In den Jahren seit der Rückkehr der US-Notenbank (Fed) zu eineihrem dovishen, geldfreundlichen r Niedrigzinsumfeld Niedrigzinspolitik haben die US-Anleger hauptssächlich von Wachstumsaktien profitiert. Dies hat zum Teil zu einer Konzentration des S&P 500® auf ein Niveau geführt, das seit den 1970er Jahren nicht mehr erreicht wurde (Abbildung 1). Dies gute Performance dieser Top-Titel hat Anlegern geholfen, die auf die beliebte US-Aktienbenchmark gesetzt haben. Im vierten Quartal 2021 wird die US-Notenbank voraussichtlich Pläne zur Reduktion der Ankäufe von Vermögenswerten ihrer Anleihekäufe ankündigen, die für die Beibehaltung niedriger Renditen entscheidend sind. Anleger werden prüfen nun, ob sie weiterhin bei den "Gewinnern" desr lockeren Geldespolitik bleiben wollen.
Abbildung 1: Kumulative Gewichtung der Top-5-Namen im S&P 500®
Die derzeitige wirtschaftliche Stimmung ist für Aktienanleger nach wie vor ein gutes Argument für Investitionen in die Aktienmärkte. Die Umfragen zum Verbrauchervertrauen und zu den Einzelhandelsumsätzen haben ihre Trends aus der Zeit vor der Pandemie wieder aufgenommen (Abbildung 2), da die Verbraucher darauf hoffen, die pandemiebedingten Restriktionen hinter sich zu lassen Verschlossenheit zu überwinden und zur Normalität zurückzukehren. Wir sehen Anzeichen für dieses Vertrauen in den Erwartungen für Dividendenzahlungen. In unserem aktualisierten Insights-Artikel, USA Dividend Aristocrats: Playing the Continued Recovery" heben wir hervor, dass sowohl die Erwartungen der Analysten als auch die Dividendenprognosen derzeit bemerkenswert positiv sind.
Abbildung 2: Verbraucherindikatoren erholen sich wieder vom Trend vor der Pandemie
Wir glauben, dass das erste Halbjahr 2021 erst der Anfang war und die Erholung bis zum Jahresende anhalten wird. Der Vorteil, den Wachstumswerte durch die extrem niedrigen Zinsen haben, könnte sich verringern, wenn die Renditen weiter steigen und die Inflation anzieht. Wir gehen davon aus, dass sich die Schere zwischen Growth und Value weiter schließen wird.
Wie können Anleger mit diesem Thema umgehen?
Anleger sollten sich davor hüten, zu früh auszusteigen und dadurch nicht von der vollständigen Erholung der US-Wirtschaft zu profitieren, da jetzt wo die sozialen Beschränkungen stetig weiter gelockert werden. Wer einen diversifizierten Ansatz und eine stabile Dividendenstrategie sucht, könnte ein Engagement in den USA über Dividend Aristocrats UCITS ETFs in Betracht ziehen. Hier ist auch eine neue ESG-Version verfügbar. Um mehr über diese Fonds zu erfahren und die vollständige Performancehistorie einzusehen, klicken Sie bitte auf die nachstehenden Links.
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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 Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89-55878-400.F: +49 (0)89-55878-440.
For Investors in 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.
For Investors in France: This document does not constitute an offer or request to purchase shares in the Company. Any subscription for shares shall be made in accordance with the terms and conditions specified in the complete Prospectus, the KIID, the addenda as well as the Company Supplements. These documents are available from the Company centralizing correspondent: State Street Banque S.A., Coeur Défense - Tour A - La Défense 4 33e étage 100, Esplanade du Général de Gaulle 92 932 Paris La Défense cedex France or on the French part of the site ssga.com/etfs. The Company is an undertaking for collective investment in transferable securities (UCITS) governed by Irish law and accredited by the Central Bank of Ireland as a UCITS in accordance with European Regulations. European Directive no. 2014/91/EU dated 23 July 2014 on UCITS, as amended, established common rules pursuant to the cross-border marketing of UCITS with which they duly comply. This common base does not exclude differentiated implementation. 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.
For Investors in Germany: The offering of SPDR ETFs by the Companies has been notified to the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in accordance with section 312 of the German Investment Act. Prospective investors may obtain the current sales Prospectuses, the articles of incorporation, the KIIDs as well as the latest annual and semi-annual report free of charge from State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich. Telephone: +49 (0)89-55878-400. Facsimile: +49 (0)89-55878-440.
Ireland: State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson’s Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300.
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For Investors in Luxemburg: The Companies have been notified to the Commission de Surveillance du Secteur Financier in Luxembourg in order to market its shares for sale to the public in Luxembourg and the Companies are notified Undertakings in Collective Investment for Transferable Securities (UCITS).
Netherlands: This communication is directed at qualified investors within the meaning of Section 2:72 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht) as amended. 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. Distribution of this document does not trigger a licence requirement for the Companies or SSGA in the Netherlands and consequently no prudential and conduct of business supervision will be exercised over the Companies or SSGA by the Dutch Central Bank (De Nederlandsche Bank N.V.) and the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten). The Companies have completed their notification to the Authority Financial Markets in the Netherlands in order to market their shares for sale to the public in the Netherlands and the Companies are, accordingly, investment institutions (beleggingsinstellingen) according to Section 2:72 Dutch Financial Markets Supervision Act of Investment Institutions.
Norway: The offering of SPDR ETFs by the Companies has been notified to the Financial Supervisory Authority of Norway (Finanstilsynet) in accordance with applicable Norwegian Securities Funds legislation. By virtue of a confirmation letter from the Financial Supervisory Authority dated 28 March 2013 (16 October 2013 for umbrella II) the Companies may market and sell their shares in Norway.
For Investors in Spain: State Street Global Advisors SPDR ETFs Europe I and II plc have been authorised for public distribution in Spain and are registered with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) under no.1244 and no.1242. Before investing, investors may obtain a copy of the Prospectus and Key Investor Information Documents, the Marketing Memoranda, the fund rules or instruments of incorporation as well as the annual and semi-annual reports of State Street Global Advisors SPDR ETFs Europe I and II plc from Cecabank, S.A. Alcalá 27, 28014 Madrid (Spain) who is the Spanish Representative, Paying Agent and distributor in Spain or at spdrs.com. The authorised Spanish distributor of State Street Global Advisors SPDR ETFs is available on the website of the Securities Market Commission (Comisión Nacional del Mercado de Valores).
Switzerland: 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 ssga.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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The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor.All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
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