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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (29623)	2/18/2008 2:24:40 PM
From: Jurgis Bekepuris	Read Replies (2) of 78748

Just a cautionary note for all investors in EWZ. Before investing take a look at its holdings and remember that 30% of the EWZ is Petrobras (2 different share classes) and 20% is Companhia Vale do Rio Doce (RIO) (again 2 different share classes). In total 50% of the fund is 2 companies. Of course, after realizing this, think about the PBR / EWZ decoupling in the last couple months, considering that RIO continued to follow EWZ. For this to occur the remainder of EWZ had to drop A LOT, since PBR continued to go up... Not sure what this really means. Possibly the rest of EWZ is now much more attractive. Possibly not. :) I hold a tiny position in EWZ, no positions in PBR or RIO.

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