iShares MSCI Israel Capped Investable Market Index Fund (EIS)

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  • commenter
    aceemily
    Apr 29 09:03 AM
    Investing in Non-U.S. Stock Markets [view article]
    How about GAF and VTOPF? The author should be aware of all entry mechanisms if for no other reason than to refute their validity. Reply
  • commenter
    Aly-Khan
    Satchu
    Apr 29 02:48 AM
    My Website
    Investing in Non-U.S. Stock Markets [view article]
    Dear Richard,

    Thanks for the compliment. It made my morning.

    I came home three years ago, having been in London for many years. What has really struck me in Kenya is the scale of the domestic shareholder base. It is widely expected to be 2m at the end of our current and biggest IPO Safaricom. This is an extraordinary outcome and actually a phenomenon. Today, Nigeria has 6 banks in the top 100 in the world. I really expect the African landscape to be something completely different in a very short space of time. Extraordinary things are happening and its all being compressed into a very few years.

    Ex South Africa, I feel SSA is the last frontier. It was a previously very fragmented Continent with small pocket sized markets. The Mobile phone was the catalyst that triggered the aggregation of these small units into scale.

    Lot of folk talk of Commodities etc but the next sharp trigger is coming from the Continent being plugged in to the global superhighway.

    There might very well be a great arbitrage in identifying those markets that are set to get into these various new indices.



    Take care
    Aly-Khan Satchu
    rich.co.ke     Reply
  • commenter
    Mr. T
    Apr 28 09:58 PM
    Investing in Non-U.S. Stock Markets [view article]
    Hello Mr. Shaw

    I have been following your recommendation of TRAMX and it seems its growing at a reasonable click ($1 since your last piece) my question is why is this fund focused heavily in the financial sector and industrial materials sector and not much else, could this be a future problem for the fund if the financials are in a situation similar to the one US is experiencing. Also do you think there will be more funds launching for the middle east area?

    Thanks

    P.S. Sorry if I was rude in my last post to your "Leaving in the Dust" article     Reply
  • commenter
    Richard Shaw
    Apr 28 11:48 AM
    My Website
    Investing in Non-U.S. Stock Markets [view article]
    Football Geek,

    Yes, Canada is important.

    Not only is it energy rich, but the energy reserves and energy production and distribution are not subject to the geopolitical risks of so much of the oil in the rest of the world, which is subject to nationalization, effective nationalization by huge increases in royalties, war, sabotage, terrorism, political manipulation of supply, and in worst cases end user need to defend maritime transport of oil.

    Canada was about 3% of world market cap as of mid-2007.     Reply
  • commenter
    Richard Shaw
    Apr 28 11:37 AM
    My Website
    Investing in Non-U.S. Stock Markets [view article]
    Aly-Khan Satchu:

    Good question.

    I used the term "tradable" and perhaps should have used the word "investable"... which is the term used by MSCI in constructing their indices.

    Your home country of Kenya is included in the MSCI "investable" frontier markets index (and South Africa is in the emerging category), but most of the non-Gulf region Africa countries are not. MSCI has criteria which they broadly describe this way:

    "The MSCI Frontier Markets Indices are designed to track the performance of a range of equity markets that are now more accessible to global investors. The MSCI Frontier Markets Indices Methodology follows similar principles to the methodology of the MSCI Global Investable Market Indices (GIMI), but takes into account the specific market capitalization structure and liquidity constraints that characterize these markets."

    A good place to start looking at how MSCI defines investable is on their December 2007 release about their Frontier Indices found at:

    mscibarra.com/products...

    We are not making any determination as to investablity in this article, but are following the lead of MSCI in stating what is and is not investable. Their determination is similar to, but not exactly the same as, that of Standard and Poor's.

    I chose the word "tradable" versus "investable" partially to avoid confusion between direct investment opportunities which cannot be "traded" (such as a company building a factory or setting up a distribution system) and buying and selling stocks or bonds on a exchange with certain characteristics which is the "investability&qu... idea MSCI is referencing.

    By the way, you have a handsome website.

