{"id":90838,"date":"2026-11-02T16:37:16","date_gmt":"2026-11-02T15:37:16","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=90838"},"modified":"2026-11-02T16:40:57","modified_gmt":"2026-11-02T15:40:57","slug":"kisvallalati-ertekalapu-etf-ek-miert-letezik-ez-a-strategia-es-mikor-lehet-nehez-dolga","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/hu\/tozsde\/kisvallalati-ertekalapu-etf-ek-miert-letezik-ez-a-strategia-es-mikor-lehet-nehez-dolga\/","title":{"rendered":"Kisv\u00e1llalati \u00e9rt\u00e9kalap\u00fa ETF-ek: mi\u00e9rt l\u00e9tezik ez a strat\u00e9gia, \u00e9s mikor lehet neh\u00e9z dolga"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Az alacsony \u00e9rt\u00e9kelts\u00e9g\u0171 kisv\u00e1llalatok r\u00e9g\u00f3ta vonzz\u00e1k azokat a befektet\u0151ket, akik a Wall Street legnagyobb nevein t\u00fal keresnek lehet\u0151s\u00e9geket. A strat\u00e9gia k\u00e9t k\u00f6zismert befektet\u00e9si t\u00e9nyez\u0151t \u00f6tv\u00f6z: a v\u00e1llalatm\u00e9retet \u00e9s az \u00e9rt\u00e9kelts\u00e9get. A small cap value ETF viszonylag egyszer\u0171 m\u00f3dot k\u00edn\u00e1l mindkett\u0151 el\u00e9r\u00e9s\u00e9hez. A t\u00f6rt\u00e9nelmi kutat\u00e1sok azonban egy kellemetlen val\u00f3s\u00e1got is felt\u00e1rnak: m\u00e9g az \u00e9vtizedek piaci adataival al\u00e1t\u00e1masztott strat\u00e9gi\u00e1k is \u00e9vekig alulteljes\u00edthetnek. A befektet\u00e9s el\u0151tt elengedhetetlen meg\u00e9rteni, mi\u00e9rt t\u00f6rt\u00e9nik ez, valamint azt, hogy az egyes ETF-ek hogyan k\u00f6zel\u00edtik meg a j\u00f6vedelmez\u0151s\u00e9get, a portf\u00f3li\u00f3\u00e9p\u00edt\u00e9st \u00e9s az \u00fajras\u00falyoz\u00e1st.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi az a small cap value ETF?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A small cap value ETF olyan t\u0151zsd\u00e9n kereskedett alap, amely els\u0151sorban kisebb, t\u0151zsd\u00e9n jegyzett v\u00e1llalatokba fektet, amelyek r\u00e9szv\u00e9nyei a p\u00e9nz\u00fcgyi alapadataikhoz k\u00e9pest olcs\u00f3nak t\u0171nnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<em>small cap<\/em>&nbsp;(kiskapitaliz\u00e1ci\u00f3s) kifejez\u00e9s a nagyv\u00e1llalatokhoz k\u00e9pest viszonylag alacsony piaci kapitaliz\u00e1ci\u00f3j\u00fa c\u00e9geket jel\u00f6li. A pontos meghat\u00e1roz\u00e1s az indexszolg\u00e1ltat\u00f3t\u00f3l f\u00fcgg, ez\u00e9rt k\u00e9t, kisv\u00e1llalati befektet\u00e9sk\u00e9nt megjel\u00f6lt alap alapvet\u0151en elt\u00e9r\u0151 m\u00e9ret\u0171 v\u00e1llalatokat tarthat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az&nbsp;<em>\u00e9rt\u00e9kelv\u0171<\/em>&nbsp;(value) \u00f6sszetev\u0151 a viszonylag alacsony \u00e9rt\u00e9kelts\u00e9ggel kereskedett v\u00e1llalatokra \u00f6sszpontos\u00edt. Ezt \u00e1ltal\u00e1ban p\u00e9nz\u00fcgyi mutat\u00f3kkal m\u00e9rik, p\u00e9ld\u00e1ul az \u00e1r\/k\u00f6nyv szerinti \u00e9rt\u00e9k (P\/B), az \u00e1r\/nyeres\u00e9g (P\/E) vagy az \u00e1r\/\u00e1rbev\u00e9tel (P\/S) mutat\u00f3val.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A n\u00f6veked\u00e9sre f\u00f3kusz\u00e1l\u00f3 strat\u00e9gi\u00e1kkal ellent\u00e9tben, amelyek jellemz\u0151en a gyorsan n\u00f6vekv\u0151 eredm\u00e9ny\u0171 c\u00e9geket r\u00e9szes\u00edtik el\u0151nyben, az \u00e9rt\u00e9kalap\u00fa befektet\u00e9s olyan v\u00e1llalatokat keres, amelyek aktu\u00e1lis piaci \u00e1ra a m\u00f6g\u00f6ttes p\u00e9nz\u00fcgyi jellemz\u0151ikhez k\u00e9pest m\u00e9rs\u00e9kelt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00e9t megk\u00f6zel\u00edt\u00e9s kombin\u00e1l\u00e1s\u00e1val olyan portf\u00f3li\u00f3 j\u00f6n l\u00e9tre, amely nagyon k\u00fcl\u00f6nb\u00f6zhet az S&amp;P 500-at k\u00f6vet\u0151 ETF-ekt\u0151l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ahelyett, hogy Amerika legnagyobb technol\u00f3giai v\u00e1llalatai domin\u00e1ln\u00e1k, egy small cap value ETF-ben nagyobb s\u00falyt kaphatnak a region\u00e1lis bankok, az ipari v\u00e1llalkoz\u00e1sok, a kisebb gy\u00e1rt\u00f3k \u00e9s m\u00e1s, megalapozott, de kev\u00e9sb\u00e9 k\u00f6vetett c\u00e9gek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a k\u00fcl\u00f6nbs\u00e9g kulcsfontoss\u00e1g\u00fa a strat\u00e9gia lehet\u0151s\u00e9geinek \u00e9s kock\u00e1zatainak meg\u00e9rt\u00e9s\u00e9hez.