Aktien aus dem Vereinigten Königreich sind eine der wenigen Regionen, die Anlegern in diesem Jahr eine Verschlechterung des makroökonomischen und geopolitischen Umfelds erspart haben. Die Hauptgründe für die Outperformance im Vergleich zu anderen Märkten sind die zweckmäßige Sektorzusammensetzung, attraktive Bewertungskennzahlen und die geringere Abhängigkeit von russischen Ressourcen im Vergleich zu Kontinentaleuropa. Wir gehen davon aus, dass dieser Rückenwind anhalten wird.
Der Rückenwind für britische Aktien ist nach wie vor intakt und dürfte kurz- bis mittelfristig zur Performance beitragen. Darüber hinaus hat sich das GBP gegenüber dem USD von 1,35 zu Jahresbeginn auf 1,26 am 25. Mai1 abgeschwächt, was den im britischen FTSE ALL-Share Index enthaltenen Exporteuren und globalen Unternehmen zusätzlichen Auftrieb gibt.
Der wichtigste Grund für die relative Performance britischer Aktien ist die Zusammensetzung der Sektoren und Branchen, die für das derzeitige Umfeld gut geeignet ist.
Eine der Herausforderungen, mit denen die Aktienmärkte konfrontiert sind, ist die Kombination aus steigenden Renditen und einer sich abflachenden Kurve - letzteres insbesondere in den USA. Die Finanzunternehmen im Vereinigten Königreich, auf die 22 % des Index entfallen, sind in dieser Hinsicht jedoch gut positioniert. Die Kurve steigt im Vereinigten Königreich nicht nur an, sondern ist auch relativ steil, so dass steigende Renditen in verbesserte Nettozinsmargen umgesetzt werden können.
Anleger stehen auch vor der Herausforderung hoher Rohstoffpreise, die einer der Haupttreiber der Inflation sind. Wir sind der Meinung, dass britische Aktien unter den Kernaktien am besten geeignet sind, um dieses Thema zu spielen. Auf den Energiesektor, der am deutlichsten von den steigenden Ölpreisen profitiert, entfallen 10 % des britischen Index2 , was mehr als doppelt so viel ist wie bei den Aktien der Industrieländer.
Der andere Sektor, der von hohen Rohstoffpreisen profitiert, sind Rohstoffe. Allerdings gilt dies nicht für den gesamten Sektor, sondern eher für Bergbauunternehmen. In dieser Hinsicht bietet der britische FTSE-All-Share-Index ein überzeugendes Engagement in allgemeinen Bergbauunternehmen, die 7 % des Index ausmachen, während ihr Anteil im MSCI World weniger als 1 % beträgt3.
Die starke Präsenz der defensiven Sektoren Basiskonsumgüter (15 % des Index) und Gesundheitswesen (12 %) bietet die nötige Sicherheit vor einer globalen Konjunkturabschwächung. Schließlich ist der zyklische Konsum (11 %) nur in geringem Maße in der Automobil- und Zulieferindustrie engagiert, was den Anlegern die Möglichkeit gibt, einige der Folgen der Sanktionen gegen Russland zu umgehen.
Abbildung 2: FTSE All-Share Index ICB Branchenaufteilung
Eine wichtige Frage ist, ob die Outperformance britischer Aktien anhalten kann. Wir sind der Meinung, dass dies möglich ist, und sehen weiterhin ein starkes Anlageargument, insbesondere auf relativer Basis. Denn die Rahmenbedingungen haben sich nicht geändert. Die Inflation lässt nicht nach, der Verbraucherpreisindex im Vereinigten Königreich lag im April bei 9 % und die Rohstoffpreise sind nach wie vor hoch. Zudem hat das GBP gegenüber dem USD abgewertet und die britische Renditekurve bleibt steil, wobei mindestens vier Zinserhöhungen um 25 Basispunkte eingepreist sind. Wichtig ist, dass trotz der relativen Outperformance im bisherigen Jahresverlauf die Bewertungen britischer Aktien im Vergleich zu den Aktien der Industrieländer im Allgemeinen nach wie vor extrem niedrig sind, was bedeutet, dass der von uns festgestellte Rückenwind möglicherweise noch nicht vollständig eingepreist ist. Eine attraktive 12-Monats-Gewinnrendite von 9,5 %4 kann einen gewissen Schutz sowohl gegen eine Straffung der Geldpolitik als auch gegen einen möglichen Konjunkturrückgang bieten.
Abbildung 3: 12-Monats-Termin-KGV für britische Aktien im Vergleich zum MSCI World
Anleger, die auf das Thema britische Aktien setzen möchten, können dies mit SPDR ETFs tun. Um mehr über diese börsengehandelten Fonds zu erfahren und die vollständige Wertentwicklung zu sehen, klicken Sie bitte auf die nachstehenden Links, um die jeweiligen Fondsseiten zu besuchen.
SPDR FTSE UK All Share UCITS ETF (Acc)
1 Quelle: Bloomberg Finance L.P., Stand: 25. Mai 2022.
2 Quelle: Ftserussell.com und MSCI.com, Stand: 29. April 2022.
3 Quelle: FactSet, Stand: 29. April 2022, basierend auf der ICB-Teilsektorklassifizierung.
4 Quelle: Bloomberg Finance L.P., Stand: 25. Mai 2022.
Information Classification: General Access.
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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 92 931 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.
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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 ssga.com/etfs. 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/etfs.
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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State Street Global Advisors SPDR ETFs Europe I & II plc issue SPDR ETFs, and is an open-ended investment company with variable capital having segregated liability between its sub-funds. The Company is organised as an Undertaking for Collective Investments in Transferable Securities (UCITS) under the laws of Ireland and authorised as a UCITS by the Central Bank of Ireland.
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.
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