Overview
Philippine equity via SM Investments, Ayala, and BDO Unibank. Consumer and real estate focused economy with 115M+ population. 2025 headwinds from peso weakness and slowing remittance growth. Southeast Asian frontier market.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| SM | SM Investments Corp. | 18.4% |
| ALI | Ayala Land Inc. | 12.8% |
| BDO | BDO Unibank | 10.4% |
| AC | Ayala Corporation | 8.4% |
| MER | Manila Electric | 7.8% |
| JFC | Jollibee Foods | 6.8% |
| BPI | Bank of Phil. Islands | 5.8% |
| TEL | PLDT Inc. | 5.4% |
| ICB | ICB Financial | 4.8% |
| SMPH | SM Prime Holdings | 4.4% |
Fund Details
Investment Thesis
The Philippines represents one of Southeast Asia's most consumer-driven economies, powered by a young and rapidly growing population of over 115 million, significant remittances from 10+ million overseas Filipino workers, and a vibrant business process outsourcing sector that generates substantial US dollar earnings. The SM and Ayala conglomerates dominate the retail, real estate, and banking landscape with diversified businesses well-positioned for domestic consumption growth. Jollibee's regional restaurant expansion demonstrates the Philippines' emergence as a consumer brands exporter.
Who It's For
Investors seeking exposure to Southeast Asia's most consumer-oriented emerging market with strong domestic demand drivers and a large English-speaking professional workforce. EPHE suits those with a long-term thesis on Philippine middle-class expansion, remittance-driven consumption, and BPO sector growth. The fund is best held as part of a broader ASEAN equity allocation given its small size and lower liquidity compared to larger country ETFs.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $26.42 | -- |
| 2017 | $32.42 | +22.7% |
| 2018 | $26.42 | -18.5% |
| 2019 | $30.42 | +15.1% |
| 2020 | $24.42 | -19.7% |
| 2021 | $28.42 | +16.4% |
| 2022 | $22.42 | -21.1% |
| 2023 | $24.42 | +8.9% |
| 2024 | $23.82 | -2.5% |
| 2025 | $21.84 | -8.3% |
| Year | Yield |
|---|---|
| 2016 | 2.42% |
| 2017 | 2.18% |
| 2018 | 2.52% |
| 2019 | 2.28% |
| 2020 | 2.02% |
| 2021 | 1.82% |
| 2022 | 2.28% |
| 2023 | 2.08% |
| 2024 | 2.22% |
| 2025 | 2.42% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.3B | -- |
| 2017 | $0.4B | +33.3% |
| 2018 | $0.3B | -25.0% |
| 2019 | $0.3B | 0.0% |
| 2020 | $0.2B | -33.3% |
| 2021 | $0.3B | +50.0% |
| 2022 | $0.2B | -33.3% |
| 2023 | $0.2B | 0.0% |
| 2024 | $0.2B | 0.0% |
| 2025 | $0.175B | -12.5% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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