Invesco MSCI Global Timber ETF
ALTAR
Score™
9.6% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
14.6x P/Sales
ratio
0.8x
P/BV
ratio
1.2x Div.
yield
3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Timber Index ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the Beacon Global Timber Index, which is comprised of global timber companies.

FUND BASICS
Category Global Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Nov 09, 2007
Assets (mns) $110
Currency USD
Expense ratio 55 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 79
Wgt avg mkt cap (mns) $8,933
Large cap (>$10bn) 44.3%
Mid cap ($2-10bn) 44.9%
Small cap (<$2bn) 10.8%
Developed mkts 91.1%
Emerging mkts 8.9%

TOP TEN HOLDINGS
MONDI PLC 5.3 %
WEYERHAEUSER CO 5.3 %
AMCOR PLC 5.2 %
AVERY DENNISON CORP 5.1 %
WESTROCK CO. 5.1 %
UPM-KYMMENE OYJ 5.0 %
INTERNATIONAL PAPER CO 4.8 %
PACKAGING CORP OF AMERICA 4.6 %
SMURFIT KAPPA GROUP PLC 4.1 %
STORA ENSO OYJ-R SHS 3.7 %
Total 48.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 42.1 %
BRITAIN 13.5 %
FINLAND 11.4 %
SWEDEN 6.0 %
BRAZIL 4.9 %
JAPAN 4.7 %
IRELAND 4.1 %
CANADA 4.0 %
HONG KONG 1.4 %
CHILE 1.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.1% 0.2% 3.9% 7.1% 2.8%

Market Correlations
versus... Beta R-squared
S&P500 1.18 66%
MSCI EAFE 1.35 71%
MSCI Emg. Mkts. 0.97 63%

Technical Indicators
Recent close $24.83
30d moving avg. $27.63
Annualized volatility 17.6%
Short interest (ETF) 0.1%
Relative strength (RSI) 34

Liquidity measures
Avg. volume (thou.) 29
Turnover 0.7%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $1,235

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Invesco MSCI Global Timber ETF ETF based on the alternatives' overlap in portfolio holdings with CUT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CUT Expense: 55 bp ALTAR Score™: 9.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CUT
Ticker Fund
Name
Overlap1
vs CUT
(%)
Expense
ratio
(bp)
Savings
vs CUT
(bp)
ALTAR
Score™
(%)
ALTAR
vs CUT
(%)
WOOD iShares Global Timber & Forestry ETF 49.8 46 9 10.5 +0.9
GNR SPDR S&P Global Natural Resources ETF 17.8 40 15 7.5 -2.1
RTM Invesco S&P 500 Equal Weight Materials ETF 16.5 40 15 6.7 -2.9
JHMA John Hancock Multifactor Materials ETF 14.9 40 15 7.4 -2.2
FXZ First Trust Materials AlphaDEX Fund 12.7 65 -10 8.4 -1.2
EFNL iShares MSCI Finland Capped ETF 11.4 53 2 6.1 -3.5
FTRI First Trust Indxx Global Natural Resources Income ETF 10.8 70 -15 11.5 +1.9
PYZ Invesco DWA Basic Materials Momentum ETF 10.7 60 -5 5.7 -3.9
VAW Vanguard Materials Index Fund 10.5 10 45 6.9 -2.7
FMAT Fidelity MSCI Materials Index ETF 10.3 8 47 6.9 -2.7
XLB Materials Select Sector SPDR Fund 10.2 13 42 6.6 -3.0
GRES IQ Global Resources ETF 9.1 77 -22 7.9 -1.7
DVP Deep Value ETF 7.4 59 -4 14.9 +5.3
RDIV Invesco S&P Ultra Dividend Revenue ETF 7.2 39 16 10.7 +1.1
MXI iShares Global Materials ETF 7.2 46 9 7.0 -2.6
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 5.7 30 25 8.8 -0.7
QVAL Alpha Architect U.S. Quantitative Value ETF 5.7 49 6 12.8 +3.2
IGE iShares North American Natural Resources ETF 5.5 46 9 5.1 -4.5
WBIY WBI Power Factor High Dividend ETF 5.4 70 -15 12.3 +2.7

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Invesco MSCI Global Timber ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.0 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 9.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 CATEGORY
AVERAGE
1.56
 
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.