PORTFOLIO ANALYSIS

SAMPLE: Global Equity



  • Holdings
  • Composition
  • Performance
  • Fundamentals
  • Investment Merit
MODEL

Ticker Name Price Weight Shares
BLDRs Europe 100 ADR $19.9500 30.0% 1,504
iShares Morningstar Large Value $106.6040 25.0% 235
Schwab Emerging Markets Equity $24.5700 20.0% 814
iShares S&P Global Technology $180.0100 10.0% 56
iShares Global Industrials $87.7600 5.0% 57
Invesco Global Shipping $8.3400 5.0% 600

BENCHMARK

Ticker Name Price Weight Shares
iShares MSCI ACWI $71.8400 100.0% 1,392


  • Geographic
  • Sector
  • Market Cap
  • Underlying Securities
MODEL
 
DEVELOPED/EMG. MKTS. 79%/21%
 
UNITED STATES 34.9%
BRITAIN 12.4%
CHINA 5.7%
NETHERLANDS 5.4%
SWITZERLAND 3.8%
FRANCE 2.9%
TAIWAN 2.8%
INDIA 2.2%
JAPAN 2.1%
GERMANY 2.0%
BENCHMARK
 
DEVELOPED/EMG. MKTS. 90%/10%
 
UNITED STATES 54.6%
JAPAN 7.1%
BRITAIN 4.3%
SWITZERLAND 3.1%
CANADA 3.0%
FRANCE 3.0%
CHINA 2.7%
GERMANY 2.4%
AUSTRALIA 2.1%
NETHERLANDS 1.9%
Model
Benchmark
Variation: Model vs. Benchmark
Energy+5.5%
Industrials+2.0%
Staples+1.8%
Telecom+1.6%
Financials+0.9%
Technology+0.8%
Health Care-0.3%
Utilities-0.6%
Materials-0.8%
Cons. Discr.-8.3%

BENCHMARK

ROYAL AHOLD DELHAIZE N.V. 7.5%
NOVARTIS AG-REG 2.4%
ANHEUSER-BUSCH INBEV SA/NV 2.0%
HSBC HOLDINGS PLC 1.6%
TENCENT HOLDINGS LTD 1.6%
JPMORGAN CHASE & CO 1.6%
BERKSHIRE HATHAWAY INC-CL B 1.6%
CISCO SYSTEMS INC 1.4%
SAP AG 1.4%
ROYAL DUTCH SHELL PLC-A SHS 1.4%
DOW CHEMICAL 1.3%
TOTAL SA 1.3%
MICROSOFT CORP 1.3%
APPLE INC 1.3%
BP PLC 1.3%
TAIWAN SEMICONDUCTOR MANUFAC 1.2%
EXXON MOBIL CORP 1.2%
INTEL CORP 1.2%
ROYAL DUTCH SHELL PLC-B SHS 1.2%
PROCTER & GAMBLE CO/THE 1.1%
BENCHMARK

ROYAL AHOLD DELHAIZE N.V. 10.3%
APPLE INC 2.4%
MICROSOFT CORP 2.3%
AMAZON.COM INC 1.7%
FACEBOOK 1.0%
JPMORGAN CHASE & CO 0.9%
ALPHABET INC. CLASS C 0.9%
ALPHABET INC. CLASS A 0.8%
VISA INC-CLASS A SHARES 0.8%
JOHNSON & JOHNSON 0.8%
NESTLE SA-REG 0.7%
DOW CHEMICAL 0.7%
BANK OF AMERICA CORP 0.7%
EXXON MOBIL CORP 0.7%
TENCENT HOLDINGS LTD 0.6%
CISCO SYSTEMS INC 0.6%
PROCTER & GAMBLE CO/THE 0.6%
HOME DEPOT INC 0.6%
PFIZER INC 0.6%
FUJITSU LTD 0.6%

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Relative performance*
*Note: Total returns, rebalanced monthly. Rebased at start to $100. History only as far back as youngest fund in either portfolio. Weights in each portfolio must also sum to 100%.

MODEL

Ticker Inception Date YTD 1 YR 5 YRS 10 YRS Since
Incep.
ADRU Nov 13, 2002 11.9% -4.6% 0.2% 4.6% 7.3%
JKF Jul 02, 2004 15.1% 6.4% 8.4% 11.4% 7.1%
SCHE Jan 13, 2010 10.3% -1.1% 2.2% -- 3.5%
IXN Nov 16, 2001 28.2% 11.1% 16.5% 15.3% 7.8%
EXI Sep 15, 2006 18.2% 0.5% 7.3% 10.9% 6.5%
SEA Aug 25, 2008 10.9% -9.5% -11.7% -- -6.8%

 

BENCHMARK

Ticker Inception Date YTD 1 YR 5 YRS 10 YRS Since
Incep.
ACWI Mar 28, 2008 16.4% 2.9% 6.7% 9.3% 5.7%
MODEL RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales 73,961 65,716 64,797 67,827 73,527 75,230 78,600
Earnings 6,110 6,207 5,288 6,409 6,899 7,504 8,437
Dividends 3,067 3,273 3,178 3,271 3,479 3,632 3,874
Book value 49,907 52,648 51,930 54,080 56,094 59,781 64,136


BENCHMARK RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales 56,130 54,767 55,176 58,999 63,912 66,552 69,838
Earnings 4,854 4,883 4,839 5,649 6,244 6,398 7,077
Dividends 2,012 2,111 2,167 2,342 2,478 2,633 2,804
Book value 36,593 38,411 39,734 42,636 45,058 48,766 52,984


Return on equity

Trends in estimate revisions*
*Note: Six months ago = 100

Net margins

Compound annual growth rates

ALTAR™ SCORE

  Model Benchmark
Avg. Return on Equity 12.0 % 13.4 %
Divided by: P/BV 1.7 x 2.1 x
Less: Expense ratio 28 bp 31 bp
Equals: ALTAR Score 6.9 % 6.2 %

VALUATION METRICS


2018A
2019E
2020E

  Model Benchmark Prem/Disc.
Price-to-earnings 13.3x 15.6x -14.7%
Price-to-sales 1.3x 1.5x -11.5%
Price-to-book value 1.7x 2.1x -18.4%
Yield 3.6% 2.6% 37.9%

ANNUAL INCOME

  Model Benchmark Difference
Est. dividends $3,632 $2,633 $999
Less: fund expenses $282 $310 $-28
 weighted avg expense ratio 28.2 bp 31.0 bp -2.8 bp
Expected income $3,350 $2,323 $1,027

Note: based on the nominal portfolio size you entered of $100,000.