AVUV - PE ratio single digits [Avantis US Small-Cap Value ETF]

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AVUV - PE ratio single digits [Avantis US Small-Cap Value ETF]

Post by Yesterdaysnews »

Given the top heavy nature of VTI and current high multiple, why not put some into AVUV? Single digit multiple! Only issue is risk to small banks but JPow seemed to call it a manageable situation.
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Re: AVUV - PE ratio single digits

Post by Whakamole »

Yesterdaysnews wrote: Sat Feb 10, 2024 3:47 pm Given the top heavy nature of VTI and current high multiple, why not put some into AVUV? Single digit multiple! Only issue is risk to small banks but JPow seemed to call it a manageable situation.
Jerome Powell also said inflation was transitory.
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Re: AVUV - PE ratio single digits

Post by Triple digit golfer »

What determines what is too top heavy? By their nature, any cap weighted index is top heavy. I bet AVUV is top heavy, with some holdings at a much higher percentage than others.
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Re: AVUV - PE ratio single digits

Post by Yesterdaysnews »

The vast majority of the return of VTI is from the top few stocks.

AVUV looks cheap compared to VTI.

However, is that for good reason?

AVUV has beat VTI last 4 years but more volatile obviously.
Last edited by Yesterdaysnews on Sat Feb 10, 2024 4:32 pm, edited 1 time in total.
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Re: AVUV - PE ratio single digits

Post by txaggie »

Why limit yourself to a single digit PE ratio? Plenty of individual stocks are trading with PE ratios less than 1. You can even get a small bank stock with a P/E ratio in the hundredths place.

Code: Select all

P/E	Symbol	Company
0.04	SBNY	Signature Bank
0.1	EXPR	Express
0.1	AGRX	Agile Therapeutics
0.1	RHE	Regional Health Ppty
0.1	NCMI	National Cinemedia
0.1	JAN	Janone
0.2	MDIA	Mediaco
0.2	TANH	Tantech
0.3	TISI	Team
0.3	TXMD	TherapeuticsMD
0.5	XCUR	Exicure
0.6	STRR	Star Equity
0.7	AMPY	Amplify Energy
0.7	SQFT	Presidio Property Trust
0.7	DBD	Diebold Nixdorf
Last edited by txaggie on Sat Feb 10, 2024 4:34 pm, edited 1 time in total.
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Re: AVUV - PE ratio single digits

Post by Yesterdaysnews »

AVUV holds over 700 stocks so well diversified.

5 star etf according to Morningstar
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Re: AVUV - PE ratio single digits

Post by Call_Me_Op »

txaggie wrote: Sat Feb 10, 2024 4:32 pm Why limit yourself to a single digit PE ratio? Plenty of individual stocks are trading with PE ratios less than 1. You can even get a small bank stock with a P/E ratio in the hundredths place.

Code: Select all

P/E	Symbol	Company
0.04	SBNY	Signature Bank
0.1	EXPR	Express
0.1	AGRX	Agile Therapeutics
0.1	RHE	Regional Health Ppty
0.1	NCMI	National Cinemedia
0.1	JAN	Janone
0.2	MDIA	Mediaco
0.2	TANH	Tantech
0.3	TISI	Team
0.3	TXMD	TherapeuticsMD
0.5	XCUR	Exicure
0.6	STRR	Star Equity
0.7	AMPY	Amplify Energy
0.7	SQFT	Presidio Property Trust
0.7	DBD	Diebold Nixdorf
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Re: AVUV - PE ratio single digits

Post by txaggie »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:33 pm AVUV holds over 700 stocks so well diversified.

5 star etf according to Morningstar
I like AVUV too. It is my largest holding.
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Re: AVUV - PE ratio single digits

Post by SB1234 »

Yesterday you were saying VXUS is useless. But VXUS PE is also much less than VTI.
My advice is just figure out what you really want to hold long term. Commit to it. And You need to really understand the reasons why your want to or do not want to hold any asset. But once you decide then you must stay the course.
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Re: AVUV - PE ratio single digits

Post by Yesterdaysnews »

VXUS is a very poor performer compared to AVUV.

