iShares MSCI Brazil
ALTAR
Score™
5.4% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
18.7x P/Sales
ratio
1.4x
P/BV
ratio
1.8x Div.
yield
2.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Brazil Index fund seeks investment results that correspond to the price and yield performance of the MSCI Brazil Index. The index consists primarily of large cap stocks traded in the Brazilian market.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Jul 14, 2000
Assets (mns) $8,833
Currency USD
Expense ratio 59 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 56
Wgt avg mkt cap (mns) $31,168
Large cap (>$10bn) 54.9%
Mid cap ($2-10bn) 33.1%
Small cap (<$2bn) 2.1%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
ITAU UNIBANCO HOLDING SA 9.5 %
VALE SA 8.1 %
BANCO BRADESCO SA-PREF 7.3 %
PETROBRAS - PETROLEO BRAS-PR 6.6 %
PETROBRAS - PETROLEO BRAS 4.9 %
BM&FBOVESPA SA 4.7 %
AMBEV-SA 3.8 %
ITAUSA-INVESTIMENTOS ITAU-PR 3.0 %
LOJAS RENNER S.A. 2.5 %
BANCO DO BRASIL SA 2.4 %
Total 53.0 %

TOP COUNTRY EXPOSURE
BRAZIL 98.1 %










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.
18.2% 14.1% 3.1% -1.4% 7.5%

Market Correlations
versus... Beta R-squared
S&P500 0.28 2%
MSCI EAFE 0.77 10%
MSCI Emg. Mkts. 0.91 22%

Technical Indicators
Recent close $41.96
30d moving avg. $43.38
Annualized volatility 27.8%
Short interest (ETF) 13.6%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 24,480
Turnover 11.6%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $2,095

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWZ Expense: 59 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWZ
Ticker Fund
Name
Overlap1
vs EWZ
(%)
Expense
ratio
(bp)
Savings
vs EWZ
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWZ
(%)
FLBR Franklin FTSE Brazil 87.3 19 40 5.7 +0.3
FLLA Franklin FTSE Latin America 60.3 19 40 6.3 +0.9
FBZ First Trust Brazil AlphaDEX 34.7 80 -21 8.0 +2.6
FLN First Trust Latin America AlphaDEX 30.1 80 -21 5.5 +0.1
EEMO Invesco S&P Emg Mkts Momentum 25.6 30 29 8.1 +2.7
BICK First Trust BICK Index Fund 14.8 64 -5 6.2 +0.8
FEM First Trust Emerging Markets AlphaDEX 14.4 80 -21 10.9 +5.5
BKF iShares MSCI BRIC 14.0 67 -8 8.9 +3.5
ILF iShares S&P Latin America 40 13.6 48 11 6.6 +1.2
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 12.5 45 14 8.8 +3.4
PXH Invesco FTSE-RAFI Emerging Markets 12.2 50 9 12.5 +7.1
EMGF iShares Edge MSCI Multifactor Emerging Markets 11.9 45 14 10.1 +4.7
XCEM Columbia EM Core ex-China 11.4 16 43 7.7 +2.3
KEMX KraneShares MSCI Emerging Markets EX China Index 10.9 49 10 8.7 +3.3
EMXC iShares MSCI Emerging Markets ex China 10.6 49 10 8.7 +3.3
FNDE Schwab Fundamental Emg Mkt Large Cap 10.5 39 20 11.2 +5.8
GVAL Cambria Global Value 9.6 69 -10 9.3 +3.9
EMMF WisdomTree Emerging Markets Multifactor Fund 9.2 48 11 10.0 +4.7
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 8.6 45 14 9.2 +3.8
RFEM First Trust Riverfront Dynamic Emerging Markets 8.5 95 -36 10.8 +5.4

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

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 Brazil
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 10.7 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.49
 
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.