iShares MSCI Germany Index Fund (ARCA: EWG)

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iShares MSCI Germany Index Fund

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The fund will at all times invest at least 80% of its assets in the securities of its underlying index and in depositary receipts representing securities in its underlying index. The underlying index primarily consists of stocks traded on the Frankfurt Stock Exchange. It will include large- and mid-capitalization companies and may change over time. The fund is non-diversified.

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iShares MSCI Germany ETF

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iShares Trust MSCI Germany Small-Cap ETF

Investors on <a href="https://www.benzinga.com/topic/wall-street">Wall Street</a> are bleeding red, white and blue, pouring money into American equities already trading higher than their European counterparts. 
The Data: A <a href="https://x.com/MikeZaccardi/status/1869029356884078993">post</a> on X from Mike Zaccardi relayed data from the Bank of America fund manager survey.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BofA FMS: 4th biggest overweight of US relative to Eurozone equities since 2001 <a href="https://t.co/zouKCD0Zxb">pic.twitter.com/zouKCD0Zxb</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1869029356884078993?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">The survey found fund managers&#8217; portfolios are significantly overweight American companies compared to European companies at a rarely seen mark. The last time such a pattern was observed was in the aftermath of the <a href="https://www.benzinga.com/topic/european-debt-crisis">European debt crisis</a> in the early 2010s.</figcaption></figure>
Meanwhile, the valuations of American companies are several standard deviations higher than European equities, <a href="https://x.com/porterstansb/status/1863619200037634296">according</a> to Bank of America.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The last time U.S. stocks were this overvalued versus the rest of the world was&#8230; well, never. <a href="https://t.co/tozSaNizrp">pic.twitter.com/tozSaNizrp</a>
&mdash; Porter Stansberry (@porterstansb) <a href="https://twitter.com/porterstansb/status/1863619200037634296?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">American exceptionalism in equity pricing has never been higher; positive market sentiment in American companies relative to Europe accelerated in the mid-to-late 2010s and continued to the present day. </figcaption></figure>
Country Data: American companies have yielded hefty gains in recent years. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the 500 largest American companies, added more than 200% to its market value in the past 10 years, an annualized return of nearly 12%.
Meanwhile, European indices — and respective economies — have struggled.
The France-tracking iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>) returned 46% in that time period, good for an annualized return of under 4%. The German-tracking iShares MSCI Germany ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>) returned 18%, an annualized return of 1.68%. The Italian iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>) has returned around 24%, an annualized return of about 2.12%.
Other countries have fared worse. The Britain-tracking iShares MSCI United Kingdom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>) has shed over 9% since 2014. The Spanish iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) has lost over 12% of its market value in that time span. Both countries&#8217; annualized returns are close to zero percent. 
European Outliers: A few countries have far outperformed the rest of the European continent in recent years.
iShares MSCI Denmark ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/EDEN#BATS">EDEN</a>) returned over 138% since 2014, an annualized return of over 9%. The Danish economy has apparently benefitted from its exposure to the pharmaceutical industry.
iShares MSCI Ireland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIRL#NYSE">EIRL</a>) is up 70% in that period, an annualized return of about 5.43%. Ireland boasts a low corporate tax rate of 12.5% and high levels of foreign investment.
Why it Matters: It is unclear whether the trend of American exceptionalism in equities pricing will continue into the next decade. As their respective economies ease back into moderate economic growth, European countries may benefit from leadership changes.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/retail-sales/24/12/42535296/stocks-slip-as-strong-november-retail-sales-raise-concerns-over-2025-fed-rate-cuts">Stocks Slip As Strong November Retail Sales Raise Concerns Over 2025 Fed Rate Cuts</a></li>
</ul>
Photo: Varavin88 via Shutterstock

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EDEN

iShares MSCI Ireland Capped Investable Market Index Fund

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Investors Pour Money Into US Stocks, Shun Europe In Historic Fashion

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Germany ZEW Economic Sentiment For December 15.7 Vs. 6.8 Est.; 7.4 Prior

Germany ZEW Current Conditions For December -93.1 Vs. -92.6 Est.; -91.4 Prior

Germany Ifo Business Climate Index For December 84.7 Vs. 85.5 Est.; 85.6 (Revised) Prior

Germany Current Assessment For December 85.1 Vs. 84.0 Est.; 84.3 Prior

Germany Business Expectations For December 84.4 Vs. 87.5 Est.; 87.0 (Revised) Prior

<a href="https://www.reuters.com/world/europe/germanys-scholz-loses-confidence-vote-paving-way-elections-2024-12-16/">https://www.reuters.com/world/europe/germanys-scholz-loses-confidence-vote-paving-way-elections-2024-12-16/</a>
German Chancellor Olaf Scholz lost a parliamentary confidence vote on Monday, paving the way for snap elections in February intended to lead Germany out of a political crisis triggered by the collapse of his coalition.
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'Germany's Scholz Loses Confidence Vote, Paving Way For Elections' - Reuters News

Germany Services Purchasing Managers Index Preliminary For December 51.0 Vs. 49.5 Est.; 49.3 Prior

Germany Manufacturing Purchasing Managers Index Preliminary For December 42.5 Vs. 43.1 Est.; 43.0 Prior

Germany Trade Balance For October 13.4B Vs. 15.7B Est.; 17.0B Prior

Germany Consumer Price Index (MoM) For November -0.2% Vs. -0.2% Est.; 0.4% Prior

Germany Consumer Price Index (YoY) For November 2.2% Vs. 2.2% Est.; 2.0% Prior

Germany Industrial Production (MoM) For October -1.0% Vs. 1.0% Est.; -2.0% (Revised) Prior

Germany Factory Orders (MoM) For October -1.5% Vs. -2.0% Est.; 4.2% Prior

Germany Services Purchasing Managers Index For November 49.3 Vs. 49.4 Est.; 51.6 Prior

Germany Manufacturing Purchasing Managers Index For November 43.0 Vs. 43.2 Est.; 43.0 Prior

Germany Unemployment Rate For November Unchanged At 6.1%

Germany Unemployment Change For November 7K Vs. 20K Est.; 27K Prior

Germany Retail Sales (MoM) For October -1.5% Vs. -0.5% Est.; 1.2% Prior

Germany GfK Consumer Climate For December -23.3 Vs. -18.8 Est.; -18.4 (Revised) Prior

Eurozone manufacturing PMI unchanged at 45.20 points in December

Eurozone services PMI hits 2-month high, situation in manufacturing 'still pretty dire'

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Chancellor Olaf Scholz lost a confidence vote on Monday leaving a deeply fragmented Germany in his wake.

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European indexes dip, STOXX touches two-week low, Germany business confidence dips

Euro Area records trade surplus of €6.8B in October

A weak Ifo index shows that German businesses have become more worried about the country's growth outlook

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