Nuvn PA Mun Val Shs of Benef Interest

Fisker

Gold Fields Ltd.

IQ Real Return ETF

Sotheby's

Vail Resorts

Asbury Automotive Group

Apeiron Capital Investment Corp

ReneSola

iShares MSCI South Africa ETF

EZA tracks the performance of a market-cap-weighted index of South African stocks. It captures 85% of the publicly available market, excluding all small-caps.

The iShares MSCI South Africa ETF faces a complex outlook, with various systemic and asset-specific variables playing a role. South Africa's upcoming national election could lead to a coalition government and potential nationalization risks. Recent inflation data communicates a higher-for-longer interest rate environment, which could serve EZA ETF as it is financial sector-heavy.

EZA ETF: South Africa's Election Looms

The iShares MSCI South Africa ETF is the largest ETF focused on exposure to Africa, with $300 million in assets under management. EZA offers a compelling value play, with holdings trading at just 1.5 times book value and an earnings multiple of 8x. However, there are both transitory and structural risks that make this ETF a hold.

EZA: Plentiful Risks In Africa's Powerhouse

The JSE and South African markets feature some interesting picks, with Naspers being an example of a company that has a marquis portfolio. However, particularly in the financial exposures, there are risks related to the South African Rand, which is a structurally weak currency as the wealthy save their money elsewhere.

EZA: Concerns Around The Rand

South Africa's central bank policy seems indeterminate as voting members are in a standoff. Bond market volatility and an uncertain policy rate environment could impact the iShares MSCI South Africa ETF trajectory. Changes in the EZA ETF portfolio, including increased exposure to financial services and reduced exposure to basic materials, adjust the EZA ETF's risk profile.

EZA: A Systematic Review

iShares MSCI New Zealand ETF

iShares MSCI Australia ETF

iShares MSCI France ETF

The Rugby Union World Cup starts in France on September 8. Prepare for several weeks of sweaty scrums, rambunctious rucks and muscular mauls.

The Rugby World Cup starts this week. But who would be the investment winners?

Franklin FTSE South Africa ETF

South Africa's structural issues are well documented and will have a long-term impact on the economic growth potential of the country. Recent market movement of South African assets suggests a bit of optimism may be creeping into investor thinking.

Weighing South Africa's Pluses, Minuses

iShares MSCI Emerging Markets ETF

Both last year and again this year, emerging market equities have seen modest outperformance relative to developed markets. That has also been the case in July with an average gain of 5.24% for EM countries versus a 2.85% rise for their developed market peers. From a technical perspective, the gains in emerging markets - proxied by the iShares MSCI Emerging Markets ETF (EEM) - have resulted in a move above resistance at some of the past year's highs.

Emerging Markets (EEM) Attempts A Break-Out

Although economic trend growth remains of concern, key indicators suggest that South Africa's cyclical outlook has improved, providing the iShares MSCI South Africa ETF with latitude to perform. A current account deficit and a weak South African Rand contribute to promising expected returns as it suggests a cyclical bottom has been reached. Furthermore, a potential global interest rate pivot and reduced load-shedding might assist South Africa's means of production.

EZA: A Much Improved Outlook (Rating Upgrade)

Governmental issues in South Africa have put a heavy toll on the economy, the biggest of which is load shedding. The long-term outlook for the economy seems mixed. In the short term, the yield curve looks good but is likely to invert. There are many great stocks in South Africa, but also many stocks to avoid, so stock picking works better than buying an ETF. ETFs also come with additional risk.

EZA: Avoid The ETF And Focus On Stock Picking

Breakwave Tanker Shipping ETF

Invesco KBW Regional Banking ETF

SPDR S&P Regional Banking ETF

KraneShares Global Carbon Offset Strategy ETF

Global X MSCI Nigeria ETF

In this edition of the top weekly ETF performers, KraneShares stood out with carbon offset ETF KSET. The KraneShares Global Carbon Offset Strategy ETF (KSET) returned 17% for the week, only outperformed by the Breakwave Tanker Shipping ETF (BWET).

Carbon Offset ETF KSET Leads Top Weekly ETFs

The iShares MSCI South Africa ETF is at risk of losing more value as qualitative and quantitative risk premiums exacerbate. The EZA ETF's sector allocation is overly exposed to telecommunication companies, with operational obstacles induced by the Eskom crisis. Consumer businesses are struggling, as proven by Tiger Brands' 500% year-over-year increase in input costs.

EZA ETF: More Pain Ahead, Unfortunately

EZA invests in South African stocks. The fund seems to offer a very compelling return profile, even adjusted for historical realized volatility.

