Weakness in broad based Emerging Markets equities and related ETFs has spilled over to what has been a strong out-performer on a relative strength basis, EPHE (iShares MSCI Philippines, Expense Ratio 0.59%).
The fund, which debuted in September of 2010, has grown to well over $400 million in assets under management, but has seen about 10% of these levels leave the fund in just the past week or so thanks to redemption activity.
In fact, a quick glance at a candlestick chart in EPHE will show ten straight down days in the fund (prior to today’s early day bounce) and a precipitous drop from the $42-$43 level to where we are currently ($36.35 close yesterday).
Trading volumes have been exceptionally heavy in the fund for more than two weeks now, and the ETF is hovering above its 200 day MA at these levels. [Emerging Market ETFs Slammed]
Top components in EPHE are SM Investments Corp (11.49%), Ayala Land Inc. (8.21%), SM Prime Holdings Inc. (6.40%), Philippine Long Distance Telephone (6.06%), and BDO Unibank Inc. (6.04%).
From a sector standpoint, Real Estate has the heaviest weighting in EPHE, at 21.89%, followed by Consumer Discretionary (19.75%), and Utilities at 14.08%.
EPHE remains the only “pure-play” for Philippine equity market access in the ETF universe, although there are other ETFs that have some weighting or exposure to the country.