J.P. Morgan Asset Management: The Weekly Brief

25.02.2013 16:04 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management: The Weekly Brief

Thema der Woche

Einstein sagte, dass der Zinseszinseffekt das 8. Weltwunder sei. Doch einige Vermögenswerte werden besser verzinst als andere, besonders im Fall von Aktien ist es unzureichend, sich lediglich auf einen willkürlichen Ansatz mit hohen Dividendenrenditen zu beschränken. Sicherlich, der Zinseszinseffekt eines aggregierten Hochdividenden-Aktienindex zeigt auf lange Sicht eine bessere Entwicklung auf als der MSCI AC World Index: Fast doppelt so hohe Erträge, wie die unten stehende, 1989 beginnende Darstellung zeigt. Doch ein aktiveres Vorgehen, das sich auf Aktien mit hohen Dividendenrenditen fokussiert, die zusätzlich auch ein starkes Dividendenwachstum verzeichnen können, erzielt sogar einen noch stärkeren Zinseszinseffekt. In der Tat sind die Erträge nochmals fast doppelt so hoch, wie diejenigen eines aggregierten Hochdividendenindex. Bei dieser Methode ist es wahrscheinlicher, nicht in die so genannte Value-Falle zu treten, da sie sich implizit noch stärker auf Qualität fokussiert.

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