Analyse/iShares Global Inflation Linked Government Bond UCITS ETF

Vor allem institutionelle Investoren sichern ihre Portfolios gegen Inflationsgefahren ab. Auch wenn diese Gefahr heute gering ist, können inflationsgeschützte Anleihen einen effektiveren Hedge darstellen als Rohstoffe.

Jose Garcia Zarate 02.05.2014

Rolle im Portfolio

The iShares Global Inflation-Linked Government Bond UCITS ETF offers investors exposure to the aggregate market performance of government inflation-linked bonds issued by the major developed economies. Protecting an investment portfolio against the damaging effects of inflation is one of the top tips an investor is certain to get. On that basis, inflation-fighters should be part and parcel of an optimal asset allocation. The global scope of this ETF possibly makes it best suited to work within the core of an internationally diversified investment portfolio, rather than one with a restricted geographical bias for which country-specific inflation-linked ETFs may be a better option. Having said this, it is important to underline that the term “global” used to market this ETF is somewhat generous as it only refers to a selected group of developed economies (e.g. G7 plus Australia and Sweden). As such, this ETF may not prove such an effective inflation hedge for investors with investment portfolios geographically biased to emerging and developing economies, particularly as these are statistically more heavily exposed to commodity-led (e.g. agriculture) inflationary pressures.   

Aside from geographical considerations, investors also need to take into consideration the underlying dynamics of the government inflation-linked bond market. Demand for this type of product is essentially institutional, particularly from the likes of pension funds and insurance companies with asset-liability-matching needs on fairly long-term horizons. As a result, inflation-linked bond issuance tends to have a long maturity bias. This is duly reflected in key metrics for this ETF such as duration (e.g. around the 10-12 year mark), which will determine the value of this ETF as monetary policy settings change. It would be fair to say that the task of monitoring such changes at a “global” scale may be more suited to institutional than retail investors.

This ETF is a USD-denominated financial product whose performance may be affected by foreign exchange fluctuations. This ETF does not distribute dividends.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

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