Analyse: RBS Market Access Jim Rogers International Commodity Index Fund

Dieser breit diversifizierte ETF setzt seinen Schwerpunkt auf die Energie-Komponente. Rollverluste minimieren allerdings die Tracking-Effizienz bei diesem Produkt.

Lee Davidson 01.03.2013

Rolle im Portfolio

The RBS Market Access Rogers International Commodity Index ETF offers broad commodity exposure by tracking the Rogers International Commodity Index (RICI) covering 38 commodities in the energy, agriculture, and metals subsectors. Historically, commodities have been sought out by investors to increase their risk-adjusted returns given their low to negative correlation with equities and fixed income securities. In recent years, investors have seen trailing five-year correlations for broad-basket commodity indices and equities (DJ UBS Commodity and Reuters/Jefferies CRB) go from near 0% in 2006 to upwards of 71%, in 2012 as measured against the STOXX Europe 600 and the MSCI World indices. The Rogers International Commodity Index has realised slightly more of an increase in correlation to these same equity benchmarks over the same timeframe from 0% to 74%.

Despite this rise in correlation, commodities have not lost all of their investment appeal. An exchange-traded product tracking a broad basket of commodity futures can still be utilised as a role player in a well diversified portfolio to hedge against unexpected inflation.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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