{"id":22659,"date":"2023-09-27T16:13:07","date_gmt":"2023-09-27T16:13:07","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/if-you-think-stocks-have-gotten-too-expensive-this-etfs-strategy-may-work-for-your-portfolio\/"},"modified":"2023-09-27T16:13:08","modified_gmt":"2023-09-27T16:13:08","slug":"if-you-think-stocks-have-gotten-too-expensive-this-etfs-strategy-may-work-for-your-portfolio","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=22659","title":{"rendered":"If you think stocks have gotten too expensive, this ETF\u2019s strategy may work for your portfolio"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002545060\" role=\"document\">\n<p>Stock buybacks can be controversial. A company uses its cash to buy its own shares in the open market. This lowers the share count, which increases earnings per share. The idea is that the rising EPS will help to support higher share prices over time. But things may not be so simple. Investors should always take a close look at companies\u2019 buyback activity.<\/p>\n<p>The Invesco BuyBack Achievers ETF<br \/>\n        PKW<br \/>\n       has a good performance record against the S&amp;P 500<br \/>\n        SPX<span>,<\/span><br \/>\n       as it has followed \u201ca derivative value strategy,\u201d according to Nick Kalivas, head of factor and core product strategy for exchange-traded funds and indexes at Invesco. <\/p>\n<div class=\"paywall\">\n<p>Before taking a look at this ETF, here are some points to consider about buybacks:<\/p>\n<ul class=\"articleList\">\n<li>\n      They may not actually lower the share count. Many (or most) large companies reward their executives by handing them new shares as part of their compensation, which raises the share count.<\/p>\n<\/li>\n<li>\n      When a company announces that it has repurchased shares, take a look at the average share count used to calculate its EPS. A company\u2019s earnings press release will include its income statement. In its second-quarter income statement, ConocoPhillips<br \/>\n        COP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207605056\/composite\" class=\"positive\">+3.40%<\/bg-quote><br \/>\n       reported that its average diluted common share count for the quarter was 1.210 billion, down 7.4% from a year earlier. On the other hand, Citigroup Inc.<br \/>\n        C,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207741460\/composite\" class=\"positive\">+0.32%<\/bg-quote><br \/>\n       reported a 0.5% increase in its average diluted second-quarter share count from a year earlier on page 110 of its second-quarter 10-Q report filed with the Securities and Exchange Commission. Citi\u2019s share count increased even though the bank spent $1.05 billion on buybacks over the four-quarter period, according to FactSet.<\/p>\n<\/li>\n<\/ul>\n<p>So a company might be repurchasing shares, but not in sufficient quantity to lower the share count. This doesn\u2019t necessarily mean bad news for investors if a company is in a good competitive position or has been improving its operating efficiency, but it illustrates the need for investors to look beyond the first number they see, which will be dollars spent on buybacks.<\/p>\n<h2>Sifting for effective buybacks<\/h2>\n<p>The Invesco BuyBack Achievers ETF tracks an index made up of 315 stocks listed on U.S. exchanges whose share counts had declined by 5% or more over the previous 12 months, when the index was last reconstituted. The index is reconstituted annually on the last trading day of January, based on available share-count information as of Dec. 31. <\/p>\n<p>The fund was launched in December 2006, has $1.76 billion in assets and is weighted by capitalization, with a 5% cap on each holding when it is reconstituted each January and when it is rebalanced on the last trading day of April, July and October.<\/p>\n<p>That\u2019s it for the criteria. Now let\u2019s look at performance. <\/p>\n<p>First, here are the fund\u2019s total returns for various periods through Monday, compared with those of the SPDR S&amp;P 500 ETF Trust<br \/>\n        SPY<br \/>\n       and the iShares S&amp;P 500 Value ETF<br \/>\n        IVE<br \/>\n      : <\/p>\n<table>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>ETF<\/strong><\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n      <strong>Ticker<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>2023 return<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>Return \u2013 3 Years<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>Return \u2013 5 Years<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>Return \u2013 10 Years<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>Return \u2013 15 Years<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>Return since end of 2006<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Invesco BuyBack Achievers ETF<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        PKW\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      7%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      58%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      58%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      162%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      422%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      336%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      SPDR S&amp;P 500 ETF Trust<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        SPY\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      14%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      38%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      62%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      207%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      379%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      322%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      iShares S&amp;P 500 Value ETF<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        IVE\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      9%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      50%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      50%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      148%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      260%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      202%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"RIGHT\" valign=\"top\" colspan=\"8\">\n      Source: FactSet<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>The returns assume dividends are reinvested and are net of annual expenses, which are 0.61% of assets under management for PKW, 0.0945% for SPY and 0.18% for IVE.<\/p>\n<p>The results are mixed, with the Invesco BuyBack Achievers ETF leading for the three-year and 15-year periods, and since the end of 2006.<\/p>\n<p>Here are the average annual returns for four periods:<\/p>\n<table>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>ETF<\/strong><\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n      <strong>Ticker<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>3 year average return<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>5 year average return<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>10 year average return<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>15 year average return<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Invesco BuyBack Achievers ETF<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        PKW\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      16.6%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      9.6%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      10.1%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      11.