For investors seeking momentum, iShares MSCI All Peru Capped ETF (EPU Quick QuoteEPU - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up over 100% from its 52-week low price of $17.69 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

EPU in Focus    

EPU focuses on the Peruvian stock market. The fund charges investors 62 basis points a year in fees and has top holdings in Alicorp Saa, Credicorp Ltd and Buenaventura ADR (see all Latin American Equity ETFs here).

Why the Move?

The Peruvian market has delivered a stunning performance so far this year, thanks to a spurt in commodity prices. Peru is a commodity centric economy. In fact, it is one of the largest producers of gold and silver in the world. With gold and silver recently on a tear on safe haven demand, the latest spurt in EPU is self-explanatory.

More Gains Ahead?

Currently, EPU has a Zacks ETF Rank #3 (Hold) so it is hard to get a handle on its future returns one way or another. Still it seems that this fund can be exercised a little further as evident by the positive weighted alpha of 51.10. A positive weighted alpha hints at more gains.

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