FPAG
FPA Global Equity ETF
FPAG actively selects global large- and midcap stocks offered at a substantial discount relative to their intrinsic value and have a favorable outlook for growth
Global
EQUITY
Active
MANAGEMENT STYLE
49 bp
EXPENSES
$134.1 M
ASSETS UNDER MGMT
Fund Basics
Fund sponsor | First Pacific Advisors LP |
Category | Global |
Asset class | Equity |
Website | link... |
Inception date | Dec 17, 2021 |
Assets (mns) | $134 |
Expense ratio | 49 bp |
Currency | USD |
Sector Breakdown
Fund Structure
Regulation | Open-Ended Fund |
Distributions | Quarterly |
Taxation | 1099 |
Stock selection | Proprietary |
Weighting | Proprietary |
Holdings Transparency | Full |
Derivatives-based | No |
Options available | No |
Currency hedged | No |
Fund of funds | No |
Top 10 Holdings
ALPHABET INC. CLASS A | 6.6 % |
HOLCIM LTD-REG | 6.1 % |
META PLATFORMS INC | 6.1 % |
ANALOG DEVICES INC | 5.9 % |
TE CONNECTIVITY | 4.8 % |
COMCAST CORP-CL A | 4.6 % |
CITIGROUP INC | 4.6 % |
INTL FLAVORS & FRAGRANCES | 4.3 % |
ALPHABET INC. CLASS C | 4.3 % |
WELLS FARGO & CO | 3.5 % |
Constituent Breakdown
Number of holdings | 46 |
Herfindahl-Hirschman Index | 379 |
Wgt avg mkt cap (mns) | $504,427 |
Large cap (>$10bn) | 96.3% |
Mid cap ($2-10bn) | 3.7% |
Small cap (<$2bn) | 0.0% |
Developed mkts. | 97.1% |
Emerging mkts. | 3.0% |
Country Exposure
UNITED STATES | 59.9 % | |
SWITZERLAND | 15.2 % | |
NETHERLANDS | 9.2 % | |
IRELAND | 4.1 % | |
FRANCE | 2.8 % | |
BRITAIN | 2.7 % | |
SOUTH KOREA | 2.6 % | |
JAPAN | 2.5 % | |
BELGIUM | 0.6 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | 12.0% | 22.6% | 22.6% | -- | -- | -- | 10.7% | Volatility | 14.2% | 13.9% | 19.6% | -- | -- | -- | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 1.03 | 87% |
MSCI EAFE | 1.06 | 90% |
MSCI Emg Mkts | 0.89 | 66% |
Liquidity Measures
Avg. volume (000) | 13 |
Turnover | 0.3% |
Avg. Bid/Ask (% of price) | 0.29% |
ADV of underlying (mns) | $56,499 |
Technical Indicators
Recent close | $29.47 |
30d moving avg. | $30.07 |
Annualized volatility | 20.8% |
Relative strength (RSI) | 61 |
Short interest (ETF) | 0.4% |
Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
Ticker | Fund Name | Overlap vs. FPAG |
Expenses vs. FPAG |
ALTAR Score™ vs. FPAG |
---|---|---|---|---|
IXP | iShares Global Comm Services ETF | 24.5% | -7 bp | 0.0% |
XLC | Communication Services Select Sector SPDR Fund | 24.2% | -40 bp | +1.4% |
VOX | Vanguard Communication Services ETF | 23.4% | -39 bp | -0.4% |
FCOM | Fidelity MSCI Communication Services Index ETF | 23.2% | -41 bp | -0.2% |
FELG | Fidelity Enhanced Large Cap Growth ETF | 21.4% | -31 bp | -0.5% |
IGM | iShares Expanded Tech Sector ETF | 20.4% | -8 bp | -0.8% |
IWY | iShares Russell Top 200 Growth ETF | 20.1% | -29 bp | -0.4% |
FDN | First Trust Dow Jones Internet Index Fund | 20.1% | +3 bp | -3.1% |
IVW | iShares S&P 500 Growth ETF | 20.0% | -31 bp | -0.8% |
SPYG | SPDR Portfolio S&P 500 Growth ETF | 20.0% | -45 bp | -0.7% |
Risk and Returns: FPAG vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2023 | 2024E | Fwd Est | 2025E | |
Price-to-sales | --x | --x | --x | --x |
Price-to-earnings | --x | --x | --x | --x |
Price-to-cash flow | --x | --x | --x | --x |
Price-to-growth | --x | --x | --x | --x |
Price-to-book value | --x | --x | --x | --x |
Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
FPAG
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
FPAG
5.5%
Cat. Avg
4.0%
Fund Category: Global
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | 5.5% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. FPAG's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places FPAG in the 61st percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
FPAG
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
Peer Group | Active Global Equity ETFs |
# of ETFs | 118 |
Avg. Expense Ratio | 73.5 bp |
Std. Deviation | 29.8 bp |
FPAG (49 bp) Percentile rank | 21 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
FPAG | 49.0 | 28.8 | 77.8 |
Peer Avg. | 77.1 | 49.6 | 126.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .