Legg Mason Global Infrastructure
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.0x P/Sales
ratio
2.1x
P/BV
ratio
2.0x Div.
yield
3.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Legg Mason Global Infrastructure ETF tracks an index of global infrastructure firms, selected for yield and cash flow. Holdings are weighted by a combination of market cap, infrastructure exposure, low volatility, and economic indicators.

FUND BASICS
Category Global Equities
Fund Sponsor Legg Mason
Website www.leggmasonetf.com
Inception date Dec 29, 2016
Assets (mns) $23
Currency USD
Expense ratio 40 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 96
Wgt avg mkt cap (mns) $33,421
Large cap (>$10bn) 88.8%
Mid cap ($2-10bn) 11.0%
Small cap (<$2bn) 0.2%
Developed mkts 95.5%
Emerging mkts 4.5%

TOP TEN HOLDINGS
TRANSURBAN GROUP 5.1 %
ENBRIDGE INC 5.1 %
TRANSCANADA CORP 5.1 %
CROWN CASTLE INTL CORP 4.8 %
IBERDROLA SA 4.6 %
ENEL SPA 3.4 %
EAST JAPAN RAILWAY CO 3.4 %
KINDER MORGAN INC 3.0 %
DOMINION RESOURCES INC/VA 2.7 %
DUKE ENERGY CORP 2.6 %
Total 39.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 33.1 %
CANADA 14.5 %
AUSTRALIA 9.0 %
JAPAN 8.8 %
SPAIN 8.3 %
ITALY 5.0 %
BRITAIN 4.2 %
FRANCE 3.0 %
HONG KONG 2.8 %
GERMANY 1.7 %

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.
23.4% 23.4% -- -- 11.2%

Market Correlations
versus... Beta R-squared
S&P500 0.41 33%
MSCI EAFE 0.50 42%
MSCI Emg. Mkts. 0.34 34%

Technical Indicators
Recent close $32.89
30d moving avg. $31.41
Annualized volatility 8.5%
Short interest (ETF) 1.5%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 10
Turnover 1.4%
Bid/Ask (% of price) 1.67%
ADV underlying (mns) $5,549

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Legg Mason Global Infrastructure ETF based on the alternatives' overlap in portfolio holdings with INFR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: INFR Expense: 40 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH INFR
Ticker Fund
Name
Overlap1
vs INFR
(%)
Expense
ratio
(bp)
Savings
vs INFR
(bp)
ALTAR
Score™
(%)
ALTAR
vs INFR
(%)
GII SPDR FTSE/Macquarie Global Infrastructure 50.3 40 0 4.6 -0.8
IGF iShares S&P Global Infrastructure 50.3 46 -6 4.5 -0.8
GLIF AGFiQ Global Infrastructure 40.4 45 -5 4.9 -0.5
JXI iShares S&P Global Utilities 39.9 46 -6 5.0 -0.3
NFRA FlexShares STOXX Global Broad Infrastructure 39.5 47 -7 6.2 +0.8
TOLZ ProShares Global Infrastructure 35.4 46 -6 4.9 -0.5
EMLP First Trust N. American Energy Infrastructure 26.6 95 -55 4.6 -0.8
GHII Invesco S&P High Income Infrastructure 21.2 45 -5 5.2 -0.2
FUTY Fidelity MSCI Utilities 20.0 8 32 4.9 -0.5
VPU Vanguard Utilities ETF 20.0 10 30 4.9 -0.5
JHMU John Hancock Multifactor Utilities 19.7 40 0 4.9 -0.5
IDU iShares DJ US Utilities 19.7 43 -3 4.6 -0.8
TPYP Tortoise North American Pipeline 18.9 40 0 4.4 -1.0
ENFR Alerian Energy Infrastructure 18.5 55 -15 3.8 -1.6
YMLP Yorkville High Income MLP 18.5 84 -44 3.6 -1.7
USAI American Energy Independence 18.5 75 -35 1.9 -3.5
XLU Utilities Select Sector SPDR 18.4 13 27 4.9 -0.4
RYU Invesco S&P Equal Weight Utilities 18.4 40 0 4.8 -0.6
MLPX Global X MLP & Energy Infrastructure 18.1 45 -5 3.6 -1.7

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:
Legg Mason Global Infrastructure
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 11.0 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.66 CATEGORY
AVERAGE
1.54
 
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.