Legg Mason International Low Volatility High Dividend
ALTAR
Score™
9.4% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
12.3x P/Sales
ratio
1.0x
P/BV
ratio
1.4x Div.
yield
5.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Legg Mason International Low Volatility High Dividend ETF tracks an all-cap index of developed ex-U.S. stocks. Stocks are selected and weighted to emphasize profitability, high dividends, low price volatility and low earnings volatility.

FUND BASICS
Category International Equities
Fund Sponsor Legg Mason
Website www.leggmasonetf.com
Inception date Jul 27, 2016
Assets (mns) $56
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 111
Wgt avg mkt cap (mns) $43,046
Large cap (>$10bn) 84.0%
Mid cap ($2-10bn) 14.2%
Small cap (<$2bn) 1.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TELEFONICA SA 2.6 %
COMMONWEALTH BANK OF AUSTRAL 2.6 %
NATIONAL GRID PLC 2.5 %
NTT DOCOMO, INC. 2.5 %
TOYOTA MOTOR CORP 2.5 %
BT GROUP PLC 2.5 %
ENEL SPA 2.4 %
JAPAN TOBACCO INC 2.4 %
CAN IMPERIAL BK OF COMMERCE 2.4 %
BAYERISCHE MOTOREN WERKE AG 2.4 %
Total 24.8 %

TOP COUNTRY EXPOSURE
BRITAIN 14.6 %
JAPAN 14.1 %
SPAIN 11.8 %
CANADA 9.0 %
SWITZERLAND 8.3 %
AUSTRALIA 7.7 %
ITALY 6.7 %
GERMANY 5.1 %
SINGAPORE 4.9 %
SWEDEN 4.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
17.3% 13.7% -- -- 8.8%

Market Correlations
versus... Beta R-squared
S&P500 0.49 50%
MSCI EAFE 0.62 68%
MSCI Emg. Mkts. 0.39 42%

Technical Indicators
Recent close $26.47
30d moving avg. $27.51
Annualized volatility 8.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 37

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.5%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $4,976

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Legg Mason International Low Volatility High Dividend ETF based on the alternatives' overlap in portfolio holdings with LVHI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: LVHI Expense: 40 bp ALTAR Score™: 9.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH LVHI
Ticker Fund
Name
Overlap1
vs LVHI
(%)
Expense
ratio
(bp)
Savings
vs LVHI
(bp)
ALTAR
Score™
(%)
ALTAR
vs LVHI
(%)
CID Victory CEMP International High Div Volatility Wtd 31.9 45 -5 8.8 -0.6
DOO WisdomTree Int'l Dividend Ex-Financials 30.0 58 -18 8.0 -1.4
IDV iShares DJ Int'l Select Dividend 29.1 49 -9 8.4 -1.0
EFAS Global X MSCI SuperDividend EAFE 28.8 55 -15 8.7 -0.7
HDEF Xtrackers MSCI EAFE High Div Yld Hedged 28.5 20 20 8.7 -0.7
IDHD Invesco S&P Intl Developed High Div Low Volatility 26.0 30 10 6.4 -3.0
DTH WisdomTree DEFA Equity Income 24.8 58 -18 8.5 -0.9
IDOG ALPS International Sector Dividend Dogs 24.4 50 -10 7.4 -2.0
FGD First Trust DJ Global Select Dividend 21.9 58 -18 9.2 -0.2
RIDV Invesco International Ultra Dividend Revenue ETF 21.7 42 -2 9.1 -0.3
EFV iShares MSCI EAFE Value 21.3 38 2 9.0 -0.4
FIDI Fidelity International High Dividend 21.1 39 1 10.1 +0.7
DOL WisdomTree Int'l Large Cap Dividend 20.5 48 -8 7.7 -1.7
DWX SPDR S&P International Dividend ETF 20.0 45 -5 7.0 -2.4
IQDE FlexShares Int'l Quality Dividend Defensive 19.3 47 -7 9.6 +0.2
IDY Pacific Global International Equity Income 19.2 39 1 8.2 -1.2
FID First Trust S&P International Dividend Aristocrats 18.1 60 -20 7.1 -2.3
HDAW Xtrackers MSCI All World ex US High Div Yield 18.0 20 20 10.0 +0.6
OEUR O'Shares FTSE Europe Quality Dividend 17.9 48 -8 6.4 -3.0
IQDF FlexShares Int'l Quality Dividend 17.7 47 -7 9.5 +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%.

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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:
Legg Mason International Low Volatility High Dividend
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.0 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 9.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.75 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.