HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
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NAV$47.18
as at 30-Jun-26 -
Total Net Assets$122.67M
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Dividend Frequency1 each year
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Management fee (p.a.)0.43%
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Number of securities250
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Inception Date07-Nov-23
Overview
Fund Description
HVLU gives investors a diversified portfolio of 250 international developed market large- and mid-cap companies, with high value scores as calculated by MSCI at each rebalance with returns hedged into Australian dollars. HVLU aims to provide investment returns before fees and other costs which track the performance of the Index.
Key points
International companies exhibiting value characteristics
Access a portfolio of international companies that are selected for their high value score relative to sector peers as measured by MSCI based on: (i) price to book value; (ii) price to forward earnings; and (iii) enterprise value to cash flow from operations.
Long term focus, capturing value across the market cycle
The index is designed to capture a high level of exposure to value while minimising unintended and unwanted sector bets.
Diversified across countries, sectors and companies
Offering investors a portfolio of 250 companies across a range of geographies, sectors and economies.
Australian dollar currency hedged
Index Key points
Index name
MSCI World ex Australia Enhanced Value Top 250 Select 100% Hedged to AUD Index
Overview
The Index measures the performance of 250 international developed market large- and mid-cap companies selected from the MSCI World ex Australia Index, with high value scores relative to their industry peers as calculated by MSCI at each rebalance. Exclusions apply for weapons and tobacco (subject to threshold screening).
Summary of Index calculation methodology
A five step process is followed to determine the Index:
1. Eligible universe
The eligible universe is all the companies in the MSCI World ex Australia Index (“Parent Index”) which is a traditional free-float adjusted market capitalisation (“FMC”) weighted index.
2. Securities are screened for exclusion based on the following business activities:
| Business activities | Exclusion |
|---|---|
| Conventional weapons | All companies deriving:
|
| Controversial weapons |
All companies with an involvement in the production of cluster bombs, landmines, depleted uranium weapons, chemical and biological weapons, blinding lasers, non-detectable fragments and incendiary weapons.
For more details, refer to the methodology of the MSCI Global Ex-Controversial Weapons Indexes available in the documents section below. |
| Nuclear weapons | All companies that:
|
| Tobacco | All companies:
|
The effectiveness of an exclusionary screen is limited by the accuracy, completeness and accessibility of information and disclosure the relevant entity makes available or is willing to make available. There may be instances where the above screens may not exclude a company if data about the company is incomplete, inaccurate or unavailable.
You may have differing views, opinions and understanding of the meaning of the terminology used in this section and PDS, to VanEck or MSCI or their third party providers (including ESG research providers), and therefore your expectations of permitted investments may be different to the actual investments of the Fund.
3. Value
MSCI calculates a value score for each remaining company in the universe based on the following fundamental accounting variables:
a) price-to-book value;
b) price-to-forward earnings; and
c) enterprise value-to-cash flow from operations.
Companies are ranked by value score and a fixed number required to cover 30% of the FMC of the Parent Index are selected, with the aim of attaining a high exposure to the value factor, while maintaining sufficient market capitalisation and number of companies covered. At the date of this PDS, 350 companies are included.
Constituents are then weighted with a tilt to value as follows:
Value weight = Value score x FMC weight in the Parent Index
4. Select top 250
The top 250 companies by value weight are then selected for the Index.
5. Weighting
The weights of the final 250 constituents are then:
(i) adjusted proportionately based on their value weight in step 3; and
(ii) normalised so that sectors in the Index represent the same weight as the Parent Index.
Currency hedging
MSCI reduces the exposure of the Index to foreign exchange rate fluctuations between the Australian dollar and currencies in which the constituents are denominated by notionally entering into forward foreign exchange contracts on a rolling one-month basis at the end of each month. The Index is not fully hedged and retains some exposure to currency movements.
