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Revenue analysis underlines need for small cap diversification

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7 år sedan

den

27 maj, 2018

Fears at the prospect of a global trade war has caused huge volatility in equity markets in 2018; yet for those looking to maintain long-term allocations to equities, there are segments of the equity market that tend to be less affected by the current issues. Small cap stocks in particular, many of which tend to be less global and more domestically-focused, generally export less than their large cap peers on a regional basis, which can provide some protection for future revenue streams. Revenue analysis underlines need for small cap diversification

Local revenue vs global revenue for small cap companies on a regional basis

Analysis shows that European small caps generate almost twice the weighted average revenue from within Europe as companies within the large cap focused MSCI Europe Index. This suggests that if investors have a desire to allocate to Europe but wish to invest in non-exporters, one approach is to focus on small cap equities. It’s also important to make the connection to currency performance, as export-oriented firms tend to benefit when their home currency weakens, and their goods and services become less expensive in their targeted markets abroad. Over the last 12 months1, the euro appreciated 16.2% against the U.S. dollar and the British pound appreciated 13.9% against the U.S. dollar.

Looking at other regions there are distinct differences. In Japan, small caps derive more than 80% of their weighted average revenue inside Japan. Emerging markets meanwhile exhibit the smallest difference when comparing the weighted average revenue distribution of smaller companies to larger companies.

U.S. small caps were in focus after President Trump’s 2016 election victory, as it was assumed that a Republican victory would result in corporate tax reform. U.S. small caps do derive a higher proportion of revenues from inside the U.S. than larger caps and therefore have greater potential for earnings growth now that corporate tax rates have been lowered.

For investors considering portfolio exposure and asset allocation to small cap equities, it is crucial to understand geographical revenue differences when considering which strategy may be most appropriate. Furthermore, deeper analysis shows that regional small caps indices also deliver distinctly different performance.

Small cap performance on a regional basis

The chart above shows that small cap stocks have underperformed in the U.S. over several time horizons but outperformed in Europe, Japan and the emerging markets. The U.S. comparison clearly exhibits a distinct difference to the other global regions shown, in that small caps underperformed large caps over each period.

On a one-year basis, the comparison was particularly challenging. A key contributor to this is that many global currencies have strengthened significantly against the U.S. dollar over the past year. This has created a tailwind for U.S. large cap multinational exporters, but since small cap companies don’t export to the the same extent, it has not impacted them to an equivalent degree.

Additionally, the strong performance of large cap U.S. equities exhibiting sensitivity to momentum as a factor, leading the industry and media to create acronyms like F-A-N–G (Facebook-Amazon-Netflix-Google) has also contributed to the large cap performance advantage.
Allocation to small cap equities can provide much-needed diversification for investors; but when considering portfolio exposure and asset allocation, it is important investors understand and consider geographical differences between performance and revenue streams.

Source: Bloomberg. Data is as of 31 Mar. 2018. Past performance is not indicative of future results. You cannot invest directly in an Index. USA refers to the difference in average annual returns of the WisdomTree U.S. SmallCap Dividend Index and the S&P 500 Index. Europe refers to the difference in average annual returns of the WisdomTree Europe SmallCap Dividend Index and the MSCI Europe Index, with returns measured in euro terms. Emerging Markets refers to the difference in average annual returns between the WisdomTree Emerging Markets SmallCap Dividend Index and the MSCI Emerging Markets Index. Japan refers to the difference in average annual returns between the WisdomTree Japan SmallCap Dividend Index and the MSCI Japan Index.

Liknande ämnen:diversifieringskrav FANG Small caps WisdomTree

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UK looking to lift the retail ban on crypto ETPs

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AMEM ETF, de ledande aktierna från tillväxtmarknaderna i en enda transaktion

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20 timmar sedan

den

16 juni, 2025

Redaktionen

Amundi MSCI Emerging Markets UCITS ETF EUR (C) (AMEM ETF) med ISIN LU1681045370, försöker följa MSCI Emerging Markets-index. MSCI Emerging Markets-index spårar aktier från tillväxtmarknader över hela världen.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,20 % p.a. ETFen replikerar det underliggande indexets prestanda syntetiskt med en swap. Utdelningarna i ETFen ackumuleras och återinvesteras.

Amundi MSCI Emerging Markets UCITS ETF EUR (C) är en mycket stor ETF med tillgångar på 2 330 miljoner euro under förvaltning. Denna ETF lanserades den 30 november 2010 och har sin hemvist i Luxemburg.

