iShares MSCI South Africa
ALTAR
Score™
7.2% info Recommen-
dation
NEUTRAL
2017E    2018E
P/E
ratio
16.8x P/Sales
ratio
1.3x
P/BV
ratio
2.0x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares South Africa Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective is to provide investment results that correspond to the price and yield performance of publicly traded securities in the South African market, as measured by the MSCI South African Index. The Index consists of stocks primarily traded on the Johannesburg Stock Exchange.

FUND BASICS
Category International-Country ETFs
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Feb 07, 2003
Assets (mns) $390
Currency USD
Expense ratio 64 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Co
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 53
Wgt avg mkt cap (mns) $29,962
Large cap (>$10bn) 54.6%
Mid cap ($2-10bn) 40.2%
Small cap (<$2bn) 5.2%
Developed mkts 4.4%
Emerging mkts 95.6%

TOP TEN HOLDINGS
NASPERS LTD-N SHS 21.8 %
SASOL LTD 5.1 %
STANDARD BANK GROUP LTD 5.0 %
MTN GROUP LTD 4.9 %
STEINHOFF INTERNATIONAL HOLDINGS N 4.7 %
FIRSTRAND LTD 4.3 %
REMGRO LTD 2.7 %
ASPEN PHARMACARE HOLDINGS LT 2.7 %
VODACOM GROUP (PTY) LTD. 2.4 %
ABSA GROUP LTD 2.4 %
Total 55.9 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 93.4 %
NETHERLANDS 4.7 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
20.4% 21.3% 2.1% 3.9% 12.5%

Market Correlations
versus... Beta R-squared
S&P500 1.00 19%
MSCI EAFE 1.10 36%
MSCI Emg. Mkts. 1.12 63%

Technical Indicators
Recent close $60.01
30d moving avg. $61.29
Annualized volatility 23.0%
Short interest (ETF) 16.6%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 406
Turnover 6.3%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $994

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EZA Expense: 64 bp ALTAR Score™: 7.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EZA
Ticker Fund
Name
Overlap1
vs EZA
(%)
Expense
ratio
(bp)
Savings
vs EZA
(bp)
ALTAR
Score™
(%)
ALTAR
vs EZA
(%)
AFK VanEck Vectors Africa 26.9 78 -14 4.3 -2.9
ECON Columbia Emerging Markets Consumer 20.1 85 -21 3.9 -3.3
EDIV SPDR S&P Emerging Markets Dividend 19.0 49 15 9.8 +2.7
EMDV ProShares MSCI Emerging Markets Dividend Growers 15.0 60 4 9.0 +1.8
BBRC Columbia Beyond BRICs 14.7 58 6 7.8 +0.6
HDEE Deutsche X-trackers MSCI EM High Div. Yield Hedged 10.1 65 -1 11.4 +4.2
XCEM Columbia EM Core ex-China 9.9 35 29 7.9 +0.7
EMXC iShares MSCI Emerging Markets ex China 9.2 49 15 8.1 +0.9
DEMG Deutsche X-trackers FTSE Emerging Comprehensive Factor 8.8 50 14 7.9 +0.7
DGRE WisdomTree Emg Mkt Dividend Growth 8.5 63 1 7.1 -0.1
DEM WisdomTree Emerg Mkts High Yield Equity 8.5 63 1 10.2 +3.1
PXH PowerShares FTSE-RAFI Emerging Markets 8.3 49 15 10.0 +2.8
SDEM Global X SuperDividend Emg Mkts 8.1 65 -1 10.9 +3.7
SCHE Schwab Emerging Markets Equity 8.0 14 50 8.4 +1.2
EMFM Global X Next Emerging & Frontier 7.5 58 6 6.3 -0.9
EDBI Legg Mason Emerging Markets Diversified Core 7.4 50 14 7.1 -0.1
NUEM NuShares ESG Emerging Markets Equity 7.3 45 19 6.3 -0.9
ESGE iShares MSCI EM ESG Optimized 7.2 45 19 7.6 +0.4
HILO Columbia EM Quality Dividend 7.2 85 -21 6.9 -0.3
EYLD Cambria Emerging Shareholder Yield 7.1 69 -5 8.1 +0.9

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

  2012 2013 2014 2015 2016 2017E 2018E
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
  2016 2017E 2018E
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 South Africa
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 between 6.0% and 8.0%. This indicates that valuations adequately reflect the fundamentals of stocks in these funds. The majority of funds we cover fall into this category.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.8 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 64 bp
Equals: ALTAR Score 7.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 CATEGORY
AVERAGE
1.62
 
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.