Franklin FTSE South Africa
ALTAR
Score™
9.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
11.5x P/Sales
ratio
1.4x
P/BV
ratio
1.6x Div.
yield
4.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
FLZA seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE/JSE South Africa Capped Index. FTSE/JSE South Africa Capped Index is a market-capitalization weighted index representing the performance of South African large and mid capitalization stocks.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Franklin Templeton Investments
Website www.libertyshares.com
Inception date Oct 10, 2018
Assets (mns) $3
Currency USD
Expense ratio 19 bp
Distributions Semi-annual

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 72
Wgt avg mkt cap (mns) $17,395
Large cap (>$10bn) 44.9%
Mid cap ($2-10bn) 47.7%
Small cap (<$2bn) 7.4%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
NASPERS LTD-N SHS 17.2 %
STANDARD BANK GROUP LTD 5.4 %
FIRSTRAND LTD 5.2 %
MTN GROUP LIMITED 4.2 %
SASOL LTD 4.0 %
SANLAM LTD 3.4 %
ABSA GROUP LTD 2.8 %
ANGLOGOLD ASHANTI LTD 2.8 %
BID CORP. LTD. 2.8 %
NEDBANK GROUP LTD 2.3 %
Total 50.2 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 97.7 %
BRITAIN 1.1 %









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.
1.2% -- -- -- 7.7%

Market Correlations
versus... Beta R-squared
S&P500 0.91 41%
MSCI EAFE 1.26 47%
MSCI Emg. Mkts. 1.31 76%

Technical Indicators
Recent close $26.20
30d moving avg. $26.03
Annualized volatility 24.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.28%
ADV underlying (mns) $1,156

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Franklin FTSE South Africa ETF based on the alternatives' overlap in portfolio holdings with FLZA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FLZA Expense: 19 bp ALTAR Score™: 9.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FLZA
Ticker Fund
Name
Overlap1
vs FLZA
(%)
Expense
ratio
(bp)
Savings
vs FLZA
(bp)
ALTAR
Score™
(%)
ALTAR
vs FLZA
(%)
EZA iShares MSCI South Africa 86.0 59 -40 9.7 +0.4
AFK VanEck Vectors Africa 28.8 78 -59 7.5 -1.8
EMDV ProShares MSCI Emerging Markets Dividend Growers 15.8 60 -41 8.3 -1.0
EDIV SPDR S&P Emerging Markets Dividend 15.4 49 -30 10.8 +1.5
CEY VictoryShares Emg. Mkt. High Dividend Volatility Wtd. 11.8 50 -31 13.4 +4.1
EMFM Global X MSCI Next Emerging & Frontier 9.9 55 -36 7.8 -1.5
FDNI First Trust Dow Jones International Internet 8.5 65 -46 4.7 -4.6
DGS WisdomTree Emg. Mkts. Small Cap Dividend 8.4 63 -44 12.3 +3.0
FRDM Freedom 100 Emerging Markets ETF 8.1 49 -30 8.2 -1.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 8.1 20 -1 8.4 -0.9
DEMG Xtrackers FTSE Emerging Comprehensive Factor 7.9 50 -31 9.6 +0.3
EDOG ALPS Emerging Sector Dividend Dogs 7.0 60 -41 9.4 +0.1
KEMX KraneShares MSCI Emerging Markets EX China Index 6.9 49 -30 8.8 -0.5
EMXC iShares MSCI Emerging Markets ex China 6.9 49 -30 8.8 -0.5
PXH Invesco FTSE-RAFI Emerging Markets 6.8 50 -31 12.6 +3.3
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 6.8 45 -26 8.9 -0.4
DEM WisdomTree Emerg Mkts High Yield Equity 6.8 63 -44 12.6 +3.3
EMGF iShares Edge MSCI Multifactor Emerging Markets 6.7 45 -26 10.2 +0.9
XCEM Columbia EM Core ex-China 6.6 16 3 7.7 -1.6
CEZ Victory CEMP Emerging Market Volatility Weighted 6.4 50 -31 9.2 -0.1

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:
Franklin FTSE South Africa
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 1.5 x
Less: Expense ratio 19 bp
Equals: ALTAR Score 9.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 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.