Investeringsmål

Amundi MSCI Emerging Markets UCITS ETF EUR (C) försöker replikera utvecklingen av MSCI Emerging Markets Index så nära som möjligt, oavsett om trenden är stigande eller fallande. Denna ETF, nettoutdelning återinvesterad (nettoavkastning), beräknad i US-dollar och omvandlad till euro, gör det möjligt för investerare att dra nytta av en exponering mot de ledande aktierna från tillväxtmarknaderna för aktier, med en enda transaktion.

Handla AMEM ETF

Amundi MSCI Emerging Markets UCITS ETF EUR (C) (AMEM ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Euronext Paris.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
gettex	EUR	AMEM
Stuttgart Stock Exchange	EUR	AMEM
Borsa Italiana	EUR	AEEM
Euronext Paris	EUR	AEEM
SIX Swiss Exchange	EUR	AEEM
XETRA	EUR	AMEM

Största innehav

Denna fond använder syntetisk replikering för att spåra indexets prestanda.

Namn	Valuta	Vikt %	Sektor
TAIWAN SEMICONDUCTOR MANUFAC	TWD	10.23 %	Informationsteknologi
TENCENT HOLDINGS LTD	HKD	4.14 %	Kommunikationstjänster
SAMSUNG ELECTRONIC CO LTD	KRW	3.92 %	Informationsteknologi
ALIBABA GROUP HOLDING LTD	HKD	1.89 %	Sällanköpsvaror
RELIANCE INDUSTRIES LTD	INR	1.50 %	Energi
SK HYNIX INC	KRW	1.22 %	Informationsteknologi
HON HAI PRECISION INDUSTRY	TWD	1.11 %	Informationsteknologi
PDD HOLDINGS INC	USD	1.07 %	Kommunikationstjänster
ICICI BANK LTD	INR	1.00 %	Finans
MEITUAN-CLASS B	HKD	0.97 %	Sällanköpsvaror

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21Shares noterarar fem nya krypto-ETPer Nasdaq Stockholm

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21 timmar sedan

den

16 juni, 2025

Redaktionen

21Shares AG, en av världens största utgivare av kryptovaluta-ETP:er, tillkännagav idag korsnoteringen av ytterligare fem nya krypto-ETPer på Nasdaq Stockholm, vilket ytterligare förstärker sin närvaro i Norden och förstärker sitt engagemang för att investerare reglerad, transparent och enkel tillgång till digitala tillgångar.

De nyligen listade produkterna inkluderar:

Dessa produkter utökar en befintlig serie av 21Shares-produkter som redan finns tillgängliga på Nasdaq Stockholm: 21Shares Bitcoin ETP (ABTC), 21Shares Ethereum ETP (AETH), 21Shares Solana ETP (ASOL), 21Shares XRP ETP (AXRP) och 21Shares Bitcoin Core ETP (CBTC).

”Vår fortsatta expansion i Norden återspeglar den ökade efterfrågan från både privata och institutionella investerare på diversifierad och kostnadseffektiv kryptoexponering”, säger Mandy Chiu, chef för finansiell produktutveckling på 21Shares. ”Genom att erbjuda ett bredare urval av krypto-ETP:er med enskilda tillgångar och tematiska värdepapper ger vi investerare möjlighet att bygga mer anpassade och motståndskraftiga portföljer genom en välbekant börsmiljö.”

”Vi är glada att välkomna utökningen av 21Shares produktsvit på Nasdaq Stockholm. Dessa nyligen noterade ETPer återspeglar den typ av innovation som formar framtiden för finansmarknaderna. I takt med att ETP-marknaden fortsätter att växa är vi fortsatt engagerade i att modernisera tillgången till investeringsmöjligheter och stödja större transparens”, säger Helena Wedin, chef för Nasdaq & ETP.

Med denna utökning erbjuder 21Shares nu 10 ETPer på Nasdaq Stockholm, som omfattar large-cap-kryptovalutor, innovativa indexstrategier och staking-aktiverade produkter. Alla produkter är fullt säkrade och handlas i ett reglerat, likvidt format, vilket ger en enkel inkörsport till digitala tillgångar utan behov av att hantera plånböcker eller förvaring direkt. Med årliga avgifter från 0,21 % till 2,50 % är dessa produkter några av de mest kostnadseffektiva på marknaden.

Med noteringar över hela Europa, inklusive Euronext Paris, Euronext Amsterdam, London Stock Exchange och SIX Swiss Exchange, är 21Shares den största och mest diversifierade krypto-ETP-leverantören i regionen.

För mer information om 21Shares fullständiga produktvit, besök www.21shares.com.

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