PORTFOLIO ANALYSIS

SAMPLE: Global Equity



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

Ticker Name Price Weight Shares
BLDRs Europe 100 ADR $21.42 30.0% 1,401
iShares Morningstar Large Value $95.98 25.0% 260
Schwab Emerging Markets Equity $24.74 20.0% 808
iShares S&P Global Technology $133.53 10.0% 75
iShares Global Industrials $84.52 5.0% 59
SPDR S&P International Consumer Discretionary $39.91 5.0% 125
Guggenheim Global Shipping $11.35 5.0% 441

BENCHMARK

Ticker Name Price Weight Shares
iShares MSCI ACWI $65.43 100.0% 1,528


  • Geographic
  • Sector
  • Market Cap
  • Underlying Securities
MODEL
 
DEVELOPED/EMG. MKTS. 80%/20%
 
UNITED STATES 35.3%
BRITAIN 12.0%
NETHERLANDS 5.0%
CHINA 4.2%
SWITZERLAND 3.7%
JAPAN 3.6%
FRANCE 3.5%
TAIWAN 2.6%
INDIA 2.5%
GERMANY 2.4%
BENCHMARK
 
DEVELOPED/EMG. MKTS. 90%/10%
 
UNITED STATES 50.8%
JAPAN 7.5%
BRITAIN 5.1%
FRANCE 3.2%
GERMANY 3.2%
SWITZERLAND 3.0%
CANADA 3.0%
CHINA 2.3%
AUSTRALIA 2.3%
NETHERLANDS 1.9%
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. 5.0%
NOVARTIS AG-REG 1.7%
EXXON MOBIL CORP 1.6%
HSBC HOLDINGS PLC 1.5%
JPMORGAN CHASE & CO 1.4%
TOTAL SA 1.2%
A.P. MOLLER - MAERSK A/S CLASS B 1.1%
AT&T INC 1.1%
WELLS FARGO & CO 1.1%
ROYAL DUTCH SHELL PLC-A SHS 1.1%
APPLE INC 1.1%
BANK OF AMERICA CORP 1.0%
PROCTER & GAMBLE CO/THE 1.0%
BP PLC 1.0%
BRITISH AMERICAN TOBACCO PLC 1.0%
ROYAL DUTCH SHELL PLC-B SHS 1.0%
CHEVRON CORP 1.0%
VERIZON COMMUNICATIONS INC 1.0%
TENCENT HOLDINGS LTD 1.0%
TAIWAN SEMICONDUCTOR MANUFAC 0.9%
BENCHMARK

ROYAL AHOLD DELHAIZE N.V. 9.4%
APPLE INC 1.6%
MICROSOFT CORP 1.1%
EXXON MOBIL CORP 0.8%
AMAZON.COM INC 0.8%
JOHNSON & JOHNSON 0.7%
JPMORGAN CHASE & CO 0.7%
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 0.5%
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 15.3% 14.5% 9.1% 0.8% 8.2%
JKF Jul 02, 2004 1.0% 12.6% 12.9% 3.5% 6.6%
SCHE Jan 13, 2010 14.6% 24.5% 4.5% -- 3.1%
IXN Nov 16, 2001 21.7% 35.8% 17.5% 9.1% 6.6%
EXI Sep 15, 2006 11.7% 21.1% 13.8% 4.9% 6.6%
IPD Jul 16, 2008 12.5% 14.8% 11.5% -- 14.3%
SEA Aug 25, 2008 1.2% 1.8% -1.7% -- -6.6%

 

BENCHMARK

Ticker Inception Date YTD 1 YR 5 YRS 10 YRS Since
Incep.
ACWI Mar 28, 2008 11.0% 17.9% 11.7% -- 5.2%
MODEL RESULTS & ESTIMATES

  2012 2013 2014 2015 2016 2017E 2018E
Sales 75,255 75,247 74,818 70,266 70,072 73,203 75,782
Earnings 6,273 6,574 6,696 6,777 5,716 7,010 7,812
Dividends 2,773 3,082 3,304 3,533 3,363 3,409 3,646
Book value 49,536 52,418 55,317 57,639 59,561 63,051 67,330


BENCHMARK RESULTS & ESTIMATES

  2012 2013 2014 2015 2016 2017E 2018E
Sales 60,288 61,939 62,235 60,427 61,194 65,164 68,305
Earnings 4,759 5,056 5,378 5,316 5,275 6,021 6,666
Dividends 1,835 2,029 2,198 2,316 2,370 2,522 2,700
Book value 36,181 38,607 40,253 42,215 44,462 48,012 51,814


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 11.7 % 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 -14.1%
Price-to-sales 1.4x 1.5x -11.0%
Price-to-book value 1.6x 2.1x -23.9%
Yield 3.4% 2.5% 35.2%

ANNUAL INCOME

  Model Benchmark Difference
Est. dividends $3,409 $2,522 $887
Less: fund expenses $306 $330 $-24
 weighted avg expense ratio 30.6 bp 33.0 bp -2.4 bp
Expected income $3,103 $2,192 $911

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