HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
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NAV$40.42
as at 06-Jul-26 -
Total Net Assets$123.28M
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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.
(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 06-Jul-26 Download all holdings
| Security name |
Ticker
|
% of Fund net assets |
|---|---|---|
| Micron Technology Inc | MU US | 4.66 |
| Kioxia Holdings Corp | 285A JP | 3.20 |
| Salesforce.Com Inc | CRM US | 2.17 |
| Qualcomm Inc | QCOM US | 2.02 |
| Verizon Communications Inc | VZ US | 2.02 |
| Toyota Motor Corp | 7203 JP | 1.99 |
| At&T Inc | T US | 1.56 |
| Comcast Corp | CMCSA US | 1.55 |
| Adobe Inc | ADBE US | 1.51 |
| Accenture Plc | ACN US | 1.36 |
| Hewlett Packard Enterprise Co | HPE US | 1.31 |
| Shell Plc | SHEL LN | 1.15 |
| Pfizer Inc | PFE US | 1.14 |
| Dell Technologies Inc | DELL US | 1.09 |
| General Motors Co | GM US | 1.06 |
| Cvs Health Corp | CVS US | 1.02 |
| Hsbc Holdings Plc | HSBA LN | 0.98 |
| Citigroup Inc | C US | 0.94 |
| Sanofi Sa/France | SAN FP | 0.89 |
| Bnp Paribas Sa | BNP FP | 0.87 |
| Strategy Inc | MSTR US | 0.87 |
| Mitsubishi Corp | 8058 JP | 0.84 |
| Itochu Corp | 8001 JP | 0.83 |
| Banco Santander Sa | SAN SM | 0.82 |
| Kraft Heinz Co/The | KHC US | 0.81 |
| Mitsui & Co Ltd | 8031 JP | 0.75 |
| Sumitomo Corp | 8053 JP | 0.74 |
| Keurig Dr Pepper Inc | KDP US | 0.72 |
| Mercedes-Benz Group Ag | MBG GR | 0.72 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.72 |
| Cie De Saint-Gobain | SGO FP | 0.71 |
| Renesas Electronics Corp | 6723 JP | 0.71 |
| Totalenergies Se | TTE FP | 0.70 |
| Fujifilm Holdings Corp | 4901 JP | 0.70 |
| Deutsche Post Ag | DHL GR | 0.67 |
| Barclays Plc | BARC LN | 0.66 |
| Honda Motor Co Ltd | 7267 JP | 0.66 |
| Ford Motor Co | F US | 0.65 |
| Capital One Financial Corp | COF US | 0.65 |
| Canon Inc | 7751 JP | 0.64 |
| Bristol-Myers Squibb Co | BMY US | 0.64 |
| Cigna Group/The | CI US | 0.62 |
| Roper Technologies Inc | ROP US | 0.60 |
| Rio Tinto Plc | RIO LN | 0.59 |
| Gsk Plc | GSK LN | 0.58 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.58 |
| Aercap Holdings Nv | AER US | 0.58 |
| Nxp Semiconductors Nv | NXPI US | 0.57 |
| Medtronic Plc | MDT US | 0.56 |
| Bayer Ag | BAYN GR | 0.55 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.54 |
| Unicredit Spa | UCG IM | 0.54 |
| Central Japan Railway Co | 9022 JP | 0.54 |
| Deutsche Bank Ag | DBK GR | 0.53 |
| Nokia Oyj | NOKIA FH | 0.51 |
| Cognizant Technology Solutions Corp | CTSH US | 0.51 |
| Archer-Daniels-Midland Co | ADM US | 0.51 |
| First Solar Inc | FSLR US | 0.51 |
| Workday Inc | WDAY US | 0.49 |
| Komatsu Ltd | 6301 JP | 0.49 |
| Capgemini Se | CAP FP | 0.49 |
| Pg&E Corp | PCG US | 0.49 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.49 |
| Kyocera Corp | 6971 JP | 0.48 |
| Elevance Health Inc | ELV US | 0.48 |
| Hp Inc | HPQ US | 0.46 |
| Panasonic Corp | 6752 JP | 0.45 |
| Marubeni Corp | 8002 JP | 0.45 |
| Bayerische Motoren Werke Ag | BMW GR | 0.45 |
| Kddi Corp | 9433 JP | 0.44 |
| Vodafone Group Plc | VOD LN | 0.44 |
| Natwest Group Plc | NWG LN | 0.44 |
| Tdk Corp | 6762 JP | 0.44 |
| Volkswagen Ag | VOW3 GR | 0.44 |
| Fujitsu Ltd | 6702 JP | 0.44 |
| Asahi Group Holdings Ltd | 2502 JP | 0.43 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.43 |
| Daimler Truck Holding Ag | DTG GR | 0.42 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.42 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.39 |
