PORTFOLIO ANALYSIS

SAMPLE: Global Equity



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

Ticker Name Price Weight Shares
BLDRs Europe 100 ADR $21.03 30.0% 1,427
iShares Morningstar Large Value $95.66 25.0% 261
Schwab Emerging Markets Equity $24.32 20.0% 822
iShares S&P Global Technology $127.11 10.0% 79
iShares Global Industrials $82.86 5.0% 60
SPDR S&P International Consumer Discretionary $39.34 5.0% 127
Guggenheim Global Shipping $12.11 5.0% 413

BENCHMARK

Ticker Name Price Weight Shares
iShares MSCI ACWI $64.30 100.0% 1,555


  • Geographic
  • Sector
  • Market Cap
  • Underlying Securities
MODEL
 
DEVELOPED/EMG. MKTS. 80%/20%
 
UNITED STATES 35.4%
BRITAIN 12.7%
NETHERLANDS 5.0%
SWITZERLAND 4.1%
CHINA 4.0%
JAPAN 3.6%
FRANCE 3.4%
TAIWAN 2.6%
INDIA 2.5%
GERMANY 2.4%
BENCHMARK
 
DEVELOPED/EMG. MKTS. 90%/10%
 
UNITED STATES 51.4%
JAPAN 7.4%
BRITAIN 5.2%
CANADA 3.2%
SWITZERLAND 3.1%
FRANCE 3.1%
GERMANY 3.0%
AUSTRALIA 2.4%
CHINA 2.2%
HONG KONG 1.8%
Model
Benchmark
Variation: Model vs. Benchmark
Energy+5.2%
Telecom+1.8%
Financials+1.7%
Industrials+1.2%
Technology+1.1%
Utilities-0.7%
Staples-0.9%
Materials-1.5%
Health Care-1.8%
Cons. Discr.-4.2%

BENCHMARK

ROYAL AHOLD DELHAIZE N.V. 5.1%
NOVARTIS AG-REG 1.7%
EXXON MOBIL CORP 1.6%
HSBC HOLDINGS PLC 1.5%
JPMORGAN CHASE & CO 1.4%
TOTAL SA 1.2%
AT&T INC 1.1%
WELLS FARGO & CO 1.1%
APPLE INC 1.1%
ROYAL DUTCH SHELL PLC-A SHS 1.1%
A.P. MOLLER - MAERSK A/S CLASS B 1.1%
BP PLC 1.0%
BANK OF AMERICA CORP 1.0%
PROCTER & GAMBLE CO/THE 1.0%
BRITISH AMERICAN TOBACCO PLC 1.0%
ROYAL DUTCH SHELL PLC-B SHS 1.0%
TENCENT HOLDINGS LTD 1.0%
CHEVRON CORP 1.0%
VERIZON COMMUNICATIONS INC 1.0%
TAIWAN SEMICONDUCTOR MANUFAC 1.0%
BENCHMARK

ROYAL AHOLD DELHAIZE N.V. 9.6%
APPLE INC 1.6%
MICROSOFT CORP 1.2%
EXXON MOBIL CORP 0.8%
AMAZON.COM INC 0.8%
JOHNSON & JOHNSON 0.8%
JPMORGAN CHASE & CO 0.8%
FACEBOOK 0.7%
GENERAL ELECTRIC CO 0.7%
WELLS FARGO & CO 0.6%
AT&T INC 0.6%
ALPHABET INC. CLASS A 0.6%
ALPHABET INC. CLASS C 0.6%
CHUO MITSUI TRUST HOLDINGS 0.6%
BANK OF AMERICA CORP 0.6%
NESTLE SA-REG 0.6%
PROCTER & GAMBLE CO/THE 0.5%
CHEVRON CORP 0.5%
VERIZON COMMUNICATIONS INC 0.5%
PFIZER INC 0.5%

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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 7.6% 10.8% 4.8% 1.0% 7.8%
JKF Jul 02, 2004 2.8% 17.9% 11.8% 4.5% 6.9%
SCHE Jan 13, 2010 11.2% 18.0% 1.0% -- 2.8%
IXN Nov 16, 2001 13.1% 25.8% 13.2% 9.1% 6.1%
EXI Sep 15, 2006 6.7% 16.2% 10.3% 5.2% 6.2%
IPD Jul 16, 2008 5.5% 6.1% 7.5% -- 13.7%
SEA Aug 25, 2008 8.1% 12.6% -3.8% -- -5.8%

 

BENCHMARK

Ticker Inception Date YTD 1 YR 5 YRS 10 YRS Since
Incep.
ACWI Mar 28, 2008 6.9% 15.4% 8.5% -- 4.8%
MODEL RESULTS & ESTIMATES

  2012 2013 2014 2015 2016 2017E 2018E
Sales 74,451 74,397 74,151 70,530 68,908 72,684 75,118
Earnings 6,170 6,477 6,602 6,673 5,812 6,984 7,789
Dividends 2,732 3,023 3,237 3,524 3,298 3,364 3,597
Book value 48,817 51,645 54,199 56,459 58,516 62,234 66,161


BENCHMARK RESULTS & ESTIMATES

  2012 2013 2014 2015 2016 2017E 2018E
Sales 60,693 62,279 62,651 60,994 61,513 65,272 68,637
Earnings 4,759 5,083 5,424 5,331 5,279 6,034 6,704
Dividends 1,848 2,041 2,211 2,342 2,372 2,526 2,705
Book value 36,430 38,825 40,483 42,373 44,605 48,134 52,182


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 11.8 % 13.0 %
Divided by: P/BV 1.6 x 2.1 x
Less: Expense ratio 31 bp 33 bp
Equals: ALTAR Score 7.1 % 5.9 %

VALUATION METRICS


2016A
2017E
2018E

  Model Benchmark Prem/Disc.
Price-to-earnings 14.3x 16.6x -13.6%
Price-to-sales 1.4x 1.5x -10.2%
Price-to-book value 1.6x 2.1x -22.7%
Yield 3.4% 2.5% 33.2%

ANNUAL INCOME

  Model Benchmark Difference
Est. dividends $3,364 $2,526 $838
Less: fund expenses $306 $330 $-24
 weighted avg expense ratio 30.6 bp 33.0 bp -2.4 bp
Expected income $3,058 $2,196 $862

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