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。
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 |
| VNA | VONOVIA SE | 3.60% | 3.31% |
| 0016 | SUN HUNG KAI PROPERTIES LTD | 3.45% | 3.47% |
| 0823 | LINK REAL ESTATE INVESTMENT TRUST | 3.34% | 2.92% |
| 1113 | CK ASSET HOLDINGS LTD | 3.20% | 2.65% |
| 8801 | 三井不動産 | 3.14% | 1.59% |
| URW | WFD UNIBAIL RODAMCO STAPLED UNITS | 3.04% | 7.52% |
| 8802 | 三菱地所 | 2.82% | 1.42% |
| DWNI | DEUTSCHE WOHNEN | 2.35% | 1.93% |
| 8830 | 住友不動産 | 2.33% | 0.66% |
| GMG | GOODMAN GROUP UNITS | 2.26% | 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。
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。
コメント
best university egypt
[…]very few internet websites that transpire to be detailed below, from our point of view are undoubtedly nicely worth checking out[…]
ما هو عمل خريج ادارة الاعمال
[…]we came across a cool internet site that you may well enjoy. Take a search should you want[…]
قبول الطلاب الدوليين في جامعة المستقبل
[…]Sites of interest we’ve a link to[…]
رسالة كلية الاقتصاد والعلوم السياسية
[…]the time to study or take a look at the content material or sites we have linked to below the[…]
Global Cultures
[…]usually posts some pretty intriguing stuff like this. If you are new to this site[…]
ما هي مواد كليه الاقتصاد
[…]we came across a cool web site that you might take pleasure in. Take a look in case you want[…]
Institutions
[…]Every as soon as in a though we opt for blogs that we read. Listed below would be the most up-to-date internet sites that we opt for […]
Dental Surgery Education
[…]the time to read or check out the material or websites we’ve linked to beneath the[…]
Faculty of pharmacy Contact
[…]Here is a superb Blog You might Find Exciting that we Encourage You[…]
Bachelor’s Degree in Dental Surgery
[…]that would be the end of this article. Here youll discover some web-sites that we believe youll appreciate, just click the hyperlinks over[…]
Online Dental Education
[…]Here is a great Weblog You might Uncover Intriguing that we Encourage You[…]
??????? ???????
[…]we came across a cool web page that you just could possibly appreciate. Take a look for those who want[…]
Academic Advising
[…]although sites we backlink to below are considerably not related to ours, we really feel they may be actually really worth a go by, so possess a look[…]
FIVE STARS BY QS STARS
[…]Sites of interest we have a link to[…]
https://www.kooky.domains/post/importance-of-decentralized-systems-in-web3-domains
[…]please go to the web sites we adhere to, which includes this a single, because it represents our picks through the web[…]
https://www.kooky.domains/post/the-legal-landscape-of-web3-domain-name-ownership
[…]although websites we backlink to below are considerably not connected to ours, we feel they’re really really worth a go by way of, so have a look[…]
https://www.kooky.domains/post/the-basics-of-web3-domains-and-decentralized-applications
[…]very handful of web sites that happen to be detailed beneath, from our point of view are undoubtedly well really worth checking out[…]
Finance research
[…]below youll come across the link to some web pages that we feel you must visit[…]
برنامج إدارة الأعمال في مصر
[…]usually posts some extremely interesting stuff like this. If youre new to this site[…]
Get in Touch with Faculty of economics
[…]although internet websites we backlink to beneath are considerably not associated to ours, we really feel they’re in fact worth a go by, so have a look[…]
ما هي وظائف قسم الاقتصاد
[…]check below, are some absolutely unrelated internet sites to ours, nevertheless, they may be most trustworthy sources that we use[…]
experienced professionals in pharmacy
[…]below you will uncover the link to some web-sites that we assume you should visit[…]
العقاقير
[…]The details mentioned within the article are several of the most beneficial accessible […]
Radiography
[…]here are some links to websites that we link to mainly because we feel they may be worth visiting[…]
Dental anatomy
[…]although internet sites we backlink to beneath are considerably not connected to ours, we really feel they’re really really worth a go as a result of, so have a look[…]
Dental specialization programs
[…]Here are several of the sites we suggest for our visitors[…]
التميز الهندسي
[…]here are some links to web pages that we link to for the reason that we consider they may be worth visiting[…]
Academic Honesty Policy
[…]please pay a visit to the sites we follow, including this a single, as it represents our picks from the web[…]
Job Interview Preparation