Last 4 years if you didn’t reinvest dividends basically zero return for VXUS.

AVUV 16% return per year

Sure, AVUV more volatile but buy and hold bogle style and no worries long term.
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Re: AVUV - PE ratio single digits

Post by livesoft »

It is so hard to know what will happen. YTD:

+4.92% VTI vanguard total stock market
-2.10% AVUV avantis US small cap value

One should probably do some market timing with AVUV, right? Or at least Buy Low, Sell High :)
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

Triple digit golfer wrote: Sat Feb 10, 2024 4:27 pm What determines what is too top heavy? By their nature, any cap weighted index is top heavy. I bet AVUV is top heavy, with some holdings at a much higher percentage than others.
No.

There's 744 holdings and the largest one is only 1%
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:40 pm VXUS is a very poor performer compared to AVUV.

Last 4 years if you didn’t reinvest dividends basically zero return for VXUS.

AVUV 16% return per year

Sure, AVUV more volatile but buy and hold bogle style and no worries long term.
This is a 4 year period with appreciating dollar. It's noise.

US TSM had negative returns from 2000 - 2012. That's 12 years. Would it have made sense to not invest in it throughout those 12 years to some degree per your AA?
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:33 pm AVUV holds over 700 stocks so well diversified.

5 star etf according to Morningstar
Morningstar ratings are actually correlated with lower future performance
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
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Re: AVUV - PE ratio single digits

Post by exodusNH »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:40 pm VXUS is a very poor performer compared to AVUV.

Last 4 years if you didn’t reinvest dividends basically zero return for VXUS.

AVUV 16% return per year

Sure, AVUV more volatile but buy and hold bogle style and no worries long term.
It WAS a poor performer compared to AVUV. You can't project that into the future.
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Re: AVUV - PE ratio single digits

Post by exodusNH »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:33 pm AVUV holds over 700 stocks so well diversified.

5 star etf according to Morningstar
Morningstar's stars rate past performance against funds in the same class. As no one has yet figured out how to know the future, they're not very useful. It's also not helpful to compare across classes, because a fund that didn't do all that well but still bested its peers can be rated the same as a fund that did fantastic.

As an example, let's say that Elbonia is universally acknowledged as having the ugliest people in the world. An Elbonian 10 might be as attractive as a Swedish 1. But if you just take the rating of 10, you might get excited!
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Re: AVUV - PE ratio single digits

Post by jaMichael »

Really bad idea to choose investments based on the last four years of performance.
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Re: AVUV - PE ratio single digits

Post by Northern Flicker »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:40 pm VXUS is a very poor performer compared to AVUV.
What does it mean for a stock to be a poor performer right now, as in present tense? Does that mean it performed poorly in the most recent closing minute?
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Re: AVUV - PE ratio single digits

Post by Yesterdaysnews »

Wow, a lot of negative comments towards AVUV.

People really prefer International to Small cap value?
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Re: AVUV - PE ratio single digits

Post by livesoft »

Yesterdaysnews wrote: Sat Feb 10, 2024 5:24 pm Wow, a lot of negative comments towards AVUV.
Well, I posted some AVUV trades just this week: viewtopic.php?p=7692241#p7692241
Does that count as a positive comment?
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Re: AVUV - PE ratio single digits

Post by Yesterdaysnews »

Nice purchase :beer
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Re: AVUV - PE ratio single digits

Post by exodusNH »

Yesterdaysnews wrote: Sat Feb 10, 2024 5:24 pm Wow, a lot of negative comments towards AVUV.
I hold some AVUV in my Roth IRA.

My comments are related to your use of past performance data to project into the future.
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Re: AVUV - PE ratio single digits

Post by Yesterdaysnews »

I wanted to post a graph from portfolio analyzer but I can't figure it out on this archaic forum.
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Re: AVUV - PE ratio single digits

Post by livesoft »

Yesterdaysnews wrote: Sat Feb 10, 2024 5:35 pm Nice purchase :beer
Maybe not. I think VTI outperformed AVUV for the dates involved.
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Re: AVUV - PE ratio single digits

Post by exodusNH »

Yesterdaysnews wrote: Sat Feb 10, 2024 5:41 pm I wanted to post a graph from portfolio analyzer but I can't figure it out on this archaic forum.
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Re: AVUV - PE ratio single digits

Post by yolointopants »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:33 pm AVUV holds over 700 stocks so well diversified.