Rebalances
The Index is reviewed and rebalanced on a semi-annual basis, usually as of the close of the last business day of May and November. The value scores are recalculated at the end of April and October and used for May and November rebalances respectively.
For full details of the methodology, click here.
Index provider
MSCI Inc (“MSCI”). MSCI is not a related body corporate of VanEck.
HVLU is indexed to a MSCI index. HVLU is not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to HVLU or the MSCI World ex Australia Enhanced Value Top 250 Select 100% Hedged to AUD Index. The PDS contains a more detailed description of the limited relationship MSCI has with VanEck and HVLU.
Performance
Holdings & allocations
All holdings (%) as at 30-Jun-26 Download all holdings
| Security name |
Ticker
|
% of Fund net assets |
|---|---|---|
| Micron Technology Inc | MU US | 21.44 |
| Verizon Communications Inc | VZ US | 2.08 |
| Qualcomm Inc | QCOM US | 1.83 |
| Toyota Motor Corp | 7203 JP | 1.68 |
| Comcast Corp | CMCSA US | 1.52 |
| At&T Inc | T US | 1.52 |
| Hewlett Packard Enterprise Co | HPE US | 1.35 |
| General Motors Co | GM US | 1.13 |
| Pfizer Inc | PFE US | 1.11 |
| Kioxia Holdings Corp | 285A JP | 1.07 |
| Shell Plc | SHEL LN | 1.06 |
| Hsbc Holdings Plc | HSBA LN | 1.03 |
| Citigroup Inc | C US | 1.01 |
| Cvs Health Corp | CVS US | 1.00 |
| Nokia Oyj | NOKIA FH | 0.96 |
| Mitsubishi Corp | 8058 JP | 0.90 |
| Bnp Paribas Sa | BNP FP | 0.87 |
| Renesas Electronics Corp | 6723 JP | 0.85 |
| Dell Technologies Inc | DELL US | 0.84 |
| Mitsui & Co Ltd | 8031 JP | 0.84 |
| Banco Santander Sa | SAN SM | 0.83 |
| Sanofi Sa/France | SAN FP | 0.77 |
| Totalenergies Se | TTE FP | 0.73 |
| Sumitomo Corp | 8053 JP | 0.72 |
| Itochu Corp | 8001 JP | 0.72 |
| Archer-Daniels-Midland Co | ADM US | 0.71 |
| Rio Tinto Plc | RIO LN | 0.70 |
| Kraft Heinz Co/The | KHC US | 0.70 |
| Bristol-Myers Squibb Co | BMY US | 0.68 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.64 |
| Stmicroelectronics Nv | STMPA FP | 0.64 |
| Mercedes-Benz Group Ag | MBG GR | 0.63 |
| Salesforce.Com Inc | CRM US | 0.63 |
| Ford Motor Co | F US | 0.62 |
| Barclays Plc | BARC LN | 0.60 |
| Panasonic Corp | 6752 JP | 0.60 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.58 |
| Honda Motor Co Ltd | 7267 JP | 0.58 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.58 |
| Cigna Group/The | CI US | 0.58 |
| Bayer Ag | BAYN GR | 0.55 |
| Cie De Saint-Gobain | SGO FP | 0.55 |
| Gsk Plc | GSK LN | 0.54 |
| Marubeni Corp | 8002 JP | 0.53 |
| Deutsche Post Ag | DHL GR | 0.53 |
| Capital One Financial Corp | COF US | 0.53 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.52 |
| Unicredit Spa | UCG IM | 0.50 |
| Vodafone Group Plc | VOD LN | 0.50 |
| Canon Inc | 7751 JP | 0.48 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.48 |
| Kyocera Corp | 6971 JP | 0.47 |
