Vanguard Global ex-US Real Estate
ALTAR
Score™
8.9% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
12.5x P/Sales
ratio
2.2x
P/BV
ratio
1.0x Div.
yield
4.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Vanguard Global ex-U.S. Real Estate ETF seeks to track the S&P Global ex-US Property Index, which includes real estate companies in both developed and emerging markets.

FUND BASICS
Category Global Equities
Fund Sponsor Vanguard Group
Website www.vanguard.com
Inception date Nov 01, 2010
Assets (mns) $5,884
Currency USD
Expense ratio 12 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 688
Wgt avg mkt cap (mns) $10,101
Large cap (>$10bn) 40.2%
Mid cap ($2-10bn) 44.5%
Small cap (<$2bn) 13.0%
Developed mkts 83.5%
Emerging mkts 16.2%

TOP TEN HOLDINGS
DEUTSCHE ANNINGTON IMMOBILIE 2.4 %
MITSUBISHI ESTATE CO LTD 2.2 %
MITSUI FUDOSAN CO LTD 2.2 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED 1.9 %
LINK REIT 1.8 %
DAIWA HOUSE INDUSTRY CO LTD 1.8 %
SUN HUNG KAI PROPERTIES 1.7 %
CK ASSET HOLDINGS LIMITED 1.4 %
SUMITOMO REALTY & DEVELOPMNT 1.4 %
GOODMAN GROUP 1.4 %
Total 18.3 %

TOP COUNTRY EXPOSURE
JAPAN 19.5 %
HONG KONG 12.3 %
AUSTRALIA 8.0 %
CHINA 6.6 %
BRITAIN 5.6 %
SINGAPORE 5.0 %
GERMANY 4.9 %
FRANCE 2.4 %
NETHERLANDS 2.2 %
CANADA 2.0 %

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% 19.7% 5.5% -- 6.9%

Market Correlations
versus... Beta R-squared
S&P500 0.53 31%
MSCI EAFE 0.76 55%
MSCI Emg. Mkts. 0.67 70%

Technical Indicators
Recent close $59.92
30d moving avg. $60.32
Annualized volatility 11.4%
Short interest (ETF) 0.3%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 231
Turnover 0.2%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $3,814

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Vanguard Global ex-US Real Estate ETF based on the alternatives' overlap in portfolio holdings with VNQI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VNQI Expense: 12 bp ALTAR Score™: 8.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VNQI
Ticker Fund
Name
Overlap1
vs VNQI
(%)
Expense
ratio
(bp)
Savings
vs VNQI
(bp)
ALTAR
Score™
(%)
ALTAR
vs VNQI
(%)
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 70.8 10 2 7.9 -1.0
WPS iShares S&P Developed ex-US Property 65.6 48 -36 6.9 -2.0
DRW WisdomTree Global ex-US Real Estate 54.9 58 -46 9.0 +0.1
IFGL iShares FTSE EPRA/NARIET Developed REIT 54.6 48 -36 6.6 -2.2
RWX SPDR DJ International REIT 41.6 59 -47 5.8 -3.0
RWO SPDR DJ Global Real Estate 38.0 50 -38 6.0 -2.9
FFR First Trust FTSE EPRA/NAREIT Global Real Estate 37.7 60 -48 6.2 -2.7
GRI Cohen & Steers Global Realty 37.2 55 -43 5.8 -3.1
REET iShares Global REIT 27.1 14 -2 6.2 -2.7
GQRE FlexShares Global Quality Real Estate 22.7 45 -33 6.4 -2.5
IFEU iShares FTSE EPRA/NAREIT Europe 21.1 48 -36 5.7 -3.1
TAO Invesco China Real Estate 17.8 70 -58 13.6 +4.8
IDLV Invesco S&P Int'l Developed Low Volatility 15.4 25 -13 6.4 -2.5
SCIX Global X Scientific Beta Asia ex-Japan 13.2 38 -26 6.2 -2.7
DEEF Xtrackers FTSE Dev ex-US Comprehensive Factor 11.9 24 -12 7.0 -1.8
DWX SPDR S&P International Dividend ETF 11.8 45 -33 7.0 -1.9
RNDM First Trust Developed International Equity Select 11.5 65 -53 6.4 -2.5
EPP iShares MSCI Pacific ex-Japan 11.4 48 -36 6.3 -2.5
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan 11.0 19 -7 6.6 -2.3

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 Global ex-US Real Estate
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.6 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 12 bp
Equals: ALTAR Score 8.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 CATEGORY
AVERAGE
1.54
 
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.