ISHARES MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND $32.44 (New York Exchange symbol ESR; buy or sell through brokers), is an ETF that aims to track the MSCI Emerging Markets Eastern Europe Index.
The fund’s geographic breakdown is as follows: Russia, 70.6%; Poland, 18.2%; Hungary, 5.1%; and Czech Republic 4.8%.
iShares MSCI Emerging Markets Eastern Europe’s top holdings are Gazprom (Russia: gas utility), 19.5%; Sberbank (Russia: bank), 9.5%; Lukoil (Russia: oil), 8.9%; MMC Norilsk Nickel (Russia: mining), 5.4%; Mobile TeleSystems (Russia: wireless), 3.9%; Rosneft Oil (Russia: oil), 3.5%; Novatek (Russia: natural gas), 3.2%; PKO Bank Polski SA (Poland: bank), 3.0%; Magnit (Russia: retailing), 2.8%; and Surgutneftegas (Russia: oil & gas), 2.8%.
The fund’s industry breakdown is as follows: Energy, 44.8%; Banks, 21.8%; Materials, 13.7%; Telecommunication Services, 7.4%; Utilities, 4.1%; Food & Staples Retailing, 2.8%; Insurance, 1.5%; Pharmaceuticals, Biotechnology and Life Sciences, 1.2%; Food, Beverages and Tobacco, 1.0%; and Media, 0.7%. The ETF’s expense ratio is 0.69%.
The fund’s concentration in Russia adds risk, but the long-term outlook for oil and gas, as well as other resource prices, is positive for Russia. The Russian economy is forecast to grow 4.3% in 2011. As well, central European stocks should improve as the global economy rebounds further.
iShares MSCI Emerging Markets Eastern Europe Index Fund is a buy for safety-conscious investors willing to accept some risk.
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