HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
-
NAV$39.67
as at 20-Jul-26 -
Total Net Assets$129.06M
-
Dividend Frequency1 each year
-
Management fee (p.a.)0.43%
-
Number of securities250
-
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.
(iii) capped so that each issuer represents no more than 5% of the Index at each Index Review.
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 21-Jul-26 Download all holdings
| Security name |
Ticker
|
% of Fund net assets |
|---|---|---|
| Micron Technology Inc | MU US | 4.10 |
| Salesforce.Com Inc | CRM US | 2.29 |
| Verizon Communications Inc | VZ US | 2.09 |
| Kioxia Holdings Corp | 285A JP | 2.04 |
| Toyota Motor Corp | 7203 JP | 1.97 |
| Qualcomm Inc | QCOM US | 1.85 |
| At&T Inc | T US | 1.67 |
| Adobe Inc | ADBE US | 1.63 |
| Comcast Corp | CMCSA US | 1.58 |
| Accenture Plc | ACN US | 1.44 |
| Hewlett Packard Enterprise Co | HPE US | 1.36 |
| Shell Plc | SHEL LN | 1.29 |
| Pfizer Inc | PFE US | 1.19 |
| Cvs Health Corp | CVS US | 1.08 |
| General Motors Co | GM US | 1.04 |
| Dell Technologies Inc | DELL US | 1.01 |
| Hsbc Holdings Plc | HSBA LN | 1.00 |
| Sanofi Sa/France | SAN FP | 0.92 |
| Bnp Paribas Sa | BNP FP | 0.87 |
| Kraft Heinz Co/The | KHC US | 0.85 |
| Strategy Inc | MSTR US | 0.84 |
| Citigroup Inc | C US | 0.84 |
| Mitsubishi Corp | 8058 JP | 0.83 |
| Itochu Corp | 8001 JP | 0.83 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.79 |
| Banco Santander Sa | SAN SM | 0.77 |
| Mitsui & Co Ltd | 8031 JP | 0.75 |
| Totalenergies Se | TTE FP | 0.75 |
| Mercedes-Benz Group Ag | MBG GR | 0.72 |
| Sumitomo Corp | 8053 JP | 0.70 |
| Fujifilm Holdings Corp | 4901 JP | 0.70 |
| Keurig Dr Pepper Inc | KDP US | 0.70 |
| Deutsche Post Ag | DHL GR | 0.68 |
| Bristol-Myers Squibb Co | BMY US | 0.68 |
| Cie De Saint-Gobain | SGO FP | 0.67 |
| Canon Inc | 7751 JP | 0.66 |
| Ford Motor Co | F US | 0.66 |
| Capital One Financial Corp | COF US | 0.65 |
| Barclays Plc | BARC LN | 0.64 |
| Honda Motor Co Ltd | 7267 JP | 0.63 |
| Cigna Group/The | CI US | 0.62 |
| Roper Technologies Inc | ROP US | 0.60 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.60 |
| Renesas Electronics Corp | 6723 JP | 0.57 |
| Central Japan Railway Co | 9022 JP | 0.57 |
| Medtronic Plc | MDT US | 0.57 |
| Archer-Daniels-Midland Co | ADM US | 0.56 |
| Aercap Holdings Nv | AER US | 0.56 |
| Rio Tinto Plc | RIO LN | 0.56 |
| Cognizant Technology Solutions Corp | CTSH US | 0.55 |
| Gsk Plc | GSK LN | 0.55 |
| Nxp Semiconductors Nv | NXPI US | 0.55 |
| Unicredit Spa | UCG IM | 0.54 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.53 |
| Workday Inc | WDAY US | 0.53 |
| Vodafone Group Plc | VOD LN | 0.52 |
| Bayer Ag | BAYN GR | 0.51 |
| Pg&E Corp | PCG US | 0.51 |
| Deutsche Bank Ag | DBK GR | 0.51 |
| Hp Inc | HPQ US | 0.50 |
| Capgemini Se | CAP FP | 0.48 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.48 |
| Kddi Corp | 9433 JP | 0.46 |
| Komatsu Ltd | 6301 JP | 0.45 |
| Marubeni Corp | 8002 JP | 0.45 |
| First Solar Inc | FSLR US | 0.45 |
| Elevance Health Inc | ELV US | 0.45 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.44 |
| Kyocera Corp | 6971 JP | 0.44 |
| Bayerische Motoren Werke Ag | BMW GR | 0.44 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.43 |
| Fujitsu Ltd | 6702 JP | 0.43 |
| Natwest Group Plc | NWG LN | 0.43 |
| Asahi Group Holdings Ltd | 2502 JP | 0.43 |
| Volkswagen Ag | VOW3 GR | 0.42 |
| Nokia Oyj | NOKIA FH | 0.42 |
| Daimler Truck Holding Ag | DTG GR | 0.41 |
| Bp Plc | BP/ LN | 0.41 |
| Pernod Ricard Sa | RI FP | 0.40 |
