Fundamental indices


The opinions offered herein are not personalized recommendations to buy, sell or hold securities. Fundamental anders Indexkonstruktionen auf Basis fundamentaler Kriterien zielen darauf ab, diese für den Anleger nachteiligen Verzerrungen zu vermeiden. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Total cash dividends five-year average of all regular and special distributions Free cash flow five-year average cash flow Total sales five-year average total sales Book equity value current period book equity value. Charts and graphs are provided for illustrative purposes only.

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Dabei geht es nicht immer nur um höhere Renditen, sondern auch um Sicherheit und Berechenbarkeit. Günstige Titel werden hoch gewichtet, teure spielen eine Nebenrolle.

Statt Börsenwerten kommen Fundamentaldaten zum Einsatz. Noch ist das Angebot klein. Doch das Ergebnis überzeugt. Der Index wird also durch die Marktkapitalisierung bestimmt.

Diese traditionelle Form der Gewichtung bildet zwar das Marktgeschehen ab, birgt aber das Risiko, dass bei Marktübertreibungen verschiedene Titel und Segmente über- oder unterbewertet sind und der Marktwert mit den tatsächlichen Unternehmensdaten nicht zu rechtfertigen ist.

Wie sehr die Indexperformance darunter leiden kann, lässt sich nicht nur an der IT-Blase vor über zehn Jahren ablesen, als gigantisch aufgeblähte Börsenwerte platzten. Auch bei weniger spektakulären Übertreibungen bringen zu hoch bewertete Titel stets unterdurchschnittliche und zu niedrig bewertete Aktien überdurchschnittliche Gewinne, wenn sie nach einer gewissen Zeit wieder zu ihrem fairen Wert zurückkehren. Für viele bedeutet diese Loslösung von Börsenspekulationen eine Revolution.

Was zählt, sind rein fundamentale Unternehmenswerte: Diese Kennzahlen werden jährlich den Firmenbilanzen entnommen und gleichgewichtet in die Indexanalyse einbezogen. Damit werden Trends und Modeeffekte vermieden, bei denen etwa hoch bewertete Aktien immer attraktiver werden und letztlich in der Relation ein viel zu hohes Gewicht bekommen, während kleinere, aber fundamental aussichtsreiche Unternehmen mit Kurspotenzial unterbewertet bleiben.

Aktien, deren Kurse zuvor besser liefen, werden heruntergewichtet, und diejenigen, die zuvor stärker als ihre Fundamentaldaten fielen, werden höher gewichtet. Wenn sich durch diese Art mean reversion ein antizyklisches Portfolio ergibt, bekommen unbeliebte Substanzwerte im Index ein Übergewicht.

Tatsächlich lag die die jährliche Performance der fundamental gewichteten Indizes im Schnitt um circa zwei Prozent höher. There are numerous other factors related to the markets in general or the implementation of any specific investment strategy, which cannot be fully accounted for the in the preparation of simulated results and all of which can adversely affect actual results.

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While index providers do provide descriptions of what each benchmark index is designed to achieve, index providers do not generally provide any warranty or accept any liability in relation to the quality, accuracy or completeness of data in respect of their benchmark indices, nor any guarantee that the published indices will be in line with their described benchmark index methodologies.

Errors in respect of the quality, accuracy and completeness of the data may occur from time to time. In addition, apart from scheduled rebalances, index providers may carry out additional ad hoc rebalances to their benchmark indices in order to, for example, correct an error in the selection of index constituents.

Where the benchmark index of a fund is rebalanced and the fund in turn rebalances its portfolio to bring it in line with its benchmark index, any transaction costs arising from such portfolio rebalancing will be borne by the fund and, by extension, its unitholders. The past performance of each benchmark index is not a guide to future performance. None of the Licensor Parties shall be liable whether in negligence or otherwise to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.

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Fiscal Year End Dec 31,