Price To Cash Flow Distribution; MF And ETFs – Interactive Chart
[ssba]Price To Cash
Price To Cash Flow Distribution – Interactive Chart by Eric Bush, CFA, Gavekal Capital Blog
In the interactive table below we show price to cash flow values for every stock in the GKCI Developed World and Emerging Market Index (over 2700 stocks). You can you use the drop down menu on the right hand side to view the data sorted by individual country. The colors refer to which sector an individual stock falls into. Finally, if you hover over the distribution bars you can identify individual stocks and see its current price to cash flow ratio.
Overall, in the global stock market, 60% of stocks have a price to cash flow ratio above 10x cash flow and about 38% of stocks are currently trading above 20x cash flow. In the United States, roughly 24% of stocks are trading above 20x cash flow while about 31% of stocks are trading below 10x cash flow.
In the table below, we show median P/E, P/CF, P/S, and P/B value for every country in the developed and emerging markets. Also, if you hover over an individual country’s valuation bar, you can see the median year-to-date performance through November 5th. While we fully suggest that the reader click through to come to their own conclusions, here are few highlights:
On price to earnings basis, developed market Europe countries are congregating near on the expensive side. 11 out of the top 15 most expensive countries are in Europe
On a price to cash flow basis, Peru is major outlier at 30x but that’s due to the fact that there is only one stock in the GKCI Peru Index (Credicorp, a diversified bank). Greece is an outlier on the low end has the median price to cash flow valuation there is just 1.04x cash flow.
On a price to sales basis, only four countries currently have the a median ratio below 1x. 18 countries have a price to sales ratio above 2x.
On a price to book basis, only three countries are trading below 1x book. We again see developed market European equities looking like some of the most expensive stocks in the world based on this metric.
Looking At Mutual Fund and ETF YTD Returns (Interactive Charts) by Eric Bush, CFA, Gavekal Capital Blog
2015 has been a pretty trying year in the investment management industry. On the whole, both the median mutual fund and the median ETF have had negative performance through October. Of the 5395 mutual funds that we have performance for the median year-to-date performance is just -0.90% (average is -1.80%). The mutual fund space has at least performed better than the ETF space. Of the 1573 ETFs that we track the median performance is -3.1% (average is -6.0%).
In the interactive table below, we show the median performance of various mutual fund and ETF categories as categorized by Morningstar (note: the OE prefix in the mutual fund category titles simply means “open ended” mutual funds). We encourage our readers to filter through the various categories to see for themselves how different categories of mutual funds and ETFs have performed.
A few key highlights:
- While you won’t find many home runs, for investors that are looking for positive returns the municipal bond category has been the place to be invested. The median performance of ALL mutual funds and ETFs in this category are positive YTD. Of the 8 category groups (allocation, alternatives, commodities, international equity, municipal bond, sector equity, taxable bond, and US equity), only the municipal bond category can make this claim.
- The overall best performing mutual fund or ETF category has been the Trading-Inverse Commodity ETF category (median performance – 23.4%).
- The overall worst performing mutual fund or ETF category is also commodity related. The Trading-Leveraged Commodities ETF category has median performance of -40.1%.
- International equity has outperformed US equity, in both ETFs and mutual funds.
- International equity has also performed better than the sector equity category.
- US large growth category is the only positive category YTD for US equity mutual funds.
- Preferred stock has been by far the best performing taxable bond segment.