Analyse: Lyxor ETF Brazil (Ibovespa)

Der ETF auf den Index Ibovespa deckt 70% des brasilianischen Markts ab, weist aber eine hohe Konzentration bei Energie und sonstigen Rohstoffen auf.

Alastair Kellett 11.10.2012

Rolle im Portfolio

The Lyxor ETF Brazil provides exposure to many of the biggest and most liquid components of the Brazilian equity universe. Brazil has seen remarkable growth over the last several decades, and now ranks as the world’s sixth largest economy. In turn, Brazilian equities have gone from fringe emerging market exposure to an increasingly important part of a globally balanced portfolio. The Bovespa Index is fairly well diversified by sector, but diversification at the company level is limited, with more than 50% of the index within the top 10 firms. Returns from Brazilian equities have been erratic, exhibiting annual volatility of over 30% in the last 15 years. An investment like this therefore requires a lengthy time horizon and a strong stomach to handle the swings. Its correlation to other equity exposures does suggest some benefit as a diversifier. In the same time period it has shown correlation to the local-currency returns of the S&P 500, the MSCI Europe and the MSCI World Index of 66%, 67%, and 72%, respectively. Although some of that benefit looks to have diminished: the corresponding 5-year correlations are 78%, 79%, and 82%.

Fundamentale Analyse

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Über den Autor

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

Audience Bestätigung


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