iShares Global Timber & Forestry ETF
ALTAR
Score™
10.5% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
16.5x P/Sales
ratio
0.8x
P/BV
ratio
0.8x Div.
yield
3.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares S&P Global Timber & Forestry Index Fund seeks investment results that correspond to the price and yield performance of the S&P Global Timber & Forestry Index.

FUND BASICS
Category Global Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Jun 16, 2008
Assets (mns) $216
Currency USD
Expense ratio 46 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 Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $8,743
Large cap (>$10bn) 37.0%
Mid cap ($2-10bn) 52.5%
Small cap (<$2bn) 10.5%
Developed mkts 87.5%
Emerging mkts 12.5%

TOP TEN HOLDINGS
SVENSKA CELLULOSA AB-B SHS 8.6 %
WEYERHAEUSER CO 8.0 %
RAYONIER INC 7.6 %
POTLATCH CORP 7.5 %
WEST FRASER TIMBER CO LTD 6.2 %
KLABIN SA - UNIT 4.8 %
SUZANO PAPEL E CELULOSE SA 4.3 %
SMURFIT KAPPA GROUP PLC 4.3 %
HOLMEN AB-B SHARES 4.3 %
WESTROCK CO. 4.1 %
Total 59.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 35.3 %
SWEDEN 12.9 %
JAPAN 11.6 %
BRAZIL 10.9 %
CANADA 9.9 %
FINLAND 9.6 %
IRELAND 4.3 %
BRITAIN 4.0 %
SOUTH AFRICA 1.6 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.8% -3.3% 4.9% 7.4% 4.4%

Market Correlations
versus... Beta R-squared
S&P500 1.26 58%
MSCI EAFE 1.45 63%
MSCI Emg. Mkts. 1.05 57%

Technical Indicators
Recent close $57.96
30d moving avg. $64.29
Annualized volatility 20.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 36

Liquidity measures
Avg. volume (thou.) 68
Turnover 1.8%
Bid/Ask (% of price) 0.26%
ADV underlying (mns) $664

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: WOOD Expense: 46 bp ALTAR Score™: 10.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH WOOD
Ticker Fund
Name
Overlap1
vs WOOD
(%)
Expense
ratio
(bp)
Savings
vs WOOD
(bp)
ALTAR
Score™
(%)
ALTAR
vs WOOD
(%)
CUT Invesco MSCI Global Timber ETF 49.8 55 -9 9.6 -0.9
GNR SPDR S&P Global Natural Resources ETF 13.8 40 6 7.5 -3.0
EFNL iShares MSCI Finland Capped ETF 9.0 53 -7 6.1 -4.4
FTRI First Trust Indxx Global Natural Resources Income ETF 8.7 70 -24 11.5 +1.0
FXZ First Trust Materials AlphaDEX Fund 8.0 65 -19 8.4 -2.1
DVP Deep Value ETF 7.4 59 -13 14.9 +4.4
RDIV Invesco S&P Ultra Dividend Revenue ETF 7.2 39 7 10.7 +0.2
GRES IQ Global Resources ETF 7.1 77 -31 7.9 -2.6
RTM Invesco S&P 500 Equal Weight Materials ETF 6.9 40 6 6.7 -3.8
JHMA John Hancock Multifactor Materials ETF 5.5 40 6 7.4 -3.1
WBIY WBI Power Factor High Dividend ETF 5.4 70 -24 12.3 +1.8
GUNR Flexshares Morningstar Global Upstream Natural Resources 4.8 46 0 6.7 -3.8
QVAL Alpha Architect U.S. Quantitative Value ETF 4.6 49 -3 12.8 +2.3
IVAL Alpha Architect International Quantitative Value ETF 4.5 59 -13 11.7 +1.2
PYZ Invesco DWA Basic Materials Momentum ETF 4.5 60 -14 5.7 -4.8
MXI iShares Global Materials ETF 4.4 46 0 7.0 -3.5
EIRL iShares MSCI Ireland Capped ETF 4.3 49 -3 7.2 -3.3
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 4.2 30 16 8.8 -1.7
GBDV Global Beta Smart Income ETF 4.0 29 17 11.9 +1.4

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:
iShares Global Timber & Forestry 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 9.1 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 46 bp
Equals: ALTAR Score 10.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 CATEGORY
AVERAGE
1.56
 
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.