Xtrackers II Global Aggregate Bond UCITS ETF (AGGH)
Eine detaillierte Analyse eines der größten globalen Anleihen-ETFs.
The Xtrackers II Global Aggregate Bond UCITS ETF (AGGH) offers investors broad, diversified exposure to the global investment-grade bond market. The fund passively tracks the Bloomberg Global Aggregate Bond Index, which covers government and corporate bonds from both developed and emerging markets.
Merkmale: With a competitive expense ratio of 0.10%, it represents a cost-effective vehicle for accessing this asset class.
Risiken: Key risks inherent in this ETF are interest rate risk, where rising global rates negatively impact bond prices, and credit risk, the potential for issuers to default on their debt obligations.
The fund aims to replicate the performance of the Bloomberg Global Aggregate Bond Index by holding a representative sample of the securities in the index. This provides exposure to thousands of investment-grade government, government-related, corporate, and securitized bonds from around the world. The fund is hedged to the Euro (€), mitigating direct currency fluctuation risk for Euro-based investors.
Top Länder-Allokationen
| Land | Gewichtung |
|---|---|
| United States | 43.1% |
| Japan | 12.5% |
| France | 6.8% |
| Germany | 5.5% |
| United Kingdom | 4.2% |
| Zeitraum | AGGH Rendite | Analyse |
|---|---|---|
| YTD | ~2.1% | Modest positive returns year-to-date reflect a stabilization in interest rates and investors' renewed interest in fixed income. |
| 1-Year | ~4.5% | The one-year return shows a recovery from the lows of the bond bear market as inflation has begun to moderate globally. |
| 3-Year | ~-3.8% (Annualized) | The negative three-year return starkly illustrates the severe impact of the rapid rise in global interest rates from 2022-2024. |
| 5-Year | ~-0.9% (Annualized) | The five-year picture remains slightly negative, dominated by the recent period of monetary tightening. |
| Anleihe | Gewichtung |
|---|---|
| US Treasury Note 3.875% 15AUG2028 | 0.44% |
| US Treasury Note 4.125% 15NOV2028 | 0.41% |
| US Treasury Note 4.375% 15MAY2029 | 0.40% |
| US Treasury Note 4.25% 31DEC2025 | 0.39% |
| US Treasury Note 4.125% 31JAN2029 | 0.37% |
| Japan (Govt of) 0.5% 20DEC2032 | 0.35% |
| US Treasury Note 2.75% 15AUG2032 | 0.33% |
| US Treasury Note 4.125% 31MAR2029 | 0.32% |
| US Treasury Note 4.5% 29FEB2028 | 0.31% |
| Japan (Govt of) 0.8% 20JUN2033 | 0.29% |
Sentiment & Kapitalflüsse
Stimmung: Current sentiment is cautiously optimistic for the global bond market. After a brutal two-year period, many analysts believe the worst is over, with central bank policy expected to become more accommodative. The narrative is shifting from 'how high will rates go?' to 'when will cuts begin?'.
Kapitalflüsse: The fund has seen renewed positive inflows over the past year. Investors who were previously underweight in fixed income are now reallocating capital to lock in higher yields and position for potential price appreciation if interest rates fall. This indicates a broader return of confidence in bonds as a core portfolio asset.
Bull Case
The bull case rests on a successful 'soft landing' for the global economy, where inflation returns to central bank targets without a severe recession. This would allow the Fed, ECB, and other major banks to begin a cycle of interest rate cuts. Falling rates would lead to significant price appreciation for the bonds within AGGH's portfolio, delivering strong capital gains on top of the yield. In this scenario, bonds would reassert their traditional role as a portfolio diversifier.
Bear Case
The bear case is driven by a resurgence of inflation or a deep global recession. Stubbornly high inflation would force central banks to keep rates elevated or even raise them further, inflicting more capital losses on the fund's holdings. Conversely, a severe recession could lead to a spike in corporate defaults, widening credit spreads and hurting the value of the corporate bond portion of the portfolio, even if government bond prices rise.