Tortoise Digital Payments Infrastructure Fund
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
24.6x P/Sales
ratio
3.7x
P/BV
ratio
5.2x Div.
yield
0.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
TPAY fund invests in companies that have the potential to benefit as the world continues to evolve from traditional cash payments to the speed, accuracy and efficiency of digital payments.

FUND BASICS
Category Global Equities
Fund Sponsor Montage Managers
Website etp.tortoiseadvisors.com
Inception date Jan 31, 2019
Assets (mns) $6
Currency USD
Expense ratio 40 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 49
Wgt avg mkt cap (mns) $61,135
Large cap (>$10bn) 67.9%
Mid cap ($2-10bn) 26.1%
Small cap (<$2bn) 6.0%
Developed mkts 99.6%
Emerging mkts 0.4%

TOP TEN HOLDINGS
SQUARE, INC. CLASS A 5.3 %
FISERV INC 5.1 %
GLOBAL PAYMENTS INC 4.9 %
MASTERCARD INC-CLASS A 4.8 %
FLEETCOR TECHNOLOGIES INC 4.7 %
FIDELITY NATIONAL INFORMATIO 4.7 %
VISA INC-CLASS A SHARES 4.7 %
JACK HENRY & ASSOCIATES INC 4.7 %
WESTERN UNION CO 4.6 %
AMERICAN EXPRESS CO 4.6 %
Total 48.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 76.7 %
BRAZIL 3.9 %
GERMANY 3.5 %
NETHERLANDS 3.2 %
JAPAN 2.9 %
FRANCE 2.7 %
AUSTRALIA 2.0 %
PUERTO RICO 0.8 %
BRITAIN 0.6 %
CYPRUS 0.4 %

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.
30.2% -- -- -- 30.2%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $31.96
30d moving avg. $31.39
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 4
Turnover 2.0%
Bid/Ask (% of price) 0.54%
ADV underlying (mns) $6,509

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Tortoise Digital Payments Infrastructure Fund ETF based on the alternatives' overlap in portfolio holdings with TPAY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TPAY Expense: 40 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TPAY
Ticker Fund
Name
Overlap1
vs TPAY
(%)
Expense
ratio
(bp)
Savings
vs TPAY
(bp)
ALTAR
Score™
(%)
ALTAR
vs TPAY
(%)
IPAY ETFMG Prime Mobile Payments 70.7 75 -35 5.9 +0.7
FINX Global X FinTech Thematic 33.7 68 -28 3.3 -1.9
GFIN Goldman Sachs Motif Finance Reimagined 33.4 50 -10 4.9 -0.3
KOIN Innovation Shares NextGen Protocol 17.9 95 -55 4.7 -0.5
JHMF John Hancock Multifactor Financials 15.7 40 0 6.6 +1.4
LEND Amplify CrowdBureau Peer to Peer Lending & Crowdfunding 15.6 65 -25 14.1 +8.9
XLK Technology Select Sector SPDR 15.3 13 27 5.7 +0.5
FTEC Fidelity MSCI Info Technology 14.7 8 32 5.5 +0.3
VGT Vanguard Info Tech ETF 14.4 10 30 5.5 +0.3
IXN iShares S&P Global Technology 13.1 46 -6 5.4 +0.2
RYT Invesco S&P Equal Weight Technology 13.0 40 0 6.5 +1.3
MTUM iShares MSCI USA Momentum Factor 12.9 15 25 4.4 -0.8
IYG iShares DJ US Financial Services 12.8 42 -2 6.4 +1.2
SPMO Invesco S&P 500 Momentum Portfolio 12.7 13 27 4.3 -0.9
XSW SPDR S&P Software & Services 12.7 35 5 4.1 -1.1
PLAT WisdomTree Modern Tech Platforms 12.4 45 -5 2.8 -2.4
PWC Invesco Dynamic Market 12.0 59 -19 7.2 +2.1
IGM iShares S&P N. American Technology 11.9 46 -6 4.6 -0.5
DTEC ALPS Disruptive Technologies 11.7 50 -10 3.5 -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

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:
Tortoise Digital Payments Infrastructure Fund
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 24.1 %
Divided by: Fwd. P/BV 4.3 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 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.