Analyse: UBS-ETF MSCI USA

Dieser Aktien-ETF ist nicht nur eine Wette auf die größte Volkswirtschaft der Welt, sondern auch eine auf die globalen Technologie- Marktführer.

Alastair Kellett 14.12.2012

Rolle im Portfolio

The UBS-ETF MSCI USA 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 over 600 mid- and large-cap constituents, the MSCI USA Index covers more than 80% of the U.S. equity market. It is well diversified by sector and security, with no industry currently accounting for more than 20% of the total, and no individual stock more than 5%. Increasingly, the underlying companies themselves are becoming geographically diversified, getting more and more of their revenue from outside the United States. Over the last 10 years, the MSCI USA Index 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 European equities (in local currencies) of 89% and to emerging markets equities (again, as measured in local currency) of 78%. 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 distributes dividends from its underlying holdings on a semi-annual basis, so it may suit an investor looking for some investment income.

Fundamentale Analyse

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Über den Autor

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

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