Analyse: ComStage ETF DAX

Der deutsche Standardwerte-Index hat 2012 um knapp 30% zugelegt. Wer diesen ETF kauft, wettet auf ein weiteres gutes Jahr für den Export-Vizeweltmeister Deutschland.

Rolle im Portfolio

ComStage ETF DAX TR provides exposure to German large-capitalisation equities, and can be used as a core holding for investors looking to build a German-centric portfolio. Despite the fact that all index constituents are multinational companies generating revenue around the world, the DAX is often used as benchmark for the German market. For instance, the largest index constituent, BASF, generated only about 40% of its sales in Germany in 2011. Many other companies also generate less than 50% of their revenue within Germany. As such, this investment can also be seen as a passive play on the pan-European and/or global economy with a German bias. Over the past three years, the DAX has shown a 88% correlation to the widely-held EURO STOXX 50 and an 79% correlation to the MSCI World. This in part reflects the fact that some of the largest constituents of the German index, such as Siemens and BASF, are truly global players that compete worldwide in sectors like industrial materials, financial services and automobile manufacturing.

ComStage ETF DAX TR can also act as a tactical tool to overweight German equities within a diversified portfolio. However, it is important for investors to examine the index’s constituents. Like many single country indices, the DAX is fairly top heavy, with the top 10 constituents accounting for almost 70% of its value. The largest holding is Siemens, which accounts for about 10% of the portfolio. The financial sector, consisting mainly of Allianz, Deutsche Bank and Munich Re accounts for about 17% of the index.

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Über den Autor

Gordon Rose, CIIA, CAIA,

Gordon Rose, CIIA, CAIA,  war von 2011 bis 2014 Fondsanalyst bei Morningstar.

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