Avantis Emerging Markets Equity
ALTAR
Score™
8.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
12.2x P/Sales
ratio
0.9x
P/BV
ratio
1.3x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
AVEM is an actively managed fund that holds emerging-market stocks of all market capitalizations considered favorable on multiple factors. The fund seeks to provide capital appreciation.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor American Century
Website www.avantisinvestors.com
Inception date Sep 19, 2019
Assets (mns) $88
Currency USD
Expense ratio 33 bp
Distributions Semi-annual

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 2137
Wgt avg mkt cap (mns) $59,573
Large cap (>$10bn) 53.0%
Mid cap ($2-10bn) 30.3%
Small cap (<$2bn) 15.1%
Developed mkts 11.0%
Emerging mkts 89.0%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR-SP ADR 3.1 %
SAMSUNG ELECTR-GDR REGS 2.8 %
TENCENT HOLDINGS LTD 2.5 %
ALIBABA GROUP HOLDING LTD. SPONSOR 1.6 %
RELIANCE INDS-SPONS GDR 144A 1.6 %
CHINA CONSTRUCTION BANK-H 1.4 %
INFOSYS TECHNOLOGIES-SP ADR 1.1 %
HYNIX SEMICONDUCTOR INC 1.0 %
IND & COMM BK OF CHINA - H 0.8 %
OIL COMPANY LUKOIL PJSC SPONSORED 0.8 %
Total 16.7 %

TOP COUNTRY EXPOSURE
CHINA 20.9 %
TAIWAN 13.4 %
SOUTH KOREA 13.4 %
BRAZIL 8.2 %
HONG KONG 7.2 %
INDIA 5.9 %
SOUTH AFRICA 5.0 %
RUSSIA 3.6 %
THAILAND 3.0 %
MEXICO 2.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
4.3% -- -- -- 4.3%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $51.52
30d moving avg. $51.59
Annualized volatility 0.0%
Short interest (ETF) 1.2%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 9
Turnover 0.5%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $22,851

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Avantis Emerging Markets Equity ETF based on the alternatives' overlap in portfolio holdings with AVEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: AVEM Expense: 33 bp ALTAR Score™: 8.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH AVEM
Ticker Fund
Name
Overlap1
vs AVEM
(%)
Expense
ratio
(bp)
Savings
vs AVEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs AVEM
(%)
IEMG iShares Core MSCI Emerging Markets 45.0 14 19 8.6 +0.2
DBEM Xtrackers MSCI Emg. Mkts. Hedged 43.1 65 -32 8.4 -0.1
JHEM John Hancock Multifactor Emerging Markets 41.7 55 -22 8.8 +0.4
EEM iShares MSCI Emerging Markets 41.6 67 -34 8.5 +0.1
VWO Vanguard Emerging Markets 41.0 12 21 8.6 +0.2
PBEE Invesco PureBeta FTSE Emerging Markets 40.8 14 19 9.2 +0.8
SPEM SPDR Portfolio Emerging Markets 40.0 11 22 8.4 -0.0
QEMM SPDR MSCI Emerging Markets Quality Mix 38.5 30 3 9.0 +0.6
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 38.3 59 -26 10.5 +2.1
EEMA iShares MSCI Emg Mkts Asia 37.8 50 -17 8.7 +0.3
SCHE Schwab Emerging Markets Equity 37.1 13 20 8.6 +0.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity 36.6 49 -16 8.8 +0.4
DVEM WisdomTree Emerging Markets Dividend 36.4 32 1 11.3 +2.9
AAXJ iShares MSCI Asia ex-Japan 35.3 67 -34 8.2 -0.2
GMF SPDR S&P Emerging Asia Pacific 35.0 49 -16 8.1 -0.4
XSOE WisdomTree Emg Mkt ex-SOE 34.6 32 1 6.8 -1.6
FLAX Franklin FTSE Asia Ex Japan 34.5 19 14 8.6 +0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 32.8 30 3 8.4 +0.0
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 32.5 45 -12 9.0 +0.6
REEM Invesco Emerging Markets Revenue ETF 31.6 46 -13 11.8 +3.4

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

Content on this tab for subscribers only

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:
Avantis Emerging Markets Equity
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.4 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 33 bp
Equals: ALTAR Score 8.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 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.