iShares MSCI Italy
ALTAR
Score™
6.2% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
11.6x P/Sales
ratio
0.9x
P/BV
ratio
1.1x Div.
yield
4.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Italy Index Fund objective seeks to provide investment results that correspond to the performance of the Italian market, as measured by the MSCI Italy Index. The Fund invests in a

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $270
Currency USD
Expense ratio 47 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 Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $34,565
Large cap (>$10bn) 89.1%
Mid cap ($2-10bn) 10.9%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENEL SPA 17.1 %
ENI SPA 10.9 %
INTESA SANPAOLO S.P.A. 10.4 %
UNICREDIT S.P.A. 7.2 %
FIAT CHRYSLER AUTOMOBILES NV 4.9 %
ASSICURAZIONI GENERALI 4.7 %
FERRARI NV 4.1 %
CNH INDUSTRIAL NV 3.8 %
ATLANTIA SPA 3.8 %
SNAM RETE GAS 3.5 %
Total 70.3 %

TOP COUNTRY EXPOSURE
ITALY 86.3 %
BRITAIN 8.7 %
NETHERLANDS 3.0 %
LUXEMBOURG 1.8 %







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.
23.2% 20.6% 2.7% 0.2% 4.2%

Market Correlations
versus... Beta R-squared
S&P500 0.82 27%
MSCI EAFE 1.44 69%
MSCI Emg. Mkts. 0.98 53%

Technical Indicators
Recent close $29.48
30d moving avg. $28.58
Annualized volatility 19.2%
Short interest (ETF) 9.4%
Relative strength (RSI) 76

Liquidity measures
Avg. volume (thou.) 760
Turnover 8.3%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $1,599

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWI Expense: 47 bp ALTAR Score™: 6.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWI
Ticker Fund
Name
Overlap1
vs EWI
(%)
Expense
ratio
(bp)
Savings
vs EWI
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWI
(%)
FLIY Franklin FTSE Italy 86.6 9 38 6.0 -0.1
FDD First Trust STOXX European Select Dividend 10.9 57 -10 7.6 +1.5
DMDV AAM S&P Developed Markets High Dividend Value 7.6 39 8 10.3 +4.1
FEUZ First Trust Eurozone AlphaDex 7.4 80 -33 7.0 +0.9
EZU iShares MSCI Euro Monetary Union 7.4 47 0 6.8 +0.6
EUFN iShares MSCI Europe Financial Sector 7.3 48 -1 9.0 +2.8
FPXE First Trust IPOX Europe Equity Opportunities 7.2 70 -23 4.0 -2.2
LVHI Legg Mason International Low Volatility High Dividend 6.8 40 7 9.0 +2.9
FPXI First Trust International IPO 6.5 70 -23 4.1 -2.0
EURZ Xtrackers Eurozone Equity 6.5 9 38 7.0 +0.9
GVAL Cambria Global Value 6.4 69 -22 9.2 +3.0
GII SPDR FTSE/Macquarie Global Infrastructure 6.3 40 7 4.9 -1.3
IGF iShares S&P Global Infrastructure 6.3 46 1 4.8 -1.4
DBEZ Xtrackers MSCI EMU Hedged 6.2 45 2 6.4 +0.2
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure 6.1 70 -23 5.2 -1.0
RIDV Invesco International Ultra Dividend Revenue ETF 5.7 42 5 9.0 +2.8
JXI iShares S&P Global Utilities 5.7 46 1 5.4 -0.8
IDHD Invesco S&P Intl Developed High Div Low Volatility 5.1 30 17 6.5 +0.3
DOO WisdomTree Int'l Dividend Ex-Financials 5.0 58 -11 8.1 +1.9
INFR Legg Mason Global Infrastructure 4.9 40 7 5.8 -0.4

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

  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 MSCI Italy
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 7.2 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 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.