iShares MSCI China
ALTAR
Score™
9.5% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
11.2x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI China Index Fund seeks to track the performance of the MSCI China Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Mar 31, 2011
Assets (mns) $3,945
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 461
Wgt avg mkt cap (mns) $160,679
Large cap (>$10bn) 82.1%
Mid cap ($2-10bn) 17.0%
Small cap (<$2bn) 0.8%
Developed mkts 22.7%
Emerging mkts 77.3%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 14.3 %
TENCENT HOLDINGS LTD 12.9 %
CHINA CONSTRUCTION BANK-H 4.3 %
PING AN INSURANCE GROUP CO-H 3.6 %
CHINA MOBILE LIMITED 2.7 %
IND & COMM BK OF CHINA - H 2.6 %
BAIDU INC - SPON ADR 1.9 %
BANK OF CHINA LTD - H 1.8 %
CNOOC LTD 1.6 %
JD.COM INC-ADR 1.3 %
Total 47.0 %

TOP COUNTRY EXPOSURE
CHINA 83.4 %
HONG KONG 15.6 %
SINGAPORE 0.1 %
UNITED STATES 0.1 %







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.
11.8% 11.6% 5.3% -- 3.2%

Market Correlations
versus... Beta R-squared
S&P500 1.27 57%
MSCI EAFE 1.41 60%
MSCI Emg. Mkts. 1.28 81%

Technical Indicators
Recent close $59.05
30d moving avg. $58.55
Annualized volatility 20.3%
Short interest (ETF) 4.1%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 3,059
Turnover 4.6%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $20,814

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: MCHI Expense: 59 bp ALTAR Score™: 9.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MCHI
Ticker Fund
Name
Overlap1
vs MCHI
(%)
Expense
ratio
(bp)
Savings
vs MCHI
(bp)
ALTAR
Score™
(%)
ALTAR
vs MCHI
(%)
FLCH Franklin FTSE China 91.0 19 40 10.1 +0.6
GXC SPDR S&P China ETF 81.3 59 0 9.3 -0.2
KALL KraneShares MSCI China All Shares 64.3 49 10 9.2 -0.3
BKF iShares MSCI BRIC 61.3 67 -8 8.9 -0.6
CN Xtrackers Harvest MSCI All China 57.7 50 9 9.7 +0.2
CHIL Global X MSCI China Large-Cap 50 55.2 29 30 10.7 +1.2
CXSE WisdomTree China ex-State Owned Enterprises 53.6 32 27 7.3 -2.3
WCHN WisdomTree ICBCCS S&P China 500 53.2 55 4 9.2 -0.3
EEMA iShares MSCI Emg Mkts Asia 44.0 50 9 8.8 -0.7
GMF SPDR S&P Emerging Asia Pacific 43.7 49 10 8.2 -1.3
FXI iShares China Large-Cap 41.1 74 -15 14.2 +4.6
AAXJ iShares MSCI Asia ex-Japan 37.4 67 -8 8.3 -1.2
2800-HK Tracker Fund of Hong Kong 37.3 9 50 9.7 +0.2
FLAX Franklin FTSE Asia Ex Japan 35.4 19 40 8.8 -0.8
PBEE Invesco PureBeta FTSE Emerging Markets 34.6 14 45 9.4 -0.2
SCHE Schwab Emerging Markets Equity 34.4 13 46 8.8 -0.7
AIA iShares S&P Asia 50 32.8 50 9 9.6 +0.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 32.4 30 29 8.7 -0.9
EEM iShares MSCI Emerging Markets 32.2 67 -8 8.7 -0.9
DBEM Xtrackers MSCI Emg. Mkts. Hedged 31.4 65 -6 8.6 -1.0

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 China
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 14.5 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 9.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.27 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.