iShares MSCI Philippines ETF (NYSEArca: EPHE)
2013 YTD: -14.3%
Comment: EPHE entered 2013 as one of 2012’s best single-country ETFs and the lone Philippines fund kept the good times going until the second quarter, when the tapering conversation. Given the Philippines’ strong external accounts and the massive inflows of dollars back into the local economy, the tapering issue may have been overstated with regards to Philippine stocks.
The typhoon that recently ravaged the country is another matter altogether and while Philippine stocks have priced in the effects of that disaster, the Philippines PSE stock index is vulnerable if it declines below 5,600. That move would send EPHE swooning.