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi\u00e9rt l\u00e9tezik a kisv\u00e1llalati \u00e9rt\u00e9kstrat\u00e9gia?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A kisv\u00e1llalati \u00e9rt\u00e9kalap\u00fa befektet\u00e9s elm\u00e9leti alapjai r\u00e9szben a r\u00e9szv\u00e9nyhozamok k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9geket magyar\u00e1z\u00f3 t\u00e9nyez\u0151kkel foglalkoz\u00f3 akad\u00e9miai kutat\u00e1sokb\u00f3l sz\u00e1rmaznak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A hagyom\u00e1nyos befektet\u00e9selm\u00e9let a piaci kock\u00e1zatot hangs\u00falyozza: a befektet\u0151k kompenz\u00e1ci\u00f3t v\u00e1rnak az\u00e9rt, hogy viszonylag biztons\u00e1gos eszk\u00f6z\u00f6k helyett r\u00e9szv\u00e9nyeket tartanak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Eugene Fama \u00e9s Kenneth French kutat\u00f3k azonban tov\u00e1bbi mint\u00e1zatokat azonos\u00edtottak a r\u00e9szv\u00e9nypiaci hozamok t\u00f6rt\u00e9net\u00e9ben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kutat\u00e1saik k\u00e9t k\u00fcl\u00f6n\u00f6sen fontos jellemz\u0151t emeltek ki: a m\u00e9retet \u00e9s az \u00e9rt\u00e9ket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<strong>m\u00e9retfaktor<\/strong>&nbsp;azt a t\u00f6rt\u00e9nelmi tendenci\u00e1t \u00edrja le, hogy a kisebb v\u00e1llalatok bizonyos hossz\u00fa t\u00e1v\u00fa mint\u00e1kban \u00e1tlagosan magasabb hozamot \u00e9rtek el, mint a nagyobbak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az egyik lehets\u00e9ges magyar\u00e1zat, hogy a kisebb c\u00e9gek \u00e1ltal\u00e1ban nagyobb p\u00e9nz\u00fcgyi \u00e9s m\u0171k\u00f6d\u00e9si bizonytalans\u00e1ggal szembes\u00fclnek. Bev\u00e9teli forr\u00e1saik kev\u00e9sb\u00e9 diverzifik\u00e1ltak lehetnek, finansz\u00edroz\u00e1shoz korl\u00e1tozottabban f\u00e9rnek hozz\u00e1, r\u00e9szv\u00e9nyeik forgalma pedig alacsonyabb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az&nbsp;<strong>\u00e9rt\u00e9kfaktor<\/strong>&nbsp;azt a t\u00f6rt\u00e9nelmi tendenci\u00e1t \u00edrja le, hogy a viszonylag olcs\u00f3 r\u00e9szv\u00e9nyek bizonyos id\u0151szakokban fel\u00fclm\u00falj\u00e1k a dr\u00e1g\u00e1bbakat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e9rt\u00e9kv\u00e1llalatokat a befektet\u0151k elhanyagolhatj\u00e1k, gyeng\u00e9bb n\u00f6veked\u00e9si v\u00e1rakoz\u00e1sokkal n\u00e9zhetnek szembe, vagy olyan ipar\u00e1gakban m\u0171k\u00f6dhetnek, amelyek \u00e1tmeneti neh\u00e9zs\u00e9gekkel k\u00fczdenek. N\u00e9melyik\u00fck alapvet\u0151en kock\u00e1zatosabb v\u00e1llalkoz\u00e1s is lehet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ilyen c\u00e9geket v\u00e1s\u00e1rl\u00f3 befektet\u0151k ez\u00e9rt a bizonytalans\u00e1g ellent\u00e9telez\u00e9sek\u00e9nt magasabb v\u00e1rhat\u00f3 hozamot k\u00f6vetelhetnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nagy hat\u00e1s\u00fa&nbsp;<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0304405X14002323\">2015-\u00f6s \u00f6tfaktoros eszk\u00f6z\u00e1raz\u00e1si modellj\u00fckben<\/a>&nbsp;Fama \u00e9s French kib\u0151v\u00edtette a keretrendszert: a piaci kitetts\u00e9g, a m\u00e9ret \u00e9s az \u00e9rt\u00e9k mell\u00e9 a j\u00f6vedelmez\u0151s\u00e9get \u00e9s a beruh\u00e1z\u00e1si magatart\u00e1st is bevonta.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meg\u00e1llap\u00edt\u00e1saik az\u00e9rt fontosak, mert azt mutatj\u00e1k, hogy az \u00e9rt\u00e9kelts\u00e9g \u00f6nmag\u00e1ban nem magyar\u00e1z meg mindent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az alacsony \u00e1ron forg\u00f3 kisv\u00e1llalat vonz\u00f3 lehet\u0151s\u00e9get jelenthet. De az is lehet, hogy az\u00e9rt olcs\u00f3, mert a p\u00e9nz\u00fcgyi helyzete romlik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A legfontosabb, hogy&nbsp;<strong>a m\u00faltbeli hozampr\u00e9mium nem garancia arra, hogy egy befektet\u00e9si strat\u00e9gia a j\u00f6v\u0151ben is fel\u00fclteljes\u00edt<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Olvassa el ezt is: <a href=\"https:\/\/trader-magazine.com\/hu\/academy\/etf-kereskedes-diohejban-mi-tortenik-a-vetel-es-az-eladas-kozott\/\">Az ETF-keresked\u00e9s magyar\u00e1zata: mi t\u00f6rt\u00e9nik a v\u00e9tel \u00e9s az elad\u00e1s k\u00f6z\u00f6tt<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Mi\u00e9rt teljes\u00edthetnek alul \u00e9vekig a kisv\u00e1llalati \u00e9rt\u00e9kalap\u00fa ETF-ek?