iShares MSCI World Small Cap UCITS ETF (IUSN)
Eine detaillierte Analyse eines globalen Small-Cap-ETFs.
The iShares MSCI World Small Cap UCITS ETF (IUSN) provides targeted exposure to the small-capitalization segment of the global developed equity market. The fund passively tracks the MSCI World Small Cap Index, offering investors a highly diversified portfolio of thousands of smaller companies across numerous countries.
Merkmale: This ETF serves as a powerful tool to complement core large-cap holdings, offering the potential for higher long-term growth and valuable diversification benefits. With a reasonable expense ratio of 0.35%, it provides efficient access to this distinct asset class.
Risiken: Key risks include higher volatility compared to large caps and increased sensitivity to economic cycles, as smaller companies are often more vulnerable to economic downturns.
The fund seeks to replicate the performance of the MSCI World Small Cap Index by holding a representative sample of the underlying securities. The index captures the small-cap segment across 23 developed market countries. The sector and country allocations are notably different from large-cap indices, with less concentration in technology and more weight in economically sensitive sectors like Industrials and Financials.
Top Sektor-Allokationen
| Sektor | Gewichtung |
|---|---|
| Industrials | 18.2% |
| Financials | 15.5% |
| Information Technology | 13.1% |
| Consumer Discretionary | 11.8% |
| Real Estate | 8.5% |
| Zeitraum | IUSN Rendite | Analyse |
|---|---|---|
| YTD | ~8.5% | Small caps have posted solid but lagging returns year-to-date as investors have favored the perceived safety and AI-driven growth of mega-cap stocks. |
| 1-Year | ~15.2% | The one-year return is strong, but it trails the performance of a large-cap world index, reflecting the 'risk-off' sentiment from the previous year. |
| 3-Year | ~5.1% (Annualized) | The three-year performance has been muted, significantly impacted by the interest rate hiking cycle which disproportionately affects smaller companies. |
| 5-Year | ~11.2% (Annualized) | The longer-term five-year return is robust, showcasing the growth potential of the asset class across a more complete economic cycle. |
| Unternehmen | Ticker | Gewichtung |
|---|---|---|
| Super Micro Computer Inc | SMCI | 0.55% |
| MicroStrategy Inc | MSTR | 0.41% |
| Vertiv Holdings Co | VRT | 0.30% |
| Core & Main Inc | CNM | 0.25% |
| Reliance Steel & Aluminum | RS | 0.24% |
| Toll Brothers Inc | TOL | 0.23% |
| EMCOR Group Inc | EME | 0.22% |
| Comfort Systems USA Inc | FIX | 0.22% |
| Axon Enterprise Inc | AXON | 0.21% |
| Deckers Outdoor Corp | DECK | 0.21% |
Sentiment & Kapitalflüsse
Stimmung: Sentiment towards small caps is currently mixed to cautiously optimistic. While they have underperformed large caps recently, many analysts believe they are attractively valued and poised to lead the market during the next phase of economic expansion. The narrative is focused on whether a 'soft landing' can be achieved, which would be a highly favorable outcome for this asset class.
Kapitalflüsse: Fund flows have been volatile. While some strategic, long-term investors are allocating to the space to capitalize on lower valuations, many tactical investors have remained on the sidelines, waiting for clearer signals of sustained economic strength and potential interest rate cuts.
Bull Case
The bull case is centered on a broadening economic recovery and the beginning of a central bank easing cycle. As interest rates come down and economic growth accelerates, smaller, more cyclical companies should see their earnings rebound sharply. If the current valuation discount to large caps narrows, it would provide an additional, powerful tailwind for IUSN, leading to a period of significant market outperformance.
Bear Case
The bear case is a 'hard landing' or global recession.