iShares MSCI Brazil Small-Cap
ALTAR
Score™
3.9% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
20.6x P/Sales
ratio
1.3x
P/BV
ratio
1.8x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Brazil Small-Cap ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the performance of the MSCI Brazil Small Cap Index Fund.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Sep 29, 2010
Assets (mns) $169
Currency USD
Expense ratio 59 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust Co
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 78
Wgt avg mkt cap (mns) $2,389
Large cap (>$10bn) 6.4%
Mid cap ($2-10bn) 49.4%
Small cap (<$2bn) 32.1%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
AZUL SA PFD REGISTERED SHS 5.2 %
ESTACIO PARTICIPACOES SA 3.8 %
TOTVS SA 3.3 %
QUALICORP SA 2.9 %
BRADESPAR SA -PREF 2.7 %
CYRELA BRAZIL REALTY 2.6 %
CIA PARANAENSE DE ENERGI-PFB 2.4 %
METALURGICA GERDAU SA-PREF 2.3 %
EDP - ENERGIAS DO BRASIL SA 2.2 %
SONAE SIERRA BRASIL SA 2.2 %
Total 29.6 %

TOP COUNTRY EXPOSURE
BRAZIL 80.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
50.4% 50.4% 12.1% -- 0.7%

Market Correlations
versus... Beta R-squared
S&P500 0.21 1%
MSCI EAFE 0.68 6%
MSCI Emg. Mkts. 0.95 20%

Technical Indicators
Recent close $21.41
30d moving avg. $20.54
Annualized volatility 30.4%
Short interest (ETF) 1.6%
Relative strength (RSI) 76

Liquidity measures
Avg. volume (thou.) 112
Turnover 1.4%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $613

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWZS Expense: 59 bp ALTAR Score™: 3.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWZS
Ticker Fund
Name
Overlap1
vs EWZS
(%)
Expense
ratio
(bp)
Savings
vs EWZS
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWZS
(%)
BRF VanEck Vectors Brazil Small Cap 53.6 60 -1 6.9 +3.0
FBZ First Trust Brazil AlphaDEX 20.8 80 -21 6.9 +3.0
FEMS First Trust Emerging Markets Small Cap 9.9 80 -21 9.3 +5.4
EEMS iShares MSCI Emerging Market Small Cap 8.6 67 -8 6.4 +2.5
EYLD Cambria Emerging Shareholder Yield 8.0 66 -7 10.4 +6.5
FLN First Trust Latin America AlphaDEX 6.7 80 -21 5.0 +1.1
DGS WisdomTree Emg. Mkts. Small Cap Dividend 5.5 63 -4 11.4 +7.4
DWCR Arrow DWA Country Rotation 5.3 134 -75 3.6 -0.3
PIE Invesco DWA Emg. Mkts. Technical Leaders 5.1 90 -31 4.6 +0.7
FLBR Franklin FTSE Brazil 4.8 19 40 5.2 +1.3
EWX SPDR S&P Emerging Markets Small Cap 4.2 65 -6 7.3 +3.4
RFEM First Trust Riverfront Dynamic Emerging Markets 3.7 95 -36 9.5 +5.6
FLLA Franklin FTSE Latin America 3.2 19 40 5.8 +1.9
DVYE iShares Emerging Markets Dividend 3.1 49 10 12.3 +8.4
KMED KraneShares Emerging Markets Healthcare Index 2.6 79 -20 3.1 -0.9
CEZ Victory CEMP Emerging Market Volatility Weighted 2.4 50 9 8.7 +4.7
FEM First Trust Emerging Markets AlphaDEX 2.3 80 -21 9.9 +5.9
MXDE Nationwide Maximum Diversification Emg Mkts Core 2.1 64 -5 5.1 +1.2
RNEM First Trust Emerging Markets Equity Select 2.0 75 -16 9.3 +5.4
VIDI Vident International Equity 1.9 61 -2 8.7 +4.7

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

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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 Brazil Small-Cap
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 7.7 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 3.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 CATEGORY
AVERAGE
1.48
 
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.