| Panasonic Corp | 6752 JP | 0.40 |
| Arcelormittal Sa | MT NA | 0.39 |
| Gen Digital Inc | GEN US | 0.39 |
| Netapp Inc | NTAP US | 0.38 |
| Prudential Financial Inc | PRU US | 0.38 |
| East Japan Railway Co | 9020 JP | 0.38 |
| Tdk Corp | 6762 JP | 0.37 |
| Okta Inc | OKTA US | 0.37 |
| Omnicom Group Inc | OMC US | 0.37 |
| Enel Spa | ENEL IM | 0.37 |
| General Mills Inc | GIS US | 0.37 |
| Societe Generale Sa | GLE FP | 0.36 |
| Lloyds Banking Group Plc | LLOY LN | 0.36 |
| Ing Groep Nv | INGA NA | 0.35 |
| Nippon Steel Corp | 5401 JP | 0.35 |
| Nippon Yusen Kk | 9101 JP | 0.35 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.35 |
| Intesa Sanpaolo Spa | ISP IM | 0.34 |
| Stmicroelectronics Nv | STMPA FP | 0.33 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.33 |
| Carrefour Sa | CA FP | 0.33 |
| 3i Group Plc | III LN | 0.33 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.32 |
| Mizuho Financial Group Inc | 8411 JP | 0.32 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.32 |
| Cgi Inc | GIB/A CN | 0.31 |
| Kubota Corp | 6326 JP | 0.31 |
| Toyota Tsusho Corp | 8015 JP | 0.31 |
| Becton Dickinson & Co | BDX US | 0.31 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.30 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.30 |
| Zoom Video Communications Inc | ZM US | 0.29 |
| Edison International | EIX US | 0.29 |
| Tyson Foods Inc | TSN US | 0.29 |
| Repsol Sa | REP SM | 0.29 |
| Jardine Matheson Holdings Ltd | JM SP | 0.29 |
| Metlife Inc | MET US | 0.28 |
| Engie Sa | ENGI FP | 0.28 |
| Kirin Holdings Co Ltd | 2503 JP | 0.28 |
| Super Micro Computer Inc | SMCI US | 0.27 |
| Twilio Inc | TWLO US | 0.27 |
| Truist Financial Corp | TFC US | 0.27 |
| Stellantis Nv | STLAM IM | 0.27 |
| Ck Asset Holdings Ltd | 1113 HK | 0.27 |
| Publicis Groupe Sa | PUB FP | 0.26 |
| Dr Horton Inc | DHI US | 0.26 |
| Teledyne Technologies Inc | TDY US | 0.26 |
| Orange Sa | ORA FP | 0.26 |
| Suzuki Motor Corp | 7269 JP | 0.26 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.26 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.25 |
| Charter Communications Inc | CHTR US | 0.25 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.25 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.25 |
| American International Group Inc | AIG US | 0.24 |
| Nutrien Ltd | NTR CN | 0.24 |
| Rwe Ag | RWE GR | 0.24 |
| Denso Corp | 6902 JP | 0.24 |
| Bunge Global Sa | BG US | 0.23 |
| Delta Air Lines Inc | DAL US | 0.23 |
| Bridgestone Corp | 5108 JP | 0.23 |
| Amcor Plc | AMCR US | 0.23 |
| Manulife Financial Corp | MFC CN | 0.22 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.22 |
| Centene Corp | CNC US | 0.21 |
| Wh Group Ltd | 288 HK | 0.21 |
| Devon Energy Corp | DVN US | 0.21 |
| F5 Inc | FFIV US | 0.21 |
| Eni Spa | ENI IM | 0.21 |
| Dassault Systemes Se | DSY FP | 0.21 |
| Ryanair Holdings Plc | RYA ID | 0.21 |
| Biogen Inc | BIIB US | 0.21 |
| Alstom Sa | ALO FP | 0.20 |
| Smurfit Westrock Plc | SW US | 0.20 |
| Eversource Energy | ES US | 0.20 |
| International Consolidated Airlines Gro | IAG SM | 0.20 |
| Nidec Corp | 6594 JP | 0.20 |
| Deutsche Lufthansa Ag | LHA GR | 0.20 |
| Sse Plc | SSE LN | 0.20 |
| Bouygues Sa | EN FP | 0.20 |
| Check Point Software Technologies Ltd | CHKP US | 0.20 |
| Chubu Electric Power Co Inc | 9502 JP | 0.19 |
| Global Payments Inc | GPN US | 0.19 |
| Standard Chartered Plc | STAN LN | 0.19 |
| Pultegroup Inc | PHM US | 0.18 |
| Magna International Inc | MG CN | 0.18 |
| Fresenius Se & Co Kgaa | FRE GR | 0.18 |
| Agc Inc | 5201 JP | 0.17 |