| Netapp Inc | NTAP US | 0.39 |
| Gen Digital Inc | GEN US | 0.38 |
| Stmicroelectronics Nv | STMPA FP | 0.38 |
| Pernod Ricard Sa | RI FP | 0.38 |
| Arcelormittal Sa | MT NA | 0.38 |
| Enel Spa | ENEL IM | 0.38 |
| Societe Generale Sa | GLE FP | 0.38 |
| Lloyds Banking Group Plc | LLOY LN | 0.37 |
| Okta Inc | OKTA US | 0.37 |
| Prudential Financial Inc | PRU US | 0.37 |
| East Japan Railway Co | 9020 JP | 0.37 |
| Bp Plc | BP/ LN | 0.36 |
| Omnicom Group Inc | OMC US | 0.36 |
| Ing Groep Nv | INGA NA | 0.36 |
| General Mills Inc | GIS US | 0.35 |
| 3i Group Plc | III LN | 0.34 |
| Nippon Steel Corp | 5401 JP | 0.34 |
| Intesa Sanpaolo Spa | ISP IM | 0.33 |
| Mizuho Financial Group Inc | 8411 JP | 0.33 |
| Nippon Yusen Kk | 9101 JP | 0.33 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.33 |
| Kubota Corp | 6326 JP | 0.32 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.32 |
| Toyota Tsusho Corp | 8015 JP | 0.32 |
| Carrefour Sa | CA FP | 0.31 |
| Super Micro Computer Inc | SMCI US | 0.31 |
| Becton Dickinson & Co | BDX US | 0.31 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.31 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.31 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.30 |
| Cgi Inc | GIB/A CN | 0.30 |
| Tyson Foods Inc | TSN US | 0.30 |
| Jardine Matheson Holdings Ltd | JM SP | 0.29 |
| Edison International | EIX US | 0.28 |
| Engie Sa | ENGI FP | 0.28 |
| Dr Horton Inc | DHI US | 0.28 |
| Twilio Inc | TWLO US | 0.28 |
| Zoom Video Communications Inc | ZM US | 0.27 |
| Metlife Inc | MET US | 0.27 |
| Teledyne Technologies Inc | TDY US | 0.27 |
| Suzuki Motor Corp | 7269 JP | 0.27 |
| Truist Financial Corp | TFC US | 0.27 |
| Kirin Holdings Co Ltd | 2503 JP | 0.27 |
| Stellantis Nv | STLAM IM | 0.27 |
| Charter Communications Inc | CHTR US | 0.26 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.26 |
| Repsol Sa | REP SM | 0.26 |
| Publicis Groupe Sa | PUB FP | 0.26 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.25 |
| Delta Air Lines Inc | DAL US | 0.25 |
| Orange Sa | ORA FP | 0.25 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.25 |
| Ck Asset Holdings Ltd | 1113 HK | 0.25 |
| American International Group Inc | AIG US | 0.24 |
| Denso Corp | 6902 JP | 0.24 |
| Amcor Plc | AMCR US | 0.24 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.23 |
| Rwe Ag | RWE GR | 0.23 |
| Ryanair Holdings Plc | RYA ID | 0.23 |
| Nutrien Ltd | NTR CN | 0.23 |
| Deutsche Lufthansa Ag | LHA GR | 0.23 |
| Bridgestone Corp | 5108 JP | 0.22 |
| International Consolidated Airlines Gro | IAG SM | 0.22 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.22 |
| Wh Group Ltd | 288 HK | 0.22 |
| Nidec Corp | 6594 JP | 0.22 |
| Biogen Inc | BIIB US | 0.22 |
| Smurfit Westrock Plc | SW US | 0.22 |
| Chubu Electric Power Co Inc | 9502 JP | 0.22 |
| F5 Inc | FFIV US | 0.21 |
| Centene Corp | CNC US | 0.21 |
| Manulife Financial Corp | MFC CN | 0.21 |
| Dassault Systemes Se | DSY FP | 0.21 |
| Bunge Global Sa | BG US | 0.21 |
| Alstom Sa | ALO FP | 0.21 |
| Check Point Software Technologies Ltd | CHKP US | 0.20 |
| Eversource Energy | ES US | 0.20 |
| Eni Spa | ENI IM | 0.20 |
| Devon Energy Corp | DVN US | 0.20 |
| Sse Plc | SSE LN | 0.20 |
| Bouygues Sa | EN FP | 0.19 |
| Pultegroup Inc | PHM US | 0.19 |
| Standard Chartered Plc | STAN LN | 0.19 |
| Agc Inc | 5201 JP | 0.19 |
| Fresenius Se & Co Kgaa | FRE GR | 0.18 |
| Magna International Inc | MG CN | 0.18 |
| Global Payments Inc | GPN US | 0.18 |
