iShares Cohen & Steers Realty Majors
ALTAR
Score™
5.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.2x P/Sales
ratio
9.0x
P/BV
ratio
3.1x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares Cohen & Steers Realty Majors Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of large, actively traded U.S. real estate investment trusts, as represented by the Cohen & Steers Realty Majors Index.

FUND BASICS
Category US Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Feb 02, 2001
Assets (mns) $2,394
Currency USD
Expense ratio 34 bp
Distributions Quarterly

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 31
Wgt avg mkt cap (mns) $33,018
Large cap (>$10bn) 90.6%
Mid cap ($2-10bn) 9.4%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PROLOGIS INC 8.7 %
AMERICAN TOWER CORP-CL A 7.7 %
SIMON PROPERTY GROUP INC 7.6 %
EQUINIX INC 7.1 %
WELLTOWER, INC. 5.4 %
PUBLIC STORAGE 5.1 %
EQUITY RESIDENTIAL 4.7 %
AVALONBAY COMMUNITIES INC 4.7 %
SBA COMMUNICATIONS CORP. CLASS A 4.1 %
DIGITAL REALTY TRUST INC 3.9 %
Total 58.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.8 %










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.
27.5% 24.6% 8.6% 13.6% 11.9%

Market Correlations
versus... Beta R-squared
S&P500 0.43 19%
MSCI EAFE 0.28 7%
MSCI Emg. Mkts. 0.15 3%

Technical Indicators
Recent close $115.36
30d moving avg. $119.34
Annualized volatility 11.8%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.0%
Relative strength (RSI) 38

Liquidity measures
Avg. volume (thou.) 108
Turnover 0.5%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $3,549

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares Cohen & Steers Realty Majors ETF based on the alternatives' overlap in portfolio holdings with ICF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ICF Expense: 34 bp ALTAR Score™: 5.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ICF
Ticker Fund
Name
Overlap1
vs ICF
(%)
Expense
ratio
(bp)
Savings
vs ICF
(bp)
ALTAR
Score™
(%)
ALTAR
vs ICF
(%)
XLRE Real Estate Select Sector SPDR 75.3 13 21 5.4 +0.1
RWR SPDR Dow Jones REIT ETF 63.9 25 9 6.3 +1.0
SCHH Schwab US REIT 63.9 7 27 6.5 +1.2
EWRE Invesco S&P 500 Equal Weight Real Estate 60.0 40 -6 5.6 +0.3
PSR Invesco Active US Real Estate 59.6 35 -1 5.5 +0.2
GRI Cohen & Steers Global Realty 57.0 55 -21 5.8 +0.5
FRI First Trust S&P REIT 56.7 50 -16 6.1 +0.8
USRT iShares Core. U.S. REIT 56.6 8 26 6.6 +1.2
BBRE JPMorgan BetaBuilders MSCI U.S. REIT 56.4 11 23 6.4 +1.1
IYR iShares U.S. Real Estate 54.7 42 -8 5.9 +0.6
FREL Fidelity MSCI Real Estate 54.5 8 26 6.2 +0.9
VNQ Vanguard REIT ETF 47.6 12 22 6.1 +0.8
PPTY PPTY-U.S. Diversified Real Estate 40.0 53 -19 5.4 +0.1
REET iShares Global REIT 37.0 14 20 6.2 +0.9
RWO SPDR DJ Global Real Estate 36.5 50 -16 6.0 +0.7
REZ iShares Residential Real Estate Capped 36.1 48 -14 5.2 -0.1
FFR First Trust FTSE EPRA/NAREIT Global Real Estate 30.9 60 -26 6.2 +0.9
GQRE FlexShares Global Quality Real Estate 29.0 45 -11 6.5 +1.1
NURE NuShares Short-Term REIT 28.4 35 -1 6.7 +1.3

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%.

Content on this tab for subscribers only**

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 Cohen & Steers Realty Majors
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 16.7 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 34 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.55
 
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.