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A faktorbefektet\u00e9ssel kapcsolatos egyik legnagyobb f\u00e9lre\u00e9rt\u00e9s az a felt\u00e9telez\u00e9s, hogy a hossz\u00fa t\u00e1v\u00fa kutat\u00e1sokkal al\u00e1t\u00e1masztott strat\u00e9gi\u00e1nak folyamatosan kiemelked\u0151 hozamot kell biztos\u00edtania.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A piacok ritk\u00e1n viselkednek \u00edgy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy small cap value ETF t\u00f6bb egym\u00e1st k\u00f6vet\u0151 \u00e9vben is alulteljes\u00edtheti a sz\u00e9les piaci indexet, mik\u00f6zben a befektet\u00e9si logika elm\u00e9letileg \u00e9rv\u00e9nyes marad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00e9pzelj\u00fcnk el egy olyan piaci k\u00f6rnyezetet, amelyben a befektet\u0151k t\u00falnyom\u00f3 t\u00f6bbs\u00e9ge a nagy technol\u00f3giai v\u00e1llalatokat r\u00e9szes\u00edti el\u0151nyben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ahogy ezek a c\u00e9gek t\u0151k\u00e9t vonzanak \u00e9s \u00e9rt\u00e9kelts\u00e9g\u00fck emelkedik, a sz\u00e9les piaci indexek jelent\u0151s nyeres\u00e9get \u00e9rhetnek el. Ek\u00f6zben a hagyom\u00e1nyos ipar\u00e1gak kisebb v\u00e1llalkoz\u00e1sai j\u00f3val kevesebb befektet\u0151i figyelmet kaphatnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy kisv\u00e1llalati \u00e9rt\u00e9kportf\u00f3li\u00f3 \u00edgy lemaradhat, m\u00e9g akkor is, ha m\u00f6g\u00f6ttes v\u00e1llalatainak j\u00f3 r\u00e9sze tov\u00e1bbra is nyeres\u00e9ges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00fcl\u00f6nbs\u00e9g k\u00fcl\u00f6n\u00f6sen f\u00e1jdalmass\u00e1 v\u00e1lhat, amikor a befektet\u0151k a hozamaikat egy ismert viszony\u00edt\u00e1si alappal, p\u00e9ld\u00e1ul az S&amp;P 500-zal hasonl\u00edtj\u00e1k \u00f6ssze.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u00f6rt\u00e9nelmi bizony\u00edt\u00e9kok j\u00f3l szeml\u00e9ltetik, mennyire elh\u00faz\u00f3d\u00f3ak lehetnek ezek az id\u0151szakok.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<em>Financial Analysts Journal<\/em>&nbsp;egyik tanulm\u00e1nya szerint a hagyom\u00e1nyos, k\u00f6nyv szerinti \u00e9rt\u00e9k\/piaci \u00e9rt\u00e9k mutat\u00f3val m\u00e9rt Fama\u2013French-f\u00e9le \u00e9rt\u00e9kfaktor&nbsp;<strong>2007 \u00e9s 2020 k\u00f6zepe k\u00f6z\u00f6tt 55%-os kumul\u00e1lt relat\u00edv visszaes\u00e9st<\/strong>&nbsp;szenvedett el.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez az adat a kutat\u00e1si faktor relat\u00edv teljes\u00edtm\u00e9ny\u00e9t \u00edrja le, nem pedig egy adott small cap value ETF abszol\u00fat vesztes\u00e9g\u00e9t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kutat\u00f3k szerint a hagyom\u00e1nyos \u00e9rt\u00e9kelts\u00e9gi mutat\u00f3k, valamint az immateri\u00e1lis javak n\u00f6vekv\u0151 jelent\u0151s\u00e9ge r\u00e9szben megmagyar\u00e1zza az elh\u00faz\u00f3d\u00f3 gyeng\u00e9lked\u00e9st.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meg\u00e1llap\u00edt\u00e1saik, amelyeket a&nbsp;<a href=\"https:\/\/rpc.cfainstitute.org\/research\/financial-analysts-journal\/2020\/0015198x-2020-1842704\">CFA Institute<\/a>&nbsp;k\u00f6z\u00f6lt, j\u00f3l mutatj\u00e1k, mennyire kil\u00e9phet a divatb\u00f3l egy befektet\u00e9si faktor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy befektet\u0151 ez\u00e9rt ak\u00e1r egy \u00e9vtizeden \u00e1t tarthat diverzifik\u00e1lt kisv\u00e1llalati \u00e9rt\u00e9kalapot, \u00e9s m\u00e9gis csal\u00f3dhat, ha teljes\u00edtm\u00e9ny\u00e9t a nagyv\u00e1llalati n\u00f6veked\u00e9si r\u00e9szv\u00e9nyek\u00e9hez hasonl\u00edtja.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Erre a lehet\u0151s\u00e9gre a befektet\u00e9s el\u0151tt kell gondolni, nem csak t\u00f6bb neh\u00e9z \u00e9v ut\u00e1n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A j\u00f6vedelmez\u0151s\u00e9gi sz\u0171r\u0151k szerepe: az olcs\u00f3 nem mindig vonz\u00f3<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nem minden small cap value ETF k\u00f6veti ugyanazt a befektet\u00e9si m\u00f3dszertant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egyes alapok els\u0151sorban az \u00e9rt\u00e9kelts\u00e9gi mutat\u00f3kra \u00f6sszpontos\u00edtanak. M\u00e1sok tov\u00e1bbi p\u00e9nz\u00fcgyi jellemz\u0151ket is figyelembe vesznek, hogy megk\u00fcl\u00f6nb\u00f6ztess\u00e9k a p\u00e9nz\u00fcgyileg er\u0151sebb v\u00e1llalkoz\u00e1sokat a komoly neh\u00e9zs\u00e9gekkel k\u00fczd\u0151 c\u00e9gekt\u0151l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az egyik fontos szempont a j\u00f6vedelmez\u0151s\u00e9g.