iShares MSCI All Country Asia ex Japan ETF

AAXJ

시가총액 US$36.8억

I revisit the iShares MSCI All Country Asia ex Japan ETF (AAXJ) after my initial Hold rating in March 2025. AAXJ was previously criticized for overdiversification, high fees for a passive ETF, and significant tracking error versus its benchmark. Despite volatility, AAXJ has outperformed the S&P 500 since September, reversing prior relative performance.

Vanguard Total International Stock Index Fund is up 15.7% year to date, maintaining a moderate premium over the U.S. stock market's 14.0% gain via the SPDR S&P 500 ETF. But the return spread is narrowing, and the recent surge in U.S. stocks could be an early sign that international equities will soon fall behind in relative terms.

Activest Wealth Management bought 57,758 shares of iShares MSCI All Country Asia ex Japan ETF; the transaction value was roughly $5.8 million (estimated using quarterly average pricing). The transaction represented a 1.0% change in 13F assets under management (AUM).

Asian ETFs are under pressure as surging oil prices and new U.S. tariffs trigger market turmoil and sharp fund outflows across the region.

The iShares MSCI All Country Asia ex Japan ETF offers superior diversification across Asia ex Japan, with 915 holdings and meaningful exposure to India and Southeast Asia. The iShares Asia 50 ETF is highly concentrated, with 51% in four tech stocks, exposing investors to significant concentration and the "AI trade" risk. AAXJ's broader sector and geographic mix, including India's growth, justify its slightly higher 0.72% expense ratio and 20x P/E.

Global stocks are still outperforming US shares so far in 2026, extending last year's winning run. Using a set of ETFs through yesterday's close (Jan. 21), all the major equity regions of the world are maintaining a healthy lead over the US.

BFI Infinity Ltd. increased its AAXJ position by 132,421 shares; the estimated trade value is $12.30 million based on quarterly average pricing.

Global equities strategies are having a moment this year. The SPDR S&P 500 ETF in isolation looks strong, posting an 18.3% year-to-date gain.

Among APAC equity markets, Australia has a higher beta to oil prices while India, Indonesia and Thailand have lower betas. Domestic political uncertainties have been one main reason for the decoupling trend seen in Indonesia and Thailand.

Global equities ex-US were already leading US stocks in 2025 by a wide margin ahead of the trade deal announced this week between the US and Japan. Vanguard International Stock ETF rose sharply yesterday, and is now up 21.8% year to date.