Invesco Dividend Achievers
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.1x P/Sales
ratio
1.8x
P/BV
ratio
3.6x Div.
yield
2.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Dividend Achievers Portfolio seeks investment results that correspond to then Broad Dividend Achievers Index, which tracks stocks that have increased their annual dividend for 10 or

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Sep 15, 2005
Assets (mns) $317
Currency USD
Expense ratio 54 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 259
Wgt avg mkt cap (mns) $191,489
Large cap (>$10bn) 93.7%
Mid cap ($2-10bn) 5.8%
Small cap (<$2bn) 0.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 4.3 %
JOHNSON & JOHNSON 4.0 %
WAL-MART STORES INC 3.7 %
VISA INC-CLASS A SHARES 3.4 %
PROCTER & GAMBLE CO/THE 3.4 %
EXXON MOBIL CORP 3.2 %
AT&T INC 3.0 %
VERIZON COMMUNICATIONS INC 2.7 %
COCA-COLA CO/THE 2.5 %
CHEVRON CORP 2.4 %
Total 32.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.5 %
IRELAND 3.1 %
SWITZERLAND 0.8 %
BERMUDA 0.3 %







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.
23.7% 13.3% 9.0% 11.6% 7.4%

Market Correlations
versus... Beta R-squared
S&P500 0.83 89%
MSCI EAFE 0.74 58%
MSCI Emg. Mkts. 0.49 41%

Technical Indicators
Recent close $30.22
30d moving avg. $29.88
Annualized volatility 10.6%
Short interest (ETF) 0.4%
Short interest (Underlying) 2.2%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.1%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $42,005

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PFM Expense: 54 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PFM
Ticker Fund
Name
Overlap1
vs PFM
(%)
Expense
ratio
(bp)
Savings
vs PFM
(bp)
ALTAR
Score™
(%)
ALTAR
vs PFM
(%)
VIG Vanguard Dividend Appreciation 66.4 6 48 5.5 +0.0
VYM Vanguard High Dividend Yield ETF 50.5 6 48 7.2 +1.8
DLN WisdomTree Large Cap Dividend 46.0 28 26 6.5 +1.0
OUSA O'Shares FTSE U.S. Quality Dividend 45.4 48 6 5.9 +0.5
DGRO iShares Core Dividend Growth 45.3 8 46 6.4 +1.0
SCHV Schwab U.S. Large-Cap Value 44.5 4 50 6.9 +1.5
OYLD Invesco Russell 1000 Yield Factor ETF 43.8 19 35 7.0 +1.6
DGRW WisdomTree US Dividend Growth 43.8 28 26 6.7 +1.3
USMC Principal U.S. Mega-Cap Multi-Factor Index 43.3 12 42 5.4 -0.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity 43.1 29 25 6.2 +0.8
OVOL Invesco Russell 1000 Low Volatility Factor ETF 42.6 19 35 5.6 +0.2
DTD WisdomTree Total Dividend 42.6 28 26 6.5 +1.1
IWX iShares Russell Top 200 Value 41.9 20 34 6.9 +1.5
MGV Vanguard Mega Cap 300 Value 41.4 7 47 7.0 +1.6
QUS SPDR MSCI USA Quality Mix 40.1 15 39 5.9 +0.5
VTV Vanguard Value ETF 38.4 4 50 7.2 +1.7
ESG FlexShares STOXX US ESG Impact Index Fund 38.0 32 22 5.4 -0.1
DHS WisdomTree Equity Income 37.8 38 16 7.2 +1.7
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income 37.8 75 -21 5.4 -0.1
NOBL ProShares S&P500 Aristocrats 37.7 35 19 5.8 +0.3

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%.

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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

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:
Invesco Dividend Achievers
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 19.4 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 54 bp
Equals: ALTAR Score 5.4 %
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.