VanEck Vectors Africa
ALTAR
Score™
7.5% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
12.0x P/Sales
ratio
1.8x
P/BV
ratio
1.6x Div.
yield
4.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Africa Index ETF seeks investment results that correspond to the price and yield performance of the Dow Jones Africa Titans 50 Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Jul 14, 2008
Assets (mns) $54
Currency USD
Expense ratio 78 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Tiered
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 84
Wgt avg mkt cap (mns) $10,804
Large cap (>$10bn) 33.2%
Mid cap ($2-10bn) 45.8%
Small cap (<$2bn) 21.0%
Developed mkts 19.2%
Emerging mkts 80.8%

TOP TEN HOLDINGS
NASPERS LTD-N SHS 6.8 %
SAFARICOM PLC 6.1 %
GUARANTY TRUST BANK 6.0 %
ATTIJARIWAFA BANK 4.7 %
COMMERCIAL INTL BANK-SP GDR 4.4 %
ZENITH BANK LTD 3.7 %
MAROC TELECOM SA 3.6 %
EQUITY BANK LTD 3.4 %
FIRST QUANTUM MINERALS LTD 3.2 %
BANQUE CENTRALE POPULAIRE 3.1 %
Total 45.0 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 32.1 %
MOROCCO 14.2 %
NIGERIA 11.9 %
KENYA 11.2 %
CANADA 6.9 %
BRITAIN 6.8 %
EGYPT 4.4 %
CHINA 2.1 %
UNITED STATES 1.7 %
GERMANY 1.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
3.2% 2.7% -5.1% -1.1% -4.0%

Market Correlations
versus... Beta R-squared
S&P500 0.66 29%
MSCI EAFE 0.99 56%
MSCI Emg. Mkts. 0.89 73%

Technical Indicators
Recent close $20.67
30d moving avg. $20.44
Annualized volatility 14.8%
Short interest (ETF) 0.1%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.2%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $1,663

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the VanEck Vectors Africa ETF based on the alternatives' overlap in portfolio holdings with AFK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: AFK Expense: 78 bp ALTAR Score™: 7.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH AFK
Ticker Fund
Name
Overlap1
vs AFK
(%)
Expense
ratio
(bp)
Savings
vs AFK
(bp)
ALTAR
Score™
(%)
ALTAR
vs AFK
(%)
FLZA Franklin FTSE South Africa 28.9 19 59 9.2 +1.7
EZA iShares MSCI South Africa 27.4 59 19 9.6 +2.1
FRN Invesco Frontier Markets 25.1 70 8 11.4 +3.9
FM iShares MSCI Frontier 100 21.0 81 -3 9.2 +1.7
EMFM Global X MSCI Next Emerging & Frontier 12.4 55 23 7.8 +0.3
NGE Global X Nigeria 11.9 88 -10 20.0 +12.6
EMDV ProShares MSCI Emerging Markets Dividend Growers 9.4 60 18 8.2 +0.8
EDIV SPDR S&P Emerging Markets Dividend 8.2 49 29 10.8 +3.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 7.6 20 58 8.3 +0.8
FRDM Freedom 100 Emerging Markets ETF 7.4 49 29 8.0 +0.5
FDNI First Trust Dow Jones International Internet 6.8 65 13 4.7 -2.8
CEZ Victory CEMP Emerging Market Volatility Weighted 6.5 50 28 9.2 +1.7
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 6.5 45 33 8.8 +1.3
CEY VictoryShares Emg. Mkt. High Dividend Volatility Wtd. 6.3 50 28 13.4 +5.9
EMXC iShares MSCI Emerging Markets ex China 6.1 49 29 8.6 +1.2
KEMX KraneShares MSCI Emerging Markets EX China Index 6.1 49 29 8.7 +1.2
DEM WisdomTree Emerg Mkts High Yield Equity 5.8 63 15 12.5 +5.0
PXH Invesco FTSE-RAFI Emerging Markets 5.8 50 28 12.5 +5.0
EMEM Virtus Glovista Emerging Markets 5.5 67 11 9.2 +1.7
PICK iShares MSCI Global Select Metals & Mining 5.3 39 39 7.5 +0.0

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
VanEck Vectors Africa
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.0 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 78 bp
Equals: ALTAR Score 7.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.49
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.