Analyse: iShares Markit iBoxx $ High Yield Capped Bond

Mit diesem ETF bewegen sich Anleger im Trend. Aber angesichts einer Rendite von aktuell 6,4% werden Risiken für Junk Bonds nicht länger üppig vergütet.

Jose Garcia Zarate 23.11.2012

Rolle im Portfolio

The iShares Markit iBoxx USD High Yield Capped Bond ETF offers investors exposure to the USD-denominated market of non-investment grade corporate debt. Gaining exposure to the high yield corporate bond market is often thought of as a way to generate higher returns relative to better credits. However, investors in this particular asset class will have to accept the trade-off of much higher notional risk vs. investment grade corporate debt. This means that expectations for a steady stream of income should be lower while the risk profile (e.g. default is not a rare occurrence in high yield) should be higher.

The combination of a substantial yield pick-up and a higher risk profile means that this ETF is probably best deployed as a satellite component within the fixed income section of an investment portfolio. Some investors with a particular high tolerance to risk may see high yield as their preferred asset to meet their exposure requirements to corporate bonds, while others may see an ETF tracking the performance of the USD-denominated high yield bond market as better capturing the essence of the this particular asset class given that globally, high yield bond issuance is largely undertaken by US-based corporations. Irrespective of whether the ETF plays a structural or tactical role, we would argue that the overall weight of this asset class within a portfolio is unlikely to be of a great magnitude.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

Audience Bestätigung


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