Vanguard FTSE All World ex-US Small Cap
ALTAR
Score™
6.2% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
17.5x P/Sales
ratio
0.9x
P/BV
ratio
1.3x Div.
yield
2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Vanguard FTSE All World ex-US Small-Cap ETF seeks to track the performance of a benchmark index that measures the investment return of both developed and emerging international small cap companies.

FUND BASICS
Category International Equities
Fund Sponsor Vanguard Group Inc/The
Website www.vanguard.com
Inception date Apr 06, 2009
Assets (mns) $5,718
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 3914
Wgt avg mkt cap (mns) $1,868
Large cap (>$10bn) 1.0%
Mid cap ($2-10bn) 44.4%
Small cap (<$2bn) 54.3%
Developed mkts 76.9%
Emerging mkts 22.8%

TOP TEN HOLDINGS
OPEN TEXT CORP 0.5 %
EMERA INC 0.4 %
KIRKLAND LAKE GOLD LTD. 0.3 %
CAE INC 0.3 %
GENIVAR INC 0.3 %
ALGONQUIN POWER & UTILITIES 0.3 %
FIRST QUANTUM MINERALS LTD 0.3 %
CAN APARTMENT PROP REAL ESTA 0.3 %
CCL INDUSTRIES INC - CL B 0.2 %
INDUSTRIAL ALLIANCE INSURANC 0.2 %
Total 3.0 %

TOP COUNTRY EXPOSURE
CANADA 13.1 %
JAPAN 11.3 %
BRITAIN 9.1 %
TAIWAN 6.1 %
AUSTRALIA 3.6 %
GERMANY 3.0 %
SOUTH KOREA 2.9 %
SWEDEN 2.9 %
SWITZERLAND 2.6 %
CHINA 2.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
21.3% 21.3% 6.1% 6.2% 9.7%

Market Correlations
versus... Beta R-squared
S&P500 0.82 67%
MSCI EAFE 1.03 88%
MSCI Emg. Mkts. 0.76 84%

Technical Indicators
Recent close $112.17
30d moving avg. $110.47
Annualized volatility 12.1%
Short interest (ETF) 0.1%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 145
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $11,794

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard FTSE All World ex-US Small Cap ETF based on the alternatives' overlap in portfolio holdings with VSS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VSS Expense: 12 bp ALTAR Score™: 6.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VSS
Ticker Fund
Name
Overlap1
vs VSS
(%)
Expense
ratio
(bp)
Savings
vs VSS
(bp)
ALTAR
Score™
(%)
ALTAR
vs VSS
(%)
SCHC Schwab Intl Small-Cap Equity 62.2 12 0 6.3 +0.1
SCZ iShares MSCI EAFE Small Cap 40.6 39 -27 6.0 -0.2
PDN Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap 34.0 49 -37 6.3 +0.1
FNDC Schwab Fundamental Intl Small Cap 32.7 39 -27 4.4 -1.8
GWX SPDR International SmallCap 30.7 40 -28 4.5 -1.7
IEUS iShares MSCI Europe Small Cap 28.7 40 -28 6.1 -0.1
DDLS WisdomTree Dynamic Currency Hedged Int'l SmallCap 20.0 43 -31 8.0 +1.8
DLS WisdomTree Int'l SmallCap Dividend 18.5 58 -46 8.0 +1.8
ISDS Invesco Strategic Developed ex-US Small Company 18.0 35 -23 5.0 -1.2
TLTD FlexShares Mngstr Developed Mkts ex-US Factor Tilt 16.0 39 -27 8.1 +1.9
EEMS iShares MSCI Emerging Market Small Cap 14.2 67 -55 6.4 +0.2
AVDE Avantis International Equity 13.6 23 -11 7.3 +1.1
ISCF iShares FactorSelect MSCI Intl Small-Cap 12.8 40 -28 7.0 +0.8
AVDV Avantis International Small Cap Value 12.0 36 -24 7.1 +0.9
EWX SPDR S&P Emerging Markets Small Cap 11.9 65 -53 7.3 +1.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity 10.9 39 -27 6.1 -0.1
SCJ iShares MSCI Japan Small Cap 10.6 47 -35 6.1 -0.1
DFE WisdomTree Europe Small Cap Dividend 9.7 58 -46 8.6 +2.4
DFJ WisdomTree Japan Small Cap Dividend 9.3 58 -46 7.9 +1.7
DXJS WisdomTree Japan Hedged Small 9.3 58 -46 7.7 +1.5

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 All World ex-US Small Cap
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.8 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 12 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 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.