J.P. Morgan Asset Management - The Weekly Brief

24.09.2018 11:48 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Substanzwerte haben sich bei Abschwüngen des S&P 500 oft besser entwickelt als Wachstumswerte.

Die offensichtliche Ausnahme war die globale Finanzkrise, während der sich Substanzwerte

schwertaten. Diese Underperformance war jedoch der hohen Gewichtung von Finanzwerten im

Substanzindex während einer Krise des US-Finanzsystems geschuldet. Da die Banken inzwischen

wesentlich besser kapitalisiert sind als vor dem letzten Abschwung, wird es sich bei der nächsten

Rezession wahrscheinlich eher um eine „normale“ Rezession handeln als um eine Finanzkrise.

Substanzwerte weisen bei einem Abschwung in der Regel eine überdurchschnittliche

Wertentwicklung auf, wenn es im vorhergehenden Zeitraum zu einem erheblichen Anstieg der

relativen Performance von Wachstumsaktien kam, wie es beispielsweise während der Dotcom-Blase

der Fall war. Anleger, die eine Aktienmarktbaisse befürchten und die Widerstandsfähigkeit ihrer

Portfolios erhöhen möchten, sollten eventuelle Übergewichtungen von Wachstumsaktien

überdenken und stattdessen die Aufstockung von Substanzwerten in Betracht ziehen.

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