Rolle im Portfolio
The db x-trackers STOXX Global Select Dividend 100 ETF provides equity exposure to the highest dividend paying companies in America, Europe and Asia/Pacific. The index correlated 52% with the MSCI World USD Index over the last three years and therefore offer some diversification benefits within a broader equity allocation.
As the index is well diversified across well over 10 countries and sectors around the globe, this ETF is best deployed as a core holding in a well diversified portfolio.
During the financial crisis many firms which were traditionally big dividend payers--in particular banks--had to cut their payouts and saw their share prices fall as investors fled to safe-havens. However, cost-cutting exercises left many companies with huge cash reserves which are now being returned to investors, in some cases even topping pre-crisis dividend payout levels. In particular, the utilities sector--representing 19% of the index’s value--often attracts investors because it has historically produced strong, stable cash flows and dividends.
As of this writing the fund had a dividend yield of 5.22%. In contrast, the dividend yield for the MSCI World Index was 2.0%. We see this ETF as suitable for investors with a favourable outlook on the global economy and in particular for those pursuing an income-enhancing strategy.
Fundamentale Analyse
The ongoing eurozone sovereign crisis continues to dominate headlines and create uncertainty. Meanwhile, presidential elections in Greece, France, and the US and the recent collapse of the Dutch government will likely result in political gridlock during the remainder of the year. All told, the economic outlook remains fragile and very fragmented across the globe.
After a strong start in 2012, more recent data have clouded the outlook for the U.S. economy. The U.S. economy added only 120.000 jobs in March, half as many as the previous month and below market expectations. The new data suggests that the US labour market may not be as strong as originally indicated in January and February data, which may have been biased upwards due to unseasonably warm weather and aggressive seasonal adjustments. More recently, initial jobless claims rose by 13,000 to 380,000 at the beginning of April, the largest weekly rise in claims in nearly a year. However, some big US industrial companies reported surprisingly robust results for their first quarter which could have a positive effect on dividend payouts.
In Europe, the UK is suffering from painful austerity measures deemed to be necessary in the aftermath of the financial crisis. Recent economic data indicate that the economy is again in recession. After contracting 0.3% in Q4 2011, UK’s economy shrank another 0.2% during the first quarter of 2012, marking the country’s first double-dip recession since the 1970s. The main driver was a slump in construction output. This will put further pressure on Prime Minister David Cameron as his austerity measures seem to have hampered growth. In addition, as the ongoing eurozone crisis weakens demand for UK exports, the economy will have to rely primarily on a revival in consumer spending. Nevertheless, continuously high inflation and subdued wage growth will put pressure on household budgets.
Inflation in Singapore – the third largest country exposure in the index – accelerated to 5.2% in March, up from 4.6% in February and above expectations of 4.7%. High inflation, driven by surging costs of private road transportation and housing, could erode the country’s competitiveness. At the same time, GDP grew by 2.4% q/q in the first three months of the year.
There have also been signs of cracks in the China growth story of late; however a rebound in Q3 is expected, according to the government. In particular, as China has tried to get domestic inflationary pressure under control it has risked slowing its economy. As an important export market for Europe and the US as well as commodity producing nations like Australia, Canada, and Brazil, a Chinese slowdown could prove to be very damaging--especially if investment spending slips.
Indexkonstruktion
The STOXX Global Select Dividend 100 Index provides exposure to Global equities. The number of index constituents is fixed and includes the 100 highest dividend paying stocks in America, Europe and Asia/Pacific relative to their home market. Stocks are screened by historical non-negative dividend-per-share rates and dividend to earnings-per-share ratios. The constituents are weighted by their indicated annual net dividend yield and not market capitalisation. Therefore, one will find smaller companies in the index then normally expect in a broad based global index. The component stocks are capped at 15% of the index’s value and reviewed annually in March. As of writing, the heaviest country exposure is the US (25% of the index’s value), followed by the UK (16%) and Singapore (9%). The index is heavily biased to financials which represent 38% of its value, followed by utilities (19%) and telecommunications (14%).
Fondskonstruktion
The db x-trackers STOXX Global Select Dividend ETF uses swap-based replication to track the STOXX Global Select Dividend Index. The fund’s swap counterparty is Deutsche Bank. Instead of holding the actual securities in the index as in a physically replicated ETF, the fund contracts with a swap provider which delivers the return on the index (minus a fee) in exchange for the return on the fund’s collateral basket. The collateral backing the swap is held by third-party custodian State Street, which also monitors the counterparty exposure for each db x-trackers ETF. The collateral basket consists of shares of European, American and Asian blue chip companies. In the event of counterparty default, there is a risk that the liquidator or administrator may freeze the collateral basket, forcing fund holders to wait to reclaim their assets. Collateral levels are initially set at 105-120% of the fund's NAV, one of the highest levels in the industry. UCITS stipulates that derivative instruments from any single counterparty cannot represent more than 10% of the fund's net asset value (NAV), but in practice, the fund effectively retains zero counterparty exposure given the aforementioned level of over-collateralisation. db x-trackers does not engage in securities lending.
Gebühren
The fund levies a total expense ratio of 0.5%. This falls in the middle of the range for ETFs tracking Global equities.
Alternativen
As of writing, there are over 30 ETFs providing exposure to Global equities, tracking many different indices. The largest ETF in terms of total assets under management is the iShares MSCI World ETF, which uses optimised physical replication. The index is a market capitalisation weighted index representing 24 developed countries. The MSCI World is comprised of around 1600 stocks, heavily overweighting US equities (53% of the index’s value), followed by the UK (10%). On a sector level, financials are the biggest exposure representing about 18% of the index. This alternative is most suitable for investors with a very strong view on the US economy and a less bullish view on the UK compared to the ETF discussed here.
Investors looking for a more like-for-like alternative will find the iShares STOXX Global Select Dividend 100 (DE) ETF attractive. This product levies a total expense ratio of 0.41% and uses full physical replication to track the index.
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