USAA MSCI International Value Momentum Blend Index
ALTAR
Score™
8.2% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
12.5x P/Sales
ratio
0.8x
P/BV
ratio
1.1x Div.
yield
3.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI World ex USA Select Value Momentum Blend Index.

FUND BASICS
Category International Equities
Fund Sponsor USAA Asset Management
Website www.usaa.com
Inception date Oct 24, 2017
Assets (mns) $354
Currency USD
Expense ratio 35 bp
Distributions Semi-annual

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 319
Wgt avg mkt cap (mns) $27,449
Large cap (>$10bn) 59.7%
Mid cap ($2-10bn) 39.7%
Small cap (<$2bn) 0.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 0.7 %
EMERA INC 0.7 %
ASX LTD 0.7 %
CGI GROUP INC - CL A 0.7 %
CAPITAMALL TRUST 0.7 %
MUENCHENER RUECKVER AG-REG 0.7 %
METRO INC -A 0.6 %
ISRAEL DISCOUNT BANK-A 0.6 %
THOMSON REUTERS CORPORATION 0.6 %
SWISS LIFE HOLDING AG-REG 0.6 %
Total 6.6 %

TOP COUNTRY EXPOSURE
JAPAN 27.6 %
CANADA 10.6 %
BRITAIN 9.1 %
FRANCE 8.7 %
GERMANY 5.7 %
AUSTRALIA 5.7 %
HONG KONG 4.4 %
ISRAEL 3.9 %
NETHERLANDS 3.8 %
SWITZERLAND 3.5 %

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.
11.6% 5.0% -- -- -3.0%

Market Correlations
versus... Beta R-squared
S&P500 0.80 70%
MSCI EAFE 1.06 95%
MSCI Emg. Mkts. 0.81 86%

Technical Indicators
Recent close $45.92
30d moving avg. $45.71
Annualized volatility 13.8%
Short interest (ETF) 0.4%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 13
Turnover 0.2%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $18,424

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the USAA MSCI International Value Momentum Blend Index ETF based on the alternatives' overlap in portfolio holdings with UIVM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: UIVM Expense: 35 bp ALTAR Score™: 8.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH UIVM
Ticker Fund
Name
Overlap1
vs UIVM
(%)
Expense
ratio
(bp)
Savings
vs UIVM
(bp)
ALTAR
Score™
(%)
ALTAR
vs UIVM
(%)
IVLU iShares MSCI Int'l Developed Value Factor 38.8 30 5 10.5 +2.3
IQIN IQ 500 International 35.5 25 10 8.5 +0.3
PQIN PGIM QMA Strategic Alpha International Equity 35.1 29 6 7.4 -0.8
REFA Invesco International Revenue ETF 34.7 42 -7 8.9 +0.7
GSIE Goldman Sachs ActiveBeta Int'l Equity 34.6 25 10 6.7 -1.5
INTF iShares FactorSelect MSCI International 31.8 30 5 8.4 +0.2
ISZE iShares MSCI Int'l Developed Size Factor 31.4 30 5 6.8 -1.4
PXF Invesco FTSE-RAFI Developed ex-US 31.3 45 -10 8.2 +0.0
JHMD John Hancock Multifactor Developed International 31.2 45 -10 7.3 -0.9
FNDF Schwab Fundamental Intl Large Cap 31.1 25 10 7.6 -0.6
CIZ Compass EMP Dev. 500 Enhanced Vol. Wgt. 30.9 45 -10 7.0 -1.2
CIL Victory CEMP International Volatility Wtd 30.9 45 -10 7.0 -1.2
RODM Lattice Developed Markets (Ex-US) Strategy 30.3 29 6 7.8 -0.4
EFA iShares MSCI EAFE 28.8 31 4 7.0 -1.2
EFV iShares MSCI EAFE Value 28.7 38 -3 9.1 +0.9
JPIN JPMorgan Diversified Rtn. Int'l Equity 28.5 38 -3 7.5 -0.7
DBEF Xtrackers MSCI EAFE Hedged 28.3 35 0 6.9 -1.3
PDEV Principal International Multi-Factor Core Index 28.0 25 10 6.9 -1.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity 28.0 39 -4 6.3 -1.9
ISDX Invesco Strategic Developed ex-US 27.9 23 12 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%.

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:
USAA MSCI International Value Momentum Blend Index
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 8.9 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.68 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.