iShares MSCI India ETF earns a Morningstar Medalist Rating of Neutral with strength in areas such as People offset by weaker spots such as Process. The portfolio maintains a sizable cost advantage over competitors, priced within the cheapest fee quintile among peers.  

 The strategy merits a Below Average Process Pillar rating. The strategy’s management team earns an Above Average People Pillar rating. The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People, Process and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

Premier Financial

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The MSCI India Net Return index aims to represent the performance of the Indian equity market and covers approximately 85% of the total market universe. It includes stocks from large-, mid-, and small-cap companies across various sectors. The index uses a free float-adjusted market capitalization methodology to determine the weightings of individual stocks based on their available shares in the market.
The MSCI India Net Return Index is revised quarterly, with a review of the entire index universe. Stocks that no longer meet the eligibility criteria or fail to maintain their liquidity requirements may be removed from the index, while new stocks that meet the criteria may be added. This regular revision ensures that the index accurately reflects the Indian equity market.
The MSCI India Net Return Index holds around 110 constituents in its portfolio. The top 10 holdings of the index account for around 44% of its total portfolio, demonstrating a rather concentrated or top-heavy allocation. 
The sector composition of the MSCI India Index shows a diverse range across various industries. Predominantly, it leans toward financials, which make up roughly one fourth of the Index. Information technology follows, accounting for just over one tenth of the index, and energy also has a significant representation at around 10%-15%. Consumer-oriented sectors, including both discretionary and staples, hold substantial stakes, each falling between 10%-15% and 5%-10% respectively. Materials represent approximately 5%-10% of the Index, while industrials account for roughly 5-10%. Health care contributes around 5%, followed by utilities at roughly 3%-5%. Communication services and real estate hold the smallest sector weights, with both falling below 5%. 
The MSCI India Index is heavily influenced by its top five holdings, spanning across diverse sectors. Reliance Industries, accounting for roughly 10% of the index, is a significant player in the energy sector with diverse operations across industries. The financial sector is represented by Housing Development Finance Corp and ICICI Bank, each contributing around 6%. HDFC focuses on housing finance, while ICICI Bank offers comprehensive banking and financial services. Infosys and Tata Consultancy Services, contributing approximately 5.5% and 3.75% respectively, represent the information technology sector. Both companies provide a broad array of digital services and consulting solutions globally.

Note: The Process Pillar rating and analysis are indirectly assigned by an analyst. When an analyst covers a passively managed vehicle that tracks a particular index, Morningstar associates the Process Pillar rating assigned to that vehicle with the index concerned. Morningstar then maps the Process Pillar associated with a given index to any other uncovered passive strategies that track the same index. This ensures that the analyst’s view is leveraged whenever available and promotes consistency when analyzing passive vehicles associated with a given index.

Below Average

Process

iShares MSCI India ETF benefits considerably from its team, earning it an Above Average People Pillar rating. There are three managers listed on the fund: Paul Whitehead, Jennifer Hsui, Greg Savage. Experience on the team is abundant, with 18 years of average portfolio management experience. Together, they manage a total of 257 strategies, with a Silver asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate.  

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Above Average

People

BlackRock offers compelling options across asset classes and vehicles. It earns an Above Average rating for Parent. 
The firm’s approximately USD 8 trillion in assets under management, as of Sept. 30, 2022, gives it unparalleled scale and influence. It is a market-leading index fund provider globally, and its iShares exchange-traded fund franchise offers a low-cost lineup of core funds that investors can use to build a well-diversified portfolio for dirt cheap. The firm can be more adventurous in its ETF launches than some peers, so not everything it launches is appropriate for the masses. As a result, it is likely to have more ETF closures than peers that stick to the basic building blocks.  
The firm’s active fixed-income and multi-asset efforts also stand out as some of the best in the industry. Those benefit from BlackRock’s commitment to building a first-class risk management system via its Aladdin analytics software. The software is also available for sale to other firms and has proved to be a popular option for competitors, a testament to its usefulness. 
More recently, the firm has shifted its focus to ESG offerings and incorporating ESG across its investment lineup, leading to a political backlash in the United States.
BlackRock isn’t the best at everything it tries to do, but retail investors, financial advisors, and large institutions could all build robust portfolios using BlackRock’s products.

Parent

iShares MSCI India ETF

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