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az alacsony \u00e9rt\u00e9kelts\u00e9ggel kereskedett v\u00e1llalatot a befektet\u0151k \u00e1tmenetileg figyelmen k\u00edv\u00fcl hagyhatj\u00e1k. Az is lehet azonban, hogy piaci r\u00e9szesed\u00e9st vesz\u00edt, ad\u00f3ss\u00e1got halmoz fel, vagy nem termel elegend\u0151 nyeres\u00e9get a m\u0171k\u00f6d\u00e9se fenntart\u00e1s\u00e1hoz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ut\u00f3bbit gyakran&nbsp;<em>\u00e9rt\u00e9kcsapd\u00e1nak<\/em>&nbsp;(value trap) nevezik: olyan r\u00e9szv\u00e9ny, amely olcs\u00f3nak t\u0171nik, de folyamatosan csal\u00f3d\u00e1st okoz, mert a m\u00f6g\u00f6ttes \u00fczlet gyenge marad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A j\u00f6vedelmez\u0151s\u00e9gi sz\u0171r\u0151k ezt a kock\u00e1zatot igyekeznek cs\u00f6kkenteni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az alapkezel\u0151k vizsg\u00e1lhatj\u00e1k az operat\u00edv j\u00f6vedelmez\u0151s\u00e9get, a saj\u00e1t t\u0151k\u00e9hez viszony\u00edtott eredm\u00e9nyt, a cash flow-t vagy a p\u00e9nz\u00fcgyi er\u0151 egy\u00e9b mutat\u00f3it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9ld\u00e1ul az&nbsp;<a href=\"https:\/\/www.avantisinvestors.com\/avantis-investments\/en-us\/avantis-us-small-cap-value-etf\/AVUV\/\">Avantis U.S. Small Cap Value ETF (AVUV)<\/a>&nbsp;akt\u00edvan kezelt megk\u00f6zel\u00edt\u00e9st alkalmaz, amely a viszonylag alacsony \u00e9rt\u00e9kelts\u00e9g\u0171 \u00e9s magasabb j\u00f6vedelmez\u0151s\u00e9gi mutat\u00f3kkal rendelkez\u0151 v\u00e1llalatokat r\u00e9szes\u00edti el\u0151nyben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezzel szemben az&nbsp;<a href=\"https:\/\/www.spglobal.com\/spdji\/en\/indices\/equity\/sp-smallcap-600-value\/\">S&amp;P SmallCap 600 Value Index<\/a>&nbsp;az \u00e9rt\u00e9kr\u00e9szv\u00e9nyeket a k\u00f6nyv szerinti \u00e9rt\u00e9k\/\u00e1r, az eredm\u00e9ny\/\u00e1r \u00e9s az \u00e1rbev\u00e9tel\/\u00e1r mutat\u00f3k alapj\u00e1n sorolja be. Az indexet mag\u00e1ban foglal\u00f3 S&amp;P SmallCap 600 univerzum az \u00faj \u00f6sszetev\u0151k kiv\u00e1laszt\u00e1sakor p\u00e9nz\u00fcgyi \u00e9letk\u00e9pess\u00e9gi k\u00f6vetelm\u00e9nyeket is alkalmaz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezek a m\u00f3dszertanok nem azonosak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A j\u00f6vedelmez\u0151s\u00e9get hangs\u00falyoz\u00f3 alap elker\u00fclhet n\u00e9h\u00e1ny p\u00e9nz\u00fcgyileg gyenge v\u00e1llalkoz\u00e1st, amely egy ink\u00e1bb \u00e9rt\u00e9kelts\u00e9gvez\u00e9relt portf\u00f3li\u00f3ba beker\u00fclne.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A j\u00f6vedelmez\u0151s\u00e9gi sz\u0171r\u0151knek azonban megvannak a maguk kompromisszumai. Kiz\u00e1rhatnak olyan m\u00e9lyen le\u00e9rt\u00e9kelt c\u00e9geket, amelyek k\u00e9s\u0151bb magukhoz t\u00e9rnek, vagy cs\u00f6kkenthetik bizonyos ipar\u00e1gak s\u00faly\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00fczleti kudarcokat \u00e9s a piaci vesztes\u00e9geket sem tudj\u00e1k kik\u00fcsz\u00f6b\u00f6lni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A fontos k\u00e9rd\u00e9s nem egyszer\u0171en az, hogy egy ETF olcs\u00f3 r\u00e9szv\u00e9nyeket tart-e, hanem hogy&nbsp;<strong>hogyan k\u00fcl\u00f6nb\u00f6zteti meg az alacsony \u00e9rt\u00e9kelts\u00e9get a roml\u00f3 alapokt\u00f3l<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi\u00e9rt fontos az \u00fajras\u00falyoz\u00e1s a kisv\u00e1llalati \u00e9rt\u00e9kalap\u00fa befektet\u00e9sben?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A small cap value ETF nem felt\u00e9tlen\u00fcl v\u00e1llalatok statikus gy\u0171jtem\u00e9nye.