Die besten EUR Anleihenfonds

e-fundresearch: "Welche fundamentalen Faktoren sind für die Bewertung von Anleihen in Europa derzeit am wichtigsten?"

Thomas Schneider, Gruppenleiter, "LBBW Renten Euro Flex" (04.07.2011): "Mehr noch als der gesamte Datenkranz zum ökonomischen Umfeld spielt die Sovereign Krise  - und hier die Einschätzung darüber, wie es mit Griechenland, Portugal und Irland weitergeht und ob eine drohende Ansteckung von Spanien und Italien vermieden werden kann, die bei weitem größte Rolle. Bewertung und  Ertrag einer Anleihe hängen momentan fast mehr von der regionalen Zuordnung des jeweiligen Emittenten denn von seiner tatsächlichen wirtschaftlichen Situation ab."

Brendan Murphy, Co-Manager, "BNY Mellon Euroland Bond C EUR" (06.07.2011): "Our investment analysis incorporates a three-legged approach, based on the following factors: value, cyclicals, and sentiment. Valuation factors include metrics such as real yields, monetary policy estimates for short-rate targets, the term premium, or relative CDS pricing to the Standish rating, amongst others. Cyclical metrics include those economic indicators that fluctuate with the business cycle. Finally, sentiment indicators include surveys and factors that indicate current market positioning such as duration surveys, IMM reports, or gross issuance. Put these three things together, and we formulate a 'value' for relative positioning.

Currently, cyclicals play a dominant role in the investment analysis of Europe, since the risk premia of some countries are directly tied to the prospects of economic growth."

Greg Saichin, Head of High Yield and Global EM, Fixed Income, "Pioneer Funds Euro Strategic Bond E No Dis EUR" (07.07.2011): "From a top down perspective I am most interested in identifying drivers of structural growth in the countries under focus. This is related to the fact that there is a growing disparity of growth among different European countries based on the critical success factors defined by those drivers. As we move along the timeline some European countries are ahead of the game whilst others are clearly lagging behind. A country lacking in critical success factors but managing well its economy with prudent fiscal policies and reasonable, albeit lukewarm, growth can also be a good host for credit."