ISHARES MSCI CHILE INVESTABLE MARKET INDEX FUND $41.09(New York symbol ECH; buy or sell through brokers) is an ETF that aims to track the MSCI Chile Investable Market Index, which consists of stocks that mainly trade on the Santiago Stock Exchange.
The fund’s top holdings are S.A.C.I. Falabella (retail), 10.3%; Enersis SA (electricity), 9.6%; Empresas Copec SA (conglomerate), 7.8%; Empresa Nacional de Electricidad (electricity), 7.2%; LATAM Airlines, 5.5%; Banco Santander Chile (banking), 5.0%; Empresas CMPC (pulp and paper), 4.6%; Banco de Chile, 4.5%; Cencosud SA (retailer), 4.4%; and Quimica y Minera de Chile (mining), 3.9%.
The fund’s industry breakdown is: Utilities, 25.9%; Financials, 18.7%; Materials, 12.8%; Consumer Discretionary, 12.5%; Consumer Staples, 9.5%; Energy, 7.9%; Industrials, 7.8%; Telecommunications, 2.4%; and Information Technology, 2.0%.
The iShares MSCI Chile Investable Market Index Fund was launched on November 12, 2007. It has a 0.62% expense ratio.
Chile is the world’s biggest copper producer and a major supplier to Asian markets. Its dependence on resources is something of a drawback to investment, particularly as Asian economies have slowed and copper prices have dropped.
The country’s long-term outlook remains sound, but we see the iShares MSCI Chile Investable Market Index Fund as a hold.
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