Brazil’s Stock Market Struggles Continue

Brazil Underperformance

Stock markets around the world have been battered in recent months, but Brazil’s has been hit the hardest. Since the start of July Brazilian stocks have lost more than one-third of their value. This slump is the continuation of a larger trend in which Brazilian stocks have underperformed emerging markets for years, and they have lost about two-thirds of their value since the start of 2010. Is there anything that can turn around the country’s fortunes?

Brazil has long battled economic headaches such as high inflation and low worker productivity, but this year its problems have accelerated. Its economy is in a recession, it’s suffered from the decline in commodity prices, the value of its currency has plunged, and the country’s most prominent company, Petrobras, is mired in a massive corruption scandal. Earlier this month Standard & Poor’s downgraded Brazil’s credit rating to junk status.

Given this litany of tribulations, Brazil’s situation may seem hopeless. But there are a couple key factors that could allow the country’s stock market to bounce back.

One is that Brazil may be less exposed to commodity prices than it has been in the past. After the energy sector’s recent struggles and the crisis at Petrobras, the energy sector now comprises less than 10% of the country’s stock market. This exposure is less than many other countries (almost half of Russia’s market, for example, is in the energy sector) and not that much higher than emerging markets overall. With a weak global economy threatening to keep commodity prices subdued, this lower prominence of energy stocks could reduce the headwind for Brazil’s market.

A second potential boon could be better government policies to steer the country back to economic growth. Brazilian stocks rose in the summer of 2014 when it looked like president Dilma Rousseff might lose her re-election bid to a candidate advocating more investor-friendly policies. Rousseff ultimately prevailed, but her approval rating is now in the single digits. Her unpopularity may force her to either revise her policies or leave office, either of which would likely boost Brazilian stocks.

Is Another Bear Market Ahead?

Ocean

With market volatility recently reaching its highest level since the financial crisis, investors are understandably questioning what the outlook is for U.S. stocks in 2015 and beyond.

While I don’t believe the recent volatility represents the start of a new bear market—I expect the U.S. market should finish the year higher than where it’s at now—today’s valuations suggest U.S. returns may be below average over the longer term.

First the good news. Despite growing fears of a recession, the U.S. economy is sound, even if growth for the year is likely to once again disappoint. Recent economic data point to some growth firming, inflation remains hard to find and long-term rates are up by barely 10 basis points (bps) from where they started the year, according to data accessible via Bloomberg. Meanwhile, the Federal Reserve (Fed) is highly unlikely to raise rates more than once in 2015, and will probably adopt a similarly languid pace to tightening in 2016. All of this suggests that, absent more scares from China, the U.S. market probably will finish 2015 with a nominally positive return for the year.

What’s to come after 2015?

Looking ahead to 2016, the big risk to U.S. stocks remains an emerging market-induced global recession. Emerging markets account for a growing percentage of global growth, and the recent slowdown in the emerging world isn’t limited to China, as data from Bloomberg demonstrate. Economies in Brazil and Russia are contracting, and most large emerging markets, with the possible exception of India, are slowing, according to the data. But while 2016 is likely to be another year of slow global growth, I don’t foresee a global recession. While China remains a genuine threat, the government has additional monetary and fiscal tools to manage its slowdown. As such, I also don’t see a bear market starting during the first half of 2016.

That said, investors looking out 12 months or more may need to have modest expectations for U.S. stocks. While domestic fundamentals are solid, there are headwinds. Margins are at record highs and are likely to come under pressure as wages firm and rates creep higher. A strong dollar is proving problematic for U.S. companies that sell abroad. But arguably the biggest headwind is valuation. According to Bloomberg data, U.S. large cap equities, as represented by the S&P 500, trade at roughly 17.5x trailing earnings and more than 25x cyclically-adjusted earnings. Both measures are comfortably above their long-term averages. In the past, similarly high valuations have been associated with below-average returns over the longer term.

