HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
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NAV$39.18
as at 17-Apr-26 -
Total Net Assets$72.49M
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Dividend Frequency1 each year
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Management fee (p.a.)0.43%
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Number of securities249
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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 17-Apr-26 Download all holdings
| Security name |
Ticker
|
% of Fund net assets |
|---|---|---|
| Micron Technology Inc | MU US | 7.22 |
| Intel Corp | INTC US | 3.97 |
| Cisco Systems Inc | CSCO US | 3.63 |
| Verizon Communications Inc | VZ US | 2.09 |
| Toyota Motor Corp | 7203 JP | 1.82 |
| At&T Inc | T US | 1.69 |
| Qualcomm Inc | QCOM US | 1.66 |
| Comcast Corp | CMCSA US | 1.54 |
| Merck & Co Inc | MRK US | 1.29 |
| Mitsui & Co Ltd | 8031 JP | 1.25 |
| Pfizer Inc | PFE US | 1.21 |
| General Motors Co | GM US | 1.19 |
| Hsbc Holdings Plc | HSBA LN | 1.17 |
| Mitsubishi Corp | 8058 JP | 1.17 |
| Citigroup Inc | C US | 1.15 |
| Nokia Oyj | NOKIA FH | 1.14 |
| Hewlett Packard Enterprise Co | HPE US | 1.00 |
| Shell Plc | SHEL LN | 1.00 |
| Infineon Technologies Ag | IFX GR | 0.94 |
| Bnp Paribas Sa | BNP FP | 0.86 |
| Banco Santander Sa | SAN SM | 0.86 |
| Totalenergies Se | TTE FP | 0.86 |
| Marubeni Corp | 8002 JP | 0.80 |
| Itochu Corp | 8001 JP | 0.77 |
| Sumitomo Corp | 8053 JP | 0.76 |
| Bristol-Myers Squibb Co | BMY US | 0.76 |
| Rio Tinto Plc | RIO LN | 0.75 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.73 |
| Cvs Health Corp | CVS US | 0.71 |
| Renesas Electronics Corp | 6723 JP | 0.69 |
| Mercedes-Benz Group Ag | MBG GR | 0.67 |
| Sanofi Sa/France | SAN FP | 0.67 |
| Archer-Daniels-Midland Co | ADM US | 0.67 |
| Murata Manufacturing Co Ltd | 6981 JP | 0.61 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.61 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.60 |
| Canon Inc | 7751 JP | 0.60 |
| Kraft Heinz Co/The | KHC US | 0.59 |
| Stmicroelectronics Nv | STMPA FP | 0.57 |
| Vodafone Group Plc | VOD LN | 0.57 |
| Gsk Plc | GSK LN | 0.55 |
| Cigna Group/The | CI US | 0.54 |
| Bayer Ag | BAYN GR | 0.53 |
| Arcelormittal Sa | MT NA | 0.53 |
| Komatsu Ltd | 6301 JP | 0.52 |
| Barclays Plc | BARC LN | 0.52 |
| Ford Motor Co | F US | 0.51 |
| Cie De Saint-Gobain | SGO FP | 0.51 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.51 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.51 |
| Engie Sa | ENGI FP | 0.50 |
| Deutsche Post Ag | DHL GR | 0.48 |
| Kyocera Corp | 6971 JP | 0.48 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.48 |
| Honda Motor Co Ltd | 7267 JP | 0.48 |
| Glencore Plc | GLEN LN | 0.47 |
| Volkswagen Ag | VOW3 GR | 0.46 |
| Tdk Corp | 6762 JP | 0.46 |
| Fujifilm Holdings Corp | 4901 JP | 0.46 |
| Bayerische Motoren Werke Ag | BMW GR | 0.46 |
| Aercap Holdings Nv | AER US | 0.45 |
| Central Japan Railway Co | 9022 JP | 0.45 |
| Enel Spa | ENEL IM | 0.45 |
| Cognizant Technology Solutions Corp | CTSH US | 0.45 |
| On Semiconductor Corp | ON US | 0.45 |
| Unicredit Spa | UCG IM | 0.45 |
| Panasonic Corp | 6752 JP | 0.45 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.43 |
| Societe Generale Sa | GLE FP | 0.43 |
| Fujitsu Ltd | 6702 JP | 0.42 |
| Dell Technologies Inc | DELL US | 0.42 |
| Daimler Truck Holding Ag | DTG GR | 0.39 |
| Bp Plc | BP/ LN | 0.38 |
| Elevance Health Inc | ELV US | 0.38 |
| Carrefour Sa | CA FP | 0.38 |