| Aercap Holdings Nv | AER US | 0.47 |
| Fujifilm Holdings Corp | 4901 JP | 0.47 |
| Tdk Corp | 6762 JP | 0.47 |
| Arcelormittal Sa | MT NA | 0.47 |
| Komatsu Ltd | 6301 JP | 0.45 |
| Elevance Health Inc | ELV US | 0.45 |
| Deutsche Bank Ag | DBK GR | 0.43 |
| Adobe Inc | ADBE US | 0.43 |
| Kddi Corp | 9433 JP | 0.43 |
| Keurig Dr Pepper Inc | KDP US | 0.42 |
| Enel Spa | ENEL IM | 0.41 |
| Central Japan Railway Co | 9022 JP | 0.41 |
| First Solar Inc | FSLR US | 0.40 |
| Societe Generale Sa | GLE FP | 0.39 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.39 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.39 |
| Natwest Group Plc | NWG LN | 0.38 |
| Volkswagen Ag | VOW3 GR | 0.38 |
| Accenture Plc | ACN US | 0.38 |
| Engie Sa | ENGI FP | 0.37 |
| Pg&E Corp | PCG US | 0.37 |
| Daimler Truck Holding Ag | DTG GR | 0.37 |
| Carrefour Sa | CA FP | 0.36 |
| Ing Groep Nv | INGA NA | 0.35 |
| Asahi Group Holdings Ltd | 2502 JP | 0.35 |
| Nxp Semiconductors Nv | NXPI US | 0.35 |
| Lloyds Banking Group Plc | LLOY LN | 0.35 |
| Mizuho Financial Group Inc | 8411 JP | 0.34 |
| Bp Plc | BP/ LN | 0.34 |
| Hp Inc | HPQ US | 0.34 |
| Bayerische Motoren Werke Ag | BMW GR | 0.34 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.33 |
| Strategy Inc | MSTR US | 0.32 |
| Toyota Tsusho Corp | 8015 JP | 0.32 |
| Orange Sa | ORA FP | 0.32 |
| Fujitsu Ltd | 6702 JP | 0.32 |
| Tyson Foods Inc | TSN US | 0.32 |
| Dr Horton Inc | DHI US | 0.32 |
| Medtronic Plc | MDT US | 0.32 |
| Intesa Sanpaolo Spa | ISP IM | 0.32 |
| Prudential Financial Inc | PRU US | 0.31 |
| Cognizant Technology Solutions Corp | CTSH US | 0.30 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.30 |
| Nippon Yusen Kk | 9101 JP | 0.30 |
| Nippon Steel Corp | 5401 JP | 0.29 |
| Bunge Global Sa | BG US | 0.29 |
| Capgemini Se | CAP FP | 0.29 |
| Netapp Inc | NTAP US | 0.29 |
| Rwe Ag | RWE GR | 0.28 |
| Wh Group Ltd | 288 HK | 0.28 |
| Twilio Inc | TWLO US | 0.27 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.27 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.27 |
| Truist Financial Corp | TFC US | 0.26 |
| Roper Technologies Inc | ROP US | 0.26 |
| Kirin Holdings Co Ltd | 2503 JP | 0.26 |
| Repsol Sa | REP SM | 0.26 |
| 3i Group Plc | III LN | 0.26 |
| Jardine Matheson Holdings Ltd | JM SP | 0.26 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.25 |
| Stellantis Nv | STLAM IM | 0.25 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.25 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.24 |
| Zoom Video Communications Inc | ZM US | 0.24 |
| Edison International | EIX US | 0.24 |
| Centene Corp | CNC US | 0.24 |
| Nutrien Ltd | NTR CN | 0.24 |
| Teledyne Technologies Inc | TDY US | 0.24 |
| Kubota Corp | 6326 JP | 0.24 |
| Pernod Ricard Sa | RI FP | 0.23 |
| Becton Dickinson & Co | BDX US | 0.23 |
| Delta Air Lines Inc | DAL US | 0.23 |