To be sure, markets have staged big rallies from high valuations—stocks had a number of stellar rallies in the late 1990s when valuations were already high, for instance. However, valuations have mattered in the past, particularly when you look at time horizons of a year or longer using data from Bloomberg. Looking at annual price returns over the past 60 years, Bloomberg data show that annual price returns have been roughly 5 percent when the starting valuation on the S&P 500 was above the long-term median, roughly 16.5x trailing earnings. In contrast, according to the data, when the starting valuation was below the median, annual returns were generally in the low- to mid-teens. Investors should also take note that poor years—those in the bottom quartile of returns—tended to be worse when starting valuations were more elevated over the long-term average.

For investors the main takeaway is that while U.S. stocks are still likely to outperform U.S. bonds, neither may provide particularly exciting returns over the next few years.

Russ Koesterich, CFA, is the Chief Investment Strategist for BlackRock. He is a regular contributor to The Blog.

 

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries. All other marks are the property of their respective owners.

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Do You Have the Right Amount of Cash in Your Portfolio?

Bills

Cash—such as money stowed away in bank accounts and money market funds—isn’t the most glamorous investment. Its value doesn’t fluctuate on a daily basis like stocks do, and (especially in the low interest rate environment of the last few years) it doesn’t grow much over time. Yet having the right amount of cash is an important factor in achieving your financial goals.

A common mistake is to have too much cash, whether out of fear of the ups and downs of financial markets or just because you never got around to putting it into other investments. Holding a lot of cash can make your portfolio seem “safer” by limiting the amount that its value bounces up and down on a daily basis. But over the longer term cash investments are likely to gain far less than other assets, such as stocks and bonds. The return on cash may not even keep up with the inflation rate, let alone grow enough to meet your financial goals.

Too little cash can also be a problem, and there are good reasons not to allocate all of your money to more volatile investments. Financial planners generally recommend keeping about six months’ worth of your typical expenses in cash as a buffer in the case of an emergency, such as losing your job or unexpected medical expenses. And if you have short-term financial goals, such as large expenses that you’re going to incur in the next year, keeping this money in cash helps ensure that your ability to make the payments isn’t dictated by the whims of financial markets.

It’s therefore important to have enough cash to fund your short-term needs but not so much cash that it stunts your portfolio’s potential growth. Getting this balancing act right can give you both peace of mind and the best chance of reaching your financial goals.

How to Prepare Your 401(k) for Rising Rates

Checklist

By now, even the most remote tribes of the Amazon must be aware that interest rates in the U.S. may rise as a result of Federal Reserve activity. They’re lucky, because Fed activity shouldn’t have much of an impact on their lives. But for you and me, the people saving mainly through our 401(k) accounts? Reading the press closer to home may have you convinced that the (bond) sky is falling.

If these headlines have you worried, here are some ideas to help you think about your retirement-investing strategy going forward:

Five Ways to Think About Your 401(k) 

1. First, don’t panic when you hear news of rates going up. Yes, you will read about some hedge fund manager making (or losing) millions from interest-rate speculation, but you are not a hedge fund manager. For most of us, the rational course of action is not to react. At least short term. Better to be slow and thoughtful than quick and possibly reckless.

2. Yes, rising interest rates mean that bond prices may fall, but that doesn’t mean the bond fund in your workplace savings plan is going to tank. As interest rates rise, prices of longer-term bonds can fall. But fixed income funds in 401(k) plans typically have a diversified mix of securities, so their sensitivity to interest rates can vary tremendously. That’s the beauty of diversification. Also, remember that interest rates’ rising may be good news in the long-term, as higher rates should eventually produce higher yields from diversified bond funds.

3. Speaking of diversification, it’s probably a good time to refresh your understanding of your investments. Check to see that your fixed income holdings are diversified and you are happy with their management style. You may prefer to basically follow an index, but if you have other options available in your plan, it’s worth considering diversifying with a fund that is actively managed, or has a series of underlying fund managers all within one fund. Knowing that your portfolio is diversified, along with a professional’s regular review of how the fund is performing, should allow you to sleep easier at night.

