iShares MSCI Norway Capped ETF
ALTAR
Score™
11.9% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
19.2x P/Sales
ratio
1.2x
P/BV
ratio
0.4x Div.
yield
4.9%


  • 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) $16
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 61
Wgt avg mkt cap (mns) $13,563
Large cap (>$10bn) 35.7%
Mid cap ($2-10bn) 47.2%
Small cap (<$2bn) 17.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
STATOILHYDRO ASA 13.8 %
DNB NOR ASA 10.5 %
TELENOR ASA 9.5 %
MARINE HARVEST 7.3 %
ORKLA ASA 5.3 %
YARA INTERNATIONAL ASA 4.7 %
GJENSIDIGE FORSIKRING ASA 3.4 %
TOMRA SYSTEMS ASA 3.4 %
BAKKAFROST P/F 3.0 %
NORSK HYDRO ASA 2.8 %
Total 63.9 %

TOP COUNTRY EXPOSURE
NORWAY 88.4 %
FAROE ISLANDS 3.0 %
BERMUDA 1.9 %
BRITAIN 1.3 %
SINGAPORE 0.3 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-30.1% -29.2% -4.6% -- -1.8%

Market Correlations
versus... Beta R-squared
S&P500 1.11 64%
MSCI EAFE 1.34 80%
MSCI Emg. Mkts. 1.03 73%

Technical Indicators
Recent close $18.03
30d moving avg. $17.07
Annualized volatility 23.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 29
Turnover 3.2%
Bid/Ask (% of price) 0.55%
ADV underlying (mns) $569

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares MSCI Norway Capped ETF 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™: 11.9%


