iShares MSCI Emerging Markets ETF
ALTAR
Score™
7.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
12.4x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Emerging Markets Index fund seeks investment results that correspond to the price and yield performance of the MSCI Emerging Markets Index. The index consists of the stocks in developing economies around the world.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Apr 11, 2003
Assets (mns) $28,860
Currency USD
Expense ratio 68 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1216
Wgt avg mkt cap (mns) $109,270
Large cap (>$10bn) 70.5%
Mid cap ($2-10bn) 27.2%
Small cap (<$2bn) 1.3%
Developed mkts 7.4%
Emerging mkts 90.1%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 6.0 %
TENCENT HOLDINGS LTD 5.0 %
TAIWAN SEMICONDUCTOR MANUFAC 4.5 %
SAMSUNG ELECTRONICS CO LTD 4.0 %
CHINA CONSTRUCTION BANK-H 1.3 %
NASPERS LTD-N SHS 1.3 %
PING AN INSURANCE GROUP CO-H 1.1 %
RELIANCE INDUSTRIES LTD 1.0 %
HOUSING DEVELOPMENT FINANCE 0.9 %
CHINA MOBILE LIMITED 0.8 %
Total 25.9 %

TOP COUNTRY EXPOSURE
CHINA 29.8 %
SOUTH KOREA 12.1 %
TAIWAN 11.7 %
INDIA 8.8 %
BRAZIL 7.1 %
HONG KONG 4.7 %
SOUTH AFRICA 4.5 %
RUSSIA 3.8 %
MEXICO 2.4 %
THAILAND 2.3 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.2% 0.5% 3.8% 3.1% 9.9%

Market Correlations
versus... Beta R-squared
S&P500 0.90 50%
MSCI EAFE 1.20 73%
MSCI Emg. Mkts. 1.04 95%

Technical Indicators
Recent close $43.54
30d moving avg. $44.43
Annualized volatility 15.5%
Short interest (ETF) 14.3%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 73,317
Turnover 11.1%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $49,975

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EEM Expense: 68 bp ALTAR Score™: 7.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EEM
Ticker Fund
Name
Overlap1
vs EEM
(%)
Expense
ratio
(bp)
Savings
vs EEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs EEM
(%)
DBEM Xtrackers MSCI Emg. Mkts. Hedged 92.7 65 3 7.7 -0.0
IEMG iShares Core MSCI Emerging Markets 88.4 14 54 8.1 +0.4
SCHE Schwab Emerging Markets Equity 77.6 13 55 7.9 +0.2
VWO Vanguard Emerging Markets 73.5 10 58 8.0 +0.3
AAXJ iShares MSCI Asia ex-Japan 73.5 68 0 7.5 -0.3
EEMA iShares MSCI Emg Mkts Asia 72.5 50 18 8.0 +0.2
FLAX Franklin FTSE Asia Ex Japan 70.5 19 49 8.0 +0.2
PBEE Invesco PureBeta FTSE Emerging Markets 70.0 14 54 8.5 +0.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 69.8 30 38 7.8 +0.0
JHEM John Hancock Multifactor Emerging Markets 69.1 55 13 8.4 +0.6
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 66.5 45 23 8.5 +0.8
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 59.5 59 9 12.7 +5.0
XSOE WisdomTree Emg Mkt ex-SOE 59.2 32 36 6.5 -1.3
SPEM SPDR Portfolio Emerging Markets 57.2 11 57 8.0 +0.3
ESGE iShares MSCI EM ESG Optimized 55.3 25 43 8.3 +0.5
EMXC iShares MSCI Emerging Markets ex China 53.8 49 19 8.1 +0.3
BKF iShares MSCI BRIC 53.4 69 -1 7.9 +0.1
QEMM SPDR MSCI Emerging Markets Quality Mix 50.8 30 38 8.6 +0.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 50.1 20 48 7.3 -0.4
KEMX KraneShares MSCI Emerging Markets EX China Index 49.1 49 19 7.9 +0.1

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%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
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

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VALUATION METRICS
  2019 2020E 2021E
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 Emerging Markets ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.4 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 68 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.48
 
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.