5 star etf according to Morningstar
Morningstar Stars are literally just a reflection of the past. They provide zero prognostic utility. I have owned funds that went from 3* to 1* to 5* in the span of 5 years.
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

Yesterdaysnews wrote: Sat Feb 10, 2024 5:24 pm Wow, a lot of negative comments towards AVUV.

People really prefer International to Small cap value?
No negativity, I own both.

Just stating that basing AA decisions on X years of underperformance is not a healthy way to frame decisions
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Re: AVUV - PE ratio single digits

Post by z3r0c00l »

Whakamole wrote: Sat Feb 10, 2024 4:22 pm
Yesterdaysnews wrote: Sat Feb 10, 2024 3:47 pm Given the top heavy nature of VTI and current high multiple, why not put some into AVUV? Single digit multiple! Only issue is risk to small banks but JPow seemed to call it a manageable situation.
Jerome Powell also said inflation was transitory.
As indeed it was, a relatively brief (if painful) flash of inflation that lasted about two years. If one's investing timeframe is 20+ years, and if one's life is 70+ years, 2 years of inflation is entirely transitory. Compare that to 1972-82 which was long-term, secular inflation of staggering proportions. To get $1 worth of goods in 1972 would cost you $2.29 in 1982 and $3.36 in 1992. By comparison, April 2021 - May 2023, which represents most of the area under the curve for this transitory pulse of inflation, saw $1 worth of goods go up to $1.14. 14% in 2 years stinks, but it appears to have stopped. Powell was either lucky or correct, I suspect the former.

But on the topic of AVUV, some companies have low multiples often for a reason. I am guilty of remarking on how low some PEs are, such as Toyota, but would hardly suggest that one should go out and invest in an index of low PE stocks. Banks, oil companies, car companies, there are good reasons why some of these things don't command the PE ratio of an Alphabet or Meta.
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Re: AVUV - PE ratio single digits

Post by Triple digit golfer »

Nathan Drake wrote: Sat Feb 10, 2024 4:55 pm
Triple digit golfer wrote: Sat Feb 10, 2024 4:27 pm What determines what is too top heavy? By their nature, any cap weighted index is top heavy. I bet AVUV is top heavy, with some holdings at a much higher percentage than others.
No.

There's 744 holdings and the largest one is only 1%
And the bottom one is far less than 1%.

So it's top heavy.
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

Triple digit golfer wrote: Sat Feb 10, 2024 6:32 pm
Nathan Drake wrote: Sat Feb 10, 2024 4:55 pm
Triple digit golfer wrote: Sat Feb 10, 2024 4:27 pm What determines what is too top heavy? By their nature, any cap weighted index is top heavy. I bet AVUV is top heavy, with some holdings at a much higher percentage than others.
No.

There's 744 holdings and the largest one is only 1%
And the bottom one is far less than 1%.

So it's top heavy.
I don’t think you know what top heavy means.


Compare the weights of Mag 7 vs AVUV

One is concentrated and top heavy, the other is not
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Re: AVUV - PE ratio single digits

Post by Yesterdaysnews »

I guess the question is, when does underperformance matter?

Never? I doubt that.

4 years is a short time frame vs VXUS, but return delta also massive.

I don't DRIP because this is taxable account money. Thus, VXUS basically has been dead money for 4 years.
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Re: AVUV - PE ratio single digits

Post by muffins14 »

Whakamole wrote: Sat Feb 10, 2024 4:22 pm
Yesterdaysnews wrote: Sat Feb 10, 2024 3:47 pm Given the top heavy nature of VTI and current high multiple, why not put some into AVUV? Single digit multiple! Only issue is risk to small banks but JPow seemed to call it a manageable situation.
Jerome Powell also said inflation was transitory.
Sometimes estimates are incorrect and you update when you get better information
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Re: AVUV - PE ratio single digits

Post by Triple digit golfer »

Nathan Drake wrote: Sat Feb 10, 2024 6:34 pm
Triple digit golfer wrote: Sat Feb 10, 2024 6:32 pm
Nathan Drake wrote: Sat Feb 10, 2024 4:55 pm
Triple digit golfer wrote: Sat Feb 10, 2024 4:27 pm What determines what is too top heavy? By their nature, any cap weighted index is top heavy. I bet AVUV is top heavy, with some holdings at a much higher percentage than others.
No.

