FlexShares Mngstr Emerging Markets Factor Tilt
ALTAR
Score™
10.4% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
10.5x P/Sales
ratio
0.7x
P/BV
ratio
1.0x Div.
yield
3.7%


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

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Northern Trust Investments Inc
Website www.flexshares.com
Inception date Sep 28, 2012
Assets (mns) $404
Currency USD
Expense ratio 59 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 2199
Wgt avg mkt cap (mns) $59,224
Large cap (>$10bn) 46.2%
Mid cap ($2-10bn) 24.1%
Small cap (<$2bn) 28.6%
Developed mkts 11.0%
Emerging mkts 87.9%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 3.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR 2.6 %
TENCENT HOLDINGS LTD 2.0 %
TAIWAN SEMICONDUCTOR MANUFAC 1.6 %
CHINA CONSTRUCTION BANK-H 1.4 %
IND & COMM BK OF CHINA - H 1.0 %
CHINA MOBILE LIMITED 0.7 %
SBERBANK 0.7 %
VALE SA 0.7 %
HON HAI PRECISION INDUSTRY 0.6 %
Total 15.1 %

TOP COUNTRY EXPOSURE
CHINA 23.4 %
SOUTH KOREA 13.5 %
TAIWAN 12.3 %
BRAZIL 6.8 %
HONG KONG 6.7 %
INDIA 6.1 %
SOUTH AFRICA 4.6 %
RUSSIA 3.4 %
MEXICO 2.1 %
INDONESIA 1.9 %

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.
6.7% 3.7% 1.9% -- 2.1%

Market Correlations
versus... Beta R-squared
S&P500 0.83 50%
MSCI EAFE 1.08 70%
MSCI Emg. Mkts. 1.00 95%

Technical Indicators
Recent close $50.45
30d moving avg. $50.45
Annualized volatility 14.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 18
Turnover 0.2%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $26,174

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: TLTE Expense: 59 bp ALTAR Score™: 10.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TLTE
Ticker Fund
Name
Overlap1
vs TLTE
(%)
Expense
ratio
(bp)
Savings
vs TLTE
(bp)
ALTAR
Score™
(%)
ALTAR
vs TLTE
(%)
IEMG iShares Core MSCI Emerging Markets 60.9 14 45 8.6 -1.8
EEM iShares MSCI Emerging Markets 58.7 67 -8 8.4 -2.0
DBEM Xtrackers MSCI Emg. Mkts. Hedged 57.0 65 -6 8.3 -2.1
VWO Vanguard Emerging Markets 51.1 12 47 8.5 -1.9
JHEM John Hancock Multifactor Emerging Markets 49.5 55 4 8.7 -1.7
SCHE Schwab Emerging Markets Equity 48.4 13 46 8.6 -1.8
FLAX Franklin FTSE Asia Ex Japan 46.0 19 40 8.6 -1.8
AAXJ iShares MSCI Asia ex-Japan 45.3 67 -8 8.1 -2.3
EEMA iShares MSCI Emg Mkts Asia 45.2 50 9 8.6 -1.8
PBEE Invesco PureBeta FTSE Emerging Markets 44.9 14 45 9.2 -1.2
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 44.3 45 14 9.0 -1.4
REEM Invesco Emerging Markets Revenue ETF 43.8 46 13 11.8 +1.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 43.1 30 29 8.4 -2.0
SPEM SPDR Portfolio Emerging Markets 39.2 11 48 8.4 -2.1
DVEM WisdomTree Emerging Markets Dividend 39.0 32 27 11.2 +0.8
AVEM Avantis Emerging Markets Equity 38.0 33 26 8.4 -2.1
QEMM SPDR MSCI Emerging Markets Quality Mix 37.8 30 29 9.0 -1.4
PXH Invesco FTSE-RAFI Emerging Markets 35.6 50 9 12.2 +1.8
XSOE WisdomTree Emg Mkt ex-SOE 35.1 32 27 6.8 -3.6
EMXC iShares MSCI Emerging Markets ex China 34.5 49 10 8.6 -1.8

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%.

Content on this tab for subscribers only**

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:
FlexShares Mngstr Emerging Markets 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 9.9 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 10.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.45 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.