J.P. Morgan Asset Management - The Weekly Brief

29.01.2024 11:40 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Bisher wurden Small-Cap-Werte mit einem Aufschlag gegenüber Large-Cap-Aktien gehandelt. Diese Prämie wird in der Regel auf das inhärent grössere Wachstumspotenzial von Small Caps und die M&A-Aussichten zurückgeführt. Nun ist der Small-Cap-Aufschlag jedoch zum ersten Mal seit 20 Jahren wieder verschwunden. Die Bewertung des MSCI World Small Cap liegt rund 10% unter der des MSCI World. Dies hat zum Teil strukturelle Gründe. Die Small-Cap-Märkte sind einem stärkeren Wettbewerb durch Private-Equity- und Risikokapitalfirmen ausgesetzt als in der Vergangenheit. Es spielen jedoch auch konjunkturelle Faktoren eine Rolle. Kleinere Unternehmen sind im Durchschnitt stärker an den Konjunkturzyklus gebunden und weisen einen höheren Finanzhebel auf, mit entsprechend höheren variabel verzinslichen Verbindlichkeiten. Daher müssen Anlegerinnen und Anleger wahrscheinlich stärker darauf vertrauen, dass die hohen Zinsen sinken werden und die wirtschaftliche Unsicherheit nachlässt, damit sie Small Caps neu bewerten.

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