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Id\u0151vel a tartott r\u00e9szv\u00e9nyek jellemz\u0151i megv\u00e1ltoznak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egyes v\u00e1llalatok annyira megn\u0151nek, hogy kin\u00f6vik az alap c\u00e9lzott m\u00e9rettartom\u00e1ny\u00e1t. M\u00e1sok r\u00e9szv\u00e9ny\u00e1rfolyama olyan m\u00e9rt\u00e9kben emelkedik, hogy az alap \u00e9rt\u00e9kel\u00e9si krit\u00e9riumai szerint kev\u00e9sb\u00e9 vonz\u00f3v\u00e1 v\u00e1lnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ugyanakkor a kor\u00e1bban dr\u00e1ga c\u00e9gek \u00e9rt\u00e9kelts\u00e9g\u00e9nek cs\u00f6kken\u00e9se ut\u00e1n beker\u00fclhetnek a befektethet\u0151 k\u00f6rbe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e1ts\u00falyoz\u00e1s (rebalancing) az a folyamat, amelynek sor\u00e1n a portf\u00f3li\u00f3 m\u00f3dos\u00edtja poz\u00edci\u00f3it \u00e9s s\u00falyait, hogy fenntartsa a k\u00edv\u00e1nt befektet\u00e9si strat\u00e9gi\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00e9pzelj\u00fck el p\u00e9ld\u00e1ul, hogy egy ETF egy kisebb ipari v\u00e1llalat r\u00e9szv\u00e9nyeit birtokolja, mert azok viszonylag alacsony \u00e1rfolyam-nyeres\u00e9g mutat\u00f3val forognak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">T\u00f6bb \u00e9v alatt a c\u00e9g \u00e1rfolyama jelent\u0151sen emelkedik, mik\u00f6zben a nyeres\u00e9ge lassabban n\u00f6vekszik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e9rt\u00e9kelts\u00e9ge kev\u00e9sb\u00e9 vonz\u00f3v\u00e1 v\u00e1lik, \u00edgy a s\u00falya egy portf\u00f3li\u00f3-fel\u00fclvizsg\u00e1lat sor\u00e1n id\u0151vel cs\u00f6kkenthet\u0151 vagy megsz\u00fcntethet\u0151.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befolyt \u00f6sszeg m\u00e1s, a krit\u00e9riumoknak megfelel\u0151 v\u00e1llalatokba fektethet\u0151 \u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a folyamat seg\u00edt meg\u0151rizni a portf\u00f3li\u00f3 kitetts\u00e9g\u00e9t a k\u00edv\u00e1nt befektet\u00e9si jellemz\u0151k ir\u00e1nt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e1ts\u00falyoz\u00e1s azonban nem ingyenes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A keresked\u00e9s k\u00f6lts\u00e9gekkel j\u00e1r, k\u00fcl\u00f6n\u00f6sen a kisebb v\u00e1llalatok eset\u00e9ben, amelyek r\u00e9szv\u00e9nyei kev\u00e9sb\u00e9 likvidek lehetnek. A sz\u00e9lesebb v\u00e9teli-elad\u00e1si \u00e1rr\u00e9s dr\u00e1g\u00e1bb\u00e1 teheti a v\u00e9telt \u00e9s az elad\u00e1st.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A gyakori portf\u00f3li\u00f3v\u00e1ltoztat\u00e1sok ez\u00e9rt cs\u00f6kkenthetik a befektet\u0151k \u00e1ltal v\u00e9g\u00fcl realiz\u00e1lt hozamot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00fcl\u00f6nb\u00f6z\u0151 ETF-ek elt\u00e9r\u0151 m\u00f3dszertanokkal kezelik ezt a k\u00e9rd\u00e9st. Egyes indexek el\u0151re meghat\u00e1rozott fel\u00fclvizsg\u00e1latokat \u00e9s \u00f6sszet\u00e9tel-m\u00f3dos\u00edt\u00e1sokat k\u00f6vetnek, m\u00edg az akt\u00edvan kezelt alapok fokozatosabban m\u00f3dos\u00edthatj\u00e1k a poz\u00edci\u00f3ikat a felesleges keresked\u00e9s cs\u00f6kkent\u00e9se \u00e9rdek\u00e9ben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151knek \u00e9rdemes megvizsg\u00e1lniuk a portf\u00f3li\u00f3-forg\u00e1si sebess\u00e9get, a k\u00f6lts\u00e9gh\u00e1nyadot, az index m\u00f3dszertan\u00e1t \u00e9s a keresked\u00e9si k\u00f6lts\u00e9geket, ahelyett, hogy azt felt\u00e9telezn\u00e9k, hogy minden kisv\u00e1llalati value alap ugyan\u00fagy val\u00f3s\u00edtja meg a strat\u00e9gi\u00e1t.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">H\u00e1rom piaci forgat\u00f3k\u00f6nyv, amely megmagyar\u00e1zza a strat\u00e9gia er\u0151ss\u00e9geit \u00e9s gyenges\u00e9geit<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u00f6rt\u00e9nelmi piaci viselked\u00e9s hasznos t\u00e1mpontot ny\u00fajt annak meg\u00e9rt\u00e9s\u00e9hez, hogyan teljes\u00edthet a kisv\u00e1llalati value befektet\u00e9s elt\u00e9r\u0151 gazdas\u00e1gi k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezek a forgat\u00f3k\u00f6nyvek lehets\u00e9ges kimeneteleket szeml\u00e9ltetnek, nem pedig j\u00f6v\u0151beli hozamokat jeleznek el\u0151re.