Invesco Water Resources
ALTAR
Score™
3.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
27.5x P/Sales
ratio
3.1x
P/BV
ratio
4.2x Div.
yield
0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco Water Resources fund is based on the Palisades Water Index™. The Index seeks to identify a group of companies that focus on the provision of potable water, the treatment of water, and the technology and services that are directly related to water consumption.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 06, 2005
Assets (mns) $1,168
Currency USD
Expense ratio 60 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 36
Wgt avg mkt cap (mns) $23,305
Large cap (>$10bn) 50.3%
Mid cap ($2-10bn) 41.9%
Small cap (<$2bn) 7.7%
Developed mkts 97.7%
Emerging mkts 2.4%

TOP TEN HOLDINGS
DANAHER CORP 8.4 %
WATERS CORP 8.1 %
AMERICAN WATER WORKS CO INC 8.1 %
ROPER INDUSTRIES INC 7.9 %
ECOLAB INC 7.9 %
AQUA AMERICA INC 4.3 %
IDEX CORP 4.1 %
XYLEM INC 4.0 %
PENTAIR PLC 4.0 %
HD SUPPLY HOLDINGS INC 3.8 %
Total 60.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.2 %
BRITAIN 4.0 %
BRAZIL 2.2 %
BRITISH VIRGIN ISLANDS 0.4 %
CAYMAN ISLANDS 0.2 %






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.
37.6% 37.6% 9.0% 9.3% 7.5%

Market Correlations
versus... Beta R-squared
S&P500 0.94 75%
MSCI EAFE 0.92 60%
MSCI Emg. Mkts. 0.61 45%

Technical Indicators
Recent close $40.22
30d moving avg. $38.76
Annualized volatility 13.1%
Short interest (ETF) 0.2%
Short interest (Underlying) 6.4%
Relative strength (RSI) 80

Liquidity measures
Avg. volume (thou.) 99
Turnover 0.3%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $5,893

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PHO Expense: 60 bp ALTAR Score™: 3.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PHO
Ticker Fund
Name
Overlap1
vs PHO
(%)
Expense
ratio
(bp)
Savings
vs PHO
(bp)
ALTAR
Score™
(%)
ALTAR
vs PHO
(%)
FIW First Trust ISE Water 65.0 55 5 3.5 -0.3
PIO Invesco Global Water 44.1 75 -15 3.9 +0.2
CGW Invesco S&P Global Water 43.4 62 -2 3.9 +0.2
TBLU Tortoise Water Fund 38.6 40 20 4.4 +0.7
XKII SPDR Kensho Intelligent Structures 19.0 45 15 5.9 +2.2
PUI Invesco DWA Utilities Momentum 12.7 60 0 3.8 +0.1
PRN Invesco DWA Industrials Momentum 11.4 60 0 13.4 +9.6
PZD Invesco Cleantech 10.2 68 -8 4.4 +0.6
IHI iShares DJ US Medical Devices 9.5 43 17 3.6 -0.2
GRES Index IQ Global Resources 9.0 77 -17 5.7 +2.0
SMDV ProShares Russell 2000 Dividend Growers 8.5 40 20 5.4 +1.6
DIET Defiance Next Gen Food & Agriculture 8.3 30 30 5.5 +1.7
KSCD KFA Small Cap Quality Dividend Index 8.1 51 9 4.8 +1.0
PAVE Global X U.S. Infrastructure Development 7.9 47 13 5.5 +1.7
IYM iShares DJ US Basic Material 7.8 42 18 8.6 +4.8
RGI Invesco S&P Equal Weight Industrials 7.2 40 20 6.4 +2.7
IFRA iShares U.S. Infrastructure 7.1 40 20 5.1 +1.4
NOBL ProShares S&P500 Aristocrats 7.0 35 25 5.6 +1.9
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income 6.9 75 -15 5.2 +1.5
XLB Materials Select Sector SPDR 6.9 13 47 9.2 +5.4

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 Water Resources
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 16.3 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 3.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.71 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.