iShares Edge MSCI Multifactor Emerging Markets
ALTAR
Score™
9.4% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
11.9x P/Sales
ratio
1.0x
P/BV
ratio
1.4x Div.
yield
3.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares Edge MSCI Multifactor Emerging Markets ETF tracks an index of large- and midcap emerging market firms. Stocks are selected and weighted to increase exposure to 4 factors (quality, value, momentum and small size) while maintaining similar characteristics to the MSCI Emerging Markets Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Dec 08, 2015
Assets (mns) $478
Currency USD
Expense ratio 45 bp
Distributions Semi-annual

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 240
Wgt avg mkt cap (mns) $58,393
Large cap (>$10bn) 41.9%
Mid cap ($2-10bn) 56.1%
Small cap (<$2bn) 2.0%
Developed mkts 14.9%
Emerging mkts 82.2%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 3.7 %
HYNIX SEMICONDUCTOR INC 2.9 %
YUM CHINA HOLDINGS, INC. 2.4 %
CHINA MOBILE LIMITED 2.4 %
TENCENT HOLDINGS LTD 2.3 %
TAIWAN SEMICONDUCTOR MANUFAC 2.2 %
INFOSYS TECHNOLOGIES LTD 2.2 %
ITAUSA-INVESTIMENTOS ITAU-PR 2.0 %
SAMSUNG ELECTRONICS CO LTD 1.8 %
SINO BIOPHARMACEUTICAL 1.6 %
Total 23.5 %

TOP COUNTRY EXPOSURE
CHINA 26.7 %
TAIWAN 13.6 %
BRAZIL 12.2 %
HONG KONG 11.4 %
SOUTH KOREA 9.9 %
SOUTH AFRICA 6.4 %
INDIA 5.3 %
SAUDI ARABIA 2.6 %
QATAR 1.8 %
RUSSIA 1.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
20.8% 20.8% -- -- 10.6%

Market Correlations
versus... Beta R-squared
S&P500 0.90 49%
MSCI EAFE 1.12 63%
MSCI Emg. Mkts. 1.01 88%

Technical Indicators
Recent close $45.51
30d moving avg. $45.13
Annualized volatility 15.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 37
Turnover 0.4%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $9,309

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EMGF Expense: 45 bp ALTAR Score™: 9.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EMGF
Ticker Fund
Name
Overlap1
vs EMGF
(%)
Expense
ratio
(bp)
Savings
vs EMGF
(bp)
ALTAR
Score™
(%)
ALTAR
vs EMGF
(%)
EMMF WisdomTree Emerging Markets Multifactor Fund 30.0 48 -3 8.8 -0.5
UEVM USAA MSCI Emerging Markets Value Momentum Blend Index 28.6 45 0 12.7 +3.4
DGRE WisdomTree Emg Mkt Dividend Growth 27.2 32 13 8.5 -0.9
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 26.6 45 0 8.6 -0.8
EMCG WisdomTree Emg Mkts Consumer Growth 25.5 32 13 6.4 -3.0
QEMM SPDR MSCI Emerging Markets Quality Mix 22.3 30 15 8.8 -0.6
FDEM Fidelity Targeted Emerging Markets Factor 22.3 45 0 8.4 -1.0
RFEM First Trust Riverfront Dynamic Emerging Markets 21.6 95 -50 9.7 +0.3
NUEM NuShares ESG Emerging Markets Equity 21.5 45 0 7.5 -1.9
EEMA iShares MSCI Emg Mkts Asia 21.5 50 -5 8.2 -1.2
EEM iShares MSCI Emerging Markets 21.0 67 -22 7.9 -1.5
QLVE FlexShares Emerging Markets Quality Low Volatility 21.0 40 5 8.0 -1.3
JHEM John Hancock Multifactor Emerging Markets 20.7 55 -10 8.4 -1.0
FEM First Trust Emerging Markets AlphaDEX 20.7 80 -35 10.1 +0.7
DBEM Xtrackers MSCI Emg. Mkts. Hedged 20.5 65 -20 7.8 -1.5
ESGE iShares MSCI EM ESG Optimized 20.3 25 20 8.8 -0.6
IEMG iShares Core MSCI Emerging Markets 19.9 14 31 8.2 -1.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 19.6 30 15 8.0 -1.4
AAXJ iShares MSCI Asia ex-Japan 19.3 67 -22 7.6 -1.8
ROAM Hartford Multifactor Emerging Markets 19.1 44 1 10.8 +1.5

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

  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

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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 Edge MSCI Multifactor Emerging Markets
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.0 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 9.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 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.