Davis Select Financial
ALTAR
Score™
6.8% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
13.2x P/Sales
ratio
2.6x
P/BV
ratio
1.3x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Davis Select Financial ETF is an actively managed portfolio of global financial sector stocks. The fund seeks long-term growth of capital.

FUND BASICS
Category US Equities
Fund Sponsor Davis
Website davisetfs.com
Inception date Jan 11, 2017
Assets (mns) $149
Currency USD
Expense ratio 64 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 27
Wgt avg mkt cap (mns) $158,485
Large cap (>$10bn) 93.0%
Mid cap ($2-10bn) 3.3%
Small cap (<$2bn) 3.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
US BANCORP 8.4 %
CAPITAL ONE FINANCIAL CORP 7.9 %
BERKSHIRE HATHAWAY INC-CL B 7.8 %
JPMORGAN CHASE & CO 5.7 %
AMERICAN EXPRESS CO 5.5 %
WELLS FARGO & CO 5.5 %
MARKEL CORP 5.3 %
BANK OF AMERICA CORP 4.9 %
BANK OF NEW YORK MELLON CORP 4.8 %
PNC FINANCIAL SERVICES GROUP 4.3 %
Total 60.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 78.6 %
SWITZERLAND 8.6 %
BERMUDA 4.0 %
NORWAY 3.8 %
SINGAPORE 3.0 %
CAYMAN ISLANDS 0.7 %
BRITAIN 0.5 %
DENMARK 0.5 %



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.
18.4% 8.6% -- -- 8.7%

Market Correlations
versus... Beta R-squared
S&P500 1.05 81%
MSCI EAFE 1.04 65%
MSCI Emg. Mkts. 0.77 57%

Technical Indicators
Recent close $25.04
30d moving avg. $24.45
Annualized volatility 14.6%
Short interest (ETF) 0.1%
Relative strength (RSI) 78

Liquidity measures
Avg. volume (thou.) 12
Turnover 0.2%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $9,103

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: DFNL Expense: 64 bp ALTAR Score™: 6.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DFNL
Ticker Fund
Name
Overlap1
vs DFNL
(%)
Expense
ratio
(bp)
Savings
vs DFNL
(bp)
ALTAR
Score™
(%)
ALTAR
vs DFNL
(%)
DUSA Davis Select U.S. Equity 45.3 63 1 5.1 -1.7
XLF Financials Select Sector SPDR 40.5 13 51 7.1 +0.3
RWW Invesco S&P Financials Revenue 39.9 45 19 7.4 +0.7
KBWB Invesco KBW Bank Portfolio 38.4 35 29 7.7 +1.0
FNCL Fidelity MSCI Financials 38.1 8 56 7.4 +0.7
VFH Vanguard Financials 37.9 10 54 7.4 +0.7
IYF iShares DJ US Financials 32.0 42 22 6.2 -0.6
IEFN iShares Evolved U.S. Financials 30.8 18 46 7.4 +0.7
IYG iShares DJ US Financial Services 30.4 42 22 6.5 -0.3
IXG iShares S&P Global Financial Sector 28.5 46 18 8.4 +1.6
JHMF John Hancock Multifactor Financials 27.8 40 24 6.7 -0.1
FTXO First Trust Nasdaq Bank 27.4 60 4 7.8 +1.1
DWLD Davis Select Worldwide 25.9 64 0 6.1 -0.6
RYF Invesco S&P Equal Weight Financials 22.6 40 24 7.5 +0.7
IWX iShares Russell Top 200 Value 18.9 20 44 7.0 +0.2
SPVU Invesco S&P 500 Value 18.7 13 51 11.2 +4.4
PWV Invesco Dynamic Large Cap Value 15.8 55 9 8.0 +1.2
MGV Vanguard Mega Cap 300 Value 15.6 7 57 7.1 +0.3
JKF iShares Morningstar Large Value 14.9 25 39 7.8 +1.0
TTFS AdvisorShares Whilshire Buyback 14.5 91 -27 6.5 -0.3

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:
Davis Select Financial
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.2 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 64 bp
Equals: ALTAR Score 6.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 CATEGORY
AVERAGE
1.55
 
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.