Analyse: db x-trackers MSCI AC Asia (ex-Japan)

Finanztitel und China-Aktien sind die dominierenden Themen in diesem breit aufgestellten Asien-ETF.

Lee Davidson 21.09.2012

Rolle im Portfolio

The db x-trackers MSCI AC Asia (ex-Japan) provides exposure to fast-growth economies of Asia, excluding stodgy, slow-growth Japan. Investors should be cautious, however, in assuming that fast-growth in terms of GDP will necessarily translate into stock market returns. Academics have repeatedly debunked this assertion over the years, revealing that no significant correlation exists between the two growth trajectories. Geographically-speaking, Chinese equities represent the largest stake in the index (~24%) followed by South Korea (~21%), Taiwan (~15%), Hong Kong (~12%), and India (~9%). However, despite the relatively equitable distribution, China's economic influence pervades throughout the bulk of the index. The Chinese Communist Party's fixation on GDP growth has contributed to massive internal spending on infrastructure. The resulting infrastructure boom has sent global commodity prices sky-high. As a result, China's neighboring economies have benefited from some of the spillover demand for these precious raw materials.

Over the past 10 years, the reference index has maintained a high level of correlation to the MSCI Emerging Markets index (~89%) as well as a fairly high correlation to the MSCI World (~86%) and STOXX Europe 600 (~84%) indices. Given its breadth, this fund can be suitable as a core holding for those seeking diversified exposure to Asian equities.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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