iShares MSCI India Small Cap
ALTAR
Score™
4.3% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
36.8x P/Sales
ratio
1.2x
P/BV
ratio
2.0x Div.
yield
1.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI India Small Cap Index Fund is an exchange traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI India Small Cap Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock Funds/USA
Website www.ishares.com
Inception date Feb 09, 2012
Assets (mns) $305
Currency USD
Expense ratio 77 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 253
Wgt avg mkt cap (mns) $1,524
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 44.9%
Small cap (<$2bn) 55.1%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
APOLLO HOSPITALS ENTERPRISE 1.9 %
FEDERAL BANK LTD 1.9 %
JUBILANT FOODWORKS LTD 1.8 %
RBL BANK LTD. 1.7 %
TATA TEA LTD 1.6 %
INDRAPRASTHA GAS LIMITED 1.4 %
CROMPTON GREAVES CONSUMER ELECTRIC 1.3 %
ADANI TRANSMISSION LTD. 1.3 %
BALKRISHNA INDUSTRIES LIMITED 1.2 %
INDIABULLS HOUSING FINANCE L 1.2 %
Total 15.2 %

TOP COUNTRY EXPOSURE
INDIA 83.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.2% -5.2% 2.8% -- 5.4%

Market Correlations
versus... Beta R-squared
S&P500 0.15 1%
MSCI EAFE 0.42 5%
MSCI Emg. Mkts. 0.49 12%

Technical Indicators
Recent close $38.10
30d moving avg. $36.08
Annualized volatility 21.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 39
Turnover 0.5%
Bid/Ask (% of price) 0.38%
ADV underlying (mns) $70

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SMIN Expense: 77 bp ALTAR Score™: 4.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMIN
Ticker Fund
Name
Overlap1
vs SMIN
(%)
Expense
ratio
(bp)
Savings
vs SMIN
(bp)
ALTAR
Score™
(%)
ALTAR
vs SMIN
(%)
EPI WisdomTree India Earnings 13.5 85 -8 9.1 +4.7
EEMS iShares MSCI Emerging Market Small Cap 11.5 67 10 6.4 +2.1
SCIF VanEck Vectors India Small Caps 11.1 83 -6 5.3 +1.0
EWX SPDR S&P Emerging Markets Small Cap 7.2 65 12 7.2 +2.9
DGS WisdomTree Emg. Mkts. Small Cap Dividend 4.2 63 14 11.3 +6.9
FLIN Franklin FTSE India 4.0 19 58 6.4 +2.1
INCO Columbia India Consumer 3.7 75 2 6.4 +2.0
MXDE Nationwide Maximum Diversification Emg Mkts Core 3.5 64 13 5.1 +0.8
PIN Invesco India 3.3 82 -5 6.7 +2.3
IXSE WisdomTree India Ex-State-Owned Enterprises 3.2 58 19 5.7 +1.3
CEZ Victory CEMP Emerging Market Volatility Weighted 2.0 50 27 8.6 +4.3
VSS Vanguard FTSE All World ex-US Small Cap 1.9 12 65 6.2 +1.9
KMED KraneShares Emerging Markets Healthcare Index 1.7 79 -2 3.0 -1.3
GMF SPDR S&P Emerging Asia Pacific 1.6 49 28 7.4 +3.1
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 1.3 59 18 12.0 +7.7
VEGI iShares MSCI Global Agriculture Producers 1.3 39 38 6.5 +2.2
IEMG iShares Core MSCI Emerging Markets 1.2 14 63 8.0 +3.7
VWO Vanguard Emerging Markets 1.2 12 65 7.9 +3.6
NFTY First Trust India NIFTY 50 Equal Weight 1.0 80 -3 8.6 +4.3
SPEM SPDR Portfolio Emerging Markets 0.8 11 66 7.8 +3.5

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%.

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 MSCI India Small Cap
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.5 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 77 bp
Equals: ALTAR Score 4.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 CATEGORY
AVERAGE
1.48
 
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.