Vanguard Int'l High Dividend Yield
ALTAR
Score™
9.0% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
11.9x P/Sales
ratio
1.0x
P/BV
ratio
1.2x Div.
yield
4.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Vanguard International High Dividend Yield ETF tracks a market-cap-weighted index of developed and emerging market firms (ex-US) that are expected to pay above average dividends over the next 12 months.

FUND BASICS
Category International Equities
Fund Sponsor Vanguard
Website personal.vanguard.com
Inception date Feb 25, 2016
Assets (mns) $1,426
Currency USD
Expense ratio 32 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 995
Wgt avg mkt cap (mns) $69,098
Large cap (>$10bn) 84.2%
Mid cap ($2-10bn) 14.4%
Small cap (<$2bn) 0.9%
Developed mkts 76.9%
Emerging mkts 22.1%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 2.6 %
TOYOTA MOTOR CORP 1.7 %
HSBC HOLDINGS PLC 1.5 %
ROYAL DUTCH SHELL PLC-A SHS 1.3 %
TOTAL SA 1.3 %
ASTRAZENECA PLC 1.3 %
BP PLC 1.3 %
ROYAL BANK OF CANADA 1.1 %
GLAXOSMITHKLINE PLC 1.1 %
SANOFI-AVENTIS 1.1 %
Total 14.3 %

TOP COUNTRY EXPOSURE
BRITAIN 16.6 %
JAPAN 10.0 %
GERMANY 7.5 %
AUSTRALIA 7.3 %
CANADA 6.8 %
FRANCE 6.4 %
TAIWAN 6.0 %
CHINA 4.0 %
SWITZERLAND 3.5 %
HONG KONG 3.3 %

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.
18.4% 18.4% -- -- 9.0%

Market Correlations
versus... Beta R-squared
S&P500 0.73 59%
MSCI EAFE 1.00 92%
MSCI Emg. Mkts. 0.73 84%

Technical Indicators
Recent close $64.10
30d moving avg. $63.52
Annualized volatility 11.4%
Short interest (ETF) 0.5%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 120
Turnover 0.5%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $28,644

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: VYMI Expense: 32 bp ALTAR Score™: 9.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VYMI
Ticker Fund
Name
Overlap1
vs VYMI
(%)
Expense
ratio
(bp)
Savings
vs VYMI
(bp)
ALTAR
Score™
(%)
ALTAR
vs VYMI
(%)
EFV iShares MSCI EAFE Value 55.7 38 -6 8.8 -0.2
PXF Invesco FTSE-RAFI Developed ex-US 54.9 45 -13 7.9 -1.1
DTH WisdomTree DEFA Equity Income 51.8 58 -26 8.2 -0.8
FNDF Schwab Fundamental Intl Large Cap 51.2 25 7 7.4 -1.6
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 51.0 35 -3 7.6 -1.4
IDY Pacific Global International Equity Income 50.7 39 -7 8.0 -1.0
DWM WisdomTree DEFA Fund 50.0 48 -16 7.4 -1.6
DOL WisdomTree Int'l Large Cap Dividend 49.9 48 -16 7.5 -1.5
FLEE Franklin FTSE Europe 46.8 9 23 6.6 -2.4
FLEH Franklin FTSE Europe Hedged 46.8 9 23 6.6 -2.4
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 46.7 30 2 6.4 -2.6
EFA iShares MSCI EAFE 45.3 31 1 6.7 -2.3
BBEU JPMorgan BetaBuilders Europe 45.2 9 23 6.6 -2.4
VGK Vanguard FTSE Europe 45.0 9 23 6.7 -2.3
DBEU Xtrackers Europe Hedged 44.7 45 -13 6.2 -2.8
IEV iShares S&P Europe 350 44.3 59 -27 6.1 -2.9
IEUR iShares Core MSCI Europe 44.2 9 23 6.6 -2.4
HFXI IQ 50 Percent Hedged FTSE Int'l 44.1 20 12 7.0 -2.0
DBEF Xtrackers MSCI EAFE Hedged 44.0 35 -3 6.6 -2.4
SCHF Schwab International Equity 44.0 6 26 7.0 -2.0

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 Int'l High Dividend Yield
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 10.9 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 32 bp
Equals: ALTAR Score 9.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 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.