ISHARES MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND $23.42 (New York symbol ESR; buy or sell through brokers) has 73.6% of its assets invested in Russia, followed by Poland at 20.3%; Czech Republic, 3.0%; and Hungary, 2.4%.
The fund’s top holdings are Gazprom (Russia: gas utility), 16.0%; Lukoil (Russia: oil), 10.0%; Sberbank (Russia: bank), 9.0%; Magnit OJSC (Russia: retailing), 5.0%; PKO Bank Polski (Poland: banking), 4.3%; Novatek (Russia: natural gas), 3.5%; and MMC Norilsk Nickel (Russia: mining), 3.3%.
iShares MSCI Emerging Markets Eastern Europe Index Fund’s expense ratio is 0.67%.
The fund’s concentration in Russia, and in oil and gas, adds risk, especially after Russia’s recent annexation of Crimea.
The U.S. continues to take greater advantage of modern oil and gas production techniques to increase its output. Greater U.S. oil and gas production should weigh on world prices, and that is sure to hurt the Russian economy.
In addition, as oil and gas production grows in the U.S., it will take steps to export to customers that now buy from Russia. This is the only method the U.S. now has for retaliating against Russia for its takeover of Crimea, and its continued threats against the rest of Ukraine.
iShares MSCI Emerging Markets Eastern Europe Index Fund is now a hold.
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