PIMCO RAFI Dynamic Multi-Factor U.S. Equity
ALTAR
Score™
6.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
17.7x P/Sales
ratio
1.3x
P/BV
ratio
3.1x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF is a smart beta strategy that seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index. The fund is designed to provide investors with the benefits of dynamically-weighted exposure to multiple equity factors, including value, quality, low volatility.

FUND BASICS
Category US Equities
Fund Sponsor PIMCO
Website www.pimcoetfs.com
Inception date Aug 31, 2017
Assets (mns) $129
Currency USD
Expense ratio 29 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 863
Wgt avg mkt cap (mns) $136,297
Large cap (>$10bn) 83.7%
Mid cap ($2-10bn) 14.2%
Small cap (<$2bn) 2.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
VERIZON COMMUNICATIONS INC 2.5 %
WAL-MART STORES INC 2.5 %
PROCTER & GAMBLE CO/THE 2.4 %
WALT DISNEY CO/THE 1.9 %
TARGET CORP 1.8 %
PEPSICO INC 1.8 %
COCA-COLA CO/THE 1.8 %
INTL BUSINESS MACHINES CORP 1.8 %
CVS CAREMARK CORP 1.7 %
AT&T INC 1.6 %
Total 19.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.4 %
BRITAIN 1.2 %
IRELAND 0.9 %
SWITZERLAND 0.5 %
BERMUDA 0.2 %
CANADA 0.1 %





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.
23.8% 12.4% -- -- 10.6%

Market Correlations
versus... Beta R-squared
S&P500 0.90 96%
MSCI EAFE 0.90 72%
MSCI Emg. Mkts. 0.62 53%

Technical Indicators
Recent close $30.67
30d moving avg. $30.48
Annualized volatility 13.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.1%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $116,567

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF based on the alternatives' overlap in portfolio holdings with MFUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MFUS Expense: 29 bp ALTAR Score™: 6.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MFUS
Ticker Fund
Name
Overlap1
vs MFUS
(%)
Expense
ratio
(bp)
Savings
vs MFUS
(bp)
ALTAR
Score™
(%)
ALTAR
vs MFUS
(%)
FNDB Schwab Fundamental Broad Mkt 57.5 25 4 6.0 -0.3
FNDX Schwab Fundamental Large Cap 56.6 25 4 6.0 -0.3
PRF Invesco FTSE-RAFI U.S. 1000 55.6 39 -10 6.6 +0.3
DTD WisdomTree Total Dividend 55.1 28 1 6.6 +0.3
MMTM SPDR S&P1500 Momentum Tilt 54.3 12 17 5.4 -0.9
OMOM Invesco Russell 1000 Momentum Factor ETF 53.8 19 10 5.3 -1.0
IYY iShares DJ US Total Market 52.9 20 9 5.7 -0.6
SCHK Schwab 1000 Index 52.8 5 24 5.9 -0.4
DYNF BlackRock U.S. Equity Factor Rotation 52.6 30 -1 6.5 +0.2
JHML John Hancock Multifactor Large Cap 52.6 34 -5 6.0 -0.3
QUS SPDR MSCI USA Quality Mix 52.5 15 14 6.0 -0.3
IWB iShares Russell 1000 52.5 15 14 5.7 -0.5
SPLG SPDR Portfolio Large Cap 52.5 3 26 5.8 -0.5
VONE Vanguard Russell 1000 52.4 12 17 5.8 -0.5
SPTM SPDR Portfolio Total Stock Market 52.4 3 26 5.7 -0.6
VLU SPDR S&P 1500 Value Tilt 52.2 12 17 7.4 +1.1
SCHX Schwab U.S. Large-Cap 52.2 3 26 5.8 -0.5
SCHB Schwab U.S. Broad Market 52.1 3 26 5.7 -0.6
VTI Vanguard Total Market 52.0 3 26 5.7 -0.6
ITOT iShares Core S&P Total US 52.0 3 26 5.6 -0.6

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:
PIMCO RAFI Dynamic Multi-Factor U.S. Equity
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 18.1 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 6.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.56
 
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.