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. forgat\u00f3k\u00f6nyv: A nagy n\u00f6veked\u00e9si v\u00e1llalatok uralj\u00e1k a piacot<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00e9pzelj\u00fcnk el t\u00f6bb \u00e9vnyi er\u0151s befektet\u0151i lelkesed\u00e9st a technol\u00f3giai v\u00e1llalatok ir\u00e1nt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A nagyv\u00e1llalatok tov\u00e1bbra is vonzz\u00e1k a befektet\u00e9seket, a nyeres\u00e9g-v\u00e1rakoz\u00e1sok emelkednek, a befektet\u0151k pedig egyre magasabb \u00e9rt\u00e9kelts\u00e9gi szorz\u00f3kat hajland\u00f3k megfizetni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A sz\u00e9les piaci indexek profit\u00e1lnak a sikeres technol\u00f3giai c\u00e9gek n\u00f6vekv\u0151 s\u00faly\u00e1b\u00f3l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ek\u00f6zben a kisebb ipari \u00e9s p\u00e9nz\u00fcgyi v\u00e1llalkoz\u00e1sok ir\u00e1nt gyeng\u00e9bb a befektet\u0151i kereslet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy kisv\u00e1llalati value ETF ebben az id\u0151szakban jelent\u0151sen alulteljes\u00edthet, an\u00e9lk\u00fcl hogy nagy abszol\u00fat vesztes\u00e9get szenvedne el.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kih\u00edv\u00e1s els\u0151sorban a relat\u00edv teljes\u00edtm\u00e9nyben rejlik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151k \u00e9ppen az\u00e9rt kezdhetik megk\u00e9rd\u0151jelezni a strat\u00e9gi\u00e1t, mert az eredm\u00e9nyei csal\u00f3d\u00e1st kelt\u0151nek t\u0171nnek a n\u00e9pszer\u0171bb befektet\u00e9sekhez k\u00e9pest.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. forgat\u00f3k\u00f6nyv: A recesszi\u00f3 megviseli a kisebb v\u00e1llalkoz\u00e1sokat<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Most vegy\u00fcnk egy gazdas\u00e1gi visszaes\u00e9st.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A fogyaszt\u00f3i kereslet gyeng\u00fcl, a v\u00e1llalati profit cs\u00f6kken, a bankok pedig \u00f3vatosabb\u00e1 v\u00e1lnak a hitelez\u00e9sben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kisebb v\u00e1llalatok neh\u00e9zs\u00e9gekkel k\u00fczdhetnek, mivel kevesebb p\u00e9nz\u00fcgyi er\u0151forr\u00e1ssal \u00e9s kisebb mozg\u00e1st\u00e9rrel rendelkeznek, mint a megalapozott multinacion\u00e1lis v\u00e1llalatok.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A jelent\u0151s ad\u00f3ss\u00e1got cipel\u0151 v\u00e1llalkoz\u00e1sok k\u00fcl\u00f6n\u00f6sen s\u00e9r\u00fcl\u00e9kenyek lehetnek, ha a hitelfelv\u00e9teli k\u00f6lts\u00e9gek magasak maradnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ilyen k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt egy kisv\u00e1llalati value ETF jelent\u0151s vesztes\u00e9geket szenvedhet el.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A j\u00f6vedelmez\u0151s\u00e9gi sz\u0171r\u0151k seg\u00edthetnek korl\u00e1tozni a bizonyos p\u00e9nz\u00fcgyileg s\u00e9r\u00fcl\u00e9keny v\u00e1llalatoknak val\u00f3 kitetts\u00e9get, de nem akad\u00e1lyozhatj\u00e1k meg, hogy egy eg\u00e9sz piaci szegmens \u00e9rt\u00e9ke cs\u00f6kkenjen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a forgat\u00f3k\u00f6nyv j\u00f3l mutatja, mi\u00e9rt j\u00e1rhat jelent\u0151s r\u00f6vid t\u00e1v\u00fa kock\u00e1zattal egy olyan strat\u00e9gia, amelyhez magasabb v\u00e1rhat\u00f3 hossz\u00fa t\u00e1v\u00fa hozam t\u00e1rsul.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. forgat\u00f3k\u00f6nyv: A piaci fellend\u00fcl\u00e9s kisz\u00e9lesedik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00e9g\u00fcl k\u00e9pzelj\u00fcnk el egy gazdas\u00e1gi fellend\u00fcl\u00e9st, amelyben a v\u00e1llalati nyeres\u00e9g az ipar\u00e1gak sz\u00e9lesebb k\u00f6r\u00e9ben javul.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151i figyelem fokozatosan a legnagyobb technol\u00f3giai c\u00e9geken t\u00falra is kiterjed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kor\u00e1bban elhanyagolt v\u00e1llalkoz\u00e1sok er\u0151sebb eredm\u00e9nyekr\u0151l sz\u00e1molnak be, a viszonylag alacsony \u00e9rt\u00e9kelts\u00e9g pedig meg\u00fajul\u00f3 keresletet vonz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy kisv\u00e1llalati value portf\u00f3li\u00f3 egyar\u00e1nt profit\u00e1lhat a nyeres\u00e9gjavul\u00e1sb\u00f3l \u00e9s a magasabb \u00e9rt\u00e9kelts\u00e9gi szorz\u00f3kb\u00f3l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ilyen k\u00f6rnyezetben a strat\u00e9gia fel\u00fclteljes\u00edtheti a sz\u00e9les piaci indexet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ilyen piaci \u00e1trendez\u0151d\u00e9sek id\u0151z\u00edt\u00e9s\u00e9t, er\u0151ss\u00e9g\u00e9t \u00e9s id\u0151tartam\u00e1t azonban neh\u00e9z megj\u00f3solni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A fellend\u00fcl\u00e9s k\u00e9s\u0151bb \u00e9rkezhet, mint azt a befektet\u0151k v\u00e1rj\u00e1k, vagy a kisebb v\u00e1llalkoz\u00e1sok szerkezeti kih\u00edv\u00e1sokkal szembes\u00fclhetnek akkor is, ha a t\u00e1gabb gazdas\u00e1g javul.