The iShares All Peru Capped Index Fund(EPU Quote), the first of its kind, hit the market this week. Like most of Latin America, Peru is a commodity-based economy that exports copper, gold, zinc and agricultural products. Peru's gross domestic product grew more than 9% last year, but the country's central bank recently cuts its 2009 estimate to 3.3%, with a rebound to as much as 5.5% in 2010.
The iShares All Peru Capped Index Fund is dominated by materials companies, comprising 65% of holdings, followed by financials, at 15%. The remaining sectors are much smaller.
The fund has only 25 stocks, with the top three accounting for 44% of assets. Mining company Compania de Minas Buenaventura(BVN Quote) is the largest holding, at 19% of assets, followed by Southern Copper(PCU Quote), also a miner, at 15%, and Creditcorp(BAP Quote), a bank, at 11%. ...
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