Goldman Sachs ActiveBeta Emg Mkts Equity
ALTAR
Score™
9.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
12.4x P/Sales
ratio
1.0x
P/BV
ratio
1.5x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GEM tracks an index of emerging market stocks comprising 4 subindexes: value, momentum, quality and low volatility. The index uses multiple factors to pick stocks, and each subindex receives equal weight.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Goldman Sachs
Website assetmanagement.gs.com
Inception date Sep 29, 2015
Assets (mns) $1,794
Currency USD
Expense ratio 45 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Tiered
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 421
Wgt avg mkt cap (mns) $80,572
Large cap (>$10bn) 65.7%
Mid cap ($2-10bn) 31.2%
Small cap (<$2bn) 1.4%
Developed mkts 6.7%
Emerging mkts 91.5%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 3.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR 3.7 %
TENCENT HOLDINGS LTD 3.6 %
SAMSUNG ELECTRONICS CO LTD 3.6 %
PING AN INSURANCE GROUP CO-H 1.2 %
CHINA CONSTRUCTION BANK-H 1.2 %
LUKOIL OAO 1.0 %
CHINA MOBILE LIMITED 0.9 %
ITAU UNIBANCO HOLDING SA 0.8 %
IND & COMM BK OF CHINA - H 0.8 %
Total 20.7 %

TOP COUNTRY EXPOSURE
CHINA 22.9 %
SOUTH KOREA 13.6 %
TAIWAN 13.3 %
BRAZIL 8.7 %
INDIA 8.7 %
HONG KONG 5.3 %
SOUTH AFRICA 4.9 %
RUSSIA 4.9 %
THAILAND 2.8 %
MEXICO 2.5 %

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.
10.7% 11.8% -- -- 9.9%

Market Correlations
versus... Beta R-squared
S&P500 0.80 44%
MSCI EAFE 1.10 72%
MSCI Emg. Mkts. 0.99 96%

Technical Indicators
Recent close $32.62
30d moving avg. $32.40
Annualized volatility 14.5%
Short interest (ETF) 0.1%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 116
Turnover 0.2%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $15,950

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs ActiveBeta Emg Mkts Equity ETF based on the alternatives' overlap in portfolio holdings with GEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GEM Expense: 45 bp ALTAR Score™: 9.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GEM
Ticker Fund
Name
Overlap1
vs GEM
(%)
Expense
ratio
(bp)
Savings
vs GEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs GEM
(%)
EEM iShares MSCI Emerging Markets 63.9 67 -22 8.7 -0.6
DBEM Xtrackers MSCI Emg. Mkts. Hedged 61.7 65 -20 8.6 -0.7
IEMG iShares Core MSCI Emerging Markets 59.9 14 31 8.7 -0.6
JHEM John Hancock Multifactor Emerging Markets 59.0 55 -10 8.9 -0.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 58.9 30 15 8.7 -0.6
EEMA iShares MSCI Emg Mkts Asia 53.3 50 -5 8.8 -0.5
SCHE Schwab Emerging Markets Equity 52.0 13 32 8.8 -0.5
AAXJ iShares MSCI Asia ex-Japan 50.5 67 -22 8.3 -0.9
ESGE iShares MSCI EM ESG Optimized 49.8 25 20 9.4 +0.2
FLAX Franklin FTSE Asia Ex Japan 48.9 19 26 8.8 -0.5
QEMM SPDR MSCI Emerging Markets Quality Mix 48.5 30 15 9.3 +0.1
PBEE Invesco PureBeta FTSE Emerging Markets 47.8 14 31 9.4 +0.1
XSOE WisdomTree Emg Mkt ex-SOE 47.1 32 13 7.0 -2.2
VWO Vanguard Emerging Markets 47.1 12 33 8.8 -0.5
SPEM SPDR Portfolio Emerging Markets 43.9 11 34 8.6 -0.7
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 42.9 59 -14 10.6 +1.4
EMXC iShares MSCI Emerging Markets ex China 42.9 49 -4 8.8 -0.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 42.7 20 25 8.3 -0.9
KEMX KraneShares MSCI Emerging Markets EX China Index 41.9 49 -4 8.8 -0.5
DVEM WisdomTree Emerging Markets Dividend 41.8 32 13 11.4 +2.1

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%.

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:
Goldman Sachs ActiveBeta Emg Mkts Equity
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 13.3 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 9.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.49 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.