Alerian Energy Infrastructure
ALTAR
Score™
4.2% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
16.2x P/Sales
ratio
0.7x
P/BV
ratio
1.4x Div.
yield
7.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Alerian Energy Infrastructure ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the Alerian Infrastructure Index, which is comprised of 30 equity securities of issuers headquartered or incorporated in the United States and Canada that engage in the transportation, storage, and processing of energy commodities ("midstream energy businesses").

FUND BASICS
Category US Equities
Fund Sponsor ALPS Advisors Inc
Website www.alpsetfs.com
Inception date Nov 01, 2013
Assets (mns) $59
Currency USD
Expense ratio 55 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon/The
Weighting Tiered
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 37
Wgt avg mkt cap (mns) $22,673
Large cap (>$10bn) 63.4%
Mid cap ($2-10bn) 27.8%
Small cap (<$2bn) 8.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENBRIDGE INC 11.4 %
TRANSCANADA CORP 8.4 %
ENTERPRISE PRODUCTS PARTNERS 8.1 %
KINDER MORGAN INC 6.8 %
ENERGY TRANSFER EQUITY LP 5.8 %
TARGA RESOURCES CORP 5.6 %
CHENIERE ENERGY INC 5.3 %
ONEOK INC 5.0 %
PEMBINA PIPELINE CORP 4.9 %
WILLIAMS COS INC 4.8 %
Total 66.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 64.9 %
CANADA 34.1 %









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.
14.3% 2.3% -4.2% -- -0.6%

Market Correlations
versus... Beta R-squared
S&P500 0.94 48%
MSCI EAFE 0.89 36%
MSCI Emg. Mkts. 0.51 20%

Technical Indicators
Recent close $19.39
30d moving avg. $20.10
Annualized volatility 16.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 45

Liquidity measures
Avg. volume (thou.) 9
Turnover 0.3%
Bid/Ask (% of price) 0.42%
ADV underlying (mns) $1,850

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: ENFR Expense: 55 bp ALTAR Score™: 4.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ENFR
Ticker Fund
Name
Overlap1
vs ENFR
(%)
Expense
ratio
(bp)
Savings
vs ENFR
(bp)
ALTAR
Score™
(%)
ALTAR
vs ENFR
(%)
USAI American Energy Independence 81.5 75 -20 2.6 -1.6
MLPX Global X MLP & Energy Infrastructure 78.3 45 10 4.3 +0.1
TPYP Tortoise North American Pipeline 69.2 40 15 4.8 +0.5
EMLP First Trust N. American Energy Infrastructure 47.0 95 -40 5.2 +1.0
TOLZ ProShares Global Infrastructure 30.8 46 9 5.3 +1.0
AMZA InfraCap MLP 29.2 240 -185 5.4 +1.2
GHII Invesco S&P High Income Infrastructure 28.4 45 10 4.9 +0.6
AMLP Alerian MLP ETF 25.4 85 -30 4.9 +0.7
MLPA Global X MLP 23.1 45 10 5.7 +1.5
GLIF AGFiQ Global Infrastructure 22.7 45 10 5.3 +1.1
XLEY Cushing Energy & MLP 20.0 65 -10 3.7 -0.5
IGF iShares S&P Global Infrastructure 20.0 46 9 4.8 +0.6
GII SPDR FTSE/Macquarie Global Infrastructure 19.8 40 15 4.9 +0.7
FTXN First Trust Nasdaq Oil & Gas 19.3 60 -5 2.7 -1.6
INFR Legg Mason Global Infrastructure 18.9 40 15 5.8 +1.6
JHME John Hancock Multifactor Energy 15.1 40 15 3.4 -0.8
XLSY Cushing Energy Supply Chain & MLP 14.5 65 -10 5.6 +1.4
PXI Invesco Dynamic Energy Sector 13.1 60 -5 -0.7 -4.9
ZMLP Direxion Zacks MLP High Income 11.9 65 -10 7.1 +2.9
IXC iShares S&P Global Energy Sector 10.9 46 9 5.2 +1.0

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:
Alerian Energy Infrastructure
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 6.8 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 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.