4. If all this talk of interest rates and bond prices has your head spinning, you may be pleased to hear that most workplace savings plans offer an easy alternative to monitoring the markets—and trying to zig and zag through market turbulence. Target date funds are professionally managed balanced funds where all the asset allocation decisions are made for you. Instead of having to decide what to do about interest rates, you could let the fund’s manager worry about that for you. Target date funds are based on the number of years left before you retire, so they will typically allocate less money to bonds when you’re younger, and more money to bonds as you approach retirement.

5. One other point: If you are retired and trying to maximize your income, rising interest rates may actually be good news. Take the time to visit with your financial advisor to make sure your portfolio is properly diversified, and that you are maximizing income for the years ahead.

Scott Dingwell is a Director in BlackRock’s Global Client Group where he serves on the U.S. and Canada Defined Contribution Team. He writes about retirement for The Blog.

 

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries. All other marks are the property of their respective owners.

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Where Will Crude Oil Go From Here?

Oil Rigs

Stocks aren’t the only asset exhibiting volatility lately. Along with prices for just about every other risky and cyclically sensitive asset, oil prices plunged in late summer, and then quickly surged.

From its June peak to mid-August, the U.S. benchmark West Texas Intermediate (WTI) collapsed by nearly 40 percent, according to Bloomberg data. Then, as the data show, crude prices staged a mini bull market in the last week of August, when the WTI rose more than 25 percent in its fastest three-day advance since the first Gulf War in 1990.

But while the recent crude price movements have been extraordinary, I still believe that oil prices will, for the most part, remain range bound, with the global benchmark Brent trading between $50 and $65 and WTI trading at a modest discount. Though crude is currently a bit below the lower end of that range, oil prices should, for the most part, remain within that channel going forward, with a bias toward the lower end.

Why? The oil market’s basic fundamentals haven’t changed much—apart from some further deceleration in the global economy-since earlier this year when I discussed a range bound energy market. Plus, the recent drop in oil prices has led to supply and demand responses that are helping to keep oil markets from melting down.

On the supply side, U.S. oil production is now in outright decline. Recently revised numbers from the U.S. Energy Information Administration (EIA) reveal that U.S. production peaked in early June at 9.6 million barrels per day (bpd). Over the past three months, it has fallen sharply, to just over 9.2 million bpd, the lowest level since February. This is the main reason oil prices have rebounded so dramatically in recent weeks.

However, while low prices are finally having a noticeable impact on U.S. producers, a situation that is likely to continue, other producers are ramping up. OPEC production is running at close to 32.5 million bpd, a rise of more than 2 million bpd since last summer. Several key producers, including Saudi Arabia and Iraq, have been increasing production in an effort to defend market share ahead of the likely lifting of Iranian sanctions in 2016.

Plus, even in the United States, production efficiency is improving, according to data accessible via Bloomberg. This is why, despite the collapse in prices, production is still 1 million bpd higher than it was at the start of 2014.

On the demand side, while lower oil prices have resulted in a modest pickup in usage, economic growth, particularly in emerging markets, simply isn’t strong enough to produce a sharp increase in demand.

What could cause oil prices to break out of the expected range? A major risk to the downside is that the slowdown in emerging markets infects developed markets, leading to a global recession. On the other hand, given the ongoing security issues in the Middle East, it’s still possible that a significant supply disruption (one measuring at least 2 million bpd) could push oil back to, or through, the upper end of its range. In the absence of either scenario, investors should expect continued range bound volatility.

Russ Koesterich, CFA, is the Chief Investment Strategist for BlackRock. He is a regular contributor to The Blog.

 

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries. All other marks are the property of their respective owners.

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Don’t Fret Too Much About the Fed

Fed Benchmark Rate

Janet Yellen, the chair of the Federal Reserve, has said that the Fed is likely to raise its benchmark interest rate sometime this year. Such a move would be the first rate rise since 2006. Whether the change occurs as early as the Fed’s meeting next week or later in the year is still a matter of speculation, but either way higher interest rates could affect your portfolio. So how much should you fret about the Fed’s potential move? The answer is “probably not too much.”

