Vanguard FTSE Europe
ALTAR
Score™
6.9% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
15.2x P/Sales
ratio
1.1x
P/BV
ratio
1.7x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Vanguard FTSE Europe ETF seeks to track the performance of the FTSE Developed Europe All Cap Index, which measures the investment return of stocks issued by companies located in the major markets of Europe.

FUND BASICS
Category International Equities
Fund Sponsor Vanguard
Website www.vanguard.com
Inception date Mar 10, 2005
Assets (mns) $13,334
Currency USD
Expense ratio 9 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1342
Wgt avg mkt cap (mns) $68,578
Large cap (>$10bn) 79.4%
Mid cap ($2-10bn) 17.0%
Small cap (<$2bn) 3.4%
Developed mkts 99.3%
Emerging mkts 0.7%

TOP TEN HOLDINGS
NESTLE SA-REG 2.9 %
ROCHE HOLDING AG-GENUSSCHEIN 2.1 %
NOVARTIS AG-REG 1.8 %
HSBC HOLDINGS PLC 1.5 %
SAP AG 1.3 %
TOTAL SA 1.3 %
BP PLC 1.3 %
ASTRAZENECA PLC 1.2 %
ROYAL DUTCH SHELL PLC-B SHS 1.1 %
LVMH MOET HENNESSY LOUIS VUI 1.1 %
Total 15.5 %

TOP COUNTRY EXPOSURE
BRITAIN 24.7 %
FRANCE 14.2 %
SWITZERLAND 13.9 %
GERMANY 13.2 %
NETHERLANDS 6.2 %
SWEDEN 4.5 %
SPAIN 4.2 %
ITALY 3.8 %
DENMARK 2.7 %
BELGIUM 1.8 %

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.
17.9% 11.4% 3.9% 5.5% 4.7%

Market Correlations
versus... Beta R-squared
S&P500 0.76 54%
MSCI EAFE 1.10 95%
MSCI Emg. Mkts. 0.73 70%

Technical Indicators
Recent close $56.27
30d moving avg. $54.59
Annualized volatility 12.5%
Short interest (ETF) 1.5%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 3,432
Turnover 1.5%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $29,506

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: VGK Expense: 9 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VGK
Ticker Fund
Name
Overlap1
vs VGK
(%)
Expense
ratio
(bp)
Savings
vs VGK
(bp)
ALTAR
Score™
(%)
ALTAR
vs VGK
(%)
IEUR iShares Core MSCI Europe 91.1 9 0 6.9 -0.0
FEU SPDR DJ Stoxx 50 90.5 9 0 6.9 -0.1
FLEE Franklin FTSE Europe 87.5 9 0 6.9 -0.0
FLEH Franklin FTSE Europe Hedged 87.5 9 0 6.9 -0.1
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 87.4 30 -21 6.7 -0.3
BBEU JPMorgan BetaBuilders Europe 83.8 9 0 6.9 -0.0
DBEU Xtrackers Europe Hedged 83.1 45 -36 6.4 -0.5
IEV iShares S&P Europe 350 80.6 59 -50 6.4 -0.5
GSEU Goldman Sachs ActiveBeta Europe Equity 67.6 25 -16 6.5 -0.5
EFA iShares MSCI EAFE 60.1 31 -22 7.0 +0.0
EFAX SPDR MSCI EAFE Fossil Fuel Free 58.6 20 -11 7.1 +0.2
DBEF Xtrackers MSCI EAFE Hedged 58.5 35 -26 6.8 -0.1
IEFA iShares Core MSCI EAFE 58.3 7 2 7.1 +0.1
HFXI IQ 50 Percent Hedged FTSE Int'l 56.8 20 -11 7.2 +0.3
PBDM Invesco PureBeta FTSE Developed ex-North America 56.5 7 2 7.5 +0.6
ESGD iShares MSCI EAFE ESG Optimized 52.9 20 -11 6.9 -0.1
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 52.8 35 -26 7.8 +0.9
DWM WisdomTree DEFA Fund 52.7 48 -39 7.7 +0.7
SCHF Schwab International Equity 52.4 6 3 7.4 +0.4
IDEV iShares Core MSCI Int'l Developed Markets 52.3 5 4 7.1 +0.2

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:
Vanguard FTSE Europe
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 11.0 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 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.