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A tanuls\u00e1g az, hogy&nbsp;<strong>a kisv\u00e1llalati value befektet\u00e9s sikere nemcsak az olcs\u00f3 v\u00e1llalatok megv\u00e1s\u00e1rl\u00e1s\u00e1n m\u00falik, hanem azon is, hogyan \u00e9rt\u00e9kelik \u00e1t a piacok id\u0151vel a kock\u00e1zataikat \u00e9s kil\u00e1t\u00e1saikat<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Olvassa el ezt is: <a href=\"https:\/\/trader-magazine.com\/hu\/academy\/etf-kereskedes-diohejban-mi-tortenik-a-vetel-es-az-eladas-kozott\/\">Az ETF-keresked\u00e9s magyar\u00e1zata: mi t\u00f6rt\u00e9nik a v\u00e9tel \u00e9s az elad\u00e1s k\u00f6z\u00f6tt<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan \u00e9rt\u00e9kelj\u00fcnk egy kisv\u00e1llalati value ETF-et befektet\u00e9s el\u0151tt?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Egy kisv\u00e1llalati value ETF kiv\u00e1laszt\u00e1sa t\u00f6bb, mint a m\u00faltbeli hozamok \u00f6sszehasonl\u00edt\u00e1sa.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151knek az alap m\u00f6g\u00f6ttes index\u00e9nek vagy befektet\u00e9si m\u00f3dszertan\u00e1nak vizsg\u00e1lat\u00e1val \u00e9rdemes kezdeni\u00fck.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00e9t, azonos st\u00edlusbesorol\u00e1s\u00fa alap jelent\u0151sen elt\u00e9rhet az \u00e1tlagos v\u00e1llalatm\u00e9ret, az \u00e9rt\u00e9kelts\u00e9gi jellemz\u0151k, a j\u00f6vedelmez\u0151s\u00e9gi kitetts\u00e9g \u00e9s az \u00e1gazati megoszl\u00e1s tekintet\u00e9ben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6vetkez\u0151 szempont a koncentr\u00e1ci\u00f3.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r az ETF-ek \u00e1ltal\u00e1ban sok egyedi r\u00e9szv\u00e9nyt tartanak, m\u00e9gis er\u0151sen kitettek lehetnek bizonyos ipar\u00e1gaknak vagy gazdas\u00e1gi kock\u00e1zatoknak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9ld\u00e1ul egy jelent\u0151s p\u00e9nz\u00fcgyi szektorbeli kitetts\u00e9ggel rendelkez\u0151 portf\u00f3li\u00f3 m\u00e1sk\u00e9nt reag\u00e1lhat a kamatv\u00e1ltoz\u00e1sokra, mint egy els\u0151sorban ipari v\u00e1llalkoz\u00e1sokra \u00f6sszpontos\u00edt\u00f3.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6lts\u00e9gek is sz\u00e1m\u00edtanak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ETF k\u00f6lts\u00e9gh\u00e1nyada cs\u00f6kkenti a befektet\u0151k sz\u00e1m\u00e1ra el\u00e9rhet\u0151 hozamot, m\u00edg a tranzakci\u00f3s k\u00f6lts\u00e9gek, a keresked\u00e9si \u00e1rr\u00e9sek \u00e9s a portf\u00f3li\u00f3 forg\u00e1si sebess\u00e9ge tov\u00e1bbi teljes\u00edtm\u00e9nyk\u00fcl\u00f6nbs\u00e9geket eredm\u00e9nyezhet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151knek azt is \u00e9rdemes megvizsg\u00e1lniuk, hogy az alap egy indexet k\u00f6vet-e, vagy akt\u00edvan kezelt strat\u00e9gi\u00e1t alkalmaz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00e9g\u00fcl fontos m\u00e9rlegelni, hogyan illeszkedik a befektet\u00e9s a sz\u00e9lesebb portf\u00f3li\u00f3ba.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Annak sz\u00e1m\u00e1ra, aki m\u00e1r rendelkezik egy diverzifik\u00e1lt glob\u00e1lis r\u00e9szv\u00e9ny-ETF-fel, a kisv\u00e1llalati value allok\u00e1ci\u00f3 tov\u00e1bbi kitetts\u00e9get ny\u00fajthat a kisebb \u00e9s viszonylag olcs\u00f3 v\u00e1llalatok fel\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy \u00fajabb ETF hozz\u00e1ad\u00e1sa azonban nem jav\u00edtja automatikusan a diverzifik\u00e1ci\u00f3t. Az eredm\u00e9ny a portf\u00f3li\u00f3k k\u00f6z\u00f6tti \u00e1tfed\u00e9st\u0151l, a f\u00f6ldrajzi kitetts\u00e9gekt\u0151l \u00e9s a m\u00f6g\u00f6ttes kock\u00e1zati t\u00e9nyez\u0151kt\u0151l f\u00fcgg.