That sanguine answer isn’t because the Fed doesn’t matter. The Fed’s decisions can affect the value of essentially every investment you own. Rising interest rates could increase bond yields and therefore hurt bonds (since bond prices and yields move in opposite directions). They could potentially slow the economic growth rate, hurting stocks. They could strengthen the US dollar compared to foreign currencies, reducing the values of your international holdings as well as causing commodity prices to decline.

But the Fed has been clear about its intentions to raise interest rates for a while. Even Ben Bernanke, the Fed chair before Yellen took over in 2014, had discussed when and how the Fed would raise interest rates. As a result, many of the effects of higher interest rates may have already occurred in anticipation of the Fed’s potential move. For example, it’s likely that some of the gains for the US dollar compared to foreign currencies during the past year (and the interrelated struggles of commodities and emerging market investments) resulted from the possibility of the Fed raising rates.

Furthermore the Fed may not exactly follow the historical playbook this time around. Usually when the Fed starts raising interest rates, they continue with a series of fairly rapid rate rises over the course of a couple years. That pattern occurred in the early 1980’s, the late 1980’s, the early 1990’s, the late 1990’s, and the mid-2000’s. But Yellen has said that this time the Fed plans to raise rates more slowly than usual.

She may not have much of a choice. Developed countries that have raised interest rates in recent years— including Sweden, Norway, and Australia—have had to quickly reverse course when their economies subsequently stagnated. With the inflation rate still below the Fed’s 2% target and a weak global economy, the Fed is unlikely to raise rates very far or very fast.

Test Wrapper Insight

A note from your advisor:Rubble

I saw this article about reacting to recent market declines and I think you’ll find it interesting.
-Steve

Rubble

The recent erosion in equities turned into an all-out landslide Monday morning. Globally and in the United States, stocks are now in correction mode, with equities in emerging markets and Europe in a bear market.

The selling has extended into other asset classes, notably commodities and high yield, and has been accompanied by an abrupt spike in market volatility. According to Bloomberg data, the VIX Index, a proxy for U.S. equity market implied volatility, traded over 50 on Monday morning, the highest level since the financial crisis.

However, as I write in my new weekly commentary, “As Markets Plunge, Some Value Surfaces,” and in my new paper, “After the Rout,” I don’t think the selloff is a prelude to another 2008-style cataclysm. Indeed, here’s the key takeaway for long-term investors: The selling has restored some value to most areas of the market.

There was no single catalyst for the brutal selloff. Rather, it appears to have been a delayed reaction to several developments. Further weakness in Chinese data added to concerns over the health of the global economy. Falling inflation expectations and the lingering potential for a monetary tightening by the Federal Reserve (Fed) also contributed to the anxiety. Meanwhile, it could be argued that the spike in volatility is a somewhat overdue response to slower economic growth and deteriorating credit market conditions.

That said, while I believe global growth will remain below trend, the evidence suggests that the global economy is not on the cusp of another recession. Global economic measures, while admittedly suffering from relatively short histories, are suggesting that growth should remain positive. Both the Global PMI and Global Services PMI are comfortably in expansion territory, Bloomberg data shows.

On a regional basis, U.S. leading indicators look solid, if uninspiring, and in Europe, recent manufacturing, sentiment and credit surveys are all suggesting further stabilization in growth. In addition, lower oil prices and lower rates should both help stabilize growth.

Assuming the global economy continues to expand, the recent selling has returned some value to many financial assets. Though stocks pared some losses by midday Monday, valuations for most assets are a long way from the tops typically seen prior to bear markets, according to my analysis using Bloomberg data.

Developed market stocks, as measured by the MSCI World Index, are now trading at roughly 2x book value, about 10% below their 20-year average and roughly 25% below their peak valuation in 2007. One example of a developed market region that has been particularly hard hit, probably excessively, is Europe. European equities, as represented by the S&P Europe 350 Index, are now trading at less than 12x forward earnings and 1.3x book value. The selling may be overdone, considering that investors may be exaggerating Europe’s exposure to China.

Elsewhere, the MSCI Emerging Markets Index, which has been particularly hard hit, is trading at less than 12x earnings and barely 1.25x book, a level last seen during the lows in early 2009.

