Vanguard's Patent About to Expire: What's Next for Active ETFs?
Justin Kuepper
|
Vanguard's patent on adding an ETF share class to mutual funds will expire...
Deutsche Bank made the following comments: “We have downgraded shares of UPS to Hold (from Buy) as we now see a more balanced risk/reward with the stock appreciating 9.5% since earnings (vs. a 2.6% increase in the S&P 500). The outperformance has been driven by multiple expansion (up 9.2% vs. the S&P 500 which has expanded 3.0%) as investors have looked out to DIM pricing tailwinds and a better peak season. We believe much of the good news is already in the shares with the stock trading at 19.4x our 2015 EPS estimate (vs. its one-year trailing average Consensus NTM P/E multiple of 18.3x). Accordingly, we have downgraded shares of UPS to Hold.”
The company’s dividend yield is attractive at 2.41%, but it has under-performed compared to its faster growth competitor FedEx (FDX), which is up 22% YTD.
Symbol | Mutual Fund | Stake |
---|---|---|
VTSMX | Vanguard Total Stock Market Index | 1.29% |
VWELX | Vanguard Wellington | 0.92% |
VFINX | Vanguard 500 Index | 0.82% |
Shares of UPS are up 5% YTD.
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Justin Kuepper
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Deutsche Bank made the following comments: “We have downgraded shares of UPS to Hold (from Buy) as we now see a more balanced risk/reward with the stock appreciating 9.5% since earnings (vs. a 2.6% increase in the S&P 500). The outperformance has been driven by multiple expansion (up 9.2% vs. the S&P 500 which has expanded 3.0%) as investors have looked out to DIM pricing tailwinds and a better peak season. We believe much of the good news is already in the shares with the stock trading at 19.4x our 2015 EPS estimate (vs. its one-year trailing average Consensus NTM P/E multiple of 18.3x). Accordingly, we have downgraded shares of UPS to Hold.”
The company’s dividend yield is attractive at 2.41%, but it has under-performed compared to its faster growth competitor FedEx (FDX), which is up 22% YTD.
Symbol | Mutual Fund | Stake |
---|---|---|
VTSMX | Vanguard Total Stock Market Index | 1.29% |
VWELX | Vanguard Wellington | 0.92% |
VFINX | Vanguard 500 Index | 0.82% |
Shares of UPS are up 5% YTD.
Receive email updates about best performers, news, CE accredited webcasts and more.
Justin Kuepper
|
Vanguard's patent on adding an ETF share class to mutual funds will expire...
Sam Bourgi
|
Regarding portfolio allocation, the investment manager PIMCO believes bonds are alluring again thanks...
Kristan Wojnar, RCC™
|
Let’s dive into the business building ideas of social media planning, cultivating new...
Mutual Fund Education
Justin Kuepper
|
Let's take a closer look at how ESG investments have outperformed during the...
Mutual Fund Education
Daniel Cross
|
While CITs and mutual funds share many similarities, there are some key differences...
Mutual Fund Education
Sam Bourgi
|
The phrase ‘bear market’ has been thrown around a lot lately, but it...