iShares MSCI Belgium Investable
ALTAR
Score™
6.0% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
16.4x P/Sales
ratio
1.7x
P/BV
ratio
1.7x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Belgium Investable Market Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective is to provide investment results that correspond to the performance of publicly traded securities in the Belgium market, as measured by the MSCI Belgium Investable Market Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $51
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 46
Wgt avg mkt cap (mns) $36,565
Large cap (>$10bn) 49.5%
Mid cap ($2-10bn) 36.7%
Small cap (<$2bn) 13.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ANHEUSER-BUSCH INBEV SA/NV 17.4 %
KBC GROEP NV 9.6 %
AGEAS 5.6 %
UCB SA 5.5 %
UMICORE 5.0 %
GROUPE BRUXELLES LAMBERT SA 4.5 %
GALAPAGOS NV 4.5 %
SOLVAY SA 4.5 %
PROXIMUS SA DE DROIT PUBLIC 2.7 %
ACKERMANS & VAN HAAREN 2.2 %
Total 61.4 %

TOP COUNTRY EXPOSURE
BELGIUM 95.4 %










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.
19.2% 12.5% 6.0% 7.3% 5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.87 55%
MSCI EAFE 1.13 78%
MSCI Emg. Mkts. 0.84 71%

Technical Indicators
Recent close $19.36
30d moving avg. $19.09
Annualized volatility 14.2%
Short interest (ETF) 0.6%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 26
Turnover 1.0%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $502

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWK Expense: 47 bp ALTAR Score™: 6.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWK
Ticker Fund
Name
Overlap1
vs EWK
(%)
Expense
ratio
(bp)
Savings
vs EWK
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWK
(%)
SMEZ SPDR Euro Stoxx Small Cap 7.2 46 1 5.4 -0.6
HEDJ Wisdomtree International Hedged Equity 6.6 58 -11 7.6 +1.7
FEUZ First Trust Eurozone AlphaDex 6.2 80 -33 7.0 +1.1
SDG iShares MSCI Global Impact 5.0 49 -2 6.2 +0.3
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 4.6 58 -11 7.4 +1.4
EUMV iShares MSCI Europe Min Volatility 4.5 25 22 5.3 -0.7
IFEU iShares FTSE EPRA/NAREIT Europe 4.3 48 -1 5.8 -0.1
FEP First Trust Europe AlphaDEX 4.1 80 -33 7.3 +1.4
IMOM MomentumShares Int'l Quantitative Momentum 4.0 59 -12 4.9 -1.1
IEUS iShares MSCI Europe Small Cap 3.8 40 7 6.2 +0.3
EURZ Xtrackers Eurozone Equity 3.6 9 38 7.1 +1.1
DDEZ WisdomTree Dynamic Currency Hedged Europe Equity 3.5 43 4 6.7 +0.8
DBEZ Xtrackers MSCI EMU Hedged 3.4 45 2 6.4 +0.4
PZD Invesco Cleantech 3.3 68 -21 4.9 -1.1
DFE WisdomTree Europe Small Cap Dividend 3.1 58 -11 9.2 +3.2
MOTI VanEck Vectors Morningstar Int'l Moat 3.1 57 -10 8.8 +2.9
EUDV ProShares MSCI Europe Dividend Growers 3.0 55 -8 6.4 +0.4
DWMF WisdomTree International Multifactor Fund 3.0 38 9 6.4 +0.4
EZU iShares MSCI Euro Monetary Union 2.9 47 0 6.8 +0.8
QLVD FlexShares Developed Mkts ex-US Quality Low Volatility 2.9 32 15 6.7 +0.7

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 Belgium Investable
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 10.5 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 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.