Update: iShares MSCI USA Small Cap UCITS ETF

Für diesen US-Nebenwerte-ETF spricht die effiziente Indexkonstruktion. Allerdings liegen die Kosten über dem Niveau vergleichbarer ETFs. Dies führt zum Morningstar Analyst Rating "Bronze".

Monika Dutt 10.02.2017

This well-diversified exchange-traded fund is likely to continue outperforming its U.S. small-cap equity peers over the long haul.

It is intuitive to presume that small-cap stocks should outperform their large-cap counterparts over the long run. After all, small caps do tend to have more-limited financial resources, weaker competitive advantages (if any), and lower profitability than large caps. They also tend to be more volatile and have less analyst coverage--which may increase the risk of mispricing. An efficient market should compensate investors for accepting greater nondiversifiable risk with higher expected returns.

Consistent with this view, U.S. small-cap stocks historically have outpaced their large-cap counterparts over the long term. However, since the early 1980s, the small-cap premium has diminished despite outperformance during the past decade. Even if the premium still exists, it is unreliable at best. Investors should not count on a small-cap tilt to boost long-term performance. 

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Über den Autor

Monika Dutt  E' Analista sulle strategie passive di Morningstar Europe

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