EWS: The Only Choice

seekingalpha2024-07-17

International investing with single country ETFs like iShares MSCI Singapore ETF is favored at this point of the cycle.Singapore offers business-friendly tax policies and government incentives for ...

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To that end, there is a good argument to bet on Singapore. The country has business friend tax policies, and is from a government perspective putting heavy emphasis on creating incentives around infrastructure build, skills training, and technological innovation. If you’re a fan of the country, you may want to consider the iShares MSCI Singapore ETF (NYSEARCA:EWS). Launched in 1996, EWS offers up targeted exposure to the Singaporean equity market. The fund seeks to track the MSCI Singapore 25/50 Index, which includes mid- and large-cap companies in Singapore. At an expense ratio of 0.50%, the ETF provides quick and easy access to a part of the world it would otherwise be difficult to access through individual security selection. A Look At The Holdings EWS’s portfolio is highly concentrated. The top 2 holdings alone make up 40% of the fund’s total assets. Now keep in mind that such concentration isn’t unusual when looking at the holdings of individual country ETFs, but it still merits a spotlight on because clearly the fund is highly company-dependent. ishares.com What do these companies do? DBS Group Holdings Ltd. is a Singapore-based multinational banking and financial services corporation. Oversea-Chinese Banking Corporation Ltd. is a large bank whose main activities are in retail and commercial banking, with a presence in Singapore and Malaysia. Singapore Telecommunications Ltd. is a leading Singapore and regional telecommunication group. Singapore Technologies Engineering Ltd. is an integrated engineering group in the aerospace, electronics, land systems and marine sectors. And United Overseas Bank Ltd. offers various personal and corporate banking services. Sector Composition and Weightings The top holdings were the hint on sector allocation. Over half the fund is in the Financial sector. Again — not uncommon to see banks make up the largest allocation of single country ETFs. ycharts.com Industrials come in a distant second, with communications third. This is essentially a Financial sector fund with some diversification at the periphery. There’s nothing wrong with that, but keep in mind that this portfolio is highly dependent on the country’s banking system being healthy, and growing. Peer Comparison There aren’t any pure play competitors to EWS, so the best we can do is compare the country’s market performance to a broad international proxy like the iShares MSCI EAFE ETF (EFA). This fund tracks stocks in developed markets in Europe, Australasia, and the Far East. When we look at the price ratio of EWS to EFA, we find that EWS has underperformed, but the ratio actually looks promising here. I think EWS might, if anything, get some new momentum. stockcharts.com Pros and Cons One of the biggest pros is one you wouldn’t normally think of — dividends. The Financial sector exposure does have its perks, helping the fund to have a 4.42% yield. The fund provides unique diversification, as Singapore continues to attract capital and takes initiatives at the government level to grow and compete. ycharts.com The downside is structural in terms of Singapore’s economy, which is at the core, is a net exporter. That means that long-term economic prospects are tied to the dynamics of global trade. The fund faces greater volatility compared with other country ETFs, given the way Singapore is plugged into international markets and geopolitical tensions. It's also got substantial company-specific risk in the top two holdings. And finally, remember that this is an unhedged currency ETF, meaning that the direction of the dollar will matter when it comes to total return and investor experience when holding the fund over time. Conclusion  The iShares MSCI Singapore ETF is a great way to gain direct exposure to the Singapore equity market. It concentrates the investor’s capital on a finite group of companies that are well-positioned to take advantage of Singapore’s ongoing growth as well as its leadership position as a global financial center. Nevertheless, investors will need to consider the fund’s inherent risks, such as its concentrated exposure to the banking sector and the dynamics of global trade. Overall, iShares MSCI Singapore ETF is a good fund for access to the Singapore equity market because, let’s face it, there is no other fund that offers it.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452894624"}