Global X MSCI Pakistan
ALTAR
Score™
16.3% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
7.2x P/Sales
ratio
0.5x
P/BV
ratio
1.0x Div.
yield
7.1%


  • 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) $47
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 31
Wgt avg mkt cap (mns) $992
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 8.9%
Small cap (<$2bn) 91.1%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
ENGRO CORPORATION LTD 9.7 %
OIL & GAS DEVELOPMENT CO LTD 8.1 %
PAKISTAN PETROLEUM LTD 7.8 %
MCB BANK LTD 7.4 %
UNITED BANK LTD 6.8 %
HABIB BANK LTD 4.6 %
HUB POWER COMPANY 4.5 %
PAKISTAN STATE OIL CO LTD 4.4 %
PAKISTAN OILFIELDS LTD 3.9 %
LUCKY CEMENT 3.9 %
Total 61.1 %

TOP COUNTRY EXPOSURE
PAKISTAN 95.3 %










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.
-17.2% -29.5% -- -- -13.3%

Market Correlations
versus... Beta R-squared
S&P500 0.74 17%
MSCI EAFE 0.99 26%
MSCI Emg. Mkts. 0.55 13%

Technical Indicators
Recent close $7.39
30d moving avg. $6.72
Annualized volatility 21.6%
Short interest (ETF) 0.8%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 80
Turnover 1.3%
Bid/Ask (% of price) 0.41%
ADV underlying (mns) $21

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X MSCI Pakistan 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™: 16.3%


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 12.4 164 -77 7.9 -8.4
EWEM Invesco MSCI Emerging Market Equal Weight 3.8 70 17 9.2 -7.0
SDEM Global X SuperDividend Emg Mkts 2.1 67 20 18.5 +2.3
EWX SPDR S&P Emerging Markets Small Cap 0.8 65 22 7.9 -8.3
REDV Invesco Emerging Markets Ultra Dividend Revenue ETF 0.7 46 41 18.2 +2.0
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 0.6 59 28 10.6 -5.7
EEMS iShares MSCI Emerging Market Small Cap 0.6 67 20 6.4 -9.9
LVHE Legg Mason Emerging Markets Low Volatility High Dividend 0.5 51 36 12.3 -4.0
VEGI iShares MSCI Global Agriculture Producers 0.4 39 48 6.9 -9.4
VSS Vanguard FTSE All World ex-US Small Cap 0.2 12 75 6.6 -9.6
VWO Vanguard Emerging Markets 0.1 12 75 8.8 -7.5
IEMG iShares Core MSCI Emerging Markets 0.1 14 73 8.6 -7.6
EEMV iShares MSCI Emerg Mkt Minimum Volatility 0.1 25 62 8.9 -7.4
GMF SPDR S&P Emerging Asia Pacific 0.1 49 38 8.2 -8.1
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 0.1 45 42 8.8 -7.5
PBEE Invesco PureBeta FTSE Emerging Markets 0.1 14 73 9.3 -7.0
QEMM SPDR MSCI Emerging Markets Quality Mix 0.0 30 57 9.3 -7.0
FILL iShares MSCI Global Energy Producers 0.0 39 48 5.6 -10.7
REEM Invesco Emerging Markets Revenue ETF 0.0 46 41 11.7 -4.5
EEMA iShares MSCI Emg Mkts Asia 0.0 50 37 8.7 -7.6

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

  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:
Global X MSCI Pakistan
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 15.9 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 87 bp
Equals: ALTAR Score 16.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.18 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.