“At 15.2x 2014 forward earnings, Peru’s price/ earnings ratio (p/e) is well below that of Mexico and Colombia (18.5x apiece), but counter-intuitively above that of Brazil (11.4x) and Latin America (13.5x) – both of which have been oddly outperforming Peru. Furthermore, even though Peru’s p/e exceeds both its historical average (10.5x) and record low (2.8x), it falls short of its all-time high by 13.3 points, leaving considerable room for expansion,” said S&P Capital IQ in a research note out earlier this month. [Peru ETF Tries to Keep Up With LatAm Rivals]

Investors looking for Peru exposure should EPU is really the best game in town, though the Global X FTSE Andean 40 ETF (NYSEArca: AND) features a 16.7% weight to Peruvian equities. Multi-country Latin America ETFs, like the iShares Latin American 40 ETF (NYSEArca: ILF) feature scant exposure to Peru.

iShares MSCI All Peru Capped ETF

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of ILF.

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