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The iShares MSCI America ETF provides equity exposure to North America. The ETF is best deployed as a core holding in a well diversified portfolio. Given the size of the region’s economy, the high correlation of the MSCI North America index with international stock markets comes at no surprise; hence the benefits of this fund as a diversifier within a broader equity allocation are limited. The index correlated 97% with the MSCI World Index and 87% with the STOXX Europe 600 Index over the last three years.
As the index primarily invests in large caps, the ETF can be used to complement mid and small cap holdings in a well diversified portfolio.
Before considering an investment, investors should review their existing portfolio holdings to avoid unintentionally overweighting North American equities; in particular US shares. Given the size and the importance of its economy, the US represents a big portion of any product providing global or developed equity exposure. For instance, the MSCI North America Index accounts for about 60% of the broader MSCI World Index.
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