Goldman Sachs Hedge Industry VIP
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
21.1x P/Sales
ratio
1.7x
P/BV
ratio
3.2x Div.
yield
0.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Goldman Sachs Hedge Industry VIP ETF tracks an equal-weighted index of the 50 most-frequently held US companies selected from the portfolios of hedge funds.

FUND BASICS
Category US Equities
Fund Sponsor Goldman Sachs
Website www.gsam.com
Inception date Nov 01, 2016
Assets (mns) $97
Currency USD
Expense ratio 45 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 48
Wgt avg mkt cap (mns) $212,049
Large cap (>$10bn) 82.5%
Mid cap ($2-10bn) 13.3%
Small cap (<$2bn) 4.1%
Developed mkts 95.6%
Emerging mkts 4.4%

TOP TEN HOLDINGS
P G & E CORP 3.6 %
NEXSTAR BROADCASTING GROUP-A 2.4 %
ALIBABA GROUP HOLDING LTD. SPONSOR 2.3 %
MICRON TECHNOLOGY INC 2.3 %
SERVICENOW INC 2.3 %
APPLE INC 2.3 %
ELDORADO RESORTS INC 2.2 %
ADOBE SYSTEMS INC 2.2 %
NETFLIX INC 2.2 %
MASTERCARD INC-CLASS A 2.1 %
Total 23.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 86.0 %
NETHERLANDS 3.8 %
IRELAND 3.7 %
CHINA 2.3 %
SINGAPORE 2.1 %
CANADA 2.0 %





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.
30.2% 30.2% -- -- 14.9%

Market Correlations
versus... Beta R-squared
S&P500 1.13 88%
MSCI EAFE 1.06 63%
MSCI Emg. Mkts. 0.76 57%

Technical Indicators
Recent close $66.72
30d moving avg. $63.99
Annualized volatility 14.6%
Short interest (ETF) 0.5%
Relative strength (RSI) 82

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.2%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $44,611

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: GVIP Expense: 45 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GVIP
Ticker Fund
Name
Overlap1
vs GVIP
(%)
Expense
ratio
(bp)
Savings
vs GVIP
(bp)
ALTAR
Score™
(%)
ALTAR
vs GVIP
(%)
GURU Global X Top Guru Holdings 30.6 75 -30 4.4 -0.8
USMC Principal U.S. Mega-Cap Multi-Factor Index 30.1 12 33 5.1 -0.1
XLG Invesco S&P Top 50 29.5 20 25 4.8 -0.4
XNTK SPDR NYSE Technology 28.0 35 10 4.7 -0.5
JKE iShares Morningstar Large Cap Growth 27.4 25 20 3.4 -1.8
SCHG Schwab U.S. Large-Cap Growth 27.3 4 41 4.5 -0.7
OEF iShares S&P 100 27.2 20 25 5.1 -0.1
IGM iShares S&P N. American Technology 26.7 46 -1 4.1 -1.2
IWL iShares Russell Top 200 26.6 15 30 5.3 +0.1
MGC Vanguard Mega Cap 300 ETF 26.1 7 38 5.5 +0.3
SPXV ProShares S&P 500 Ex-Health Care 25.7 27 18 5.3 +0.1
MGK Vanguard Mega Cap 300 Growth 25.6 7 38 4.6 -0.6
SPYG SPDR Portfolio S&P 500 Growth 25.1 4 41 4.7 -0.5
IVW iShares S&P 500 Growth 25.1 18 27 4.5 -0.7
VUG Vanguard Growth ETF 24.9 4 41 4.5 -0.7
ALFA AlphaClone Alternative Alpha 24.8 65 -20 4.1 -1.1
IETC iShares Evolved U.S. Technology 24.7 18 27 4.3 -0.9
SFY SoFi Select 500 24.7 0 45 5.2 +0.0
SPXE ProShares S&P 500 Ex-Energy 24.7 27 18 5.5 +0.3
CATH Global X S&P 500 Catholic Values 24.6 29 16 5.5 +0.3

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

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 Hedge Industry VIP
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 15.7 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.36 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.