iShares MSCI Norway Capped
ALTAR
Score™
4.2% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
15.9x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
4.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Norway Capped Investable Market Index Fund is an exchange-traded fund incorporated in the USA. The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index.

FUND BASICS
Category International Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Jan 24, 2012
Assets (mns) $19
Currency USD
Expense ratio 53 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 66
Wgt avg mkt cap (mns) $17,904
Large cap (>$10bn) 49.1%
Mid cap ($2-10bn) 35.5%
Small cap (<$2bn) 15.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
STATOILHYDRO ASA 14.1 %
DNB NOR ASA 12.3 %
TELENOR ASA 9.1 %
MARINE HARVEST 7.4 %
ORKLA ASA 4.5 %
YARA INTERNATIONAL ASA 4.1 %
NORSK HYDRO ASA 3.5 %
GJENSIDIGE FORSIKRING ASA 2.8 %
STOREBRAND ASA 2.5 %
DET NORSKE OLJESELSKAP ASA 2.3 %
Total 62.6 %

TOP COUNTRY EXPOSURE
NORWAY 89.4 %
BERMUDA 2.3 %
FAROE ISLANDS 2.2 %
BRITAIN 2.1 %
SINGAPORE 0.5 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
3.8% -9.5% -0.4% -- 1.6%

Market Correlations
versus... Beta R-squared
S&P500 0.75 37%
MSCI EAFE 1.00 56%
MSCI Emg. Mkts. 0.68 43%

Technical Indicators
Recent close $23.65
30d moving avg. $23.45
Annualized volatility 14.9%
Short interest (ETF) 0.0%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 18
Turnover 2.3%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $364

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: ENOR Expense: 53 bp ALTAR Score™: 4.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ENOR
Ticker Fund
Name
Overlap1
vs ENOR
(%)
Expense
ratio
(bp)
Savings
vs ENOR
(bp)
ALTAR
Score™
(%)
ALTAR
vs ENOR
(%)
NORW Global X MSCI Norway 95.1 50 3 4.0 -0.2
GXF Global X FTSE Nordic 30 8.1 58 -5 5.2 +1.0
DWCR Arrow DWA Country Rotation 7.9 134 -81 4.9 +0.8
VEGI iShares MSCI Global Agriculture Producers 7.7 39 14 6.9 +2.7
GVAL Cambria Global Value 6.8 69 -16 9.3 +5.2
MOO VanEck Vectors Agribusiness ETF 6.5 54 -1 6.4 +2.2
VIDI Vident International Equity 4.8 61 -8 9.3 +5.1
DFE WisdomTree Europe Small Cap Dividend 4.5 58 -5 9.3 +5.1
SOIL Global X Fertilizers/Potash 4.1 69 -16 5.3 +1.2
DFNL Davis Select Financial 3.9 64 -11 6.8 +2.6
GUNR Flexshares Global Upstream Natural Resources 3.6 46 7 5.7 +1.6
DNL WisdomTree Global Ex-U.S. Growth 3.5 58 -5 7.8 +3.6
DINT Davis Select International 3.5 75 -22 6.3 +2.2
IEUS iShares MSCI Europe Small Cap 3.5 40 13 6.2 +2.1
DMDV AAM S&P Developed Markets High Dividend Value 3.5 39 14 10.3 +6.2
DDEZ WisdomTree Dynamic Currency Hedged Europe Equity 3.3 43 10 6.8 +2.6
HAP VanEck Vectors Hard Asset Producers 3.3 50 3 5.9 +1.7
IQDG WisdomTree International Quality Dividend Growth 3.1 38 15 6.6 +2.5
IHDG Wisdomtree International Hed 3.1 58 -5 6.4 +2.2
DOO WisdomTree Int'l Dividend Ex-Financials 3.0 58 -5 8.1 +3.9

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

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 Norway Capped
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.0 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 53 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 CATEGORY
AVERAGE
1.63
 
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.