Invesco DWA Emg. Mkts. Technical Leaders
ALTAR
Score™
4.8% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
18.7x P/Sales
ratio
1.6x
P/BV
ratio
2.7x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco DWA Emerging Markets Technical Leaders Portfolio seeks investment results that correspond to the price and yield of the Dorsey Wright Emerging Markets Technical Leaders Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 28, 2007
Assets (mns) $205
Currency USD
Expense ratio 90 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 100
Wgt avg mkt cap (mns) $30,033
Large cap (>$10bn) 36.3%
Mid cap ($2-10bn) 53.0%
Small cap (<$2bn) 7.3%
Developed mkts 6.2%
Emerging mkts 93.8%

TOP TEN HOLDINGS
SHENZHOU INTERNATIONAL GROUP 3.1 %
TAL EDUCATION GROUP UNSPONSORED AD 2.9 %
TENCENT HOLDINGS LTD 2.8 %
HARTALEGA HOLDINGS BHD 2.8 %
ANTA SPORTS PRODUCTS LTD 2.5 %
TISCO FINANCIAL GROUP-NVDR 2.4 %
CLICKS GROUP LTD 2.2 %
NEW ORIENTAL EDUCATIO-SP ADR 2.2 %
SUNWAY BHD 2.0 %
LARGAN PRECISION CO LTD 1.9 %
Total 24.8 %

TOP COUNTRY EXPOSURE
CHINA 22.6 %
TAIWAN 21.0 %
BRAZIL 10.9 %
SOUTH AFRICA 9.2 %
THAILAND 8.3 %
MALAYSIA 7.6 %
HONG KONG 7.6 %
INDONESIA 2.6 %
PHILIPPINES 2.1 %
INDIA 1.7 %

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.
25.6% 25.6% 3.6% 4.0% -1.2%

Market Correlations
versus... Beta R-squared
S&P500 0.80 45%
MSCI EAFE 0.99 57%
MSCI Emg. Mkts. 0.85 72%

Technical Indicators
Recent close $19.49
30d moving avg. $19.35
Annualized volatility 14.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 73
Turnover 0.7%
Bid/Ask (% of price) 0.33%
ADV underlying (mns) $3,726

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PIE Expense: 90 bp ALTAR Score™: 4.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PIE
Ticker Fund
Name
Overlap1
vs PIE
(%)
Expense
ratio
(bp)
Savings
vs PIE
(bp)
ALTAR
Score™
(%)
ALTAR
vs PIE
(%)
DGRE WisdomTree Emg Mkt Dividend Growth 17.5 32 58 8.5 +3.8
EEMO Invesco S&P Emg Mkts Momentum 16.9 30 60 7.6 +2.8
EMCG WisdomTree Emg Mkts Consumer Growth 16.2 32 58 6.4 +1.7
EMGF iShares Edge MSCI Multifactor Emerging Markets 15.6 45 45 9.3 +4.5
DWCR Arrow DWA Country Rotation 14.3 134 -44 3.6 -1.1
MXDE Nationwide Maximum Diversification Emg Mkts Core 14.0 64 26 5.2 +0.4
XSOE WisdomTree Emg Mkt ex-SOE 13.5 32 58 6.4 +1.7
EEMA iShares MSCI Emg Mkts Asia 13.5 50 40 8.2 +3.4
FEM First Trust Emerging Markets AlphaDEX 13.5 80 10 10.1 +5.3
PBEE Invesco PureBeta FTSE Emerging Markets 13.4 14 76 8.6 +3.9
JHEM John Hancock Multifactor Emerging Markets 13.3 55 35 8.3 +3.6
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 13.3 45 45 8.5 +3.8
SCHE Schwab Emerging Markets Equity 13.2 13 77 8.1 +3.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 12.9 30 60 8.0 +3.3
CHIQ Global X MSCI China Consumer Discretionary 12.7 65 25 5.1 +0.3
EWT iShares MSCI Taiwan 12.7 59 31 6.4 +1.6
VWO Vanguard Emerging Markets 12.6 12 78 8.2 +3.4
RFEM First Trust Riverfront Dynamic Emerging Markets 12.4 95 -5 9.7 +4.9
DBEM Xtrackers MSCI Emg. Mkts. Hedged 12.4 65 25 7.9 +3.1
EEM iShares MSCI Emerging Markets 12.3 67 23 7.9 +3.1

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 DWA Emg. Mkts. Technical Leaders
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 14.0 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 90 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 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.