FlexShares Mngstr Developed Mkts ex-US Factor Tilt
ALTAR
Score™
8.4% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
13.1x P/Sales
ratio
0.8x
P/BV
ratio
1.1x Div.
yield
3.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund is an exchanged-traded fund incorporated in the USA. The Fund seeks to track the performance of the Morningstar Developed Markets ex-US Factor Tilt Index.

FUND BASICS
Category International Equities
Fund Sponsor Northern Trust Investments Inc
Website www.flexshares.com
Inception date Sep 28, 2012
Assets (mns) $973
Currency USD
Expense ratio 39 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian JPMorgan Chase Bank NA
Weighting Fundamental
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 2720
Wgt avg mkt cap (mns) $37,218
Large cap (>$10bn) 53.5%
Mid cap ($2-10bn) 18.1%
Small cap (<$2bn) 28.2%
Developed mkts 99.8%
Emerging mkts 0.2%

TOP TEN HOLDINGS
TOYOTA MOTOR CORP 1.0 %
NESTLE SA-REG 0.9 %
HSBC HOLDINGS PLC 0.8 %
BP PLC 0.7 %
TOTAL SA 0.7 %
NOVARTIS AG-REG 0.7 %
ROYAL DUTCH SHELL PLC-A SHS 0.6 %
ROCHE HOLDING AG-GENUSSCHEIN 0.6 %
ROYAL DUTCH SHELL PLC-B SHS 0.6 %
ALLIANZ SE-REG 0.5 %
Total 7.0 %

TOP COUNTRY EXPOSURE
JAPAN 27.2 %
BRITAIN 14.2 %
CANADA 8.3 %
FRANCE 6.7 %
GERMANY 6.4 %
SWITZERLAND 5.3 %
AUSTRALIA 4.9 %
NETHERLANDS 3.0 %
HONG KONG 2.7 %
ITALY 2.5 %

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.
15.2% 8.2% 3.9% -- 6.2%

Market Correlations
versus... Beta R-squared
S&P500 0.80 67%
MSCI EAFE 1.04 96%
MSCI Emg. Mkts. 0.73 78%

Technical Indicators
Recent close $63.15
30d moving avg. $62.63
Annualized volatility 11.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 78

Liquidity measures
Avg. volume (thou.) 21
Turnover 0.1%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $58,707

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the FlexShares Mngstr Developed Mkts ex-US Factor Tilt ETF based on the alternatives' overlap in portfolio holdings with TLTD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TLTD Expense: 39 bp ALTAR Score™: 8.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TLTD
Ticker Fund
Name
Overlap1
vs TLTD
(%)
Expense
ratio
(bp)
Savings
vs TLTD
(bp)
ALTAR
Score™
(%)
ALTAR
vs TLTD
(%)
VEA Vanguard Europe Pacific 63.9 5 34 7.4 -1.1
IDEV iShares Core MSCI Int'l Developed Markets 63.3 5 34 7.2 -1.3
IEFA iShares Core MSCI EAFE 60.5 7 32 7.1 -1.3
SCHF Schwab International Equity 59.8 6 33 7.5 -1.0
SPDW SPDR Portfolio World ex-US 59.8 4 35 7.2 -1.2
IXUS iShares Core International Stock 57.9 9 30 7.5 -0.9
VXUS Vanguard Total International Stock 57.0 9 30 7.6 -0.8
PBDM Invesco PureBeta FTSE Developed ex-North America 55.8 7 32 7.6 -0.9
VEU Vanguard FTSE All-World ex-US 55.5 9 30 7.6 -0.8
PXF Invesco FTSE-RAFI Developed ex-US 53.8 45 -6 8.2 -0.2
ACWX iShares MSCI ACWI ex-US 53.5 31 8 7.5 -1.0
DBAW Xtrackers MSCI All World ex-US Hedged 53.5 40 -1 7.3 -1.1
EFA iShares MSCI EAFE 52.9 31 8 7.0 -1.4
DBEF Xtrackers MSCI EAFE Hedged 52.8 35 4 6.9 -1.6
FNDF Schwab Fundamental Intl Large Cap 52.6 25 14 7.6 -0.9
HFXI IQ 50 Percent Hedged FTSE Int'l 50.8 20 19 7.3 -1.2
EFAX SPDR MSCI EAFE Fossil Fuel Free 48.1 20 19 7.2 -1.3
DWM WisdomTree DEFA Fund 47.8 48 -9 7.7 -0.7
JHMD John Hancock Multifactor Developed International 47.4 45 -6 7.3 -1.2
GSIE Goldman Sachs ActiveBeta Int'l Equity 46.9 25 14 6.7 -1.7

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:
FlexShares Mngstr Developed Mkts ex-US Factor Tilt
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 9.5 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 8.4 %
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.