This said, we are not seeing the same type of weakness in these PIIGS markets today, for example EWI (Italy) has traded at a recent multi-month high again today and EWP (Spain) is flirting with similar levels. There is some softness today in PGAL, GREK, and EIRL but it is clear that for the past several quarters, institutional portfolio managers have been warming up to long exposure in the PIIGs, and we note trailing one year inflows that look like the following: PGAL (+$17 mln), EWI (+$432 mln), EIRL (+$94 million), GREK (+$196 million), and EWP (+$1.18 billion).
iShares MSCI Spain Capped ETF
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