Invesco Dynamic Pharmaceuticals
ALTAR
Score™
9.3% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
14.1x P/Sales
ratio
3.7x
P/BV
ratio
3.0x Div.
yield
1.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco Dynamic Pharmaceuticals Portfolio ETF tracks an index of US pharmaceutical companies selected and weighted based on various fundamental and risk factors.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Jun 23, 2005
Assets (mns) $373
Currency USD
Expense ratio 56 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian BNY Mellon
Weighting Tiered
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 29
Wgt avg mkt cap (mns) $85,837
Large cap (>$10bn) 57.5%
Mid cap ($2-10bn) 25.1%
Small cap (<$2bn) 17.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ABBVIE INC 6.0 %
AMGEN INC 5.2 %
PFIZER INC 5.0 %
JOHNSON & JOHNSON 5.0 %
ELI LILLY & CO 4.8 %
GILEAD SCIENCES INC 4.7 %
ABBOTT LABORATORIES 4.6 %
MERCK & CO. INC. 4.6 %
BRISTOL-MYERS SQUIBB CO 4.4 %
MEDICINES COMPANY 4.0 %
Total 48.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 80.1 %
IRELAND 11.3 %
CANADA 3.2 %
ISRAEL 3.0 %
BRITAIN 2.3 %






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.
2.9% -8.2% 0.6% 15.2% 12.0%

Market Correlations
versus... Beta R-squared
S&P500 1.09 57%
MSCI EAFE 0.88 31%
MSCI Emg. Mkts. 0.64 26%

Technical Indicators
Recent close $63.68
30d moving avg. $60.82
Annualized volatility 17.5%
Short interest (ETF) 8.1%
Short interest (Underlying) 6.7%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 27
Turnover 0.5%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $8,931

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PJP Expense: 56 bp ALTAR Score™: 9.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PJP
Ticker Fund
Name
Overlap1
vs PJP
(%)
Expense
ratio
(bp)
Savings
vs PJP
(bp)
ALTAR
Score™
(%)
ALTAR
vs PJP
(%)
FTXH First Trust Nasdaq Pharmaceuticals 52.8 60 -4 5.3 -4.1
IEIH iShares Evolved U.S. Innovative Healthcare 52.1 18 38 4.4 -4.9
XPH SPDR S&P Pharmaceuticals ETF 40.5 35 21 4.3 -5.1
XLV Health Care Select Sector SPDR 39.6 13 43 7.2 -2.1
PPH VanEck Vectors Pharmaceuticals 39.1 36 20 9.4 +0.1
IYH iShares US Healthcare 38.2 43 13 6.3 -3.1
IHE iShares DJ US Pharmaceuticals 37.9 42 14 5.4 -4.0
FHLC Fidelity MSCI Health Care 36.7 8 48 5.8 -3.5
VHT Vanguard Health Care 35.5 10 46 5.9 -3.4
JHMH John Hancock Multifactor Health Care 32.6 40 16 6.6 -2.7
IXJ iShares S&P Global Healthcare 29.2 46 10 6.4 -3.0
RYH Invesco S&P Equal Weight Healthcare 24.9 40 16 7.0 -2.3
IBB iShares NASDAQ Biotechnology 24.3 47 9 0.4 -8.9
DURA VanEck Vectors Morningstar Durable Dividend 24.0 29 27 6.8 -2.6
FXH First Trust Health Care Alphadex 23.8 63 -7 7.0 -2.3
PBE Invesco Dynamic Biotechnology & Genome 23.7 57 -1 -0.5 -9.8
BBH VanEck Vectors Biotech 23.2 35 21 4.5 -4.8
BBP BioShares Biotech Products 21.0 79 -23 -3.6 -13.0
FBT First Trust NYSE-ARCA Biotechnology 18.2 57 -1 -0.7 -10.1
FTVA Aptus Fortified Value 18.2 79 -23 11.3 +1.9

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 Dynamic Pharmaceuticals
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 25.0 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 56 bp
Equals: ALTAR Score 9.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 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.