June 25, 2008 at 1:00 am by Tom Lydon
Sweden has really come into its own: first the Volvo, then Ikea, and now Hennes & Mauritz (also known as fashion retailer H&M, for you non-fashionistas) – could the country’s sense of style translate over to its exchange traded fund (ETF)?
Last week, H&M (HMB.ST) reported a 14% rise in second-quarter profits, thanks to lower buying costs and a pick-up in sales for May, reports The Associated Press.
The continued weak U.S. dollar has led to lower buying costs, slightly offset by higher transportation costs and higher discounting.
iShares MSCI Sweden Index (EWD) has 9% of its assets in H&M. Year-to-date, the fund is down 7.1%.
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