There's 744 holdings and the largest one is only 1%
And the bottom one is far less than 1%.

So it's top heavy.
I don’t think you know what top heavy means.


Compare the weights of Mag 7 vs AVUV

One is concentrated and top heavy, the other is not
I know exactly what it means. It's a relative term.

Both are top heavy. One is more top heavy.

So, how top heavy is too top heavy to you?
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Re: AVUV - PE ratio single digits

Post by Northern Flicker »

Yesterdaysnews wrote: Sat Feb 10, 2024 6:37 pm I guess the question is, when does underperformance matter?

Never? I doubt that.

4 years is a short time frame vs VXUS, but return delta also massive.
The point of diversification is not having to guess correctly which will overperform moving forward.
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Re: AVUV - PE ratio single digits

Post by muffins14 »

Yesterdaysnews wrote: Sat Feb 10, 2024 6:37 pm I guess the question is, when does underperformance matter?

Never? I doubt that.

4 years is a short time frame vs VXUS, but return delta also massive.

I don't DRIP because this is taxable account money. Thus, VXUS basically has been dead money for 4 years.
What do you do with the dividends?
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Re: AVUV - PE ratio single digits

Post by muffins14 »

Yesterdaysnews wrote: Sat Feb 10, 2024 5:24 pm Wow, a lot of negative comments towards AVUV.

People really prefer International to Small cap value?
Why not both?

My stocks are about 50% VT and 50% AVGV
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Re: AVUV - PE ratio single digits

Post by snowday2022 »

If stocks had a high PE wouldn’t they be kicked out of the fund? By design it will always have a low PE no?
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Re: AVUV - PE ratio single digits

Post by rushrocker »

muffins14 wrote: Sat Feb 10, 2024 8:34 pm
Yesterdaysnews wrote: Sat Feb 10, 2024 5:24 pm Wow, a lot of negative comments towards AVUV.

People really prefer International to Small cap value?
Why not both?

My stocks are about 50% VT and 50% AVGV
I love this portfolio and think about switching to it every day :beer
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Re: AVUV - PE ratio single digits

Post by jjj_22 »

PE could stay low for a while, but if you're happy to hold on for the long term, sounds like a fine plan.

Lots of people get antsy after a few years of underperformance though, and bail before the fun starts. So you gotta ask yourself if you're in it for the long game or not.

:beer
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Re: AVUV - PE ratio single digits

Post by arcticpineapplecorp. »

Yesterdaysnews wrote: Sat Feb 10, 2024 4:40 pm VXUS is a very poor performer compared to AVUV.

Last 4 years if you didn’t reinvest dividends basically zero return for VXUS.

AVUV 16% return per year

Sure, AVUV more volatile but buy and hold bogle style and no worries long term.
isn't this an apples to pineapples comparison?

vxus is total international stock market index fund
avuv is US small cap value etf

why compare an international fund with a US fund?
why compare a mostly large cap fund (and lately growth) fund with a small cap value fund?
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Re: AVUV - PE ratio single digits

Post by zaboomafoozarg »

Yesterdaysnews wrote: Sat Feb 10, 2024 6:37 pmI don't DRIP because this is taxable account money. Thus, VXUS basically has been dead money for 4 years.
Since I'm in the buying phase and not the selling phase, I don't see the price of VXUS staying the same for 4 years as a totally terrible thing.

Now granted, the fact that VTIAX has only grown 70% over the past 13 years versus VTSAX growing 370% in that same time is somewhat demoralizing.

But I decided to stick with this allocation for 30 years back in 2011, so I'll see where things are at 17 years from now.