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 ETF 93.7 50 3 11.9 +0.0
VEGI iShares MSCI Global Agriculture Producers ETF 7.7 39 14 6.7 -5.2
MOO VanEck Vectors Agribusiness ETF 6.7 54 -1 6.3 -5.6
GXF Global X FTSE Nordic Region ETF 6.3 58 -5 12.0 +0.1
GVAL Cambria Global Value ETF 6.3 69 -16 12.8 +0.8
DFE WisdomTree Europe SmallCap Dividend Fund 5.0 58 -5 9.8 -2.1
VIDI Vident International Equity Fund 5.0 59 -6 13.1 +1.2
SOIL Global X Fertilizers/Potash ETF 4.7 69 -16 5.9 -6.0
DINT Davis Select International ETF 4.7 75 -22 6.6 -5.3
IDOG ALPS International Sector Dividend Dogs ETF 4.4 50 3 12.3 +0.4
DFNL Davis Select Financial ETF 4.2 64 -11 9.3 -2.6
PZD Invesco Cleantech ETF 4.1 68 -15 5.2 -6.7
GUNR Flexshares Morningstar Global Upstream Natural Resources 3.6 46 7 6.5 -5.4
DMDV AAM S&P Developed Markets High Dividend Value ETF 3.5 39 14 12.3 +0.4
IQDF FlexShares International Quality Dividend Index Fund 3.3 47 6 14.6 +2.7
HAP VanEck Vectors Natural Resources ETF 3.2 50 3 6.9 -5.0
IEUS iShares MSCI Europe Small-Cap ETF 3.2 40 13 7.9 -4.0
DOO WisdomTree International Dividend ex-Financials Fund 3.1 58 -5 9.7 -2.2
IQDY FlexShares International Quality Dividend Dynamic Index Fund 3.1 47 6 15.2 +3.3
DWLD Davis Select Worldwide ETF 3.0 64 -11 7.3 -4.6
EUMV iShares Edge MSCI Min Vol Europe ETF 2.8 25 28 6.0 -5.9
IQDE FlexShares International Quality Dividend Defensive Index Fd 2.8 47 6 14.0 +2.1
FTAG First Trust Indxx Global Agriculture ETF 2.7 70 -17 7.3 -4.6
DDEZ WisdomTree Europe Multifactor Fund 2.6 43 10 7.5 -4.4
DNL WisdomTree Global ex-US Dividend Growth Fund 2.5 58 -5 8.4 -3.6
JPEU JPMorgan Diversified Return Europe Equity ETF 2.5 37 16 7.6 -4.4
IQDG WisdomTree International Quality Dividend Growth Fund 2.3 38 15 6.9 -5.0
DTH WisdomTree DEFA Equity Income Fund 2.3 58 -5 10.8 -1.1
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 2.3 58 -5 6.8 -5.1
EUDG WisdomTree Europe Quality Dividend Growth Fund 2.3 58 -5 6.7 -5.2
DLS WisdomTree International SmallCap Dividend Fund 2.2 58 -5 9.5 -2.4
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 2.2 61 -8 5.4 -6.5
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 2.1 80 -27 12.3 +0.4
DDLS WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund 2.1 43 10 9.6 -2.3
GNR SPDR S&P Global Natural Resources ETF 2.0 40 13 7.0 -5.0
WWJD Inspire International ESG ETF 1.9 80 -27 8.9 -3.1
DIM WisdomTree International MidCap Dividend Fund 1.9 58 -5 8.7 -3.2
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 1.9 30 23 8.2 -3.7
FDEV Fidelity Targeted International Factor ETF 1.9 39 14 7.1 -4.8
SCID Global X Scientific Beta Europe ETF 1.9 38 15 7.8 -4.2
OEUR O'shares FTSE Europe Quality Dividend ETF 1.9 48 5 7.1 -4.8
LVIN Hartford Multifactor Low Volatility International Equity ETF 1.8 29 24 13.5 +1.6
EUDV ProShares MSCI Europe Dividend Growers ETF 1.7 55 -2 7.5 -4.5
SCHC Schwab International Small-Cap Equity ETF 1.7 12 41 7.9 -4.0
SCZ iShares MSCI Eafe Small-Cap ETF 1.7 40 13 7.4 -4.5
TPIF Timothy Plan International ETF 1.6 62 -9 7.8 -4.1
ESGN Columbia Sustainable International Equity Income ETF 1.6 45 8 12.6 +0.6
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 1.5 20 33 10.4 -1.6
FEP First Trust Europe AlphaDEX Fund 1.5 80 -27 9.0 -2.9
GDVD Principal Active Global Dividend Income ETF 1.5 58 -5 5.5 -6.5
DWM WisdomTree International Equity Fund 1.5 48 5 9.2 -2.7
ICLN iShares Global Clean Energy ETF 1.5 46 7 3.8 -8.2
TAN Invesco Solar ETF 1.5 71 -18 2.1 -9.8
RODM Hartford Multifactor Developed Markets (ex-US) ETF 1.4 29 24 9.7 -2.3
AVDV Avantis International Small Cap Value ETF 1.4 36 17 9.1 -2.8
FTRI First Trust Indxx Global Natural Resources Income ETF 1.4 70 -17 12.4 +0.5
PBD Invesco Global Clean Energy ETF 1.4 75 -22 2.2 -9.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 1.4 35 18 9.5 -2.5
IDLV Invesco S&P International Developed Low Volatility ETF 1.4 25 28 7.4 -4.5
EUFN iShares MSCI Europe Financials ETF 1.4 48 5 13.9 +2.0
JPIN JPMorgan Diversified Return International Equity ETF 1.3 38 15 8.8 -3.1
RFDI First Trust Riverfront Dynamic Developed International ETF 1.3 83 -30 7.0 -4.9
DOL WisdomTree International LargeCap Dividend Fund 1.3 48 5 9.4 -2.5
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 1.3 11 42 7.7 -4.2
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 1.3 20 33 12.1 +0.2
FILL iShares MSCI Global Energy Producers ETF 1.2 39 14 6.7 -5.2
NUDM Nuveen ESG International Developed Markets Equity ETF 1.2 40 13 7.6 -4.3
IEUR iShares Core MSCI Europe ETF 1.2 9 44 8.1 -3.8
FEU SPDR Portfolio Europe ETF 1.1 9 44 8.1 -3.9
VGK Vanguard FTSE Europe ETF 1.1 8 45 8.2 -3.7
WLDR Affinity World Leaders Equity ETF 1.1 47 6 10.2 -1.7
RBIN Nationwide Risk-Based International Equity ETF 1.1 42 11 6.9 -5.0
IXC iShares Global Energy ETF 1.1 46 7 5.9 -6.0
IDV iShares International Select Dividend ETF 1.1 49 4 14.1 +2.2
EFAV iShares Edge MSCI Min Vol EAFE ETF 1.1 20 33 6.3 -5.7
FNDC Schwab Fundamental International Small Co. Index ETF 1.1 39 14 8.1 -3.9
PQIN PGIM QMA Strategic Alpha International Equity ETF 1.1 29 24 8.9 -3.0
EFAD ProShares MSCI EAFE Dividend Growers ETF 1.1 50 3 7.2 -4.8
IQIN IQ 500 International ETF 1.0 25 28 10.5 -1.4
GWX SPDR S&P International Small Cap ETF 1.0 40 13 6.8 -5.1
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 1.0 49 4 7.9 -4.0
GRES IQ Global Resources ETF 1.0 77 -24 7.9 -4.1
BBEU JPMorgan BetaBuilders Europe ETF 1.0 9 44 8.1 -3.8
UIVM VictoryShares USAA MSCI International Value Momentum ETF 1.0 35 18 9.6 -2.3
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 1.0 24 29 8.0 -3.9
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 1.0 25 28 7.4 -4.5
IFEU iShares Europe Development Real Estate ETF 0.9 48 5 7.6 -4.3
QINT American Century Quality Diversified International ETF 0.9 39 14 6.6 -5.4
BLES Inspire Global Hope Large Cap ETF 0.9 61 -8 7.2 -4.8
FLEE Franklin FTSE Europe ETF 0.9 9 44 7.8 -4.2
ESGD iShares MSCI EAFE ESG Optimized ETF 0.9 20 33 8.0 -3.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 0.9 30 23 7.6 -4.4
FLEH Franklin FTSE Europe Hedged ETF 0.9 9 44 7.8 -4.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.9 39 14 7.4 -4.5
SNSR Global X Internet of Things Thematic ETF 0.9 68 -15 5.1 -6.8
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.9 45 8 7.4 -4.6
ISZE iShares Edge MSCI Intl Size Factor ETF 0.9 30 23 7.8 -4.1
IDLB Invesco FTSE International Low Beta Equal Weight ETF 0.8 45 8 7.8 -4.1
IEV iShares Europe ETF 0.8 59 -6 7.6 -4.3
CIL VictoryShares International Volatility Weighted Index ETF 0.8 45 8 7.5 -4.4

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 5.1 %
Divided by: Fwd. P/BV 0.4 x
Less: Expense ratio 53 bp
Equals: ALTAR Score 11.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.58
 
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.