Global X MSCI Pakistan ETF
ALTAR
Score™
21.2% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
5.3x P/Sales
ratio
0.4x
P/BV
ratio
0.7x Div.
yield
10.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Global X MSCI Pakistan ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Apr 23, 2015
Assets (mns) $33
Currency USD
Expense ratio 87 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 30
Wgt avg mkt cap (mns) $675
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 6.9%
Small cap (<$2bn) 93.1%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
ENGRO CORPORATION LTD 10.8 %
MCB BANK LTD 7.8 %
HABIB BANK LTD 7.5 %
PAKISTAN PETROLEUM LTD 6.6 %
OIL & GAS DEVELOPMENT CO LTD 6.6 %
FAUJI FERTILIZER COMPANY LTD 5.4 %
LUCKY CEMENT 4.5 %
BANK AL HABIB LTD 4.5 %
HUB POWER COMPANY 4.3 %
PAKISTAN STATE OIL CO LTD 3.9 %
Total 62.0 %

TOP COUNTRY EXPOSURE
PAKISTAN 96.4 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 29)
Year-to-date 1 year 5 years 10 years Since Incep.
-14.2% -21.4% -- -- -11.6%

Market Correlations
versus... Beta R-squared
S&P500 0.88 25%
MSCI EAFE 1.02 29%
MSCI Emg. Mkts. 0.68 19%

Technical Indicators
Recent close $4.80
30d moving avg. $6.36
Annualized volatility 23.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 28

Liquidity measures
Avg. volume (thou.) 88
Turnover 1.3%
Bid/Ask (% of price) 0.76%
ADV underlying (mns) $26

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 31 potential alternatives to the Global X MSCI Pakistan ETF ETF based on the alternatives' overlap in portfolio holdings with PAK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PAK Expense: 87 bp ALTAR Score™: 21.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PAK
Ticker Fund
Name
Overlap1
vs PAK
(%)
Expense
ratio
(bp)
Savings
vs PAK
(bp)
ALTAR
Score™
(%)
ALTAR
vs PAK
(%)
DOGS Arrow Dogs of the World ETF 12.1 134 -47 14.5 -6.6
SDEM Global X SuperDividend Emerging Markets ETF 2.1 67 20 26.5 +5.3
EWX SPDR S&P Emerging Markets Small Cap ETF 0.8 65 22 8.5 -12.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.6 69 18 9.8 -11.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.5 59 28 12.7 -8.4
VEGI iShares MSCI Global Agriculture Producers ETF 0.4 39 48 7.3 -13.9
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 0.2 11 76 9.0 -12.2
GMF SPDR S&P Emerging Asia Pacific ETF 0.2 49 38 9.2 -12.0
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 0.1 51 36 13.8 -7.3
VWO Vanguard FTSE Emerging Markets ETF 0.1 10 77 10.2 -10.9
IEMG iShares Core MSCI Emerging Markets ETF 0.1 14 73 10.3 -10.9
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 0.1 25 62 9.6 -11.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.1 45 42 10.5 -10.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.0 30 57 10.7 -10.4
EMXC iShares MSCI Emerging Markets ex China ETF 0.0 49 38 10.3 -10.9
FILL iShares MSCI Global Energy Producers ETF 0.0 39 48 9.4 -11.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 78 7.5 -13.6
EEMA iShares MSCI Emerging Markets Asia ETF 0.0 50 37 9.8 -11.4
PBEE Invesco PureBeta FTSE Emerging Markets ETF 0.0 14 73 11.1 -10.1
FLAX Franklin FTSE Asia Ex Japan ETF 0.0 19 68 9.8 -11.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.0 68 19 9.1 -12.0
VSGX Vanguard ESG International Stock ETF 0.0 17 70 8.8 -12.3
EEM iShares MSCI Emerging Markets ETF 0.0 68 19 9.8 -11.3
VXUS Vanguard Total International Stock Index Fund 0.0 8 79 9.4 -11.8
VYMI Vanguard International High Dividend Yield ETF 0.0 32 55 11.9 -9.3
IXUS ishares Core MSCI Total International Stock ETF 0.0 9 78 9.2 -12.0
VT Vanguard Total World Stock Index Fund 0.0 8 79 7.8 -13.4
NUEM Nuveen ESG Emerging Markets Equity ETF 0.0 45 42 9.3 -11.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 8 79 9.3 -11.9
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 32 55 9.1 -12.1
ACWI iShares MSCI ACWI ETF 0.0 32 55 7.5 -13.6

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Global X MSCI Pakistan ETF
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 14.9 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 87 bp
Equals: ALTAR Score 21.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.19 CATEGORY
AVERAGE
1.46
 
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.