Invesco Golden Dragon China
ALTAR
Score™
3.2% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
49.3x P/Sales
ratio
1.7x
P/BV
ratio
2.8x Div.
yield
0.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Golden Dragon China Portfolio seeks investment results that correspond to the price and yield of the NASDAQ Golden Dragon China Index. The index is composed of US exchange-listed companies that are headquartered in China.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 09, 2004
Assets (mns) $214
Currency USD
Expense ratio 70 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 67
Wgt avg mkt cap (mns) $67,792
Large cap (>$10bn) 65.7%
Mid cap ($2-10bn) 28.4%
Small cap (<$2bn) 5.3%
Developed mkts 20.1%
Emerging mkts 79.9%

TOP TEN HOLDINGS
JD.COM INC-ADR 8.6 %
BAIDU INC - SPON ADR 8.2 %
CTRIP.COM INTERNATIONAL-ADR 8.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR 7.9 %
NETEASE.COM INC-ADR 7.7 %
TAL EDUCATION GROUP UNSPONSORED AD 4.2 %
ZTO EXPRESS (CAYMAN) INC. SPONSORE 3.9 %
NEW ORIENTAL EDUCATIO-SP ADR 3.9 %
PINDUODUO, INC. SPONSORED ADR CLAS 3.8 %
58.COM INC. SPONSORED ADR CLASS A 3.4 %
Total 59.5 %

TOP COUNTRY EXPOSURE
CHINA 94.1 %
HONG KONG 3.1 %
CANADA 0.6 %








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.
32.2% 32.2% 9.4% 6.9% 8.5%

Market Correlations
versus... Beta R-squared
S&P500 1.46 53%
MSCI EAFE 1.74 62%
MSCI Emg. Mkts. 1.35 64%

Technical Indicators
Recent close $45.52
30d moving avg. $42.17
Annualized volatility 24.3%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.8%
Relative strength (RSI) 78

Liquidity measures
Avg. volume (thou.) 17
Turnover 0.4%
Bid/Ask (% of price) 0.57%
ADV underlying (mns) $4,947

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PGJ Expense: 70 bp ALTAR Score™: 3.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PGJ
Ticker Fund
Name
Overlap1
vs PGJ
(%)
Expense
ratio
(bp)
Savings
vs PGJ
(bp)
ALTAR
Score™
(%)
ALTAR
vs PGJ
(%)
KWEB KraneShares CSI China Internet 63.3 76 -6 3.5 +0.3
FNI First Trust ISE Chindia 53.0 59 11 3.6 +0.4
EMQQ Emerging Markets Internet & E-Commerce 39.2 86 -16 3.2 -0.0
CHIQ Global X MSCI China Consumer Discretionary 37.4 65 5 4.7 +1.5
CQQQ Invesco China Technology 36.6 70 0 4.6 +1.4
TTTN TigerShares China-U.S. Internet Titans 33.6 59 11 3.6 +0.4
KEMQ KraneShares EM Consumer Focus 33.2 80 -10 8.3 +5.1
CHIC Global X MSCI China Communication Services 32.2 65 5 4.7 +1.5
EEB Invesco BRIC 30.6 64 6 6.1 +2.9
FDNI First Trust Dow Jones International Internet 28.1 65 5 3.7 +0.5
EBIZ Global X E-commerce 27.4 68 2 2.5 -0.7
PLAT WisdomTree Modern Tech Platforms 27.3 45 25 2.7 -0.5
CXSE WisdomTree China ex-State Owned Enterprises 25.9 32 38 6.1 +2.9
ADRE BLDRs Emerging Markets 50 ADR 25.7 30 40 5.7 +2.5
ECON Columbia Emerging Markets Consumer 24.3 59 11 5.0 +1.8
PNQI Invesco Nasdaq Internet 23.4 62 8 2.4 -0.8
DINT Davis Select International 23.0 75 -5 5.2 +2.0
ADRA BLDRs Asia 50 ADR 22.5 30 40 8.6 +5.4
CHIL Global X MSCI China Large-Cap 50 20.6 29 41 9.3 +6.1
DWLD Davis Select Worldwide 18.8 64 6 5.4 +2.2

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%.

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:
Invesco Golden Dragon China
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.9 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 3.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.33 CATEGORY
AVERAGE
1.48
 
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.