Analyse: SPDR Barclays Capital Emerging Markets Local Bond ETF

Dieser ETF investiert in Schwellenländer-Staatsanleihen, die auf lokale Währungen lauten und sollte als Satelliten-Investment angesehen werden.

Lee Davidson 07.12.2012
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Rolle im Portfolio

The SPDR Barclays Capital Emerging Markets Local Bond ETF offers investors exposure to emerging markets (EM) local currency denominated sovereign debt across a broad range of maturities, though with a longer-dated bias (e.g. duration around 6.7 years). Although in recent years, local-currency denominated EM debt has received increased investor attention due to the potent return combination of relatively high yields and currency appreciation; historically EM debt has been denominated in USD or other developed nation currencies to make the investments more palatable to global investors.

Conventional wisdom suggests that emerging markets are more likely to default than their developed neighbors, and while this assertion is coming under increasing scrutiny, the general premise still holds. Investors in EM debt are compensated for this increased risk with higher yields and greater diversification away from more mainstream fixed income investments. Specifically, at the time of this writing, this ETF boasts a 4.1% yield-to-maturity compared to 1.4% for Barclays US Aggregate Bond Index. Another commonly cited advantage to investing in EM debt is its observed low correlation to traditional fixed income investments. While this ETF does not have a long enough track record to make a direct comparison, its benchmark (JP Morgan EMBI index) has exhibited trailing 10-year correlations of 28% and 43% to the BarCap US Treasury TR and Citi G7 indices, respectively. In fact, EM debt, in general, tends to be more highly correlated with movements in the equity markets as measured by the MSCI World (~63%) and STOXX Europe 600 (~68%) indices than investment grade debt.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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