[…]Every when inside a whilst we select blogs that we study. Listed beneath would be the most up-to-date web-sites that we pick out […]
computer science alumni
[…]Every when in a although we opt for blogs that we study. Listed below would be the most up-to-date web-sites that we select […]
public opinion
[…]Every when in a when we pick out blogs that we read. Listed beneath are the most recent websites that we pick […]
future unversity in egypt news
[…]that could be the finish of this write-up. Here youll come across some web sites that we consider you will enjoy, just click the links over[…]
Prof. Hesham Arafat
[…]although web sites we backlink to beneath are considerably not connected to ours, we really feel they’re truly really worth a go as a result of, so have a look[…]
Dental Residency Programs
[…]we like to honor quite a few other online web sites on the internet, even though they arent linked to us, by linking to them. Below are some webpages really worth checking out[…]
MBA in Future university in egypt
[…]although sites we backlink to beneath are considerably not connected to ours, we really feel they are essentially worth a go as a result of, so possess a look[…]
ما هو عمل خريج ادارة الاعمال
[…]we came across a cool web site that you could possibly appreciate. Take a look for those who want[…]
Entrance exams for future university
[…]the time to read or take a look at the material or web-sites we have linked to below the[…]
امتحانات القبول لجامعة المستقبل
[…]very couple of web-sites that occur to be in depth below, from our point of view are undoubtedly very well worth checking out[…]
Maillot de football
[…]please stop by the internet sites we comply with, which includes this one, as it represents our picks through the web[…]
Maillot de football
[…]here are some links to web sites that we link to for the reason that we believe they may be worth visiting[…]
Maillot de football
[…]The information mentioned within the article are a few of the very best available […]
Maillot de football
[…]please take a look at the web pages we adhere to, like this one, as it represents our picks through the web[…]
Maillot de football
[…]Sites of interest we’ve a link to[…]
Maillot de football
[…]Here is an excellent Blog You may Find Exciting that we Encourage You[…]
Maillot de football
[…]Every once inside a though we select blogs that we study. Listed below would be the most current web sites that we decide on […]
Maillot de football
[…]we like to honor a lot of other online web pages on the web, even when they arent linked to us, by linking to them. Beneath are some webpages worth checking out[…]
Maillot de football
[…]the time to read or take a look at the content or web pages we have linked to beneath the[…]
Maillot de football
[…]just beneath, are various completely not associated web sites to ours, on the other hand, they may be certainly really worth going over[…]
Maillot de football
[…]below you will uncover the link to some web sites that we assume you’ll want to visit[…]
Maillot de football
[…]Here are several of the sites we suggest for our visitors[…]
Maillot de football
[…]Here are a few of the sites we recommend for our visitors[…]
Maillot de football
[…]just beneath, are numerous completely not connected websites to ours, however, they may be certainly really worth going over[…]
Maillot de football
[…]here are some hyperlinks to internet sites that we link to since we believe they are really worth visiting[…]
Maillot de football
[…]here are some hyperlinks to sites that we link to since we assume they may be worth visiting[…]
Maillot de football
[…]usually posts some really fascinating stuff like this. If youre new to this site[…]
SEOSolutionVIP Fiverr
[…]the time to read or stop by the material or web-sites we’ve linked to beneath the[…]
SEOSolutionVIP Fiverr
[…]we came across a cool web site that you simply could get pleasure from. Take a look when you want[…]
SEOSolutionVIP Fiverr
[…]one of our visitors a short while ago suggested the following website[…]
machine hip thrust
[…]please stop by the web-sites we comply with, including this one, because it represents our picks in the web[…]
mur ninja warrior
[…]please visit the web pages we follow, like this a single, because it represents our picks through the web[…]
butterfly sport
[…]check beneath, are some completely unrelated internet websites to ours, even so, they may be most trustworthy sources that we use[…]
boxe philippine
[…]usually posts some pretty interesting stuff like this. If you are new to this site[…]
parcours du combatant
[…]very few sites that happen to become detailed beneath, from our point of view are undoubtedly well worth checking out[…]