iShares MSCI Switzerland
ALTAR
Score™
4.9% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
19.1x P/Sales
ratio
1.2x
P/BV
ratio
2.1x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Switzerland Index fund seeks investment results that correspond to the price and yield performance of publicly traded secruitires in the Swiss market, as measured by the MSCI Switzerland Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $1,181
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 40
Wgt avg mkt cap (mns) $140,237
Large cap (>$10bn) 94.7%
Mid cap ($2-10bn) 3.4%
Small cap (<$2bn) 1.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 20.0 %
ROCHE HOLDING AG-GENUSSCHEIN 11.8 %
NOVARTIS AG-REG 10.6 %
ZURICH FINANCIAL SERVICES AG 4.7 %
UBS GROUP AG 3.8 %
ABB LTD. 3.3 %
CIE FINANCIERE RICHEMON-BR A 3.2 %
CREDIT SUISSE GROUP AG-REG 2.9 %
SWISS RE AG 2.7 %
GIVAUDAN-REG 2.3 %
Total 65.4 %

TOP COUNTRY EXPOSURE
SWITZERLAND 99.3 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
25.9% 19.5% 5.7% 8.2% 7.0%

Market Correlations
versus... Beta R-squared
S&P500 0.63 54%
MSCI EAFE 0.79 70%
MSCI Emg. Mkts. 0.51 46%

Technical Indicators
Recent close $38.87
30d moving avg. $38.65
Annualized volatility 10.4%
Short interest (ETF) 2.8%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 605
Turnover 2.0%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $4,241

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWL Expense: 47 bp ALTAR Score™: 4.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWL
Ticker Fund
Name
Overlap1
vs EWL
(%)
Expense
ratio
(bp)
Savings
vs EWL
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWL
(%)
FLSW Franklin FTSE Switzerland 89.5 9 38 5.5 +0.6
FSZ First Trust Switzerland 37.2 80 -33 5.3 +0.4
IDMO Invesco S&P Int'l Dev. Momentum 19.9 25 22 4.6 -0.3
EUMV iShares MSCI Europe Min Volatility 19.7 25 22 5.2 +0.3
OEUR O'Shares FTSE Europe Quality Dividend 18.9 48 -1 6.4 +1.4
IEV iShares S&P Europe 350 15.2 59 -12 6.4 +1.4
BBEU JPMorgan BetaBuilders Europe 14.4 9 38 6.8 +1.9
DBEU Xtrackers Europe Hedged 14.3 45 2 6.5 +1.6
EUFN iShares MSCI Europe Financial Sector 14.0 48 -1 8.9 +3.9
IMTM iShares MSCI Int'l Developed Momentum 14.0 30 17 5.2 +0.3
GSEU Goldman Sachs ActiveBeta Europe Equity 13.9 25 22 6.3 +1.4
FLEE Franklin FTSE Europe 13.9 9 38 6.8 +1.9
EFAV iShares MSCI EAFE Minimum Volatility 13.8 20 27 5.8 +0.8
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 13.7 30 17 6.7 +1.7
FLEH Franklin FTSE Europe Hedged 13.6 9 38 7.0 +2.0
IDHQ Invesco Int'l Developed High Quality Portfolio 13.1 29 18 5.5 +0.5
EFG iShares MSCI EAFE Growth 13.1 40 7 5.0 +0.1
IEUR iShares Core MSCI Europe 12.8 9 38 6.8 +1.9
RFEU First Trust Riverfront Dynamic Europe 12.7 83 -36 6.2 +1.2
FEU SPDR DJ Stoxx 50 12.5 9 38 6.8 +1.9

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 Switzerland
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 10.9 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.68 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.