I've got a decent amount of AVUV and AVDV, and I'll continue investing in both of those during that time.
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Re: AVUV - PE ratio single digits

Post by ivgrivchuck »

Yesterdaysnews wrote: Sat Feb 10, 2024 3:47 pm Given the top heavy nature of VTI and current high multiple, why not put some into AVUV? Single digit multiple! Only issue is risk to small banks but JPow seemed to call it a manageable situation.
That is because AVUV intentionally picks stocks with low P/E ratios. Almost all of these companies are going through some kind of struggles. Many of them are going to go bankrupt. Some will get things right and will recover.

AVUV suffers from a negative skew (meaning that if the VTI tanks 50%, AVUV might tank 70%), because again these are distressed companies and most of them can't survive a serious depression. This is going to hurt you most when you can least afford it.

Because of these additional risk factors, the expected return of AVUV is higher than VTI. Otherwise nobody would be investing in these businesses.

Just understand what you are getting into, and that there is no free lunch.
25% VTI | 25% VXUS | 12.5% AVUV | 10% AVDV | 2.5% VWO | 25% BND/SCHR/SCHP
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

Triple digit golfer wrote: Sat Feb 10, 2024 7:18 pm
Nathan Drake wrote: Sat Feb 10, 2024 6:34 pm
Triple digit golfer wrote: Sat Feb 10, 2024 6:32 pm
Nathan Drake wrote: Sat Feb 10, 2024 4:55 pm
Triple digit golfer wrote: Sat Feb 10, 2024 4:27 pm What determines what is too top heavy? By their nature, any cap weighted index is top heavy. I bet AVUV is top heavy, with some holdings at a much higher percentage than others.
No.

There's 744 holdings and the largest one is only 1%
And the bottom one is far less than 1%.

So it's top heavy.
I don’t think you know what top heavy means.


Compare the weights of Mag 7 vs AVUV

One is concentrated and top heavy, the other is not
I know exactly what it means. It's a relative term.

Both are top heavy. One is more top heavy.

So, how top heavy is too top heavy to you?
That's like saying "everything is relative".

Relative to The S&P 500? The top 7 stocks are nearly 30% of the index.

AVUV? The top 7 stocks are 6.4% of the entire portfolio.

So no, relative to the US TSM, AVUV is not top heavy
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
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Re: AVUV - PE ratio single digits

Post by Northern Flicker »

If AVUV is being integrated into a portfolio properly, the stock with the largest weighting in AVUV would have a low portfolio weighting. AVUV would not be contributing anything to portfolio concentration. Portfolio concentration risk is what matters, not the concentration risk of individual funds.

I believe that AVUV is cap weighted for the holdings it has at any point in time, which will reduce trading volume.
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Re: AVUV - PE ratio single digits

Post by Triple digit golfer »

Nathan Drake wrote: Sat Feb 10, 2024 10:10 pm
Triple digit golfer wrote: Sat Feb 10, 2024 7:18 pm
Nathan Drake wrote: Sat Feb 10, 2024 6:34 pm
Triple digit golfer wrote: Sat Feb 10, 2024 6:32 pm
Nathan Drake wrote: Sat Feb 10, 2024 4:55 pm

No.

There's 744 holdings and the largest one is only 1%
And the bottom one is far less than 1%.

So it's top heavy.
I don’t think you know what top heavy means.


Compare the weights of Mag 7 vs AVUV

One is concentrated and top heavy, the other is not
I know exactly what it means. It's a relative term.

Both are top heavy. One is more top heavy.

So, how top heavy is too top heavy to you?
That's like saying "everything is relative".

Relative to The S&P 500? The top 7 stocks are nearly 30% of the index.

AVUV? The top 7 stocks are 6.4% of the entire portfolio.

