J.P. Morgan Asset Management - The Weekly Brief

09.01.2017 10:40 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Schwellenländer gehörten 2016 zu den überraschenden Anlagekategorien. Sowohl

Aktien als auch Anleihen der Schwellenländer fuhren im letzten Jahr eine Rendite von

über 10% (in US-Dollar) ein. Im vierten Quartal zogen sich die Anleger jedoch allmählich

aus der Region zurück. Die folgende Grafik veranschaulicht die gesamten Mittelzuflüsse

in Aktien sowie Anleihen der Schwellenländer. In den letzten drei Monaten des Jahres

2016 verzeichneten Schwellenmarktportfolios einen Kapitalabzug von insgesamt

38,4 Mrd. US-Dollar und damit den höchsten Quartalsabfluss seit 2009. Ursache der

Kapitalabwanderung sind verschiedene Faktoren wie z. B. der stärkere US-Dollar, die

Besorgnis um China und die Bedenken hinsichtlich des Welthandels. Trotz dieser

Probleme waren die fundamentalen Konjunkturdaten zuletzt erstaunlich robust: Der Citi

Economic Surprise Index für die Schwellenländer notiert auf seinem höchsten Stand seit

April 2011. Insofern könnten die Schwellenländer einen stärkeren US-Dollar 2017

möglicherweise besser verkraften als bisher.

JPMAM_The Weekly Brief_09.01.2017.pdf

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