Analyse: iShares S&P Global Water

Wasser-Aktien oder bloß Versorger? In jedem Fall weist dieser ETF eine hohe Korrelation zum MSCI Welt auf.

Lee Davidson 17.08.2012
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Rolle im Portfolio

The iShares S&P Global Water ETF provides equity exposure to the 50 largest and most liquid companies globally involved in the water-related businesses. Most index constituents are either utilities that earn regulated returns or diverse industrial firms that have significant revenues generated from businesses related to water. The index provider's weighting scheme places a greater emphasis on firms whose primary focus is water-related business rather than the magnitude of water-related revenues. Therefore, many of the water industry's largest players--such as General Electric GE and Siemens SI--are not considered for inclusion in the index because their other business activities eclipse the relative importance of their water-related revenues. On account of these exclusions it can be argued that investing in pure-play water equities provides incomplete exposure to the overall water industry. At the time of this writing, the reference index has exhibited a high level of correlation to the MSCI World (95%) and the STOXX Europe 600 (93%) over the past five years. With this level of correlation, the diversification benefits of adding this ETF to an existing equity allocation are minimal to non-existent. Yield-thirsty investors will likely be left somewhat dehydrated by holding this ETF. Historically, the utilities sector has produced strong, stable cash flows, which have translated into higher dividends. However, as of this writing, this ETF had a dividend yield of 1.74%, slightly lower than that for the MSCI World index at around 2% and significantly less than that for a broad utilities fund like the iShares STOXX Europe 600 Utilities with a current yield equal to 4.7%. Given its narrow sector focus and surprising lack of yield for a predominantly utilities fund, investors should think twice before diving in. At best, this ETF should be deployed as a tactical tool in an already well diversified portfolio for those who hold a long-term investment thesis grounded in the need for upgrading and expanding global water infrastructure.

Fundamentale Analyse

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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