So no, relative to the US TSM, AVUV is not top heavy
You said the S&P 500 is top heavy. Why do you feel that way and what is your threshold for top heavy? Top X stocks make top Y% of the index. What is your X and Y?
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Re: AVUV - PE ratio single digits

Post by TimeIsYourFriend »

I wouldn’t do a small value allocation unless you can commit to it for the rest of your life. Getting in and out of it based on the concentration of the market will likely be loser’s gamble: exceptionally difficult to do. Small value also has long periods of terrible performance (think two decades) where you are wondering about the cost of your “concentration insurance”.
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

Triple digit golfer wrote: Sun Feb 11, 2024 6:34 am
Nathan Drake wrote: Sat Feb 10, 2024 10:10 pm
Triple digit golfer wrote: Sat Feb 10, 2024 7:18 pm
Nathan Drake wrote: Sat Feb 10, 2024 6:34 pm
Triple digit golfer wrote: Sat Feb 10, 2024 6:32 pm

And the bottom one is far less than 1%.

So it's top heavy.
I don’t think you know what top heavy means.


Compare the weights of Mag 7 vs AVUV

One is concentrated and top heavy, the other is not
I know exactly what it means. It's a relative term.

Both are top heavy. One is more top heavy.

So, how top heavy is too top heavy to you?
That's like saying "everything is relative".

Relative to The S&P 500? The top 7 stocks are nearly 30% of the index.

AVUV? The top 7 stocks are 6.4% of the entire portfolio.

So no, relative to the US TSM, AVUV is not top heavy
You said the S&P 500 is top heavy. Why do you feel that way and what is your threshold for top heavy? Top X stocks make top Y% of the index. What is your X and Y?
Because it's at the highest levels of concentration the market has seen in history?
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
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Re: AVUV - PE ratio single digits

Post by Nathan Drake »

TimeIsYourFriend wrote: Sun Feb 11, 2024 7:37 am I wouldn’t do a small value allocation unless you can commit to it for the rest of your life. Getting in and out of it based on the concentration of the market will likely be loser’s gamble: exceptionally difficult to do. Small value also has long periods of terrible performance (think two decades) where you are wondering about the cost of your “concentration insurance”.
Post some examples of two decades of "terrible performance" for small value.

At worst, it matches the market, as there's been not been many periods (if any) of this duration where it has significantly underperformed.
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
Impatience
Posts: 721
Joined: Thu Jul 23, 2020 3:15 pm

Re: AVUV - PE ratio single digits

Post by Impatience »

There’s a reason its PE is so low. Because investors correctly attribute large amounts of risk and little upside. Small and medium sized banks are undercapitalized. Are you interested in absorbing more of their losses? That’s the job of bank equity.

If these companies were well-run they wouldn’t still be so small 8-)
Last edited by Impatience on Sun Feb 11, 2024 12:26 pm, edited 1 time in total.
Triple digit golfer
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Re: AVUV - PE ratio single digits

Post by Triple digit golfer »

Nathan Drake wrote: Sun Feb 11, 2024 12:19 pm
Triple digit golfer wrote: Sun Feb 11, 2024 6:34 am
Nathan Drake wrote: Sat Feb 10, 2024 10:10 pm
Triple digit golfer wrote: Sat Feb 10, 2024 7:18 pm
Nathan Drake wrote: Sat Feb 10, 2024 6:34 pm

I don’t think you know what top heavy means.


Compare the weights of Mag 7 vs AVUV

One is concentrated and top heavy, the other is not
I know exactly what it means. It's a relative term.

Both are top heavy. One is more top heavy.

So, how top heavy is too top heavy to you?
That's like saying "everything is relative".

Relative to The S&P 500? The top 7 stocks are nearly 30% of the index.

AVUV? The top 7 stocks are 6.4% of the entire portfolio.

So no, relative to the US TSM, AVUV is not top heavy
You said the S&P 500 is top heavy. Why do you feel that way and what is your threshold for top heavy? Top X stocks make top Y% of the index. What is your X and Y?
Because it's at the highest levels of concentration the market has seen in history?
Define concentration.

Top 5? 7? 10? 20?

How do you measure how X% concentration at one point in time compares to another point in time? As we've been through in the Schiller PE thread, there are many other variables involved. Company A and Company B are not equal. One could be far more diversified than the other. Company A could be more diversified than it was at another point in time.

So, again, what is your threshold for top heavy? How do you define concentration? How do you account for different variables and how they constantly change over time and then, how do you compare different time periods?
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