Vanguard Communication Services
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
22.5x P/Sales
ratio
2.3x
P/BV
ratio
2.7x Div.
yield
1.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Vanguard Communication Services ETF seeks to track the performance of the MSCI US Investable Market Communication Services 25/50 Index.

FUND BASICS
Category US Equities
Fund Sponsor Vanguard Group Inc/The
Website www.vanguard.com
Inception date Sep 29, 2004
Assets (mns) $2,200
Currency USD
Expense ratio 10 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 113
Wgt avg mkt cap (mns) $347,889
Large cap (>$10bn) 83.7%
Mid cap ($2-10bn) 12.9%
Small cap (<$2bn) 3.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
FACEBOOK 14.6 %
ALPHABET INC. CLASS C 12.0 %
ALPHABET INC. CLASS A 11.4 %
AT&T INC 7.9 %
COMCAST CORP-CL A 4.5 %
VERIZON COMMUNICATIONS INC 4.4 %
WALT DISNEY CO/THE 4.3 %
NETFLIX INC 4.1 %
CHARTER COMMUNICATIONS, INC. CLASS 2.9 %
ACTIVISION BLIZZARD INC 1.6 %
Total 67.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.2 %
BRITAIN 0.9 %
CANADA 0.2 %








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.
21.4% 10.5% 3.3% 9.2% 7.0%

Market Correlations
versus... Beta R-squared
S&P500 0.83 57%
MSCI EAFE 0.78 42%
MSCI Emg. Mkts. 0.44 22%

Technical Indicators
Recent close $90.96
30d moving avg. $88.53
Annualized volatility 13.4%
Short interest (ETF) 0.0%
Short interest (Underlying) 4.2%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 115
Turnover 0.5%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $15,943

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: VOX Expense: 10 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VOX
Ticker Fund
Name
Overlap1
vs VOX
(%)
Expense
ratio
(bp)
Savings
vs VOX
(bp)
ALTAR
Score™
(%)
ALTAR
vs VOX
(%)
FCOM Fidelity MSCI Communication Services 95.4 8 2 5.2 -0.2
XLC Communication Services Select Sector SPDR 75.7 13 -3 6.4 +1.0
IXP iShares S&P Global Comm. Services 67.2 46 -36 6.3 +1.0
JHCS John Hancock Multifactor Media & Communications 62.8 40 -30 6.3 +0.9
EWCO Invesco S&P 500 Equal Weight Comm. Services 46.9 40 -30 8.0 +2.6
IEME iShares Evolved U.S. Media and Entertainment 38.3 18 -8 6.8 +1.4
PNQI Invesco Nasdaq Internet 25.3 62 -52 2.9 -2.5
FDN First Trust DJ Internet 23.8 52 -42 3.4 -2.0
IYC iShares DJ US Consumer Services 22.1 42 -32 5.0 -0.3
ENTR ERShares Entrepreneur 30 21.8 49 -39 4.0 -1.4
QYLD Global X NASDAQ 100 Covered Call ETF 21.7 60 -50 4.9 -0.5
TTTN TigerShares China-U.S. Internet Titans 21.6 59 -49 4.0 -1.4
QQQ Invesco QQQ 20.9 20 -10 5.3 -0.1
SOCL Global X Social Media 18.6 65 -55 4.7 -0.7
TMFC Motley Fool 100 Index 18.5 50 -40 4.4 -1.0
OGIG O'Shares Global Internet Giants 18.3 48 -38 1.6 -3.8
IYZ iShares U.S. Telecommunications 18.1 42 -32 8.2 +2.8
XLG Invesco S&P Top 50 18.0 20 -10 5.2 -0.2
IYW iShares US Technology 17.8 42 -32 5.2 -0.2
PBS Invesco Dyn Media Port 17.8 63 -53 6.4 +1.0

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 Communication Services
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 13.5 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 10 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.37 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.