MFEM
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
The PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF is a smart beta strategy that seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index, wchih provides dynamically-weighted exposure to multiple equity factors, including value, quality, low volatility and momentum.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
103.8 M
ASSETS UNDER MGMT
50 bp
EXPENSES
Fund Basics
| Fund sponsor | PIMCO |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Aug 31, 2017 |
| Assets (mns) | $104 |
| Expense ratio | 50 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| HON HAI PRECISION INDUSTRY | 2.6 % |
| PETROBRAS - PETROLEO BRAS-PR | 1.5 % |
| RELIANCE INDS-SPONS GDR 144A | 1.5 % |
| HYUNDAI MOTOR CO | 1.4 % |
| MEDIATEK INC | 1.2 % |
| TAIWAN SEMICONDUCTOR MANUFAC | 1.1 % |
| QUANTA COMPUTER INC | 1.1 % |
| TATA CONSULTANCY SVS LTD | 1.1 % |
| IND & COMM BK OF CHINA - H | 1.0 % |
| CHINA CONSTRUCTION BANK-H | 0.9 % |
Constituent Breakdown
| Number of holdings | 777 |
| Herfindahl-Hirschman Index | 44 |
| Wgt avg mkt cap (mns) | $56,697 |
| Large cap (>$10bn) | 65.9% |
| Mid cap ($2-10bn) | 29.3% |
| Small cap (<$2bn) | 3.9% |
| Developed mkts. | 5.0% |
| Emerging mkts. | 95.0% |
Country Exposure
 |
CHINA | 21.2 % |
 |
TAIWAN | 18.5 % |
 |
INDIA | 16.9 % |
 |
SOUTH KOREA | 11.9 % |
 |
BRAZIL | 5.0 % |
 |
HONG KONG | 2.8 % |
 |
SOUTH AFRICA | 2.5 % |
 |
THAILAND | 2.3 % |
 |
MALAYSIA | 1.9 % |
 |
SAUDI ARABIA | 1.9 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 9.5% | 18.4% | 18.1% | 0.9% | 6.6% | -- | 4.2% | Volatility | 12.6% | 13.2% | 14.5% | 15.5% | 20.8% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.71 | 56% |
| MSCI EAFE | 0.85 | 78% |
| MSCI Emg Mkts | 0.95 | 94% |
Liquidity Measures
| Avg. volume (000) | 10 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.16% |
| ADV of underlying (mns) | $63,551 |
Technical Indicators
| Recent close | $20.27 |
| 30d moving avg. | $20.17 |
| Annualized volatility | 16.9% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 0.2% |
| 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. MFEM |
Expenses vs. MFEM |
ALTAR Score™ vs. MFEM |
|---|---|---|---|---|
| JHEM | John Hancock Multifactor Emerging Markets ETF | 46.2% | -1 bp | -5.1% |
| FNDE | Schwab Fundamental Emerging Markets Large Co. Index ETF | 42.2% | -11 bp | -0.9% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 39.9% | -5 bp | -2.4% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 39.7% | +16 bp | -3.4% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 39.2% | -39 bp | -4.8% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 39.0% | -35 bp | -6.0% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 38.8% | -14 bp | -5.5% |
| PXH | Invesco FTSE RAFI Emerging Markets ETF | 38.3% | -1 bp | -1.2% |
| EVLU | iShares MSCI Emerging Markets Value Factor ETF | 38.1% | -15 bp | -1.0% |
| ROAM | Hartford Multifactor Emerging Markets ETF | 37.9% | -6 bp | +2.2% |
Risk and Returns: MFEM 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 10/23/2024
Peer Group Comparison Sample data. Subscribe for access.
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
MFEM
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 Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
MFEM
13.2%
Cat. Avg
7.6%
ALTAR Score™ Calculation
Category Overview
There are 164 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.6% and a standard deviation of
4.1%. MFEM's ALTAR Score™ is approximately
1.3 standard deviations
above
the category average. This places MFEM in the 91st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
MFEMSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| MFEM (50 bp) Percentile rank | 31 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| MFEM | 50.0 | 16.1 | 66.1 |
| Peer Avg. | 50.1 | 29.6 | 79.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .