1. Investment Strategy Group Calls -- Weekly Update 7/9/12
While we closely track investor sentiment, our near-term views on how the markets are likely to perform over the next 12
months are chiefly based on a rigorous analysis of macroeconomic fundamentals. To come up with our country analysis, for
instance, we focus on how macroeconomic factors related to growth, corporate sector profitability and risk tend to get priced
in. Countries where the prevailing macroeconomic conditions cannot explain high (expensive) valuations are expected to
underperform, and countries where the opposite is true are expected to outperform.
Long-Term Strategic Outlook
New This Week:
Over- Under-
Asset Class weight Neutral weight *Reiteration of Overweight China
Global Equities X
X
Treasury Bonds Glossary
Corporate Bonds X Overweight= Potentially increase allocation
Municipals X Underweight = Potentially decrease allocation
TIPS X Neutral = Consider benchmark allocation
Commodities X Long-Term =Longer than one year
Precious Metals X
Near-Term =12 months or less
This material represents an assessment of the market environment at a specific
time and is not intended to be a forecast of future events or a guarantee of future
results. This information should not be relied upon by the reader as research,
investment advice or a recommendation regarding the iShares Funds or any
security in particular. This information is strictly for illustrative and educational
purposes and is subject to change.
Near-Term Calls
Global Region -- Developed Over- Under-
Neutral Impacted iShares ETFs Tickers
Markets weight weight
iShares MSCI ACWI Index Fund; iShares MSCI ACWI Minimum Volatility Index ACWI, ACWV,
Fund; iShares S&P 100 Index Fund; iShares S&P Global 100 Index Fund; OEF, IOO,
Global Equities X
iShares High Dividend Equity Fund; iShares Dow Jones International Select HDV, IDV,
Dividend Index Fund; iShares MSCI World Index Fund URTH
iShares MSCI EAFE Index Fund; iShares MSCI EAFE Minimum Volatility Index
Fund; iShares Dow Jones International Select Dividend Index Fund; iShares EFA, EFAV,
Developed Markets X MSCI ACWI ex US Index Fund, iShares MSCI EAFE Small Cap Index Fund IDV, ACWX,
SCZ
iShares MSCI Australia Index Fund; iShares MSCI Pacific ex-Japan Index
EWA, EPP,
Australia X Fund; iShares MSCI Australia Small Cap Index Fund; iShares Asia/Pacific
EWAS, DVYA
Dividend 30 Index Fund
iShares MSCI Canada Index Fund, iShares MSCI Canada Small Cap Index
Canada X EWC, EWCS
Fund
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2. Global Region -- Developed Over- Under-
Neutral Impacted iShares ETFs Tickers
Markets weight weight
France X iShares MSCI France Index Fund EWQ
iShares MSCI Germany Index Fund; iShares MSCI Germany Small Cap Index
Germany X EWG, EWGS
Fund
iShares MSCI Hong Kong Index Fund; iShares MSCI Hong Kong Small Cap
Hong Kong X EWH, EWHS
Index Fund
Italy X iShares MSCI Italy Index Fund EWI
Japan X iShares MSCI Japan Index Fund; iShares MSCI Japan Small Cap Index Fund EWJ, SCJ
Netherlands X iShares MSCI Netherlands Investable Market Index Fund EWN
Norway X iShares MSCI Norway Capped Investable Market Index Fund ENOR
iShares MSCI Singapore Index Fund; iShares MSCI Singapore Small Cap
Singapore X EWS, EWSS
Index Fund
Spain X iShares MSCI Spain Index Fund EWP
Sweden X iShares MSCI Sweden Index Fund EWD
Switzerland X iShares MSCI Switzerland Index Fund EWL
iShares MSCI United Kingdom Index Fund; iShares MSCI United Kingdom
United Kingdom X EWU, EWUS
Small Cap Index Fund
iShares MSCI USA Index Fund; iShares Russell 3000 Index Fund; iShares S&P EUSA, IWV,
United States X
500 Fund; iShares MSCI USA Minimum Volatility Index Fund IVV, USMV
Global Region -- Emerging Over- Under-
Neutral Impacted iShares ETFs Tickers
Markets weight weight
iShares MSCI Emerging Markets Index Fund; iShares MSCI Emerging Markets
EEM, EEMV,
Emerging Markets X Minimum Volatility Index Fund; iShares Emerging Markets Dividend Index
DVYE, EEMS
Fund; iShares MSCI Emerging Markets Small Cap Index Fund
Brazil X iShares MSCI Brazil Index Fund; iShares MSCI Brazil Small Cap Index Fund EWZ, EWZS
Chile X iShares MSCI Chile Investable Market Index Fund ECH
China X iShares MSCI China Index Fund; iShares MSCI China Small Cap Index Fund MCHI, ECNS
iShares S&P India Nifty 50 Index Fund; iShares MSCI India Index Fund;
iShares MSCI India Small Cap Index Fund INDY, INDA,
India X
SMIN
Indonesia X iShares MSCI Indonesia Investable Market Index Fund EIDO
iShares S&P Latin America 40 Index Fund; iShares MSCI Emerging Markets
Latin America ILF, EEML
X Latin America Index Fund
Mexico X iShares MSCI Mexico Investable Market Index Fund EWW
Russia X iShares MSCI Russia Capped Index Fund ERUS
South Africa X iShares MSCI South Africa Index Fund EZA
South Korea X iShares MSCI South Korea Index Fund EWY
Taiwan X iShares MSCI Taiwan Index Fund EWT
Turkey X iShares MSCI Turkey Investable Market Index Fund TUR
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3. Over- Under-
Global Sector Neutral Impacted iShares ETFs Tickers
weight weight
Consumer Discretionary X N/A N/A
iShares Dow Jones U.S. Consumer Goods Sector Index Fund; iShares S&P
Consumer Staples X Global Consumer Staples Sector Index Fund; iShares MSCI ACWI ex US IYK, KXI, AXSL
Consumer Staples Sector Index Fund
iShares S&P Global Energy Sector Index Fund; iShares MSCI Global Energy
Producers Fund; iShares MSCI Emerging Markets Energy Sector Capped
IXC, FILL,
Energy X Index Fund; iShares MSCI ACWI ex US Energy Sector Index Fund
EMEY, AXEN
European Banks X iShares MSCI Europe Financials Sector Index Fund EUFN
iShares Dow Jones U.S. Financial Sector Index Fund; iShares S&P Global
Financials Sector Index Fund; iShares MSCI ACWI ex US Financials Sector
Index Fund; iShares MSCI Emerging Markets Financials Sector Index Fund; IYF, IXG,
iShares MSCI Europe Financials Sector Index Fund; iShares MSCI Far East AXFN, EMFN,
Financials X
Financials Sector Index Fund; iShares Dow Jones U.S. Regional Banks Index EUFN, FEFN,
Fund IAT
iShares S&P Global Healthcare Sector Index Fund; iShares S&P Global
Healthcare Sector Index Fund; iShares MSCI ACWI ex US Health Care Sector
Healthcare X Index Fund IYH, IXJ, AXHE
iShares Dow Jones U.S. Industrial Sector Index Fund; iShares S&P Global
Industrials X Industrials Sector Index Fund; iShares MSCI ACWI ex US Industrials Sector IYJ, EXI, AXID
Index Fund
iShares S&P Global Technology Sector Index Fund; iShares MSCI ACWI ex
US Information Technology Sector Index Fund; iShares MSCI All Country Asia
IXN, AXIT,
Information Technology Index Fund; iShares Dow Jones U.S. Technology
Information Technology X AAIT, IYW,
Sector Index Fund; iShares PHLX SOX Semiconductor Sector Index Fund
SOXX
iShares Dow Jones U.S. Basic Materials Sector Index Fund; iShares S&P
Global Materials Sector Index Fund; iShares MSCI ACWI ex US Materials
IYM, MXI,
Sector Index Fund; iShares MSCI Emerging Markets Materials Sector Index
AXMT, EMMT,
Materials X Fund; iShares MSCI Global Gold Miners Fund; iShares MSCI Global Select
RING, PICK,
Metals & Mining Producers Fund; iShares MSCI Global Silver Miners Fund
SLVP
iShares Cohen & Steers Realty Majors Index Fund; iShares Dow Jones U.S.
REITS X ICF, IYR
Real Estate Index Fund
iShares S&P Global Telecommunications Sector Index Fund; iShares MSCI
ACWI ex US Telecommunication Services Sector Index Fund; iShares Dow
Jones U.S. Telecommunications Sector Index Fund
Telecommunications X IXP, AXTE, IYZ
US Industrials X iShares Dow Jones U.S. Industrial Sector Index Fund IYJ
US Regional Banks X iShares Dow Jones U.S. Regional Banks Index Fund IAT
US Retail X N/A N/A
US Technology X iShares Dow Jones U.S. Technology Sector Index Fund IYW
US Utilities X iShares Dow Jones U.S. Utilities Sector Index Fund IDU
iShares S&P Global Utilities Sector Index Fund; iShares MSCI ACWI ex US
Utilities X Utilities Sector Index Fund; iShares Dow Jones International Select Dividend JXI, AXUT, IDV
Index Fund
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4. Over- Under-
Fixed Income Sector Neutral Impacted iShares ETFs Tickers
weight weight g g g g g
Markets Local Currency Bond Fund; iShares Emerging Markets Corporate
Bond Fund; iShares Emerging Markets High Yield Bond Fund
EMB, LEMB,
Emerging Markets X
CEMB, EMHY
iShares iBoxx $ High Yield Corporate Bond Fund; iShares Global ex USD High
Yield Corporate Bond Fund; iShares Global High Yield Corporate Bond Fund;
iShares Baa - Ba Rated Corporate Bond Fund; iShares B - Ca Rated Corporate
HYG, HYXU,
Bond Fund
High-Yield Credit X GHYG, QLTB,
QLTC
iShares iBoxx $ Investment Grade Corporate Bond Fund; iShares Floating Rate
Note Fund; iShares Aaa - A Rated Corporate Bond Fund; iShares Financials
Sector Bond Fund; iShares Industrials Sector Bond Fund; iShares Utilities
Sector Bond Fund; iShares Barclays 1-3 Year Credit Bond Fund; iShares LQD, FLOT,
Barclays Intermediate Credit Bond Fund; iShares Barclays Credit Bond Fund; QLTA, MONY,
Investment Grade Credit X iShares iShares 10+ Year Credit Bond Fund; iShares Aaa - A Rated Corporate ENGN, AMPS,
Bond Fund CSJ, CIU, CFT,
CLY, QLTA
Mortgage-Backed Securities X iShares Barclays MBS Bond Fund; iShares Barclays GNMA Bond Fund MBB, GNMA
iShares S&P Short Term National AMT-Free Municipal Bond Fund; iShares
Municipals X SUB, MUB
S&P National AMT-Free Municipal Bond Fund
iShares S&P/Citigroup 1-3 Year International Treasury Bond Fund; iShares
Non-US Developed Markets X ISHG, IGOV
S&P/Citigroup International Treasury Bond Fund
iShares Barclays 0-5 Year TIPS Bond Fund; iShares Barclays TIPS Bond Fund;
STIP, TIP,
TIPS/Global Inflation-Linked X iShares Global Inflation-Linked Bond Fund; iShares International Inflation-
GTIP, ITIP
Linked Bond Fund
iShares Barclays 1-3 Year Treasury Bond Fund; iShares Barclays 3-7 Year
Treasury Bond Fund; iShares Barclays 7-10 Year Treasury Bond Fund; iShares
Barclays 10-20 Year Treasury Bond Fund; iShares Barclays 20+ Year Treasury SHY, IEI, IEF,
US Treasuries X Bond Fund; iShares Barclays U.S. Treasury Bond Fund; iShares Barclays Short TLH, TLT,
Treasury Bond Fund GOVT, SHV
Over- Under-
Global Style/Other Neutral Impacted iShares ETFs Tickers
weight weight
iShares S&P 100 Index Fund; iShares S&P Global 100 Index Fund; iShares
High Dividend Equity Fund; iShares Dow Jones Select Dividend Index Fund;
OEF, IOO,
Global Mega Caps X iShares Dow Jones International Select Dividend Index Fund
HDV, DVY, IDV
iShares Russell 2000 Index Fund
Small Caps X IWM
iShares S&P U.S. Preferred Stock Index Fund
Preferred X PFF
This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information
should not be relied upon by the reader as research, investment advice or a recommendation regarding the iShares Funds or any security in particular. This information is strictly for illustrative
and educational purposes and is subject to change. This information does not represent the actual current, past or future holdings or portfolio of any BlackRock client.
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5. Carefully consider the iShares Funds’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be
found in the Funds’ prospectuses, which may be obtained by calling 1-800-iShares (1-800-474-2737) or by visiting www.iShares.com. Read the
prospectuses carefully before investing.
Investing involves risk, including possible loss of principal.
In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from
differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to
the same factors as well as increased volatility and lower trading volume. Narrowly focused investments, securities focusing on a single country and investments in
smaller companies may be subject to higher volatility. Bonds and bond funds will decrease in value as interest rates rise. A portion of a municipal bond fund’s may be
subject to federal or state income taxes or the alternative minimum tax. Capital gains, if any, are subject to capital gains tax. High-yield securities may be more volatile,
be subject to greater levels of credit or default risk, and may be less liquid and more difficult to sell at an advantageous time or price to value than higher-rated
securities of similar maturity.
Mortgage-backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small
movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. TIPS can provide investors a hedge against inflation,
as the inflation adjustment feature helps preserve the purchasing power of the investment. Because of this inflation adjustment feature, inflation protected bonds
typically have lower yields than conventional fixed rate bonds and will likely decline in price during periods of deflation, which could result in losses. Government
backing applies only to government issued securities, not iShares exchange traded funds. An investment in the Fund(s) is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.
The iShares Funds registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 (“Funds”) are distributed by
BlackRock Investments LLC (together with its affiliates, "BlackRock").
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones Trademark Holdings, LLC,
European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), JPMorgan Chase & Co., MSCI Inc., Marketit Indices Limited, Morningstar,
Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Russell Investment Group
or Standard & Poor’s, nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the
advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.
This material is solely for educational purposes and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall
any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that
jurisdiction.
In Latin America, for Institutional and Professional Investors Only (Not for public Distribution):
This material is solely for educational purposes and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall
any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that
jurisdiction. It is possible that some or all of the funds mentioned or inferred to in this material have not been registered with the securities regulator of Brazil, Chile,
Colombia, Mexico, Peru, Uruguay or any other securities regulator in any Latin American country, and thus, might not be publicly offered within any such country. The
securities regulators of such countries have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the
general public in Latin America.
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trademarks are the property of their respective owners. iS-7136-0412
Not FDIC Insured • No Bank Guarantee • May Lose Value
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