【IFGL】iシェアーズ 先進国(除く米国)不動産ETFは日本人に不向き

この記事は約6分で読めます。

まいど!タケよん!(@takeyon7)です。

日本の証券会社から購入可能な米国不動産ETFは数が限られていますがその中の一つであるIFGLについて調べて見ました。IFGLが先に紹介したIYRやXLREと大きく違う点は米国以外の不動産に投資している点です。

404 NOT FOUND | タケよん!がセミリタイアを目指す超分散投資ブログ!
最近は株主優待にハマっているサラリーマンが超分散投資をしながら、有益な情報を発信!米国株、株主優待、投信に挑戦中!
【XLRE】不動産セレクト・セクターSPDRファンドは大型REITへの投資に好適
まいど!タケよん!(@takeyon7)です。 日本の証券会社から購入可能な米国不動産ETFは数が限られていますがその中の一つであるXLREについて調べて見ました。 本記事の結論・まとめ XLREひとつで米国の有名REITにまとめて投資が可能 配当利回りは3.35%と株式や債券よりも高利回り 構成銘...
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本記事の結論・まとめ

IFGLを調査して分かったまとめです。総じてIFGLに投資するメリットが残念ながら見つかりませんでした。

  • 投資先の1/4は日本国内の不動産関連銘柄なのでわざわざコストかけて米国籍ETF経由で投資する意味ナシ
  • 2007年来の年間平均成長率は1%台と、決して魅力的な投資先ではない
  • 配当額の増減が激しく高配当だけど安定配当ではない
  • 不動産ETFにしては珍しく先進国各国&209銘柄と分散効果は高い

IFGLの特徴

世界最大の資産運用会社であるブラックロック社が運用するETFです。主な投資対象は米国を除く先進国各国の(米国から見て外国の)不動産関連株式です。

 

構成銘柄にはREITやREIT以外の通常の不動産会社の銘柄も含まれています。また、IFGLの信託報酬は0.48%と少し高めなのも気になります。やはり米国から米国外の資産へ投資する点でコストがかかるのでしょうか。

 

先進国各国に分散投資するETFらしく、構成銘柄は209と広く分散されていることが分かります。

不動産セレクト・セクターSPDRファンド(IFGL)
IFGL基本データ
投資対象米国を除く先進国各国のREIT
および不動産会社株式
対象
インデックス
FTSE EPRA/NAREIT 先進国(除く米国)
不動産インデックス
配当利回り3.75%
信託報酬0.48%
配当月四半期毎(3,6,9,12月)
構成銘柄数209
設定日2007/11/12

IFGLの構成銘柄

構成銘柄全209銘柄の上位10銘柄がこちらです。上位10銘柄で全体の運用額の約3割を占めています。1位のヴォノビア(VNA)はドイツで住宅向け不動産の販売、賃貸を行う不動産会社です。

また配当利回りの高さでは6位の主に商業施設用不動産に投資を行うユニボール・ロダムコ(URW)が7.52%と群を抜いて高いです。

ティッカー銘柄構成比率配当利回
VNAVONOVIA SE3.60%3.31%
0016SUN HUNG KAI PROPERTIES LTD3.45%3.47%
0823LINK REAL ESTATE
INVESTMENT TRUST
3.34%2.92%
1113CK ASSET HOLDINGS LTD3.20%2.65%
8801三井不動産3.14%1.59%
URWWFD UNIBAIL RODAMCO
STAPLED UNITS
3.04%7.52%
8802三菱地所2.82%1.42%
DWNIDEUTSCHE WOHNEN2.35%1.93%
8830住友不動産2.33%0.66%
GMGGOODMAN GROUP UNITS2.26%1.62%

IFGLの地域別構成比率

抑えておきたいポイントは地域別構成比率にあります。もともと米国人向けの投資商品であることから米国を除く先進国各国が投資先となっています。そして1/4は日本に投資されています。IFGLを持つことで三井不動産や三菱地所などの日本株式を間接的に持つことになります。しかもドル建てで。

ドル転の為替手数料を払い、0.48%もの信託報酬を払って日本株への投資です。非効率的すぎる点が日本人に不向きとする最大の理由です。

敢えてAFGL経由で国内不動産に投資する理由がありません。少額で国内不動産に投資したければ投資信託や国内上場投信など適した選択肢は他にも多くあります。

チャート・トータルリターン

IFGLの10年チャートです。リーマンショックからの回復後は22.5ドルから35ドルの間でのボックス相場ですね。あまりキャピタルゲインを積極的に狙いに行くようなETFではなさそうです。

Yahoo Financeより引用

直近1年間の配当金込みチャート

直近1年間のリターンをVTIと比較してみました。直近1年間ではVTIの+5.7%と比較してもIFGLが+4.5%と劣後しています。


ETFreplay.comより

直近3年間の配当金込みチャート

直近3年間の成績です。総じてVTIより悪く、年間平均成長率も倍ほどパフォーマンスに差があります。一方でボラティリティは同じ程度ですので、同じリスクで期待リターンは半分と言う事になります。


ETFreplay.comより

設定来からの配当金込みチャート

設定来の2007年後半からのリターンです。リーマンショックの落ち込みからはギリギリ回復はしたけど…成績はイマイチと言った感じですね。年間平均成長率もたったの1.4%しかありません。

お世辞にも魅力的な投資先には映りません。やはり米国人向けに投資の幅を広げるための選択肢に過ぎないのでしょうか。


ETFreplay.comより

IFGLの配当・増配率

配当利回りは3%後半と高いので配当についても着目してみました。年間の配当額推移と四半期ごとの配当を調べて見ました。

IFGLの年間配当額の推移

年間の配当額は大きく増減を繰り返しています。2013年は多く、3.5ドル超の配当がありましたが、2014~2015年は1株当たり1ドル程度の配当しかありません。配当利回りは魅力的でも配当の安定さはありませんね。

IFGLの最近の配当履歴

2013年の12月配当がずば抜けて多く、1回で2.5ドル超の配当が出たことがあります。それ以外では0.3ドル程度の低さです。

ブログ後記

分散投資の観点で不動産ETFを調査を続けています。今回目につけた先進国不動産と言う点ではあまり魅力的な投資先ではないことが分かってしまいました。日本人ならIFGLよりも不動産に投資する低コストな投資信託でも探した方が良いと思います。


関連記事です。全世界の株式市場の過半数を超えるアメリカ株式市場全体に投資する優秀なETFがVTIです。

米国株デビューで迷ったら、15万円分くらいのVTIを買うのが正解
米国株デビューをしたいけど、何から買えばいいか分からなければ、とりあえず15万円程度のVTIを買うのが正解です。理由は後述します。 他の著名米国株ブロガーのブログを読んで勉強したが、高配当な個別銘柄とかバフェット銘柄とかS&P500連動ETFとか良さそうな投資対象が多岐に渡り、何から始めてよいかわか...

高ボラティリティのETFと組み合わせて持ちたいのは低ボラティリティの債券ETFです。

BNDで配当生活?利上げ局面に仕込んで毎月配当の米国債券ETFで年金作り
まいど!タケよん!(@takeyon7)です。 昨今の米国は利上げ局面で10年国債利回りが3%に達しようかと言う状況です。 そうなるとリスクを取って株式投資で6~8%のリターンを目指すのもいいですが、リスクを抑えて債券市場で3%のリターンを目指すのも有効な選択肢になります。 リーマンショック以降、好...

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