| Sino Land Co Ltd | 83 HK | 0.17 |
| Nn Group Nv | NN NA | 0.17 |
| Eiffage Sa | FGR FP | 0.17 |
| Sompo Holdings Inc | 8630 JP | 0.16 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.16 |
| Credit Agricole Sa | ACA FP | 0.16 |
| Fiserv Inc | FI US | 0.16 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.16 |
| Ge Healthcare Technologies Inc | GEHC US | 0.16 |
| Royalty Pharma Plc | RPRX US | 0.16 |
| Lennar Corp | LEN US | 0.16 |
| Subaru Corp | 7270 JP | 0.15 |
| Rogers Communications Inc | RCI/B CN | 0.15 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.15 |
| Bt Group Plc | BT/A LN | 0.15 |
| International Paper Co | IP US | 0.15 |
| Erste Group Bank Ag | EBS AV | 0.15 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.15 |
| Sekisui House Ltd | 1928 JP | 0.15 |
| Asahi Kasei Corp | 3407 JP | 0.15 |
| Diamondback Energy Inc | FANG US | 0.14 |
| Dsm-Firmenich Ag | DSFIR NA | 0.14 |
| Aptiv Plc | APTV US | 0.14 |
| Coeur Mining Inc | CDE US | 0.14 |
| Nomura Holdings Inc | 8604 JP | 0.14 |
| Renault Sa | RNO FP | 0.14 |
| M&T Bank Corp | MTB US | 0.13 |
| Orix Corp | 8591 JP | 0.13 |
| Boliden Ab | BOL SS | 0.13 |
| Eneos Holdings Inc | 5020 JP | 0.13 |
| Abn Amro Bank Nv | ABN NA | 0.13 |
| Astellas Pharma Inc | 4503 JP | 0.13 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.13 |
| Telefonica Sa | TEF SM | 0.13 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.13 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.13 |
| Everest Group Ltd | EG US | 0.12 |
| Jfe Holdings Inc | 5411 JP | 0.12 |
| Porsche Automobil Holding Se | PAH3 GR | 0.12 |
| Synchrony Financial | SYF US | 0.12 |
| Inpex Corp | 1605 JP | 0.12 |
| Merck Kgaa | MRK GR | 0.12 |
| Equinor Asa | EQNR NO | 0.12 |
| Citizens Financial Group Inc | CFG US | 0.11 |
| Danske Bank A/S | DANSKE DC | 0.11 |
| Fidelity National Information Services | FIS US | 0.11 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.11 |
| Fresenius Medical Care Ag | FME GR | 0.11 |
| Japan Post Bank Co Ltd | 7182 JP | 0.11 |
| Expand Energy Corp | EXE US | 0.11 |
| Banca Monte Dei Paschi Di Siena Spa | BMPS IM | 0.11 |
| Labcorp Holdings Inc | LH US | 0.11 |
| Otsuka Holdings Co Ltd | 4578 JP | 0.11 |
| Koninklijke Philips Nv | PHIA NA | 0.11 |
| Sumitomo Mitsui Trust Holdings Inc | 8309 JP | 0.11 |
| Bank Hapoalim Bm | POLI IT | 0.10 |
| Commerzbank Ag | CBK GR | 0.10 |
| Annaly Capital Management Inc | NLY US | 0.10 |
| Edp Sa | EDP PL | 0.10 |
| Osaka Gas Co Ltd | 9532 JP | 0.10 |
| Incyte Corp | INCY US | 0.10 |
| Regions Financial Corp | RF US | 0.09 |
| Cooper Cos Inc/The | COO US | 0.09 |
| Shionogi & Co Ltd | 4507 JP | 0.09 |
| Principal Financial Group Inc | PFG US | 0.09 |
| Sumitomo Metal Mining Co Ltd | 5713 JP | 0.08 |
| Banco Bpm Spa | BAMI IM | 0.08 |
| Boc Hong Kong Holdings Ltd | 2388 HK | 0.08 |
| Aib Group Plc | AIBG ID | 0.08 |
| Banco De Sabadell Sa | SAB SM | 0.08 |
| Bper Banca Spa | BPE IM | 0.07 |
| Pinnacle Financial Partners Inc | PNFP US | 0.07 |
| Bank Of Ireland Group Plc | BIRG ID | 0.07 |
| Aegon Nv | AGN NA | 0.07 |
| Omv Ag | OMV AV | 0.07 |
| Corebridge Financial Inc | CRBG US | 0.07 |
| Keycorp | KEY US | 0.07 |
| Svenska Handelsbanken Ab | SHBA SS | 0.07 |
| Israel Discount Bank Ltd | DSCT IT | 0.07 |
| Raiffeisen Bank International Ag | RBI AV | 0.06 |
| First Citizens Bancshares Inc/Nc | FCNCA US | 0.06 |
| Whitecap Resources Inc | WCP CN | 0.05 |
| Idemitsu Kosan Co Ltd | 5019 JP | 0.05 |
| Other/Cash | -- | 1.17 |
| 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”.
