First Trust Horizon Managed Volatility Developed Int'l
ALTAR
Score™
5.9% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
15.3x P/Sales
ratio
1.3x
P/BV
ratio
1.4x Div.
yield
3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The First Trust Horizons Managed Volatility Developed International ETF is an active fund of low expected volatility mid- and large-cap stocks from developed markets.

FUND BASICS
Category International Equities
Fund Sponsor First Trust
Website www.ftportfolios.com
Inception date Aug 24, 2016
Assets (mns) $162
Currency USD
Expense ratio 80 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 150
Wgt avg mkt cap (mns) $39,783
Large cap (>$10bn) 75.2%
Mid cap ($2-10bn) 24.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SWISS PRIME SITE-REG 1.0 %
SWISSCOM AG 1.0 %
DEUTSCHE TELEKOM AG 1.0 %
HONGKONG ELECTRIC HOLDINGS 1.0 %
SINGAPORE AIRLINES LTD 0.9 %
ROCHE HOLDING AG-GENUSSCHEIN 0.9 %
ASCENDAS REAL ESTATE INV TRT 0.9 %
ZURICH FINANCIAL SERVICES AG 0.9 %
SWISS LIFE HOLDING AG-REG 0.9 %
AGEAS 0.9 %
Total 9.4 %

TOP COUNTRY EXPOSURE
JAPAN 26.0 %
BRITAIN 10.3 %
SINGAPORE 10.1 %
SWITZERLAND 9.4 %
AUSTRALIA 9.0 %
FRANCE 8.6 %
GERMANY 6.5 %
SPAIN 4.1 %
HONG KONG 3.8 %
NETHERLANDS 2.2 %

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.
15.0% 15.0% -- -- 7.6%

Market Correlations
versus... Beta R-squared
S&P500 0.53 51%
MSCI EAFE 0.76 85%
MSCI Emg. Mkts. 0.53 72%

Technical Indicators
Recent close $34.49
30d moving avg. $34.16
Annualized volatility 9.0%
Short interest (ETF) 0.5%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 17
Turnover 0.4%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $9,256

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the First Trust Horizon Managed Volatility Developed Int'l ETF based on the alternatives' overlap in portfolio holdings with HDMV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HDMV Expense: 80 bp ALTAR Score™: 5.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HDMV
Ticker Fund
Name
Overlap1
vs HDMV
(%)
Expense
ratio
(bp)
Savings
vs HDMV
(bp)
ALTAR
Score™
(%)
ALTAR
vs HDMV
(%)
EFAV iShares MSCI EAFE Minimum Volatility 46.9 20 60 5.5 -0.4
IDLV Invesco S&P Int'l Developed Low Volatility 46.1 25 55 6.2 +0.3
EUMV iShares MSCI Europe Min Volatility 40.7 25 55 5.1 -0.8
RBIN Nationwide Risk-Based International Equity 37.0 42 38 7.1 +1.2
DWMF WisdomTree International Multifactor Fund 36.1 38 42 6.0 +0.1
IDHD Invesco S&P Intl Developed High Div Low Volatility 34.0 30 50 6.4 +0.4
QEFA SPDR MSCI EAFE Quality Mix 31.5 30 50 6.4 +0.5
QLVD FlexShares Developed Mkts ex-US Quality Low Volatility 30.7 32 48 6.6 +0.7
MVIN Natixis Seeyond International Minimum Volatility 28.5 55 25 6.0 +0.1
DOL WisdomTree Int'l Large Cap Dividend 28.4 48 32 7.5 +1.6
RNDM First Trust Developed International Equity Select 28.4 65 15 6.1 +0.2
EFV iShares MSCI EAFE Value 26.6 38 42 8.8 +2.8
FDEV Fidelity Targeted International Factor 26.5 39 41 6.7 +0.8
TPIF Timothy Plan International 26.0 62 18 6.3 +0.4
EFA iShares MSCI EAFE 25.6 31 49 6.6 +0.7
DBEF Xtrackers MSCI EAFE Hedged 24.9 35 45 6.5 +0.6
ESGD iShares MSCI EAFE ESG Optimized 24.7 20 60 6.6 +0.7
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 24.6 35 45 7.5 +1.6
JHMD John Hancock Multifactor Developed International 24.5 45 35 6.9 +1.0

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%.

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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:
First Trust Horizon Managed Volatility Developed Int'l
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 9.1 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 5.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.79 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.