Invesco FTSE-RAFI Developed ex-US
ALTAR
Score™
8.2% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
12.4x P/Sales
ratio
0.8x
P/BV
ratio
1.1x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco FTSE RAFI Developed Markets ex-U.S. Portfolio is based on the FTSE RAFI Developed Markets ex-U.S. Index™. The Index weights stock of the largest developed markets (ex-U.S.), based on the following four fundamental measures of firm size: book value, income, sales and dividends.

FUND BASICS
Category International Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Jun 21, 2007
Assets (mns) $1,257
Currency USD
Expense ratio 45 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1027
Wgt avg mkt cap (mns) $59,318
Large cap (>$10bn) 82.8%
Mid cap ($2-10bn) 16.1%
Small cap (<$2bn) 1.1%
Developed mkts 95.8%
Emerging mkts 4.2%

TOP TEN HOLDINGS
TOYOTA MOTOR CORP 1.4 %
BP PLC 1.3 %
ROYAL DUTCH SHELL PLC-A SHS 1.2 %
SAMSUNG ELECTRONICS CO LTD 1.2 %
TOTAL SA 1.2 %
NESTLE SA-REG 1.1 %
HSBC HOLDINGS PLC 1.1 %
ROYAL DUTCH SHELL PLC-B SHS 1.0 %
BANCO SANTANDER SA 1.0 %
ALLIANZ SE-REG 0.9 %
Total 11.4 %

TOP COUNTRY EXPOSURE
JAPAN 22.0 %
BRITAIN 16.3 %
FRANCE 9.7 %
GERMANY 9.5 %
CANADA 7.5 %
SWITZERLAND 6.5 %
AUSTRALIA 4.8 %
SOUTH KOREA 3.9 %
SPAIN 3.5 %
ITALY 3.4 %

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.
12.5% 6.4% 2.9% 4.2% 1.1%

Market Correlations
versus... Beta R-squared
S&P500 0.79 61%
MSCI EAFE 1.06 95%
MSCI Emg. Mkts. 0.74 75%

Technical Indicators
Recent close $41.36
30d moving avg. $40.56
Annualized volatility 12.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 76

Liquidity measures
Avg. volume (thou.) 79
Turnover 0.3%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $48,832

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco FTSE-RAFI Developed ex-US ETF based on the alternatives' overlap in portfolio holdings with PXF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PXF Expense: 45 bp ALTAR Score™: 8.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PXF
Ticker Fund
Name
Overlap1
vs PXF
(%)
Expense
ratio
(bp)
Savings
vs PXF
(bp)
ALTAR
Score™
(%)
ALTAR
vs PXF
(%)
FNDF Schwab Fundamental Intl Large Cap 84.6 25 20 7.5 -0.6
SCHF Schwab International Equity 71.1 6 39 7.4 -0.7
PBDM Invesco PureBeta FTSE Developed ex-North America 68.6 7 38 7.6 -0.6
HFXI IQ 50 Percent Hedged FTSE Int'l 68.0 20 25 7.3 -0.9
EFA iShares MSCI EAFE 66.9 31 14 7.0 -1.2
VEA Vanguard Europe Pacific 66.4 5 40 7.4 -0.8
DBEF Xtrackers MSCI EAFE Hedged 66.1 35 10 6.9 -1.3
SPDW SPDR Portfolio World ex-US 65.9 4 41 7.2 -1.0
IDEV iShares Core MSCI Int'l Developed Markets 65.5 5 40 7.2 -1.0
REFA Invesco International Revenue ETF 63.4 42 3 8.8 +0.7
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 63.3 35 10 7.9 -0.3
DWM WisdomTree DEFA Fund 63.1 48 -3 7.7 -0.5
IEFA iShares Core MSCI EAFE 63.0 7 38 7.1 -1.1
EFAX SPDR MSCI EAFE Fossil Fuel Free 62.3 20 25 7.2 -1.0
JHMD John Hancock Multifactor Developed International 60.1 45 0 7.3 -0.9
DBAW Xtrackers MSCI All World ex-US Hedged 59.3 40 5 7.3 -0.8
ACWX iShares MSCI ACWI ex-US 59.1 31 14 7.5 -0.7
EFV iShares MSCI EAFE Value 59.0 38 7 9.0 +0.9
VEU Vanguard FTSE All-World ex-US 58.5 9 36 7.6 -0.5
ISDX Invesco Strategic Developed ex-US 58.0 23 22 7.8 -0.4

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

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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 FTSE-RAFI Developed ex-US
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.2 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 8.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 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.