Invesco DWA Dev. Mkts. Technical Leaders
ALTAR
Score™
4.2% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
24.8x P/Sales
ratio
1.7x
P/BV
ratio
3.2x Div.
yield
1.9%


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

FUND BASICS
Category International Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 28, 2007
Assets (mns) $178
Currency USD
Expense ratio 80 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) $25,976
Large cap (>$10bn) 54.0%
Mid cap ($2-10bn) 43.9%
Small cap (<$2bn) 2.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
RAMSAY HEALTH CARE LIMITED 3.3 %
KONE OYJ-B 2.9 %
REA GROUP LTD 2.9 %
RYMAN HEALTHCARE LTD 2.8 %
CONSTELLATION SOFTWARE INC 2.7 %
ROYAL UNIBREW A/S 2.6 %
ASHTEAD GROUP PLC 2.1 %
CSL LIMITED 1.9 %
FASTIGHETS AB BALDER-B SHRS 1.7 %
AUCKLAND INTL AIRPORT LTD 1.6 %
Total 24.4 %

TOP COUNTRY EXPOSURE
BRITAIN 14.0 %
CANADA 13.1 %
AUSTRALIA 11.7 %
SWITZERLAND 10.8 %
JAPAN 6.5 %
FRANCE 6.3 %
SWEDEN 5.2 %
DENMARK 5.2 %
NEW ZEALAND 5.1 %
FINLAND 4.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
19.5% 12.3% 3.5% 6.6% 2.3%

Market Correlations
versus... Beta R-squared
S&P500 0.79 58%
MSCI EAFE 0.96 72%
MSCI Emg. Mkts. 0.70 63%

Technical Indicators
Recent close $27.55
30d moving avg. $27.05
Annualized volatility 12.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 74

Liquidity measures
Avg. volume (thou.) 10
Turnover 0.2%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $6,872

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PIZ Expense: 80 bp ALTAR Score™: 4.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PIZ
Ticker Fund
Name
Overlap1
vs PIZ
(%)
Expense
ratio
(bp)
Savings
vs PIZ
(bp)
ALTAR
Score™
(%)
ALTAR
vs PIZ
(%)
TTAI TrimTabs All Cap International Free-Cash-Flow 21.5 59 21 5.2 +1.0
IMTM iShares MSCI Int'l Developed Momentum 21.1 30 50 5.3 +1.1
IHDG Wisdomtree International Hed 17.5 58 22 6.4 +2.2
EUDG WisdomTree Europe Dividend 17.2 58 22 6.5 +2.3
IQLT iShares MSCI Int'l Developed Quality 17.2 30 50 6.2 +2.0
EFG iShares MSCI EAFE Growth 17.0 40 40 5.1 +0.9
IQDG WisdomTree International Quality Dividend Growth 16.8 38 42 6.6 +2.4
IDMO Invesco S&P Int'l Dev. Momentum 16.6 25 55 4.7 +0.5
PDEV Principal International Multi-Factor Core Index 16.1 25 55 6.9 +2.7
FDEV Fidelity Targeted International Factor 16.0 39 41 6.9 +2.7
DNL WisdomTree Global Ex-U.S. Growth 16.0 58 22 7.8 +3.6
IDHQ Invesco Int'l Developed High Quality Portfolio 15.7 29 51 5.6 +1.3
VIGI Vanguard Int'l Dividend Appreciation 15.1 25 55 6.1 +1.8
QEFA SPDR MSCI EAFE Quality Mix 14.9 30 50 6.6 +2.4
QINT American Century Quality Diversified International 14.7 39 41 6.3 +2.1
EFAD ProShares EAFE Dividend Growers 14.6 50 30 6.2 +2.0
EUMV iShares MSCI Europe Min Volatility 14.1 25 55 5.2 +1.0
IEV iShares S&P Europe 350 13.5 59 21 6.4 +2.2
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 13.3 30 50 6.7 +2.5
BBEU JPMorgan BetaBuilders Europe 13.3 9 71 6.9 +2.7

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 DWA Dev. 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 15.1 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.70 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.