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az Egyes\u00fclt \u00c1llamokon k\u00edv\u00fcli befektet\u0151knek \u00e9rdemes megvizsg\u00e1lniuk az alap sz\u00e9khely\u00e9t, a helyi el\u00e9rhet\u0151s\u00e9get, az ad\u00f3z\u00e1si szab\u00e1lyokat \u00e9s a devizakitetts\u00e9get is.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Meg\u00e9ri hossz\u00fa t\u00e1von tartani egy kisv\u00e1llalati value ETF-et?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A kisv\u00e1llalati value befektet\u00e9s melletti leger\u0151sebb \u00e9rv nem az, hogy j\u00f6v\u0151re fel\u00fclteljes\u00edti az S&amp;P 500-at.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hanem az, hogy a v\u00e1llalatm\u00e9ret, az \u00e9rt\u00e9kelts\u00e9g \u00e9s a j\u00f6vedelmez\u0151s\u00e9g t\u00f6rt\u00e9nelmileg seg\u00edtett megmagyar\u00e1zni a v\u00e1rhat\u00f3 r\u00e9szv\u00e9nyhozamok k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9geket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy kisv\u00e1llalati value ETF szisztematikus m\u00f3dot k\u00edn\u00e1l a befektet\u0151knek arra, hogy e jellemz\u0151k k\u00f6z\u00fcl n\u00e9h\u00e1nyat megc\u00e9lozzanak an\u00e9lk\u00fcl, hogy egyedi v\u00e1llalatokat kellene kiv\u00e1lasztaniuk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A strat\u00e9gi\u00e1nak azonban jelent\u0151s korl\u00e1tai vannak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kis v\u00e1llalkoz\u00e1sok p\u00e9nz\u00fcgyileg s\u00e9r\u00fcl\u00e9kenyek lehetnek. Az olcs\u00f3 r\u00e9szv\u00e9nyek olcs\u00f3k is maradhatnak. A faktorpr\u00e9miumok hosszabb id\u0151re elt\u0171nhetnek, a befektet\u00e9si strat\u00e9gia megval\u00f3s\u00edt\u00e1s\u00e1nak k\u00f6lts\u00e9gei pedig cs\u00f6kkenthetik annak elm\u00e9leti el\u0151nyeit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ezt a megk\u00f6zel\u00edt\u00e9st fontolgat\u00f3 befektet\u0151k sz\u00e1m\u00e1ra a legfontosabb k\u00e9rd\u00e9s tal\u00e1n az, hogy k\u00e9pesek-e kitartani a csal\u00f3d\u00e1st kelt\u0151 relat\u00edv teljes\u00edtm\u00e9ny elh\u00faz\u00f3d\u00f3 id\u0151szakaiban is.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy, a t\u00f6rt\u00e9nelmi kutat\u00e1sokban vonz\u00f3nak t\u0171n\u0151 strat\u00e9gi\u00e1t neh\u00e9z lehet k\u00f6vetni, amikor a piac m\u00e1s r\u00e9szei l\u00e9nyegesen er\u0151sebb eredm\u00e9nyeket hoznak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A kisv\u00e1llalati value ETF-eket ez\u00e9rt a legjobb tudatos befektet\u00e9si d\u0151l\u00e9sk\u00e9nt \u00e9rtelmezni, nem pedig a magasabb hozamok el\u0151tti r\u00f6vid\u00edt\u00e9sk\u00e9nt.<\/strong>&nbsp;Lehets\u00e9ges el\u0151nyeik a portf\u00f3li\u00f3 fel\u00e9p\u00edt\u00e9s\u00e9t\u0151l, a megval\u00f3s\u00edt\u00e1s k\u00f6lts\u00e9geit\u0151l, a piaci k\u00f6r\u00fclm\u00e9nyekt\u0151l \u00e9s a befektet\u0151 bizonytalans\u00e1gt\u0171r\u0151 k\u00e9pess\u00e9g\u00e9t\u0151l f\u00fcggenek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u00f6rt\u00e9nelmi bizony\u00edt\u00e9kok okot adnak a strat\u00e9gia tanulm\u00e1nyoz\u00e1s\u00e1ra. Arra azonban nem adnak \u00edg\u00e9retet, hogy mi fog t\u00f6rt\u00e9nni a tov\u00e1bbiakban.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Az alacsony \u00e9rt\u00e9kelts\u00e9g\u0171 kisv\u00e1llalatok r\u00e9g\u00f3ta vonzz\u00e1k azokat a befektet\u0151ket, akik a Wall Street legnagyobb nevein t\u00fal keresnek lehet\u0151s\u00e9geket. A strat\u00e9gia k\u00e9t k\u00f6zismert befektet\u00e9si t\u00e9nyez\u0151t \u00f6tv\u00f6z: a v\u00e1llalatm\u00e9retet \u00e9s az \u00e9rt\u00e9kelts\u00e9get. A small cap value ETF viszonylag egyszer\u0171 m\u00f3dot k\u00edn\u00e1l mindkett\u0151 el\u00e9r\u00e9s\u00e9hez. A t\u00f6rt\u00e9nelmi kutat\u00e1sok azonban egy kellemetlen val\u00f3s\u00e1got is felt\u00e1rnak: m\u00e9g az \u00e9vtizedek piaci adataival [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":90811,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[4888],"tags":[6578,6604,4907],"class_list":["post-90838","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tozsde","tag-ingatlan-etf-ek-hu","tag-kiskapitalizacios-value-etf-hu","tag-tozsde"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"kiskapitaliz\u00e1ci\u00f3s value ETF. Mi az a small cap value ETF? 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