Invesco Global Listed Private Equity
ALTAR
Score™
3.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
14.5x P/Sales
ratio
1.5x
P/BV
ratio
1.2x Div.
yield
4.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Global Listed Private Equity Portfolio seeks investment results that correspond generally to the price and yield of the Red Rocks Listed Private Equity Index, which includes more than 30 U.S. publicly listed companies with direct investments in more than 1,000 private businesses.

FUND BASICS
Category Global Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Oct 24, 2006
Assets (mns) $207
Currency USD
Expense ratio 178 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 70
Wgt avg mkt cap (mns) $6,689
Large cap (>$10bn) 29.9%
Mid cap ($2-10bn) 38.0%
Small cap (<$2bn) 29.2%
Developed mkts 95.1%
Emerging mkts 4.9%

TOP TEN HOLDINGS
MELROSE INDUSTRIES PLC 5.9 %
PARTNERS GROUP HOLDING AG 5.7 %
3I GROUP PLC 5.1 %
IAC/INTERACTIVECORP 4.2 %
KKR & CO LP 3.5 %
BLACKSTONE GROUP LP/THE 3.3 %
FOSUN INTERNATIONAL 3.2 %
ONEX CORPORATION 3.0 %
WENDEL 2.9 %
CARLYLE GROUP/THE 2.9 %
Total 39.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 37.0 %
BRITAIN 14.8 %
SWITZERLAND 6.5 %
FRANCE 5.6 %
SWEDEN 4.4 %
GERMANY 3.6 %
CANADA 3.5 %
CHINA 3.1 %
JAPAN 1.8 %
BELGIUM 1.0 %

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.
29.4% 18.5% 8.5% 10.0% 0.5%

Market Correlations
versus... Beta R-squared
S&P500 1.03 76%
MSCI EAFE 1.19 84%
MSCI Emg. Mkts. 0.80 61%

Technical Indicators
Recent close $12.56
30d moving avg. $12.32
Annualized volatility 14.3%
Short interest (ETF) 1.3%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 94
Turnover 0.6%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $1,074

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PSP Expense: 178 bp ALTAR Score™: 3.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PSP
Ticker Fund
Name
Overlap1
vs PSP
(%)
Expense
ratio
(bp)
Savings
vs PSP
(bp)
ALTAR
Score™
(%)
ALTAR
vs PSP
(%)
PEX Proshares Global Listed Private Equity 35.5 313 -135 2.8 -0.9
BIZD VanEck Vectors BDC Income 15.7 962 -784 1.7 -2.0
GFIN Goldman Sachs Motif Finance Reimagined 7.5 50 128 4.9 +1.2
SOCL Global X Social Media 4.2 65 113 4.4 +0.7
PEZ Invesco DWA Consumer Discretionary Momentum 3.9 60 118 4.9 +1.2
FKU First Trust United Kingdom 3.5 80 98 7.5 +3.8
ACIO Aptus Collared Income Opportunity 3.3 79 99 6.8 +3.2
PFI Invesco Dynamic Financial Sector 3.3 60 118 4.7 +1.0
CHII Global X MSCI China Industrials 3.2 66 112 13.2 +9.5
DDIV First Trust Dorsey Wright Momentum & Dividend 3.2 60 118 6.6 +3.0
KCE SPDR KBW Capital Markets 3.1 35 143 8.0 +4.4
FCAN First Trust Canada 3.0 80 98 5.0 +1.3
IBUY Amplify Online Retail 2.8 65 113 -0.6 -4.3
XWEB SPDR S&P Internet 2.7 35 143 1.5 -2.2
ENTR ERShares Entrepreneur 30 2.7 49 129 3.9 +0.3
VAMO Cambria Value & Momentum 2.5 64 114 6.2 +2.5
EUFN iShares MSCI Europe Financial Sector 2.5 48 130 8.9 +5.2
PBS Invesco Dyn Media Port 2.4 63 115 6.2 +2.6
DFNL Davis Select Financial 2.4 64 114 6.7 +3.0
EWGS iShares MSCI Germany Small Cap 2.2 59 119 5.9 +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%.

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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 Global Listed Private Equity
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.4 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 178 bp
Equals: ALTAR Score 3.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.39 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.