EZA: South African Stocks Offer High Returns But Remain Risky (Rating Upgrade)

South African companies struggled with multiple headwinds at the start of the second quarter, load shedding in particular. A renewed rise in new business thus largely translated into a pile-up in backlogs of work that was the sharpest since last August.

Load Shedding Program Weakens Business Capacity And Outlook In South Africa In April

VanEck Vectors Africa Index ETF

Inflation is expected to remain elevated longer in Sub-Saharan Africa than in other regions. The surge in global commodities prices in 2021 gave room to Sub-Saharan Africa countries to adopt fiscal consolidation measures as tax proceeds, particularly from the mining sector, boosted government revenue.

GDP Growth In Sub-Saharan Africa Likely To Slow In 2023

South Africa's regional risks continue to rise, with a greylisting adding to the nation's woes. Although systemic risks are rife, lucrative regional opportunities exist. However, BlackRock's iShares MSCI South Africa ETF will likely fail to capture such opportunities.

EZA: Beware Of South Africa's Greylisting And Eskom Crisis

The iShares MSCI South Africa ETF has compounded at an impressive rate since inception, reflecting the underlying growth potential of the region. Yet, the ETF could underperform near-term amid uncertainties related to the ongoing 'state of disaster' and the elevated inflationary pressures.

EZA: Caution Is Warranted

iShares MSCI Indonesia ETF

VanEck Vectors Indonesia Index ETF

The COP27 presented a number of challenges that nations will face in the coming years. At present, “pure” green activities represent a very small portion of global GDP and an even smaller portion of emerging market economies.

Blended Solutions For Better Emerging Market Development

Anecdotally, the ETF's investment thesis lacks novelty and "boots on the ground" research. South Africa's systemic risk premium is at a multi-decade high amid skyrocketing reinsurance rates triggered by decaying public infrastructure.

EZA: Excess Regional Risk And Terrible Allocation

VanEck Vectors Brazil Small-Cap ETF

Direxion Daily MSCI Brazil Bull 2X Shares

ProShares UltraShort MSCI Brazil Capped

SPDR Bloomberg Emerging Markets Local Bond ETF

iShares MSCI Chile ETF

WisdomTree Emerging Markets Local Debt Fund

VanEck Vct Emrg Shs

SPDR Bloomberg Emerging Markets USD Bond ETF

iShares Emerging Markets High Yield Bond ETF

VanEck J.P Morgan EM Local Currency Bond ETF

SPDR DoubleLine Emerging Markets Fixed Income ETF

iShares MSCI Poland ETF

iShares MSCI Mexico ETF

iShares MSCI Brazil ETF

iShares MSCI Brazil Small-Cap ETF

First Trust Brazil AlphaDEX Fund

First Trust Emerging Markets Local Currency Bond ETF

Franklin FTSE Brazil ETF

Franklin FTSE Mexico ETF

JPMorgan USD Emerging Markets Sovereign Bond ETF

iShares J.P. Morgan EM Local Currency Bond ETF

Invesco Emerging Markets Sovereign Debt ETF

Vanguard Emerging Markets Government Bond ETF

Central banks across emerging markets have reacted to elevated inflation by significantly tightening monetary policy, in some cases, well ahead of the U.S. Federal Reserve and the European Central Bank. After largely synchronized rate-hiking cycles across EM, monetary policies could once again begin to diverge among individual countries.

Peak Inflation May Hint At Peak Rates In Emerging Markets

Economy headed for recession as brief commodity boost fades. Worsening energy crisis amplifies economic woes.

South Africa: From Apocalypse To Fantasia

Kenya's much anticipated presidential election recently concluded with the Supreme Court confirming President William Ruto's victory. A cursory look at Kenya's international trade reveals some striking patterns.

Will U.S.-China Competition Shape Kenya's Trade Trajectory?

With the MSCI South Africa 25/50 Index lying at the crux of it, EZA oversees a portfolio of around $332 million disproportionately spread between 37 equity holdings. EZA has seen strong momentum earlier this year bolstered by geopolitics and the supervening commodity market turmoil that sent prices meaningfully higher.

EZA: Keep An Eye On Global Macro

Rising input costs and weaker exchange rates of local currencies are primarily responsible for the rapid price increases in recent months. The spike in global oil prices has increased the demand for refined fuel imports in sub-Saharan Africa given the lack of sufficient local refinery capacity.

Sub-Saharan Africa Feels Inflationary Heat From Russia-Ukraine War

EZA has outperformed other pockets of global equities this year. EZA's valuations are still cheap, but its high-beta qualities make it something of a risky bet in the current environment.

iShares MSCI South Africa ETF: A High-Beta Play

The S&P Global Sub-Saharan Africa PMI posted at 52.3 in March, remaining above the 50.0 neutral mark.

News for iShares MSCI South Africa ETF ETF (EZA)