Wikinvest Wire
Tuesday, June 23, 2009
iShares Emerging Markets Infrastructure ETF
I did a write up on the iShares Emerging Markets Infrastructure ETF (EMIF) that is now up at theStreet.com. I usually do not cross promote so shamelessly but I think there has been a lot of interest in this fund. It makes a good impression and hits on several parts of the theme that I think are important. It does have a couple of quirks but don't they all? You can read the article here.
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4 comments:
Roger - wanted to get in touch with you regarding my site: www.TraderInterviews.com
Might you be able to send me an email to: tim at traderinterviews.com so that I could reply?
All the best,
Tim
At the risk of starting another theoretical discussion, how do you define an asset class, Roger? I'm intrigued by infrastructure too, especially in emerging markets, but it doesn't seem like it's an asset class to me. It sort of feels like shipping stocks or pipelines in that regard.
Maybe a new sector, perhaps?
Thanks much.
I just wrote about this, sort of, for TSCM which you can read here.
short answer is mostly not an new asset class. many of the ETFs are proxies for a sector. For example GII is a proxy for utilities. PXR is heavy in mining stocks. EMIF is heavier in tollroads and airports than the other infra ETFs, I believe, and IMO it is these types of names that come the closest to new asset class.
i view it mostly as a theme.
Got it, thanks. Helpful link.
It seems like the heart of your argument rests on the corelation, or more importantly, the lack of correlation, with the $SPX. I know you're not a big fan of REITs, though I wouldn't conclude that they're not a distinct asset class because they got whacked along with everything else in the Big Event.
Maybe a new (for me anyway) and better way to think about diversification is by theme instead of sector or asset class.
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