Invesco FTSE-RAFI Emerging Markets
ALTAR
Score™
12.6% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
9.0x P/Sales
ratio
0.7x
P/BV
ratio
1.0x Div.
yield
4.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco FTSE RAFI Emerging Markets Portfolio seeks investment results that correspond to the FTSE RAFI Emerging Markets Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Sep 27, 2007
Assets (mns) $1,327
Currency USD
Expense ratio 50 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 Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 360
Wgt avg mkt cap (mns) $69,059
Large cap (>$10bn) 73.1%
Mid cap ($2-10bn) 23.5%
Small cap (<$2bn) 1.4%
Developed mkts 6.8%
Emerging mkts 93.2%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 4.4 %
CHINA CONSTRUCTION BANK-H 4.3 %
IND & COMM BK OF CHINA - H 3.1 %
GAZPROM OAO 2.6 %
LUKOIL OAO 2.5 %
BANK OF CHINA LTD - H 2.1 %
CHINA MOBILE LIMITED 1.8 %
SBERBANK 1.8 %
VALE SA 1.6 %
ITAU UNIBANCO HOLDING SA 1.6 %
Total 25.8 %

TOP COUNTRY EXPOSURE
CHINA 26.7 %
TAIWAN 13.9 %
BRAZIL 12.9 %
RUSSIA 10.3 %
INDIA 8.4 %
SOUTH AFRICA 6.8 %
HONG KONG 6.3 %
MEXICO 3.9 %
THAILAND 3.5 %
TURKEY 2.1 %

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.
9.1% 8.2% 3.7% 2.9% 0.7%

Market Correlations
versus... Beta R-squared
S&P500 0.78 38%
MSCI EAFE 1.04 59%
MSCI Emg. Mkts. 0.97 84%

Technical Indicators
Recent close $20.91
30d moving avg. $20.77
Annualized volatility 15.1%
Short interest (ETF) 0.8%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 332
Turnover 0.5%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $11,954

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PXH Expense: 50 bp ALTAR Score™: 12.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PXH
Ticker Fund
Name
Overlap1
vs PXH
(%)
Expense
ratio
(bp)
Savings
vs PXH
(bp)
ALTAR
Score™
(%)
ALTAR
vs PXH
(%)
FNDE Schwab Fundamental Emg Mkt Large Cap 65.9 39 11 11.2 -1.4
JHEM John Hancock Multifactor Emerging Markets 51.7 55 -5 8.9 -3.7
SCHE Schwab Emerging Markets Equity 50.9 13 37 8.8 -3.8
PBEE Invesco PureBeta FTSE Emerging Markets 50.1 14 36 9.3 -3.2
EEM iShares MSCI Emerging Markets 50.0 67 -17 8.7 -3.9
BKF iShares MSCI BRIC 46.7 67 -17 8.9 -3.7
DBEM Xtrackers MSCI Emg. Mkts. Hedged 46.7 65 -15 8.6 -4.0
REEM Invesco Emerging Markets Revenue ETF 46.6 46 4 11.8 -0.8
IEMG iShares Core MSCI Emerging Markets 45.2 14 36 8.7 -3.9
DVEM WisdomTree Emerging Markets Dividend 44.8 32 18 11.4 -1.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 44.7 30 20 8.7 -3.9
VWO Vanguard Emerging Markets 44.3 12 38 8.8 -3.8
KEMX KraneShares MSCI Emerging Markets EX China Index 43.2 49 1 8.8 -3.8
ISEM Invesco Strategic Emerging Markets 42.7 35 15 10.1 -2.5
EEMA iShares MSCI Emg Mkts Asia 42.5 50 0 8.8 -3.8
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 40.8 45 5 9.3 -3.3
EMXC iShares MSCI Emerging Markets ex China 38.6 49 1 8.8 -3.8
AAXJ iShares MSCI Asia ex-Japan 38.3 67 -17 8.3 -4.3
FLAX Franklin FTSE Asia Ex Japan 37.8 19 31 8.8 -3.8
SPEM SPDR Portfolio Emerging Markets 37.8 11 39 8.5 -4.0

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 Emerging Markets
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 12.3 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 12.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.49
 
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.