iShares S&P Latin America 40
ALTAR
Score™
5.8% info Recommen-
dation
UNDERWEIGHT
2017E    2018E
P/E
ratio
18.8x P/Sales
ratio
1.6x
P/BV
ratio
1.9x Div.
yield
2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares S&P Latin America 40 Index fund seeks investment results that correspond to the price and yield performance of Standard & Poor's Latin America 40 Index. The index consists primarily of large cap stocks traded in the Mexican and South American equity markets.

FUND BASICS
Category International - Regional
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Oct 26, 2001
Assets (mns) $1,258
Currency USD
Expense ratio 49 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 41
Wgt avg mkt cap (mns) $39,350
Large cap (>$10bn) 87.5%
Mid cap ($2-10bn) 11.8%
Small cap (<$2bn) 0.7%
Developed mkts 1.5%
Emerging mkts 98.5%

TOP TEN HOLDINGS
ITAU UNIBANCO HLDNG-PREF ADR 9.3 %
VALE SA-SP ADR 7.4 %
BANCO BRADESCO-ADR 7.2 %
AMBEV SA-ADR 6.0 %
AMERICA MOVIL SAB DE C-SER L 4.7 %
FOMENTO ECONOMICO MEXICA-UBD 4.5 %
PETROLEO BRASILEIRO-SPON ADR 4.1 %
GRUPO FINANCIERO BANORTE-O 3.5 %
BM&FBOVESPA SA 3.3 %
PETROLEO BRASILEIRO S.A.-ADR 3.1 %
Total 53.3 %

TOP COUNTRY EXPOSURE
BRAZIL 58.0 %
MEXICO 25.1 %
CHILE 10.7 %
PERU 3.0 %
COLOMBIA 1.7 %
UNITED STATES 1.4 %





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.
26.5% 25.1% -1.3% 1.8% 15.2%

Market Correlations
versus... Beta R-squared
S&P500 1.10 17%
MSCI EAFE 1.17 29%
MSCI Emg. Mkts. 1.41 73%

Technical Indicators
Recent close $35.95
30d moving avg. $34.42
Annualized volatility 27.0%
Short interest (ETF) 4.8%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 797
Turnover 2.3%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $1,483

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Latin America 40 ETF based on the alternatives' overlap in portfolio holdings with ILF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ILF Expense: 49 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ILF
Ticker Fund
Name
Overlap1
vs ILF
(%)
Expense
ratio
(bp)
Savings
vs ILF
(bp)
ALTAR
Score™
(%)
ALTAR
vs ILF
(%)
DBMX Deutsche X-trackers MSCI Mexico Hedged 25.1 51 -2 5.2 -0.6
EWW iShares MSCI Mexico 25.1 48 1 5.1 -0.6
ECON Columbia Emerging Markets Consumer 19.3 85 -36 3.9 -1.9
EEB Guggenheim BRIC 17.3 64 -15 5.6 -0.2
BMLA BullMark LatAm Select Leaders 17.2 70 -21 6.8 +1.1
ADRE BLDRs Emerging Markets 50 ADR 16.8 30 19 6.2 +0.5
AND Global X FTSE Andean 40 ETF 16.0 72 -23 5.8 +0.0
EWZ iShares MSCI Brazil 15.5 63 -14 5.6 -0.2
DBBR Deutsche X-trackers MSCI Brazil Hedged 15.5 60 -11 5.7 -0.0
BBRC Columbia Beyond BRICs 14.4 58 -9 7.8 +2.1
FLN First Trust Latin America 14.1 81 -32 4.4 -1.3
BICK First Trust BICK Index Fund 13.8 64 -15 6.3 +0.5
EWEM Guggenheim MSCI Emerging Market Equal Weight 12.5 70 -21 8.1 +2.4
GMM SPDR S&P Emerging Markets ETF 10.1 59 -10 6.9 +1.2
BRAZ Global X Brazil Mid Cap ETF 9.6 69 -20 4.3 -1.4
XCEM Columbia EM Core ex-China 8.6 35 14 7.9 +2.1
VWO Vanguard Emerging Markets 8.3 15 34 8.0 +2.3
SLX VanEck Vectors Steel 8.2 55 -6 5.7 -0.1
SCHE Schwab Emerging Markets Equity 8.0 14 35 8.4 +2.6
BRAQ Global X Brazil Consumer ETF 7.9 77 -28 3.7 -2.1

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

  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 S&P Latin America 40
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores above 3.0% but below 6.0%. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.2 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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