Während sich US-Treasuries in den kommenden Monaten durchaus erholen könnten, sehen wir bei US-Investment-Grade-Anleihen ein größeres Potenzial für einen Aufschwung. Darüber hinaus kann der Zugang zu diesem Bereich des Rentenmarktes durch einen erstklassigen ESG-Ansatz Anlegern einen gewissen Schutz bieten, falls es zu weiteren Marktstörungen kommt.
Anleger in festverzinslichen Wertpapieren hatten ein hartes erstes Quartal, in dem die Renditen 10-jähriger US-Staatsanleihen um mehr als 80 Basispunkte stiegen. Diese Entwicklung war so aggressiv, dass sie auch die meisten anderen festverzinslichen Anlagen in Mitleidenschaft zog. Die Frage, die sich nun stellt, ist, ob es zu einer Wiederholung des letzten Jahres kommt oder der Markt weiter abrutscht. Damals gingen die Treasury-Renditen in den vier Monaten nach dem ersten Quartal zurück. Im Straffungszyklus 2015-2018 der US-Notenbank (Fed) erreichten die Renditen kurz vor der letzten Straffung ihren Höhepunkt, was darauf hindeutet, dass die Renditen weiter steigen müssen. In diesem Fall wurde der Anstieg der Renditen jedoch von mehreren starken gegenläufigen Erholungen unterbrochen.
Die aggressive Art des Ausverkaufs hat den impliziten 1-Jahres-Treasury-Satz in einem Jahr in die Nähe von 3 % getrieben. Das liegt deutlich über dem Median des Punktdiagramms der Fed, in dem die Notenbankgouverneure einen Anstieg der Zentralbankzinsen erwarten (2,5 %). Da der Markt der Fed so weit vorausgeeilt ist, könnte es zu Beginn des zweiten Quartals durchaus zu einer Konsolidierung oder möglicherweise zu einem Wiederanstieg der Preise kommen. Unserer Meinung nach ist das Potenzial für eine Erholung jedoch eher bei US-Investment-Grade-Anleihen gegeben als bei Staatsanleihen. Wir sehen 4 wichtige Überlegungen.
US-Investment-Grade-Anleihe-Renditen liegen über 3,5 %, und die Spreads haben begonnen, sich wieder einzuengen
Der Wiederanstieg der Energiepreise in Verbindung mit dem erneuten Interesse an Rüstungsunternehmen hat viele ESG-Strategien zu Beginn des Jahres 2022 benachteiligt. Der Bloomberg SASB US Corporate ESG Ex Controversies Select Index hat jedoch im Laufe des ersten Quartals eine relative Outperformance von 15 Basispunkten gegenüber seinem Mutterindex erzielt.1 Er hat auch andere US-Investment-Grade-Strategien deutlich übertroffen, wie z. B. den iBoxx USD Liquid Investment Grade Index, der im Quartal bei -8,5 % lag, gegenüber -7,7 % für den Bloomberg SASB US Corporate ESG Ex Controversies Select Index.
Einige der Screenings für den ESG-Index könnten die Performance im ersten Quartal etwas belastet haben. Allerdings deutet eine Attribution gegenüber dem übergeordneten Bloomberg US Corporate Total Return Index darauf hin, dass ein starker Beitrag zur Performance von der Wertpapierauswahl kam. Technologie, Kommunikation und nicht-zyklische Konsumgüter trugen jeweils etwa fünf Basispunkte zur Outperformance des ESG-Index bei.
Der Unterschied in der Performance zwischen dem Bloomberg SASB US Corporate ESG Ex Controversies Select Index und dem iBoxx USD Liquid Investment Grade Index war eher auf die Duration zurückzuführen. Diese machte 74 Basispunkte der Outperformance aus. Dennoch trug die Titelauswahl immer noch 18 Basispunkte zur Outperformance bei. Wobei die Sektoren Technologie und Kommunikation erneut die Haupttreiber der Indexperformance waren.
Mit anderen Worten: Auch wenn die ESG-Branche schwierige Zeiten durchlebt, kann der Fokus auf erstklassige Emittenten, den der Optimierungsprozess für die Bloomberg SASB Corporate ESG-Indizes bietet, immer noch eine Rolle dabei spielen, das Ausmaß des Kursverfalls zu verringern, wenn die Märkte eine deutliche Korrektur erfahren.
Da der EURUSD nicht mehr weit von seinen Tiefstständen aus dem Jahr 2020 entfernt ist, steht den in Europa ansässigen Anlegern, die sich über die Risiken eines USD-Verfalls Sorgen machen, auch eine EUR abgesicherte Version des SPDR Bloomberg SASB U.S. Corporate ESG UCITS ETF zur Verfügung.
Anleger, die in das ESG-Thema der Investment-Grade-Unternehmen investieren möchten, können dies mit SPDR ETFs tun. Um mehr über diese ETFs zu erfahren und die vollständige Performancehistorie einzusehen, klicken Sie bitte auf die nachstehenden Links, um die jeweiligen Fondsseiten zu besuchen.
SPDR Bloomberg SASB U.S. Corporate ESG UCITS ETF (Acc)
1 Bloomberg Finance L.P., as of 24 March 2022.
2 The Bloomberg US Corporate High Yield Index has returned -5.68% for 2022 Year-to-date against --6.36% for the Bloomberg US Treasury Index and -9.04% for the Bloomberg US Corporate Index. As of 25 March 2022.
3 The Bloomberg SASB US Corp HY ESG Ex-Controversies index has returned -5.09% for 2022 versus -5.68% for the parent Bloomberg US Corporate High Yield Index. As of 25 March 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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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.
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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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