ISHARES MSCI CHILE INVESTABLE MARKET INDEX FUND $51.79 (New York Exchange symbol ECH; buy or sell through brokers), is an ETF that aims to track the MSCI Chile Investable Market Index. This index consists of stocks that are mainly traded on the Santiago Stock Exchange.
The fund’s top holdings are Empresas Copec SA (conglomerate), 12.9%; Empresa Nacional de Electricidad (electric power), 10.6%; Sociedad Quimiday Minera de Chile (mining), 7.3%; Empresas CMPC (pulp and paper), 7.2%; Cencosud SA (retailer), 5.2%; Banco Santander Chile (banking), 4.7%; CAP SA (iron-ore mining and steel), 4.3%; Lan Airlines SA (Chilean national airline), 4.2%; and Colbun SA (electric power), 3.9%.
The fund’s industry breakdown is as follows: Utilities, 28.4%; Materials, 20.1%; Industrials, 19.3%; Consumer Staples, 9.9%; Financials, 8.9%; Consumer Discretionary, 7.8%; Telecommunication Services, 4.3%; Information Technology, 1.0%; and Health Care, 0.3%.
iShares MSCI Chile Investable Market Index Fund was launched on November 12, 2007. The ETF has an expense ratio of 0.63%.
iShares MSCI Chile Investable Market Index Fund is up 72.6% from its March 2009 low of $30.
Chile is the world’s biggest copper supplier. Asian countries are particularly large consumers of Chilean copper. Chile’s president, Michelle Bachelet, prudently used high copper prices from 2006 to 2008 to pay off the country’s foreign debt and save for an economic downturn. As a result, Chile has been able to implement a big economic stimulus plan without taking on debt.
This includes public-works projects, tax breaks for businesses and cash distributions to the country’s poorest citizens. Still, a continuing dependence on resources is something of a drawback to investment in this country.
iShares MSCI Chile Investable Market Index Fund is a buy for aggressive investors.
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