Die Marktkräfte bieten Anlegern weiterhin die Möglichkeit, in US-amerikanische und globale Dividendenaktien zu investieren, da Inflation und steigende Zinssätze den Wachstumstiteln nach wie vor Gegenwind bescheren. Value-Aktien könnten von diesem Thema am meisten profitieren, aber Dividenden-Aristokraten können Anlegern dabei helfen, den Value-Trade zu spielen und sich gleichzeitig durch den Fokus auf stabile Dividenden vor weiteren Marktrückgängen zu schützen.
Anleger in US-amerikanische und globale Aktien sind weiterhin von kurzfristigen Marktschocks betroffen. Hohe Inflationsdrucke, gemessen an den persönlichen Konsumausgaben (PCE), haben die US-Notenbank (Fed) gezwungen, in diesem Jahr eine aggressive Zinserhöhungspolitik zu verfolgen. Am 15. Juni 2022 kündigte die Fed eine Anhebung der Fed Funds Target Rate um 75 Basispunkte an. Die letzte Zinserhöhung der Fed um 75 Basispunkte erfolgte im November 1994, als der (damalige) Fed-Vorsitzende Alan Greenspan eine Überhitzung der Wirtschaft befürchtete, die Inflation aber nicht so hoch war.
Der Anstieg der Zinssätze wirkt sich auf die Aktienkurse aus, indem er die Bewertungsprämie für künftige Gewinne drückt. Dies wirkt sich häufig stärker auf Wachstumswerte aus, da diese in der Regel mit höheren Kurs-Gewinn-Verhältnissen gehandelt werden. Während die Fed ihre Absicht, die Zinssätze zu erhöhen, deutlich gemacht hat, hat diese Politik die relative Performance von Value-Aktien, einschließlich Dividenden-Aristokraten, begünstigt. Ähnlich wie in der ersten Jahreshälfte 2015, als die Fed das letzte Mal ein Zinserhöhungsprogramm einleitete, hat sich der S&P High Yield Dividend Aristocrats® Index in den ersten sechs Monaten des Jahres 2022 besser entwickelt als der S&P 500® Index (siehe Abbildung 1).
Abbildung 1: Wertentwicklung von Dividenden-Aristokraten im Vergleich zum Leitzins (nachlaufende 6-Monats-Renditen)
Quelle: Bloomberg Finance L.P., Stand: 27. Juni 2022. Die Indexentwicklung basiert auf der monatlichen Netto-Gesamtrendite in USD. Die Wertentwicklung in der Vergangenheit ist keine Garantie für zukünftige Ergebnisse. Es ist nicht möglich, direkt in einen Index zu investieren. Die Indexrenditen werden nicht verwaltet und spiegeln nicht den Abzug von Gebühren oder Kosten wider.
Dividenden-Aristokraten bieten nicht nur ein Engagement im Value-Trade, sondern können auch sehr defensiv sein. Aktien von Dividenden-Aristokraten haben in der Regel ein geringeres Beta, was in Zeiten eines schnellen Marktrückgangs einen gewissen Schutz bieten kann. Seit Mitte 2015 - sechs Monate vor dem Zinserhöhungsprogramm der Fed - hat der S&P 500® Index innerhalb von 30 Tagen elf Rückschläge von mehr als fünf Prozent erlebt. In neun der elf Rückschläge hat der SPDR® S&P® U.S. Dividend Aristocrats UCITS ETF (Ticker: SPYD) Schutz durch Überrenditen geboten (siehe Abbildung 2).
Der Beginn der Pandemie (März 2020) war der einzige wesentliche Ausreißer. Dies lag daran, dass Wachstumswerte (z. B. Technologie- und Kommunikationsdienstleistungen) als relativ sicherer Hafen angesehen wurden, weil man davon ausging, dass ein globaler Stillstand den Strukturwandel beschleunigen würde, z. B. die Telearbeit. Selbst wenn man diesen negativen Ausreißer einbezieht, beträgt die durchschnittliche Überrendite von SPYD während aller elf Rückschläge 2,97 Prozent.
Abbildung 2: US-Aktien Drawdowns von mehr als 5% (seit Mitte 2015)
Zusammenfassend lässt sich sagen, dass das Jahr 2022 den Anlegern weiterhin die Möglichkeit bietet, in US-amerikanische und globale Dividendenwerte zu investieren, da Inflation und steigende Zinssätze weiterhin Gegenwind für Wachstumswerte darstellen. Value-Aktien könnten am meisten von diesem Thema profitieren, aber Dividenden-Aristokraten können den Anlegern helfen, den Value-Handel zu spielen und sich gleichzeitig durch den Fokus auf stabile Dividenden vor Marktrückgängen zu schützen.
Bei SPDR® ETFs bieten wir Engagements an, die darauf abzielen, die S&P Dividend Aristocrats®-Indizes vollständig nachzubilden, wie z. B. den SPDR® S&P® U.S. Dividend Aristocrats UCITS ETF und den SPDR® S&P® Global Dividend Aristocrats UCITS ETF, von denen auch eine ESG-Version verfügbar ist.
Am 22. Juni 2022 wurde der SPDR® S&P® U.S. Dividend Aristocrats UCITS ETF (Ticker: SPYD GY) zum zweiten SPDR UCITS ETF, der im bisherigen Jahresverlauf Nettomittelzuflüsse von mehr als 1 Milliarde US-Dollar verzeichnete (der erste war der SPDR® Bloomberg SASB U.S. Corporate ESG UCITS ETF). Mit einem verwalteten Vermögen von mehr als 4 Milliarden US-Dollar und einem durchschnittlichen monatlichen Handelsvolumen von 44 Millionen US-Dollar hat SPYD mit einem durchschnittlichen Spread von 11,76 Basispunkten in diesem Jahr den engsten Spread unter vergleichbaren UCITS-ETFs.
Um mehr über diese ETFs zu erfahren und die vollständige Performancehistorie einzusehen, klicken Sie bitte auf die nachstehenden Links, um zu den jeweiligen Fondsseiten zu gelangen.
SPDR® S&P® U.S. Dividend Aristocrats UCITS ETF
SPDR® S&P® U.S. Dividend Aristocrats ESG UCITS ETF
SPDR® S&P® Global Dividend Aristocrats UCITS ETF
1 S&P 500® Index drawdowns over 5% based on 30-day trailing return since 1 July 2015. At each trough, the trailing returns 30 days before/after have been removed so as not to duplicate pullbacks.
2 Source: Bloomberg Finance LP as of 22nd June 2022.
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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.
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SPDR ETFs is the exchange traded funds (“ETF”) platform of State Street Global Advisors and is comprised of funds that have been authorised by Central Bank of Ireland as open-ended UCITS investment companies.
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ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. The investment return and principal value of an investment will fluctuate in value, so that when shares are sold or redeemed, they may be worth more or less than when they were purchased. Although shares may be bought or sold on an exchange through any brokerage account, shares are not individually redeemable from the fund. Investors may acquire shares and tender them for redemption through the fund in large aggregations known as “creation units.” Please see the fund’s prospectus for more details.
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