Fidelity Targeted International Factor
ALTAR
Score™
6.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
15.9x P/Sales
ratio
1.7x
P/BV
ratio
2.2x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Targeted International Factor Index.

FUND BASICS
Category International Equities
Fund Sponsor Fidelity
Website institutional.fidelity.com
Inception date Feb 26, 2019
Assets (mns) $11
Currency USD
Expense ratio 39 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 204
Wgt avg mkt cap (mns) $51,027
Large cap (>$10bn) 73.3%
Mid cap ($2-10bn) 26.7%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 2.4 %
ENEL SPA 1.4 %
DEUTSCHE ANNINGTON IMMOBILIE 1.3 %
AIR LIQUIDE SA 1.1 %
NIPPON BUILDING FUND INC 1.1 %
KDDI CORPORATION 1.0 %
LEG IMMOBILIEN AG 1.0 %
ENAGAS 1.0 %
RIO TINTO PLC 1.0 %
CAN APARTMENT PROP REAL ESTA 1.0 %
Total 12.4 %

TOP COUNTRY EXPOSURE
JAPAN 22.5 %
BRITAIN 13.6 %
CANADA 8.8 %
FRANCE 7.8 %
SWITZERLAND 7.1 %
GERMANY 7.0 %
AUSTRALIA 5.4 %
ITALY 4.4 %
SPAIN 3.8 %
SWEDEN 3.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
8.4% -- -- -- 8.4%

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

Technical Indicators
Recent close $27.17
30d moving avg. $26.87
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $11,730

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Fidelity Targeted International Factor ETF based on the alternatives' overlap in portfolio holdings with FDEV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FDEV Expense: 39 bp ALTAR Score™: 6.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FDEV
Ticker Fund
Name
Overlap1
vs FDEV
(%)
Expense
ratio
(bp)
Savings
vs FDEV
(bp)
ALTAR
Score™
(%)
ALTAR
vs FDEV
(%)
QEFA SPDR MSCI EAFE Quality Mix 35.7 30 9 6.4 -0.3
EFAV iShares MSCI EAFE Minimum Volatility 35.3 20 19 5.6 -1.2
IQLT iShares MSCI Int'l Developed Quality 33.5 30 9 5.8 -0.9
PDEV Principal International Multi-Factor Core Index 33.0 25 14 6.5 -0.3
GSIE Goldman Sachs ActiveBeta Int'l Equity 32.0 25 14 6.4 -0.3
IMTM iShares MSCI Int'l Developed Momentum 31.5 30 9 4.5 -2.2
EUMV iShares MSCI Europe Min Volatility 31.3 25 14 5.1 -1.6
RBIN Nationwide Risk-Based International Equity 30.8 42 -3 7.1 +0.4
EFA iShares MSCI EAFE 30.5 31 8 6.7 -0.0
IQSI IQ Candriam ESG International Equity ETF 30.1 15 24 6.7 -0.1
GSEU Goldman Sachs ActiveBeta Europe Equity 29.9 25 14 6.2 -0.6
EFAX SPDR MSCI EAFE Fossil Fuel Free 29.7 20 19 6.8 +0.1
DBEF Xtrackers MSCI EAFE Hedged 29.7 35 4 6.6 -0.1
CIZ Compass EMP Dev. 500 Enhanced Vol. Wgt. 29.6 45 -6 6.8 +0.0
CIL Victory CEMP International Volatility Wtd 29.6 45 -6 6.8 +0.1
EFG iShares MSCI EAFE Growth 29.6 40 -1 4.5 -2.2
IEV iShares S&P Europe 350 29.5 59 -20 6.2 -0.5
RFDI First Trust Riverfront Dynamic Developed Int'l 29.5 83 -44 6.4 -0.4
FLEE Franklin FTSE Europe 29.4 9 30 6.7 -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%.

Content on this tab for subscribers only**

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:
Fidelity Targeted International Factor
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 14.5 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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