iShares China Large-Cap
ALTAR
Score™
14.1% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
8.4x P/Sales
ratio
1.0x
P/BV
ratio
1.0x Div.
yield
3.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares China Large-Cap ETF seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Oct 08, 2004
Assets (mns) $4,404
Currency USD
Expense ratio 74 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 51
Wgt avg mkt cap (mns) $128,080
Large cap (>$10bn) 99.9%
Mid cap ($2-10bn) 0.1%
Small cap (<$2bn) 0.0%
Developed mkts 27.4%
Emerging mkts 72.6%

TOP TEN HOLDINGS
CHINA CONSTRUCTION BANK-H 9.2 %
TENCENT HOLDINGS LTD 8.8 %
PING AN INSURANCE GROUP CO-H 7.8 %
IND & COMM BK OF CHINA - H 6.7 %
MEITUAN DIANPING 6.4 %
CHINA MOBILE LIMITED 4.7 %
BANK OF CHINA LTD - H 4.4 %
CNOOC LTD 3.6 %
CHINA LIFE INSURANCE CO-H 3.3 %
CHINA MERCHANTS BANK - H 3.1 %
Total 58.0 %

TOP COUNTRY EXPOSURE
CHINA 82.0 %
HONG KONG 17.7 %









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.
5.8% -0.5% 2.7% 1.7% 8.9%

Market Correlations
versus... Beta R-squared
S&P500 1.10 52%
MSCI EAFE 1.29 59%
MSCI Emg. Mkts. 1.22 84%

Technical Indicators
Recent close $41.24
30d moving avg. $41.64
Annualized volatility 18.4%
Short interest (ETF) 26.3%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 24,152
Turnover 22.6%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $2,915

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FXI Expense: 74 bp ALTAR Score™: 14.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FXI
Ticker Fund
Name
Overlap1
vs FXI
(%)
Expense
ratio
(bp)
Savings
vs FXI
(bp)
ALTAR
Score™
(%)
ALTAR
vs FXI
(%)
CHIL Global X MSCI China Large-Cap 50 48.9 29 45 10.3 -3.7
2800-HK Tracker Fund of Hong Kong 47.8 9 65 9.8 -4.3
CHIX Global X MSCI China Financials 45.8 65 9 19.7 +5.6
FLCH Franklin FTSE China 41.6 19 55 9.9 -4.2
MCHI iShares MSCI China 37.8 59 15 9.3 -4.8
GXC SPDR S&P China ETF 37.1 59 15 9.1 -5.0
AIA iShares S&P Asia 50 31.0 50 24 9.4 -4.7
KALL KraneShares MSCI China All Shares 28.9 49 25 8.9 -5.1
CN Xtrackers Harvest MSCI All China 27.3 50 24 9.2 -4.9
BKF iShares MSCI BRIC 26.0 67 7 8.6 -5.5
WCHN WisdomTree ICBCCS S&P China 500 25.9 55 19 9.0 -5.1
PXH Invesco FTSE-RAFI Emerging Markets 24.3 50 24 12.2 -1.8
CXSE WisdomTree China ex-State Owned Enterprises 22.3 32 42 7.0 -7.1
GMF SPDR S&P Emerging Asia Pacific 21.0 49 25 8.0 -6.1
ISEM Invesco Strategic Emerging Markets 20.5 35 39 9.9 -4.2
FNDE Schwab Fundamental Emg Mkt Large Cap 20.1 39 35 11.0 -3.1
EEMA iShares MSCI Emg Mkts Asia 19.9 50 24 8.6 -5.5
AXJL WisdomTree Asia Pacific Ex-Japan 19.4 48 26 9.2 -4.9
JHEM John Hancock Multifactor Emerging Markets 17.8 55 19 8.7 -5.4
FLAX Franklin FTSE Asia Ex Japan 17.0 19 55 8.6 -5.5

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 China Large-Cap
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.1 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 74 bp
Equals: ALTAR Score 14.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.29 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.