Die besten Finanzsektor Aktienfonds

e-fundresearch: "Wie ist Ihr aktueller globaler Ausblick für Aktien im Finanzsektor?"

Christian Zogg, Stv. Geschäftsführender Direktor, Leiter Equity & Fixed Income Management, "LLB Liechtenstein Banken (CHF)" (18.01.2011): "Nachdem vor einem Jahr die meisten Eckpunkte der neuen Regulierungen basierend auf Basel III noch unbekannt waren, können sich die Investoren jetzt deutlich besser darauf einstellen. Andere Belastungen für den Sektor bestehen teilweise weiterhin. Im speziellen trifft dies verschiedene Immobilienmärkte: USA, Spanien, UK, Irland etc.  Dazu sind die Engagements von Banken und Versicherungen in Obligationen europäischer Peripherieländer nach wie vor problematisch und tragen zur hohen Volatilität des Sektors bei. Die Bewertung des Sektors ist deshalb nach wie vor sehr gedrückt und eröffnet in verschiedenen Fällen deshalb günstige Einstiegsmöglichkeiten."

Sotiris Boutsis, Fondsmanager "Fidelity Funds - Global Financial Services A-Euro" (19.01.2011): "I believe we are in a slow world with some growth in the West and a faster pace of economic activity in emerging markets. There are attractive valuations in both the emerging markets and the developed world, but we need further catalysts. In emerging markets, the upside will be realised once there is evidence that inflation is under control there and that the right steps are taken to contain the sovereign crisis in Europe. For example, there are European banks trading around tangible book or even below that have returns in the mid teens. These stocks will work very well, if we see credible steps to contain the crisis, but the catalyst would have to come from the political front. US financials can also work further on evidence of further stabilisation in the economy.

With respect to the fund, even though a slow world scenario is my base case, the fund is mainly positioned to add value through stock picking and less through big picture calls. This is important because the overall uncertainty in the macro environment is very high: following an unprecedented crisis and an unprecedented government intervention we are still in unchartered territory, so there is no playbook as to how the situation will exactly play out. A number of decisions on the regulatory, political, fiscal, and tax fronts still remain very much open, thus further increasing uncertainty. As a result, stock-picking is crucial in my view, investing in stocks that work for stock-specific reasons such as increasing market share, cheap valuation, improving margins, better positioning than peers, etc, and less so because of specific big picture views (e.g. whether global growth will surprise on the upside or downside) that tend to involve a higher degree of uncertainty."