Goldman Sachs ActiveBeta Int'l Equity
ALTAR
Score™
6.7% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
15.7x P/Sales
ratio
1.0x
P/BV
ratio
1.7x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GSIE tracks an index of stocks in developed markets outside of the US 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 International Equities
Fund Sponsor Goldman Sachs
Website assetmanagement.gs.com
Inception date Nov 06, 2015
Assets (mns) $1,666
Currency USD
Expense ratio 25 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 801
Wgt avg mkt cap (mns) $48,881
Large cap (>$10bn) 73.7%
Mid cap ($2-10bn) 25.6%
Small cap (<$2bn) 0.7%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
NESTLE SA-REG 1.7 %
ROCHE HOLDING AG-GENUSSCHEIN 1.2 %
NOVARTIS AG-REG 1.0 %
LVMH MOET HENNESSY LOUIS VUI 0.7 %
ROYAL BANK OF CANADA 0.6 %
NOVO NORDISK A/S-B 0.6 %
HSBC HOLDINGS PLC 0.6 %
ADIDAS AG 0.6 %
SAP AG 0.6 %
L'OREAL 0.5 %
Total 8.0 %

TOP COUNTRY EXPOSURE
JAPAN 21.1 %
BRITAIN 13.2 %
FRANCE 10.5 %
CANADA 9.7 %
SWITZERLAND 8.6 %
GERMANY 7.5 %
AUSTRALIA 5.6 %
NETHERLANDS 3.8 %
HONG KONG 2.7 %
SPAIN 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.
17.5% 11.7% -- -- 6.7%

Market Correlations
versus... Beta R-squared
S&P500 0.76 67%
MSCI EAFE 0.99 96%
MSCI Emg. Mkts. 0.70 78%

Technical Indicators
Recent close $29.64
30d moving avg. $29.01
Annualized volatility 11.2%
Short interest (ETF) 0.1%
Relative strength (RSI) 73

Liquidity measures
Avg. volume (thou.) 188
Turnover 0.3%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $46,507

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: GSIE Expense: 25 bp ALTAR Score™: 6.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GSIE
Ticker Fund
Name
Overlap1
vs GSIE
(%)
Expense
ratio
(bp)
Savings
vs GSIE
(bp)
ALTAR
Score™
(%)
ALTAR
vs GSIE
(%)
EFA iShares MSCI EAFE 62.7 31 -6 6.9 +0.3
SCHF Schwab International Equity 62.6 6 19 7.4 +0.7
DBEF Xtrackers MSCI EAFE Hedged 62.2 35 -10 6.9 +0.2
IDEV iShares Core MSCI Int'l Developed Markets 61.6 5 20 7.1 +0.4
SPDW SPDR Portfolio World ex-US 61.1 4 21 7.2 +0.5
EFAX SPDR MSCI EAFE Fossil Fuel Free 59.6 20 5 7.1 +0.5
PBDM Invesco PureBeta FTSE Developed ex-North America 59.6 7 18 7.5 +0.8
HFXI IQ 50 Percent Hedged FTSE Int'l 59.5 20 5 7.2 +0.5
VEA Vanguard Europe Pacific 59.3 5 20 7.3 +0.6
IEFA iShares Core MSCI EAFE 59.2 7 18 7.1 +0.4
ACWX iShares MSCI ACWI ex-US 57.0 31 -6 7.4 +0.8
DBAW Xtrackers MSCI All World ex-US Hedged 56.7 40 -15 7.3 +0.6
PDEV Principal International Multi-Factor Core Index 56.5 25 0 6.9 +0.2
GSEU Goldman Sachs ActiveBeta Europe Equity 56.3 25 0 6.4 -0.2
QEFA SPDR MSCI EAFE Quality Mix 56.2 30 -5 6.6 -0.1
JHMD John Hancock Multifactor Developed International 55.8 45 -20 7.2 +0.5
VEU Vanguard FTSE All-World ex-US 54.5 9 16 7.6 +0.9
FNDF Schwab Fundamental Intl Large Cap 54.1 25 0 7.5 +0.8
PXF Invesco FTSE-RAFI Developed ex-US 54.1 45 -20 8.1 +1.5
ISZE iShares MSCI Int'l Developed Size Factor 52.7 30 -5 6.7 +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%.

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 Int'l Equity
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 10.9 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 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.