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Analyse: iShares S&P 500

Dieser ETF ist der größte Indexfonds auf den S&P 500, ist aber mit Jahresgebühren von 40 Basispunkten nicht billig.

Alastair Kellett 30.11.2012

Rolle im Portfolio

The iShares S&P 500 is best suited as a core building block for a portfolio, providing broad exposure to many of the largest companies in the world’s biggest economy. With 500 large cap constituents, the S&P 500 Index covers three-quarters of the U.S. equity market and is well diversified by sector and security. Increasingly, the underlying companies themselves are becoming geographically diversified, getting more and more of their revenue from outside the United States. Over the last 20 years, the S&P 500 has exhibited annualised volatility north of 15%, implying that it may be more appropriate for those with a lengthy time horizon. During the same period, it has shown a correlation to the MSCI Europe Index (in local currency) of 84%, and to emerging markets equities (again, as measured in local currency) of 68%. Over the shorter term, however, some of that diversification benefit seems to have diminished: the corresponding 5-year correlations are 92% and 85%. U.S. equities comprise a large portion of many global equity indices, for example they made up 53.4% of the MSCI World Index at the end of October. So combining this fund with a global product might result in an overweight to U.S. equities. It would therefore work better in conjunction with an EAFE or World ex-U.S. exposure. The fund passes along dividends from underlying stocks to unitholders in a quarterly distribution, currently at a yield level of 1.45%. So this fund might suit an investor seeking moderate levels of income, although the tax implications of such distributions for each investor would have to be taken into consideration.

Fundamentale Analyse

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Über den Autor

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

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