Update: Barclays Emerging Markets Local Bond UCITS ETF

Barclays folgt bei der Berechnung des Index der Schwellenländer-Klassifikation der Weltbank und des IWF. State Street wendet das optimierte Sampling-Verfahren an, um diesen breit diversifizierten Index abzubilden. Viele Schwellenänder-Währungen haben 2015 ein tiefes Tal durchschritten.

Jose Garcia Zarate 18.03.2016

Rolle im Portfolio

SPDR Barclays Emerging Markets Local Bond UCITS ETF offers exposure to the market of local-currency-denominated emerging-markets government debt. It tracks a geographically diversified global index that covers the most-liquid emerging-markets bond issuers. This ETF uses the US dollar as its base currency, but it does not hedge its exposure to emerging-markets local currencies, meaning that investors will take a bet on emerging-markets currencies. The ETF distributes dividends on a semiannual basis.

The search for higher yield vis-a-vis developed bond markets is the key selling point of emerging-markets government debt. Investors are also attracted to emerging-markets debt by virtue of its low correlation with traditional developed fixed-income investments. In addition, investors in local-currency emerging-markets debt also seek potential gains via favourable foreign-exchange differentials; although this can also work the other way around. This ETF is likely to work best as a satellite component in most investment portfolios.

Increasingly, investors are being advised not to treat emerging markets as a homogeneous asset class and instead discriminate between countries. On paper, this would seem to support an active approach to the asset class, not least considering the added exposure to currency risk from multiple countries. However, compared with its Morningstar Category, which includes actively managed funds, this ETF has outperformed the bulk of its peers during the past three years, with its risk-adjusted returns ranked in the upper area of the first quartile.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

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