Analyse: HSBC MSCI Emerging Markets UCITS ETF

Bewertungsorientierte Investoren finden heute die günstigsten Märkte in den Schwellenländern. Dem Risiko stehen die Chancen eines antizyklischen Einstiegs gegenüber. 

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The HSBC MSCI Emerging Markets ETF provides exposure to a wide array of mid- and large-cap companies within the world’s emerging regions. The importance of thisbroad category of countries has increased significantlyon the global political and economic stage in recent years. Whereas a fund withemerging market exposure would once have been considered a speculative tactical tool, it is increasingly becoming a core component of a globally balanced portfolio. Nevertheless, this can be a volatile area of the market. The MSCI Emerging Markets Index has had an average annual standard deviation of 18.5% over the past 10 years, versus 14.1% for the MSCI World Index. Its correlation to other equity exposures does suggest benefit as a diversifier. Over the same period it has shown correlation to the local-currency returns of the S&P 500, the MSCI Europe, and the broader MSCI World Index of 77%, 80% and 83%, respectively. That benefit has only increased recently, with corresponding one-year correlations of 47%, 75% and 63%. The fund passes along dividends from underlying securities in a quarterly distribution and currently yields 1.94% per year. Therefore this fund might suit an investor seeking a steady but modest level of income, although the tax implications of such distributions for each individual investor should be taken into consideration.

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Fundamentale Analyse

While economic growth in the developed world remains lacklustre despite rock-bottom interest rates, much of the developing world has maintained strong growth rates over the last few years. As the group’s largest economy-- and the largest weighting in the index-- China has a considerable impact on the MSCI Emerging Markets Index. China’s GDP grew by 7.7% in the first nine months of 2013: robust but less than had become customary. At the November 2013 Plenum, the Chinese Communist Party’s economic planning meeting held every five years, President Xi Jinping hinted at plans to allow for greater market-driven growth. Already in 2013, the People’s Bank of China announced banks could set prime lending rates, and the government launched the Shanghai Pilot Free Trade Zone which will offer full currency convertibility of the Renminbi. The move highlights the gradual liberalisation of China’s monetary and economic policy, but China’s leadership has been quick to assert it remains in control of the reforms. Even so, China has found itself tied up in ongoing territorial disputes with Japan--China’s second largest trading partner. International concern overethnic tensions and violent clashes in Uighur-dominated Xinjiang Province remains another sore point, with potential to disrupt regional economic expansion and discourage foreign investment.

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Über den Autor

Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure.

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