iShares MSCI Argentina & Global Exposure
ALTAR
Score™
7.3% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
15.2x P/Sales
ratio
1.0x
P/BV
ratio
1.2x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Argentina and Global Exposure ETF tracks a market-cap-weighted index of at least 25 companies that are headquartered or listed in Argentina or have significant linkage to Argentina.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Apr 25, 2017
Assets (mns) $15
Currency USD
Expense ratio 59 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $9,298
Large cap (>$10bn) 32.4%
Mid cap ($2-10bn) 30.2%
Small cap (<$2bn) 37.4%
Developed mkts 23.1%
Emerging mkts 76.9%

TOP TEN HOLDINGS
MERCADOLIBRE INC 22.9 %
TENARIS SA 13.4 %
GLOBANT SA 9.8 %
YPF S.A.-SPONSORED ADR 4.5 %
ARCOS DORADOS HOLDINGS INC-A 3.7 %
GRUPO FINANCIERO GALICIA-ADR 3.6 %
PAN AMERICAN SILVER CORP 3.5 %
BANCO MACRO SA-ADR 3.2 %
TELECOM ARGENTINA SA SPONSORED ADR 3.1 %
ADECOAGRO SA 3.1 %
Total 70.7 %

TOP COUNTRY EXPOSURE
ARGENTINA 63.8 %
LUXEMBOURG 15.4 %
CHILE 8.5 %
URUGUAY 4.0 %
CANADA 2.9 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
1.7% -5.7% -- -- -6.6%

Market Correlations
versus... Beta R-squared
S&P500 1.07 18%
MSCI EAFE 1.66 34%
MSCI Emg. Mkts. 1.37 37%

Technical Indicators
Recent close $20.18
30d moving avg. $19.29
Annualized volatility 32.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.5%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $483

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI Argentina & Global Exposure ETF based on the alternatives' overlap in portfolio holdings with AGT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: AGT Expense: 59 bp ALTAR Score™: 7.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH AGT
Ticker Fund
Name
Overlap1
vs AGT
(%)
Expense
ratio
(bp)
Savings
vs AGT
(bp)
ALTAR
Score™
(%)
ALTAR
vs AGT
(%)
ARGT Global X FTSE Argentina 20 96.8 59 0 7.3 0.0
DOGS Arrow Dogs of the World 17.3 164 -105 7.7 +0.4
FRN Invesco Frontier Markets 14.6 70 -11 11.2 +3.9
SIL Global X Silver Miners ETF 6.4 65 -6 1.7 -5.7
SLVP iShares MSCI Global Silver Miners 6.4 39 20 0.5 -6.9
SILJ ETFMG Prime Junior Silver 6.4 69 -10 -0.8 -8.1
ECH iShares MSCI Chile Capped 5.9 59 0 6.5 -0.9
EMQQ Emerging Markets Internet & E-Commerce 5.9 86 -27 3.9 -3.5
EBIZ Global X E-commerce 3.8 68 -9 2.8 -4.5
TTTN TigerShares China-U.S. Internet Titans 3.7 59 0 3.9 -3.4
ARKF ARK Fintech Innovation 3.7 75 -16 1.8 -5.5
KEMQ KraneShares EM Consumer Focus 3.6 80 -21 7.8 +0.4
XBUY Amplify International Online Retail 3.5 69 -10 0.7 -6.6
AADR WCM/BNY Mellon Focused Growth 3.5 110 -51 3.1 -4.3
PLAT WisdomTree Modern Tech Platforms 3.4 45 14 2.8 -4.6
EPU iShares MSCI All Peru Capped 3.4 59 0 4.3 -3.1
PNQI Invesco Nasdaq Internet 3.1 62 -3 2.8 -4.5
ARKW ARK Web x.O 2.9 75 -16 -0.8 -8.1
SGDM Sprott Gold Miners 2.9 50 9 2.8 -4.6
GOEX Global X Gold Explorers 2.9 65 -6 2.3 -5.0

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
iShares MSCI Argentina & Global Exposure
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.9 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 7.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 CATEGORY
AVERAGE
1.49
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.