PORTFOLIO ANALYSIS

SAMPLE: Global Equity



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

Ticker Name Price Weight Shares
BLDRs Europe 100 ADR $21.6800 30.0% 1,384
iShares Morningstar Large Value $96.2700 25.0% 260
Schwab Emerging Markets Equity $26.7100 20.0% 749
iShares S&P Global Technology $138.4100 10.0% 72
iShares Global Industrials $84.5700 5.0% 59
Guggenheim Global Shipping $11.9000 5.0% 420

BENCHMARK

Ticker Name Price Weight Shares
iShares MSCI ACWI $66.8300 100.0% 1,496


  • Geographic
  • Sector
  • Market Cap
  • Underlying Securities
MODEL
 
DEVELOPED/EMG. MKTS. 79%/21%
 
UNITED STATES 35.2%
BRITAIN 12.2%
NETHERLANDS 5.2%
CHINA 4.4%
SWITZERLAND 3.7%
FRANCE 2.8%
TAIWAN 2.7%
INDIA 2.4%
SPAIN 2.0%
GERMANY 1.9%
BENCHMARK
 
DEVELOPED/EMG. MKTS. 89%/11%
 
UNITED STATES 50.3%
JAPAN 7.6%
BRITAIN 5.1%
FRANCE 3.2%
GERMANY 3.1%
SWITZERLAND 3.1%
CANADA 3.0%
CHINA 2.5%
AUSTRALIA 2.3%
NETHERLANDS 2.0%
Model
Benchmark
Variation: Model vs. Benchmark
Energy+5.9%
Financials+2.7%
Telecom+2.1%
Technology+2.0%
Industrials+1.8%
Staples-0.4%
Utilities-0.6%
Health Care-1.3%
Materials-1.3%
Cons. Discr.-9.0%

BENCHMARK

ROYAL AHOLD DELHAIZE N.V. 3.2%
NOVARTIS AG-REG 1.7%
EXXON MOBIL CORP 1.6%
HSBC HOLDINGS PLC 1.5%
JPMORGAN CHASE & CO 1.3%
TOTAL SA 1.2%
AT&T INC 1.1%
WELLS FARGO & CO 1.1%
A.P. MOLLER - MAERSK A/S CLASS B 1.1%
ROYAL DUTCH SHELL PLC-A SHS 1.0%
BANK OF AMERICA CORP 1.0%
PROCTER & GAMBLE CO/THE 1.0%
APPLE INC 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 0.9%
SAP AG 0.9%
CISCO SYSTEMS INC 0.9%
BENCHMARK

ROYAL AHOLD DELHAIZE N.V. 9.2%
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 0.5%
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 17.3% 15.7% 7.7% 1.2% 8.2%
JKF Jul 02, 2004 4.8% 13.2% 12.3% 4.6% 6.8%
SCHE Jan 13, 2010 21.8% 20.0% 4.6% -- 3.9%
IXN Nov 16, 2001 25.1% 31.0% 17.3% 9.2% 6.7%
EXI Sep 15, 2006 14.1% 19.7% 13.3% 4.9% 6.7%
SEA Aug 25, 2008 11.5% 15.9% 0.4% -- -5.2%

 

BENCHMARK

Ticker Inception Date YTD 1 YR 5 YRS 10 YRS Since
Incep.
ACWI Mar 28, 2008 15.0% 17.7% 11.2% -- 5.5%
MODEL RESULTS & ESTIMATES

  2012 2013 2014 2015 2016 2017E 2018E
Sales 66,756 66,810 66,308 62,152 61,471 63,749 66,820
Earnings 5,660 5,920 6,298 6,533 5,782 6,463 7,219
Dividends 2,685 2,960 3,170 3,370 3,202 3,201 3,403
Book value 45,639 48,539 50,891 54,058 54,130 57,468 61,173


BENCHMARK RESULTS & ESTIMATES

  2012 2013 2014 2015 2016 2017E 2018E
Sales 59,269 61,134 61,542 59,857 60,034 63,738 67,127
Earnings 4,724 5,014 5,348 5,311 5,181 5,918 6,551
Dividends 1,821 2,009 2,191 2,300 2,331 2,491 2,654
Book value 35,993 38,410 40,005 42,474 44,059 47,630 51,354


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 % 13.0 %
Divided by: P/BV 1.7 x 2.1 x
Less: Expense ratio 29 bp 33 bp
Equals: ALTAR Score 6.6 % 5.9 %

VALUATION METRICS


2016A
2017E
2018E

  Model Benchmark Prem/Disc.
Price-to-earnings 15.5x 16.9x -8.4%
Price-to-sales 1.6x 1.6x -0.0%
Price-to-book value 1.7x 2.1x -17.1%
Yield 3.2% 2.5% 28.5%

ANNUAL INCOME

  Model Benchmark Difference
Est. dividends $3,201 $2,491 $710
Less: fund expenses $286 $330 $-44
 weighted avg expense ratio 28.6 bp 33.0 bp -4.4 bp
Expected income $2,915 $2,161 $754

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