| Eiffage Sa | FGR FP | 0.17 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.17 |
| Sompo Holdings Inc | 8630 JP | 0.17 |
| Coeur Mining Inc | CDE US | 0.17 |
| Lennar Corp | LEN US | 0.16 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.16 |
| Ge Healthcare Technologies Inc | GEHC US | 0.16 |
| Nn Group Nv | NN NA | 0.16 |
| Sino Land Co Ltd | 83 HK | 0.16 |
| International Paper Co | IP US | 0.16 |
| Erste Group Bank Ag | EBS AV | 0.16 |
| Credit Agricole Sa | ACA FP | 0.16 |
| Fiserv Inc | FI US | 0.16 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.16 |
| Subaru Corp | 7270 JP | 0.16 |
| Royalty Pharma Plc | RPRX US | 0.16 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.15 |
| Asahi Kasei Corp | 3407 JP | 0.15 |
| Aptiv Plc | APTV US | 0.15 |
| Sekisui House Ltd | 1928 JP | 0.15 |
| Bt Group Plc | BT/A LN | 0.14 |
| Boliden Ab | BOL SS | 0.14 |
| Dsm-Firmenich Ag | DSFIR NA | 0.14 |
| Rogers Communications Inc | RCI/B CN | 0.14 |
| Orix Corp | 8591 JP | 0.14 |
| Renault Sa | RNO FP | 0.14 |
| Nomura Holdings Inc | 8604 JP | 0.14 |
| Abn Amro Bank Nv | ABN NA | 0.13 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.13 |
| Astellas Pharma Inc | 4503 JP | 0.13 |
| Eneos Holdings Inc | 5020 JP | 0.13 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.13 |
| M&T Bank Corp | MTB US | 0.13 |
| Diamondback Energy Inc | FANG US | 0.13 |
| Telefonica Sa | TEF SM | 0.12 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.12 |
| Merck Kgaa | MRK GR | 0.12 |
| Synchrony Financial | SYF US | 0.12 |
| Porsche Automobil Holding Se | PAH3 GR | 0.12 |
| Everest Group Ltd | EG US | 0.12 |
| Jfe Holdings Inc | 5411 JP | 0.12 |
| Danske Bank A/S | DANSKE DC | 0.12 |
| Citizens Financial Group Inc | CFG US | 0.12 |
| Japan Post Bank Co Ltd | 7182 JP | 0.12 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.11 |
| Inpex Corp | 1605 JP | 0.11 |
| Otsuka Holdings Co Ltd | 4578 JP | 0.11 |
| Expand Energy Corp | EXE US | 0.11 |
| Fidelity National Information Services | FIS US | 0.11 |
| Koninklijke Philips Nv | PHIA NA | 0.11 |
| Fresenius Medical Care Ag | FME GR | 0.11 |
| Labcorp Holdings Inc | LH US | 0.11 |
| Banca Monte Dei Paschi Di Siena Spa | BMPS IM | 0.11 |
| Sumitomo Mitsui Trust Holdings Inc | 8309 JP | 0.11 |
| Commerzbank Ag | CBK GR | 0.11 |
| Bank Hapoalim Bm | POLI IT | 0.10 |
| Equinor Asa | EQNR NO | 0.10 |
| Annaly Capital Management Inc | NLY US | 0.10 |
| Osaka Gas Co Ltd | 9532 JP | 0.10 |
| Edp Sa | EDP PL | 0.10 |
| Incyte Corp | INCY US | 0.10 |
| Sumitomo Metal Mining Co Ltd | 5713 JP | 0.09 |
| Cooper Cos Inc/The | COO US | 0.09 |
| Regions Financial Corp | RF US | 0.09 |
| Shionogi & Co Ltd | 4507 JP | 0.09 |
| Principal Financial Group Inc | PFG US | 0.09 |
| Banco Bpm Spa | BAMI IM | 0.08 |
| Aib Group Plc | AIBG ID | 0.08 |
| Banco De Sabadell Sa | SAB SM | 0.08 |
| Bper Banca Spa | BPE IM | 0.08 |
| Pinnacle Financial Partners Inc | PNFP US | 0.07 |
| Boc Hong Kong Holdings Ltd | 2388 HK | 0.07 |
| Bank Of Ireland Group Plc | BIRG ID | 0.07 |
| Svenska Handelsbanken Ab | SHBA SS | 0.07 |
| Keycorp | KEY US | 0.07 |
| Aegon Nv | AGN NA | 0.07 |
| Corebridge Financial Inc | CRBG US | 0.07 |
| Raiffeisen Bank International Ag | RBI AV | 0.07 |
| Israel Discount Bank Ltd | DSCT IT | 0.07 |
| Omv Ag | OMV AV | 0.06 |
| First Citizens Bancshares Inc/Nc | FCNCA US | 0.06 |
| Idemitsu Kosan Co Ltd | 5019 JP | 0.05 |
| Whitecap Resources Inc | WCP CN | 0.05 |
| Other/Cash | -- | -0.58 |
| 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”.