| Metlife Inc | MET US | 0.23 |
| Biogen Inc | BIIB US | 0.22 |
| Gen Digital Inc | GEN US | 0.22 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.22 |
| Charter Communications Inc | CHTR US | 0.22 |
| Pultegroup Inc | PHM US | 0.22 |
| Manulife Financial Corp | MFC CN | 0.21 |
| Omnicom Group Inc | OMC US | 0.21 |
| Eni Spa | ENI IM | 0.21 |
| Standard Chartered Plc | STAN LN | 0.21 |
| Bridgestone Corp | 5108 JP | 0.21 |
| F5 Inc | FFIV US | 0.21 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.20 |
| Suzuki Motor Corp | 7269 JP | 0.20 |
| Denso Corp | 6902 JP | 0.20 |
| Chubu Electric Power Co Inc | 9502 JP | 0.20 |
| American International Group Inc | AIG US | 0.20 |
| Magna International Inc | MG CN | 0.20 |
| Devon Energy Corp | DVN US | 0.20 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.19 |
| Super Micro Computer Inc | SMCI US | 0.19 |
| Deutsche Lufthansa Ag | LHA GR | 0.19 |
| Publicis Groupe Sa | PUB FP | 0.18 |
| Smurfit Westrock Plc | SW US | 0.17 |
| Ck Asset Holdings Ltd | 1113 HK | 0.17 |
| Bt Group Plc | BT/A LN | 0.17 |
| Lennar Corp | LEN US | 0.17 |
| Amcor Plc | AMCR US | 0.17 |
| Nn Group Nv | NN NA | 0.16 |
| Royalty Pharma Plc | RPRX US | 0.16 |
| Sse Plc | SSE LN | 0.16 |
| Asahi Kasei Corp | 3407 JP | 0.15 |
| Credit Agricole Sa | ACA FP | 0.15 |
| Orix Corp | 8591 JP | 0.15 |
| Erste Group Bank Ag | EBS AV | 0.15 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.15 |
| Fresenius Se & Co Kgaa | FRE GR | 0.15 |
| Global Payments Inc | GPN US | 0.15 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.14 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.14 |
| Fiserv Inc | FI US | 0.13 |
| Workday Inc | WDAY US | 0.13 |
| Cgi Inc | GIB/A CN | 0.13 |
| Subaru Corp | 7270 JP | 0.13 |
| Sompo Holdings Inc | 8630 JP | 0.13 |
| Sekisui House Ltd | 1928 JP | 0.13 |
| Japan Post Bank Co Ltd | 7182 JP | 0.13 |
| Nomura Holdings Inc | 8604 JP | 0.13 |
| Nidec Corp | 6594 JP | 0.13 |
| East Japan Railway Co | 9020 JP | 0.13 |
| Abn Amro Bank Nv | ABN NA | 0.13 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.12 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.12 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.12 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.12 |
| International Paper Co | IP US | 0.12 |
| Eneos Holdings Inc | 5020 JP | 0.12 |
| Citizens Financial Group Inc | CFG US | 0.12 |
| Otsuka Holdings Co Ltd | 4578 JP | 0.12 |
| Telefonica Sa | TEF SM | 0.12 |
| Synchrony Financial | SYF US | 0.12 |
| Inpex Corp | 1605 JP | 0.12 |
| Danske Bank A/S | DANSKE DC | 0.12 |
| General Mills Inc | GIS US | 0.12 |
| M&T Bank Corp | MTB US | 0.11 |
| Commerzbank Ag | CBK GR | 0.11 |
| Rogers Communications Inc | RCI/B CN | 0.11 |
| Diamondback Energy Inc | FANG US | 0.11 |
| Jfe Holdings Inc | 5411 JP | 0.11 |
| Everest Group Ltd | EG US | 0.11 |
| Porsche Automobil Holding Se | PAH3 GR | 0.11 |