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      SPDR S&amp;P 500 ETF Trust<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        SPY\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      11.2%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      10.1%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      11.9%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      11.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      iShares S&amp;P 500 Value ETF<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        IVE\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      14.4%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      8.4%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      9.5%<\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      8.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"RIGHT\" valign=\"top\" colspan=\"6\">\n      Source: FactSet<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>The Invesco BuyBack Achievers ETF is rated four stars (out of five) within Morningstar\u2019s \u201cU.S. Large Value\u201d fund category.<\/p>\n<p>That category selection reflects the fund\u2019s performance tendency, which is \u201cto do well when the value factor is doing well,\u201d Kalivas said during an interview.<\/p>\n<p>During 2022, when the SPDR S&amp;P 500 ETF fell 18.1% and the iShares S&amp;P 500 Value ETF declined 5.4%, the Invecro BuyBack ETF was down 10.2%. (All returns in this article include reinvested dividends.) <\/p>\n<p>Value stocks are generally those trading lower to book value or earnings than growth stocks trade \u2014 they tend to be mature companies for which investors focus on efficiency, cash flow and at times, dividends.<\/p>\n<p>The Invesco BuyBack Achievers ETF\u2019s better performance during 2022 isn\u2019t enough to explain its outperformance over SPY over the past three years. Kalivas said that about half of PKW\u2019s outperformance over the S&amp;P 500 over the past three years has been \u201crelated to the financial sector.\u201d <\/p>\n<p>Not owning PayPal Holdings Inc.<br \/>\n        PYPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208054269\/composite\" class=\"negative\">-2.81%<\/bg-quote><br \/>\n       \u201chas been a big contributor,\u201d he said, adding that being \u201coverweight\u201d in Ameriprise Financial Inc.<br \/>\n        AMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203836224\/composite\" class=\"negative\">-0.41%<\/bg-quote><br \/>\n       and Aflac Inc.<br \/>\n        AFL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208944541\/composite\" class=\"negative\">-0.14%<\/bg-quote><span>,<\/span><br \/>\n       relative to the index, were also important factors in the outperformance.<\/p>\n<p>Kalivas also credited a heavier weighting to industrials than that in the S&amp;P 500. He said the fund\u2019s outperformance mainly reflected its stock selection. Then again, \u201cthe allocation to sectors themselves has been a slight negative,\u201d he noted.<\/p>\n<p>What makes PKW\u2019s strategy unique, Kalivas said, is that \u201cthe value signal is coming from the management of the company reducing the share count and signaling to the market that the stock is inexpensive relative to other options that are available for the cash.\u201d<\/p>\n<p>Here are the top 10 holdings of the Invesco BuyBack Achievers ETF:<\/p>\n<table>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Company<\/strong><\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n      <strong>Ticker<\/strong><\/p>\n<\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      <strong>% of the Invesco BuyBack Achievers ETF<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Comcast Corp. Class A<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        CMCSA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209472081\/composite\" class=\"positive\">+0.34%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      13.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      ConocoPhillips<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        COP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207605056\/composite\" class=\"positive\">+3.40%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      9.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Amgen Inc.<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        AMGN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209157011\/composite\" class=\"negative\">-0.37%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      6.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Morgan Stanley<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        MS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209104354\/composite\" class=\"negative\">-0.30%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      6.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Lowe\u2019s Cos. Inc.<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        LOW,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205563664\/composite\" class=\"negative\">-0.38%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Booking Holdings Inc.<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        BKNG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203576210\/composite\" class=\"positive\">+0.79%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Cigna Group<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        CI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208431372\/composite\" class=\"negative\">-0.35%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      3.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      HCA Healthcare Inc.<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        HCA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205934574\/composite\" class=\"negative\">-1.12%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      2.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Charter Communications Inc. Class A<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        CHTR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201656355\/composite\" class=\"positive\">+0.40%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      2.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      Marathon Petroleum Corp.<\/p>\n<\/td>\n<td align=\"CENTER\" valign=\"top\" colspan=\"1\">\n        MPC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209634297\/composite\" class=\"positive\">+0.95%<\/bg-quote>\n      <\/td>\n<td align=\"RIGHT\" valign=\"top\" colspan=\"1\">\n      2.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"RIGHT\" valign=\"top\" colspan=\"3\">\n      Source: FactSet<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>Click on the tickers for more about each ETF, company or index.<\/p>\n<p>Click\u00a0here\u00a0for Tomi Kilgore\u2019s detailed guide to the wealth of information available for free on the MarketWatch quote page.<\/p>\n<p><strong>Don\u2019t miss:<\/strong> Micron\u2019s stock might be an excellent play for AI investors who want to diversify beyond Nvidia<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/if-you-think-stocks-have-gotten-too-expensive-this-etfs-strategy-may-work-for-your-portfolio-a4940d3f?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock buybacks can be controversial. A company uses its cash to buy its own shares in the open market. This lowers the share count, which increases earnings per share. The idea is that the rising EPS will help to support higher share prices over time. But things may not be so simple. Investors should always<\/p>\n","protected":false},"author":1,"featured_media":22660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-22659","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>If you think stocks have gotten too expensive, this ETF\u2019s strategy may work for your portfolio | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Stock buybacks can be controversial. 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