    Thanks for commenting

    Richard     Reply
  • commenter
    Richard Shaw
    Apr 28 11:12 AM
    My Website
    Investing in Non-U.S. Stock Markets [view article]
    John from Osaka,

    Thank you for the complement and also for the note of our proofing error. It has been corrected on my blog and SA will be making an image substitution shortly.

    Richard     Reply
  • commenter
    Aly-Khan
    Satchu
    Apr 28 10:27 AM
    My Website
    Investing in Non-U.S. Stock Markets [view article]
    Dear Richard,

    What is your definition of tradeable stock markets in relation to Africa and particularly in SSA?

    There is a whole lot going on which appears not to be captured by your map?

    Aly-Khan Satchu
    rich.co.ke



     Reply
  • commenter
    ikkyu
    Apr 28 09:45 AM
    Investing in Non-U.S. Stock Markets [view article]
    Greetings. I always enjoy your posts.

    The world map appears to have an incorrect key. It seems the emerging and developed non-U.S. markets are switched.

    Cheers from Osaka,
    john     Reply
  • commenter
    Football
    Geek
    Apr 28 08:57 AM
    Investing in Non-U.S. Stock Markets [view article]
    Interesting note to this is that Canada is close to the US, but their
    economy is different in many ways. Canada has the second most oil
    reserves in the world, jobless rate is at a twenty five year low, currently enjoys a government surplus, exports more goods than it
    imports, stable government in power, and has a skilled workforce.
    Has some great companies like POT, RIM, MFC, TD, CN, etc.
    Because we are so close to the US, sometimes we are forgotten.
    With the price of oil looking to stay high, and the demand to continue Canada could do very well in the next decade
    Reply
  • commenter
    maxrapp
    Apr 08 09:30 AM
    iShares Launches the First 'Real' Israeli ETF [view article]
    I am very much looking forward to watching the charts for the right time to short this ETF!!! While I live in Israel (and enjoy it). I believe that the Israeli market is ripe for a downturn. Israel is a largely export oriented economy with a central bank that has allowed the local currency to continue rising unchecked against the dollar. This has led, together with other factors to lower than expected growth, particularly in the export sector, which has been particularly hurt by the overvaluation of the Shekel against both the dollar and the euro (especially those companies who must pay their employees in Shekels while earning foreign currency). Also, regardless of what some of the local analysts say (who tend to be even more bombastic and overenthusiastic than their US counterparts), Israel does not exist in a bubble (and is, and always will be an emerging economy - i.e. if South Korea can be considered emerging, so can Israel). Finally, many of Israel's largest companies (especially technology and financial/real estate) are heavily invested in other emerging or developing economies such as Poland, Romania and the Far East. which are also likely to face downturns. I can't wait. Reply
  • commenter
    SeekingAlpha
    Editors
    Apr 06 05:24 AM
    My Website
    General Discussion on EIS
    Is this a buy or a sell? Reply
  • commenter
    haydete
    Apr 02 07:44 AM
    New iShares Israel Fund; Heavy On Teva, But Worth a Look [view article]
    Whether it is "good" or not to have TEVA such a large component, it is not atypical. EWZ is made of ~25% RIO and ~25% PBR. EWW is ~25% AMX, for example. Reply
  • commenter
    David
    Jackson
    Mar 30 04:33 PM
    My Website
    Single Country Middle East & Africa ETFs and Closed-End Funds [view article]
    Update: we just added the new Barclay's iShares Israel and Turkey ETFs to this list. Reply
  • commenter
    David
    Jackson
    Mar 30 04:27 PM
    My Website
    Single Country Emerging Markets ETFs, ETNs and Closed-End Funds [view article]
    Update: We just added three new Barclay's ETFs to this list: for Israel, Turkey and Thailand. Reply
  • commenter
    DrBagel
    Mar 29 01:46 PM
    iShares Launching 5 New International ETFs Including Israel, Thailand and Turkey [view article]
    I have to wonder how much interest there will be in ACWX. State Street's CWI and Vanguard's VEU are already out there in the all world except US class. Of the two, Vanguard is cheaper at 25 basis points. CWI tracks the same index as ACWX and charges the same 35 basis points. I guess Barclays just wants to have a complete lineup. I suppose it offers a tax harvesting opportunity. Reply

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