Global X YieldCo & Renewable Energy Income
ALTAR
Score™
5.0% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.3x P/Sales
ratio
1.6x
P/BV
ratio
1.6x Div.
yield
4.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X YieldCo & Renewable Energy Income ETF seeks to provide investors with exposure to an emerging class of income-generating renewable energy assets called YieldCos.

FUND BASICS
Category Global Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date May 28, 2015
Assets (mns) $26
Currency USD
Expense ratio 65 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Brown Brothers Harriman & Co
Weighting Tiered
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 38
Wgt avg mkt cap (mns) $8,135
Large cap (>$10bn) 24.4%
Mid cap ($2-10bn) 66.0%
Small cap (<$2bn) 9.6%
Developed mkts 74.9%
Emerging mkts 25.1%

TOP TEN HOLDINGS
VESTAS WIND SYSTEMS A/S 6.7 %
ENERSIS SA 6.6 %
EDP-ENERGIAS DE PORTUGAL SA 6.4 %
DONG ENERGY A/S 5.4 %
ENGIE BRASIL ENERGIA S.A. 5.4 %
AGL ENERGY LTD 5.4 %
BROOKFIELD RENEWABLE PARTNERS LP 4.6 %
MERIDIAN ENERGY LTD 4.6 %
ALGONQUIN POWER & UTILITIES 4.0 %
ENERSIS CHILE SA 3.4 %
Total 52.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 16.9 %
DENMARK 12.2 %
CHILE 11.7 %
CANADA 9.8 %
NEW ZEALAND 9.1 %
PORTUGAL 6.4 %
CHINA 5.7 %
BRAZIL 5.4 %
AUSTRALIA 5.4 %
ITALY 5.2 %

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.
29.2% 28.6% -- -- 2.8%

Market Correlations
versus... Beta R-squared
S&P500 0.54 36%
MSCI EAFE 0.66 46%
MSCI Emg. Mkts. 0.51 46%

Technical Indicators
Recent close $13.66
30d moving avg. $13.87
Annualized volatility 10.8%
Short interest (ETF) 0.5%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 16
Turnover 0.8%
Bid/Ask (% of price) 0.63%
ADV underlying (mns) $450

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X YieldCo & Renewable Energy Income ETF based on the alternatives' overlap in portfolio holdings with YLCO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: YLCO Expense: 65 bp ALTAR Score™: 5.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH YLCO
Ticker Fund
Name
Overlap1
vs YLCO
(%)
Expense
ratio
(bp)
Savings
vs YLCO
(bp)
ALTAR
Score™
(%)
ALTAR
vs YLCO
(%)
ICLN iShares S&P Global Clean Energy 25.1 46 19 4.0 -1.0
FAN First Trust Global Wind 23.6 60 5 5.7 +0.7
PBD Invesco Gbl Clean Energy 18.1 75 -10 -1.5 -6.6
BOON NYSE Pickens Oil Response 17.2 85 -20 3.6 -1.5
ACES ALPS Clean Energy 17.1 65 0 0.7 -4.3
QCLN First Trust NASDAQ Clean Edge Green Energy 12.8 60 5 1.5 -3.6
ECH iShares MSCI Chile Capped 11.7 59 6 7.6 +2.6
GEX VanEck Vectors Global Alternative Energy 10.6 63 2 4.1 -0.9
EDEN iShares MSCI Denmark Capped 10.4 53 12 4.8 -0.2
GHII Invesco S&P High Income Infrastructure 9.9 45 20 4.9 -0.2
ENZL iShares MSCI New Zealand 8.9 47 18 3.3 -1.7
ECLN First Trust EIP Carbon Impact 8.7 95 -30 3.5 -1.5
TAN Invesco Global Solar Energy 7.6 70 -5 -3.4 -8.4
PUI Invesco DWA Utilities Momentum 6.6 60 5 4.4 -0.6
PGAL Global X FTSE Portugal 20 6.4 57 8 6.7 +1.7
KGRN KraneShares MSCI China Environment Index 5.7 80 -15 10.1 +5.1
XKCP SPDR Kensho Clean Power 5.2 45 20 3.0 -2.0
PBW Invesco WilderHill Clean Energy 5.2 70 -5 -1.8 -6.8
SDG iShares MSCI Global Impact 5.1 49 16 6.2 +1.2
GXF Global X FTSE Nordic 30 4.9 58 7 5.1 +0.1

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

Content on this tab for subscribers only

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:
Global X YieldCo & Renewable Energy Income
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 8.8 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 5.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.81 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.