Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap
ALTAR
Score™
6.4% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
17.0x P/Sales
ratio
0.7x
P/BV
ratio
1.2x Div.
yield
2.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio seeks investment results that correspond to the price and yield of the FTSE RAFI Developed Markets ex-U.S. Small-Mid Index

FUND BASICS
Category International Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Sep 27, 2007
Assets (mns) $328
Currency USD
Expense ratio 49 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Fundamental
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1481
Wgt avg mkt cap (mns) $3,500
Large cap (>$10bn) 5.9%
Mid cap ($2-10bn) 53.2%
Small cap (<$2bn) 40.9%
Developed mkts 92.0%
Emerging mkts 8.0%

TOP TEN HOLDINGS
HITACHI CHEMICAL CO LTD 0.3 %
LEOPALACE21 CORP 0.3 %
BOVIS HOMES GROUP PLC 0.3 %
IBIDEN CO LTD 0.2 %
HITACHI HIGH-TECHNOLOGIES CO 0.2 %
AZIMUT HOLDING SPA 0.2 %
JB HI-FI LTD 0.2 %
REGUS PLC 0.2 %
ALTICE NV CLASS A 0.2 %
NEXANS SA 0.2 %
Total 2.3 %

TOP COUNTRY EXPOSURE
JAPAN 32.6 %
BRITAIN 8.5 %
CANADA 7.2 %
SOUTH KOREA 5.6 %
AUSTRALIA 5.5 %
GERMANY 3.8 %
SWITZERLAND 3.5 %
SWEDEN 3.1 %
FRANCE 2.9 %
ITALY 2.9 %

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.
19.2% 19.2% 6.6% 6.6% 4.1%

Market Correlations
versus... Beta R-squared
S&P500 0.85 73%
MSCI EAFE 1.05 91%
MSCI Emg. Mkts. 0.74 79%

Technical Indicators
Recent close $31.80
30d moving avg. $31.92
Annualized volatility 12.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.1%
Bid/Ask (% of price) 0.34%
ADV underlying (mns) $10,212

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap ETF based on the alternatives' overlap in portfolio holdings with PDN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PDN Expense: 49 bp ALTAR Score™: 6.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PDN
Ticker Fund
Name
Overlap1
vs PDN
(%)
Expense
ratio
(bp)
Savings
vs PDN
(bp)
ALTAR
Score™
(%)
ALTAR
vs PDN
(%)
FNDC Schwab Fundamental Intl Small Cap 67.2 39 10 4.5 -1.9
ISDS Invesco Strategic Developed ex-US Small Company 44.7 35 14 5.1 -1.3
SCZ iShares MSCI EAFE Small Cap 44.6 39 10 6.1 -0.3
SCHC Schwab Intl Small-Cap Equity 39.9 12 37 6.4 -0.0
VSS Vanguard FTSE All World ex-US Small Cap 34.6 12 37 6.3 -0.1
GWX SPDR International SmallCap 31.7 40 9 4.5 -1.8
IEUS iShares MSCI Europe Small Cap 28.2 40 9 6.2 -0.2
DDLS WisdomTree Dynamic Currency Hedged Int'l SmallCap 27.8 43 6 8.1 +1.7
DLS WisdomTree Int'l SmallCap Dividend 25.5 58 -9 8.1 +1.7
SCJ iShares MSCI Japan Small Cap 24.0 47 2 6.2 -0.2
IDLB Invesco FTSE Int'l Low Beta Equal Weight 23.9 45 4 6.9 +0.5
DXJS WisdomTree Japan Hedged Small 21.3 58 -9 7.8 +1.5
DFJ WisdomTree Japan Small Cap Dividend 21.3 58 -9 7.9 +1.6
TLTD FlexShares Mngstr Developed Mkts ex-US Factor Tilt 21.2 39 10 8.2 +1.8
AVDV Avantis International Small Cap Value 19.0 36 13 7.1 +0.8
AVDE Avantis International Equity 17.0 23 26 7.3 +0.9
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity 16.6 39 10 6.1 -0.3
DEEF Xtrackers FTSE Dev ex-US Comprehensive Factor 16.6 24 25 6.9 +0.5
DIM WisdomTree Intl M/C Dividend 15.4 58 -9 7.3 +0.9
VPL Vanguard Pacific ETF 15.3 9 40 7.5 +1.2

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:
Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.0 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.64 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.