Long-Term Care
ALTAR
Score™
4.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.9x P/Sales
ratio
2.5x
P/BV
ratio
2.1x Div.
yield
3.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Long-Term Care ETF tracks a market-cap-weighted index of global companies focused on senior living facilities/housing, nursing services, hospitals for the elderly, biotech for age-related illnesses, or related products/services.

FUND BASICS
Category Global Equities
Fund Sponsor Janus
Website www.janus.com
Inception date Jun 08, 2016
Assets (mns) $37
Currency USD
Expense ratio 35 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 50
Wgt avg mkt cap (mns) $11,182
Large cap (>$10bn) 41.8%
Mid cap ($2-10bn) 42.2%
Small cap (<$2bn) 16.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
WELLTOWER, INC. 17.8 %
VENTAS INC 11.2 %
HCP INC 8.9 %
OMEGA HEALTHCARE INVESTORS 4.8 %
AMEDISYS INC 4.2 %
LHC GROUP INC 4.1 %
RYMAN HEALTHCARE LTD 3.8 %
ORPEA 3.5 %
AEDIFICA 3.5 %
NATL HEALTH INVESTORS INC 3.4 %
Total 65.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 71.0 %
FRANCE 6.0 %
NEW ZEALAND 4.0 %
BELGIUM 3.3 %
CANADA 3.1 %
AUSTRALIA 1.6 %
JAPAN 0.9 %
SWEDEN 0.6 %



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.
22.5% 13.2% -- -- 7.8%

Market Correlations
versus... Beta R-squared
S&P500 0.41 13%
MSCI EAFE 0.18 2%
MSCI Emg. Mkts. 0.06 0%

Technical Indicators
Recent close $30.55
30d moving avg. $30.35
Annualized volatility 13.8%
Short interest (ETF) 0.3%
Relative strength (RSI) 41

Liquidity measures
Avg. volume (thou.) 17
Turnover 1.4%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $808

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Long-Term Care ETF based on the alternatives' overlap in portfolio holdings with OLD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: OLD Expense: 35 bp ALTAR Score™: 4.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH OLD
Ticker Fund
Name
Overlap1
vs OLD
(%)
Expense
ratio
(bp)
Savings
vs OLD
(bp)
ALTAR
Score™
(%)
ALTAR
vs OLD
(%)
REZ iShares Residential Real Estate Capped 25.0 48 -13 5.2 +0.4
LNGR Global X Longevity Thematic 11.3 50 -15 3.3 -1.4
SCHH Schwab US REIT 10.6 7 28 6.5 +1.7
RWR SPDR Dow Jones REIT ETF 10.6 25 10 6.3 +1.6
XHS SPDR S&P Health Care Services 10.5 35 0 6.1 +1.3
FRI First Trust S&P REIT 9.7 50 -15 6.0 +1.3
USRT iShares Core. U.S. REIT 9.6 8 27 6.5 +1.8
BBRE JPMorgan BetaBuilders MSCI U.S. REIT 9.4 11 24 6.4 +1.7
XLRE Real Estate Select Sector SPDR 9.4 13 22 5.4 +0.6
PSR Invesco Active US Real Estate 9.1 35 0 5.5 +0.8
EWRE Invesco S&P 500 Equal Weight Real Estate 8.9 40 -5 5.6 +0.9
ICF iShares Cohen & Steers Realty Majors 8.8 34 1 5.3 +0.5
KBWY Invesco KBW Premium Yield Equity REIT 8.6 35 0 14.9 +10.2
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy 7.8 75 -40 6.2 +1.5
FREL Fidelity MSCI Real Estate 7.5 8 27 6.1 +1.4
PSCH Invesco S&P Small Cap Health Care 7.5 29 6 2.5 -2.2
IYR iShares U.S. Real Estate 7.3 42 -7 5.8 +1.0
RORE Hartford Multifactor REIT 7.2 45 -10 13.1 +8.3
REET iShares Global REIT 7.0 14 21 6.2 +1.5
VNQ Vanguard REIT ETF 6.6 12 23 6.1 +1.3

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:
Long-Term Care
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 10.2 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.68 CATEGORY
AVERAGE
1.55
 
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.