| Bouygues Sa | EN FP | 0.11 |
| Equinor Asa | EQNR NO | 0.11 |
| Dsm-Firmenich Ag | DSFIR NA | 0.10 |
| Okta Inc | OKTA US | 0.10 |
| Eversource Energy | ES US | 0.10 |
| Merck Kgaa | MRK GR | 0.10 |
| Bank Hapoalim Bm | POLI IT | 0.10 |
| Eiffage Sa | FGR FP | 0.10 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.10 |
| Sumitomo Mitsui Trust Holdings Inc | 8309 JP | 0.10 |
| Banca Monte Dei Paschi Di Siena Spa | BMPS IM | 0.10 |
| Osaka Gas Co Ltd | 9532 JP | 0.10 |
| Sino Land Co Ltd | 83 HK | 0.10 |
| Labcorp Holdings Inc | LH US | 0.10 |
| Koninklijke Philips Nv | PHIA NA | 0.10 |
| Ge Healthcare Technologies Inc | GEHC US | 0.10 |
| Alstom Sa | ALO FP | 0.09 |
| Fresenius Medical Care Ag | FME GR | 0.09 |
| Regions Financial Corp | RF US | 0.09 |
| Annaly Capital Management Inc | NLY US | 0.09 |
| Edp Sa | EDP PL | 0.09 |
| Aib Group Plc | AIBG ID | 0.08 |
| Coeur Mining Inc | CDE US | 0.08 |
| Principal Financial Group Inc | PFG US | 0.08 |
| Ryanair Holdings Plc | RYA ID | 0.08 |
| Shionogi & Co Ltd | 4507 JP | 0.08 |
| Astellas Pharma Inc | 4503 JP | 0.08 |
| Incyte Corp | INCY US | 0.08 |
| Banco Bpm Spa | BAMI IM | 0.08 |
| Bank Of Ireland Group Plc | BIRG ID | 0.08 |
| International Consolidated Airlines Gro | IAG SM | 0.08 |
| Banco De Sabadell Sa | SAB SM | 0.08 |
| Boliden Ab | BOL SS | 0.07 |
| Bper Banca Spa | BPE IM | 0.07 |
| Boc Hong Kong Holdings Ltd | 2388 HK | 0.07 |
| Expand Energy Corp | EXE US | 0.07 |
| Agc Inc | 5201 JP | 0.07 |
| Keycorp | KEY US | 0.07 |
| Fidelity National Information Services | FIS US | 0.07 |
| Svenska Handelsbanken Ab | SHBA SS | 0.07 |
| Aptiv Plc | APTV US | 0.07 |
| Aegon Nv | AGN NA | 0.06 |
| Dassault Systemes Se | DSY FP | 0.06 |
| Raiffeisen Bank International Ag | RBI AV | 0.06 |
| Israel Discount Bank Ltd | DSCT IT | 0.06 |
| Renault Sa | RNO FP | 0.06 |
| Check Point Software Technologies Ltd | CHKP US | 0.06 |
| First Citizens Bancshares Inc/Nc | FCNCA US | 0.06 |
| Corebridge Financial Inc | CRBG US | 0.06 |
| Cooper Cos Inc/The | COO US | 0.06 |
| Pinnacle Financial Partners Inc | PNFP US | 0.05 |
| Sumitomo Metal Mining Co Ltd | 5713 JP | 0.05 |
| Omv Ag | OMV AV | 0.04 |
| Whitecap Resources Inc | WCP CN | 0.03 |
| Idemitsu Kosan Co Ltd | 5019 JP | 0.03 |
| Other/Cash | -- | -2.52 |
| Total | 100.00 | |
Holdings: Holdings data shows the direct investments of the VanEck MSCI International Value ETF (VLUE), the underlying fund into which HVLU primarily invests to obtain exposure to the securities in the index. The percentage holdings of VLUE and HVLU will vary slightly because of the cash and forward positions present in HVLU.
Dividends
Election of Dividend Reinvestment Plan (DRP)
You can elect DRP by logging into MUFG’s Investor Centre. Once you are logged in, please proceed to the “Payments and Tax” tab and select “Reinvestment Plans”.