The selling has even restored some value to U.S. equities. The S&P 500 is now trading for less than 15x forward earnings, and the Dow Industrials is now selling for barely 13x next year’s earnings.

There’s a similar story in credit. Take U.S. high yield, one of the hardest hit segments. The asset class, represented by the Markit iBoxx USD Liquid High Yield Index, has seen spreads relative to Treasuries widen sharply, despite the fact that defaults remain well below historical levels.

The bottom line: While higher volatility is here for the foreseeable future, the selloff has created a number of potential opportunities for investors with longer-term holding periods.

This post, Finding Value in the Selloff Rubble, first appeared on the BlackRock blog.

Russ Koesterich, CFA, is the Chief Investment Strategist for BlackRock. He is a regular contributor to BlackRock’s The Blog and you can find more of his posts here.

 

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries. All other marks are the property of their respective owners.

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Why to Stay the Course in This New Age of Volatility

Wheel

Stocks tumbled again last week, as investors digested further evidence of slowing growth in China and numerous, somewhat conflicting statements from various Federal Reserve (Fed) officials.

Investors today find themselves in a bind of sorts, caught between two somewhat contradictory risks: an emerging market-induced slowdown in the global economy and the prospect of an upcoming interest rate hike by the Fed. So, it’s understandable that many are tempted to head for the doors and abandon stocks and other risky assets.

But rather than exit the markets, investors should consider staying the course and seek potential opportunities along the way as we enter the fall season, while recognizing that more volatility could be ahead.

As I write in my new commentary, “Time to Take Stock—and Advantage of Pockets of Value,” at BlackRock, we still favor a portfolio tilted toward equities, select credit, tax-exempt bonds and inflation protection through Treasury Inflation Protected Securities (TIPS) rather than physical commodities. In addition, we view the recent selloff as an opportunity to take advantage of some pockets of value that have emerged, as well as assets that may be well-positioned for today’s “Fed hike, but still low-growth environment.” Here’s a look at some of these market segments:

 

Market Segments to Consider

 

1. STOCKS IN INTERNATIONAL DEVELOPED MARKETS, PARTICULARLY IN EUROPE

European stocks remain attractively priced and the eurozone economy is improving, as demonstrated by data accessible via Bloomberg. Last week, such data revealed that euro-area unemployment fell to the lowest level in three years. In addition, given stubbornly low inflation and investor concerns over global growth, there’s also the prospect for an extension of Europe’s current quantitative easing program, as many in the media speculated last week.

 

2. LARGE-CAP, CYCLICAL STOCKS IN THE U.S.

In the U.S., I believe large-cap, cyclical-oriented companies look to be in a good position to withstand the start of the Fed’s tightening cycle. The U.S. economic outlook is less than ideal, but US economic data in recent weeks still suggest a decent second-half to the year.

 

3. CREDIT WITHIN FIXED INCOME

Despite recent equity market volatility, high yield has stabilized over the past week and yields remain attractive, according to data accessible via Bloomberg. Investment-grade credit is also looking cheap, the data show, although investors may want to hold off until later this fall given pending supply.

 

4. TAX-EXEMPT BONDS

Finally, tax-exempt bonds are offering compelling yields relative to taxable instruments of the same maturity, based on my analysis of the Bloomberg data. Despite the recent rise in volatility, municipals have held up relatively well.

To be sure, there are areas of the market that I remain cautious of, including U.S. Treasuries and commodities. On the former, with inflation expectations still near recent lows, investors may want to get duration through TIPS rather than through traditional Treasuries. Commodities, meanwhile, have struggled all year and should continue to be pressured by sluggish growth, oversupply and the potential for a Fed-induced strengthening of the dollar.

Investors also should prepare for more bumps in the road. Though the recent correction has returned some value to markets, I expect volatility to remain elevated until either global growth stabilizes and/or investors get some clarity from the Fed.

 

Russ Koesterich, CFA, is the Chief Investment Strategist for BlackRock. He is a regular contributor to The Blog.

 

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.  Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries. All other marks are the property of their respective owners.

 

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