Renaissance International IPO
ALTAR
Score™
5.5% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
30.0x P/Sales
ratio
1.7x
P/BV
ratio
3.7x Div.
yield
1.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Renaissance International IPO ETF tracks a cap-weighted index of recent IPOs listed internationally. The fund adds an IPO within 90 days of its initial listing.

FUND BASICS
Category International Equities
Fund Sponsor Renaissance Capital
Website www.renaissancecapital.com
Inception date Oct 06, 2014
Assets (mns) $2
Currency USD
Expense ratio 80 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 53
Wgt avg mkt cap (mns) $22,741
Large cap (>$10bn) 68.5%
Mid cap ($2-10bn) 30.5%
Small cap (<$2bn) 0.0%
Developed mkts 76.3%
Emerging mkts 23.0%

TOP TEN HOLDINGS
MEITUAN DIANPING 12.0 %
SOFTBANK CORP. 9.0 %
XIAOMI CORP. CLASS B 6.5 %
CHINA TOWER CORP. LTD. CLASS H 5.8 %
ADYEN NV 4.4 %
SIEMENS HEALTHINEERS AG 3.8 %
SG HOLDINGS CO., LTD. 3.2 %
NOTRE DAME INTERMEDICA PARTICIPACO 3.1 %
PETROBRAS DISTRIBUIDORA SA 2.7 %
HDFC LIFE INSURANCE CO. LTD. 2.2 %
Total 52.7 %

TOP COUNTRY EXPOSURE
CHINA 27.5 %
JAPAN 12.2 %
BRAZIL 6.9 %
GERMANY 6.3 %
INDIA 6.2 %
NETHERLANDS 4.4 %
BRITAIN 1.8 %
ITALY 1.5 %
UAE 0.5 %
MEXICO 0.3 %

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.
22.4% 22.1% -- -- 6.1%

Market Correlations
versus... Beta R-squared
S&P500 0.67 41%
MSCI EAFE 0.92 66%
MSCI Emg. Mkts. 0.73 65%

Technical Indicators
Recent close $22.73
30d moving avg. $22.63
Annualized volatility 12.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.95%
ADV underlying (mns) $821

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Renaissance International IPO ETF based on the alternatives' overlap in portfolio holdings with IPOS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IPOS Expense: 80 bp ALTAR Score™: 5.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IPOS
Ticker Fund
Name
Overlap1
vs IPOS
(%)
Expense
ratio
(bp)
Savings
vs IPOS
(bp)
ALTAR
Score™
(%)
ALTAR
vs IPOS
(%)
FPXI First Trust International IPO 27.9 70 10 4.1 -1.4
CQQQ Invesco China Technology 11.2 70 10 5.4 -0.1
KWEB KraneShares CSI China Internet 11.1 76 4 5.1 -0.5
FDNI First Trust Dow Jones International Internet 10.1 65 15 4.6 -0.9
FXI iShares China Large-Cap 9.4 74 6 13.9 +8.4
FPXE First Trust IPOX Europe Equity Opportunities 9.0 70 10 4.0 -1.6
CHIK Global X MSCI China Information Technology 6.5 65 15 5.2 -0.3
ARKF ARK Fintech Innovation 5.9 75 5 1.9 -3.6
FLN First Trust Latin America AlphaDEX 5.4 80 0 5.5 0.0
CXSE WisdomTree China ex-State Owned Enterprises 5.2 32 48 7.2 +1.7
TTTN TigerShares China-U.S. Internet Titans 5.2 59 21 3.9 -1.6
FBZ First Trust Brazil AlphaDEX 5.1 80 0 8.0 +2.5
CHIQ Global X MSCI China Consumer Discretionary 5.0 65 15 5.4 -0.1
BICK First Trust BICK Index Fund 4.7 64 16 6.1 +0.6
KMED KraneShares Emerging Markets Healthcare Index 4.7 79 1 3.8 -1.8
FINX Global X FinTech Thematic 4.4 68 12 3.3 -2.2
DINT Davis Select International 3.8 75 5 6.3 +0.8
FLCH Franklin FTSE China 3.7 19 61 10.0 +4.5
CHIC Global X MSCI China Communication Services 3.5 65 15 6.2 +0.7
IPAY ETFMG Prime Mobile Payments 3.3 75 5 6.0 +0.5

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:
Renaissance International IPO
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 21.6 %
Divided by: Fwd. P/BV 3.4 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 5.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 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.