iShares MSCI Spain (EWP) is one of the top performing exchange traded funds year-to-date. This ETF is up 32%; 12% in the last three months. Banks make up 39% of the holdings in EWP.
Murray Coleman of Investor’s Business Daily reports that a housing boom in Spain is the reason for the performance. The five year old growth in property prices in the country is beyond what the rest of Europe is experiencing. U.K. real estate investors are the main ones pushing up the prices as they look outside of their own country where prices are much higher.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.