Die globalen Aktienmärkte hatten einen starken Start ins Jahr 2021, wobei alle wichtigen regionalen Indizes gegen Ende des ersten Quartals im Plus notieren. Während ein Großteil der Schlagzeilen am US-Markt den FAANG-Aktien mit Megakapitalisierung gewidmet ist, haben sich die Indizes, die sich auf Aktien mit geringer Marktkapitalisierung ("Cap") konzentrieren, am besten entwickelt.
In den USA hat der Russell 2000 Index - der aus Aktien mit einer Marktkapitalisierung von weniger als 10 Mrd. $ besteht - eine rasante Entwicklung genommen. Im bisherigen Jahresverlauf ist der Russell 2000 insgesamt um 15,88 Prozent gestiegen. Das ist eine Outperformance von 11,25 Prozent gegenüber dem stärker beachteten S&P 500 Index, der sich aus großen und sehr großen Aktien zusammensetzt. Die europäischen Aktien haben eine ähnliche Geschichte zu erzählen. Der MSCI Europe Small Cap Index ist insgesamt um 9,06 Prozent gestiegen, was einer Verbesserung von 1,5 Prozent gegenüber dem MSCI Europe Index entspricht.1
Im Jahr 2020 litten kleinere Unternehmen unverhältnismäßig stark unter den negativen Auswirkungen der globalen Pandemie, sowohl im Hinblick auf die kurzfristige Unterbrechung der Geschäftstätigkeit als auch auf die längerfristige Bedrohung der finanziellen Lebensfähigkeit. Anleger, die zum Zeitpunkt der Pandemie in einem breiten Large-Cap-Index - wie dem S&P® 500 Index - investiert waren, hätten von der Diversifizierung in Aktien wie die FAANGs (z. B. Technologiewerte, die die digitale Wirtschaft unterstützen) profitiert. Die größeren Bilanzen der Large-Cap-Aktien erlaubten es vielen auch, die niedrigen Zinsen zu nutzen, um ihre Kapazitäten zu erweitern, damit sie einer längeren Rezession der Konsumtätigkeit standhalten können. Small-Cap-Aktien hätten ebenfalls davon profitiert, allerdings in einem viel geringeren Umfang. Unterm Strich litten Small-Cap-Aktien im Allgemeinen unter tieferen Diskontierungen als Folge der globalen Pandemie. Dies änderte sich im November 2020, als wichtige Ankündigungen im Zusammenhang mit vielversprechenden Impfstoffentwicklungen dazu führten, dass sich dieser "Diskontierungseffekt" umkehrte.
Während ein Großteil der in diesem Jahr beobachteten Small-Cap-Rallye auf eine Umkehrung des Pandemie-Abschlags zurückzuführen ist, glauben wir, dass es noch mehr Spielraum gibt. Wenn die Konjunktur wieder anzieht und sogar noch weiter ansteigt, sollte sich das traditionelle Verhalten von Small-Cap-Aktien im Aufschwung durchsetzen. Die gleichen Mechanismen, die kleinere Unternehmen auf dem Weg nach unten anfälliger gemacht haben, sollten sie auf dem Weg nach oben stärker unterstützen. Ähnlicher Rückenwind besteht für Value-Aktien, die eine ähnliche Entwicklung wie Small Caps durchlaufen haben, wenn auch in einem bescheideneren Ausmaß. Im März haben Value-Aktien begonnen, zu den Small Caps aufzuschließen, und die Anlegerstimmung deutet darauf hin, dass beide Engagements mehr Potenzial für eine Rally haben werden.
Anleger, die ein Engagement in Small Caps aufbauen möchten, können dies mit SPDR ETFs tun. Um mehr über diese ETFs zu erfahren und die vollständige Performance-Historie einzusehen, folgen Sie bitte den untenstehenden Links.
Europäische Anleger haben bereits begonnen, sich für das oben beschriebene Umfeld zu positionieren, wobei erhebliche Mittel in ETFs geflossen sind, die ein Engagement in den Faktoren Size (Small Caps) und Value bieten. Anleger, die ihrem Portfolio beides hinzufügen möchten, sollten einen Small Cap Value Weighted Index in Betracht ziehen, der ein signifikantes Engagement in den beiden Faktoren Size und Value bietet (siehe Abbildungen 1 USA und 2 Europa). SPDR® ETFs bieten eine Möglichkeit, diese Indizes zu spielen. Um mehr über diese ETFs zu erfahren und um die vollständige Performance-Historie einzusehen, folgen Sie bitte den untenstehenden Links.
European-Domiciled ETP Segment Flows (Top/Bottom 5, $mn)
European-Domiciled ETP Asset Category Flows ($mn)
Source: Bloomberg Finance L.P., for the period 11-18 March 2021. Flows are as of date indicated and should not be relied upon as current thereafter. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.
1Quelle: Alle Performancezahlen stammen von Bloomberg Finance L.P., Stand: 19. März 2021.
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For Investors in Austria: The offering of SPDR ETFs by the Company has been notified to the Financial Markets Authority (FMA) in accordance with section 139 of the Austrian Investment Funds Act. Prospective investors may obtain the current sales Prospectus, the articles of incorporation, the KIID as well as the latest annual and semi-annual report free of charge from State Street Global Advisors GmbH, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89-55878-400. F+49 (0)89-55878-440.
Finland: The offering of funds by the Companies has been notified to the Financial Supervision Authority in accordance with Section 127 of the Act on Common Funds (29.1.1999/48) and by virtue of confirmation from the Financial Supervision Authority the Companies may publicly distribute their Shares in Finland. Certain information and documents that the Companies must publish in Ireland pursuant to applicable Irish law are translated into Finnish and are available for Finnish investors by contacting State Street Custodial Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.
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This is why a European UCITS can be sold in France even though its activity does not comply with rules identical to those governing the approval of this type of product in France. The offering of these compartments has been notified to the Autorité des Marchés Financiers (AMF) in accordance with article L214- 2-2 of the French Monetary and Financial Code.
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The collective investment schemes referred to herein are collective investment schemes under Irish law. Prospective investors may obtain the current sales prospectus, the articles of incorporation, the KIID as well as the latest annual and semi-annual reports free of charge from the Swiss Representative and Paying Agent, State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstr. 19, 8027 Zurich, as well as from the main distributor in Switzerland, State Street Global Advisors AG, Beethovenstrasse 19, 8027 Zurich. Before investing please read the prospectus and the KIID, copies of which can be obtained from the Swiss representative, or at spdrs.com.
United Kingdom: The Funds have been registered for distribution in the UK pursuant to the UK’s temporary permissions regime under regulation 62 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019. The Funds are directed at 'professional clients' in the UK (as defined in rules made under the Financial Services and Markets Act 2000) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description should not rely on this communication. Many of the protections provided by the UK regulatory system do not apply to the operation of the Funds, and compensation will not be available under the UK Financial Services Compensation Scheme.
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