and CAC 40 have both exhibited a correlation around 98% to the EURO STOXX 50 over the same period. This lower correlation is primarily because Switzerland is not a member of the European Monetary Union. However non-Swiss investors should be mindful that a strengthening franc will enhance the return of this fund as denominated in their home currencies, but a weakening franc will weigh on its performance as measured in their home currency.

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Über den Autor

Hortense Bioy, CFA

Hortense Bioy, CFA  is director of passive fund research in Europe.

Audience Bestätigung


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