| Toyota Tsusho Corp | 8015 JP | 0.38 |
| Wh Group Ltd | 288 HK | 0.37 |
| Mizuho Financial Group Inc | 8411 JP | 0.37 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.36 |
| Capital One Financial Corp | COF US | 0.36 |
| Orange Sa | ORA FP | 0.36 |
| Nippon Yusen Kk | 9101 JP | 0.36 |
| Kddi Corp | 9433 JP | 0.36 |
| First Solar Inc | FSLR US | 0.36 |
| Capgemini Se | CAP FP | 0.36 |
| Tyson Foods Inc | TSN US | 0.35 |
| Rwe Ag | RWE GR | 0.35 |
| Stellantis Nv | STLAM IM | 0.35 |
| Bunge Global Sa | BG US | 0.35 |
| Hp Inc | HPQ US | 0.34 |
| Deutsche Bank Ag | DBK GR | 0.34 |
| Strategy Inc | MSTR US | 0.34 |
| Ing Groep Nv | INGA NA | 0.34 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.33 |
| Lloyds Banking Group Plc | LLOY LN | 0.33 |
| Asahi Group Holdings Ltd | 2502 JP | 0.32 |
| Intesa Sanpaolo Spa | ISP IM | 0.32 |
| Jardine Matheson Holdings Ltd | JM SP | 0.30 |
| Natwest Group Plc | NWG LN | 0.30 |
| Zoom Video Communications Inc | ZM US | 0.30 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.29 |
| Dr Horton Inc | DHI US | 0.29 |
| Jabil Inc | JBL US | 0.28 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.28 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.27 |
| Teledyne Technologies Inc | TDY US | 0.27 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.27 |
| Toyota Industries Corp | 6201 JP | 0.27 |
| Truist Financial Corp | TFC US | 0.27 |
| Eni Spa | ENI IM | 0.26 |
| Pg&E Corp | PCG US | 0.26 |
| Nippon Steel Corp | 5401 JP | 0.26 |
| Charter Communications Inc | CHTR US | 0.25 |
| Nutrien Ltd | NTR CN | 0.25 |
| Nxp Semiconductors Nv | NXPI US | 0.25 |
| Standard Chartered Plc | STAN LN | 0.25 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.24 |
| Repsol Sa | REP SM | 0.24 |
| Twilio Inc | TWLO US | 0.24 |
| Kirin Holdings Co Ltd | 2503 JP | 0.23 |
| Wp Carey Inc | WPC US | 0.23 |
| Prudential Financial Inc | PRU US | 0.22 |
| Netapp Inc | NTAP US | 0.22 |
| Manulife Financial Corp | MFC CN | 0.22 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.22 |
| Bt Group Plc | BT/A LN | 0.21 |
| Kubota Corp | 6326 JP | 0.20 |
| F5 Inc | FFIV US | 0.20 |
| Bridgestone Corp | 5108 JP | 0.20 |
| Pultegroup Inc | PHM US | 0.20 |
| Keurig Dr Pepper Inc | KDP US | 0.19 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.19 |
| Edison International | EIX US | 0.19 |
| Chubu Electric Power Co Inc | 9502 JP | 0.19 |
| Biogen Inc | BIIB US | 0.19 |
| Magna International Inc | MG CN | 0.18 |
| Denso Corp | 6902 JP | 0.18 |
| Roper Technologies Inc | ROP US | 0.18 |
| Centene Corp | CNC US | 0.18 |
| 3i Group Plc | III LN | 0.17 |
| Delta Air Lines Inc | DAL US | 0.17 |
| Gen Digital Inc | GEN US | 0.17 |
| Nn Group Nv | NN NA | 0.17 |
| Metlife Inc | MET US | 0.16 |
| Orix Corp | 8591 JP | 0.16 |
| Inpex Corp | 1605 JP | 0.16 |
| American International Group Inc | AIG US | 0.16 |
| Royalty Pharma Plc | RPRX US | 0.16 |
| Credit Agricole Sa | ACA FP | 0.15 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.15 |
| Lennar Corp | LEN US | 0.15 |
| Suzuki Motor Corp | 7269 JP | 0.15 |
| Open Text Corp | OTEX CN | 0.15 |
| Pernod Ricard Sa | RI FP | 0.15 |
| Super Micro Computer Inc | SMCI US | 0.15 |
| Japan Post Bank Co Ltd | 7182 JP | 0.15 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.15 |
| Deutsche Lufthansa Ag | LHA GR | 0.15 |
| Caixabank Sa | CABK SM | 0.14 |
| Otsuka Holdings Co Ltd | 4578 JP | 0.14 |
| Fresenius Se & Co Kgaa | FRE GR | 0.14 |
| Commerzbank Ag | CBK GR | 0.14 |
| Fiserv Inc | FI US | 0.14 |
| Ap Moller - Maersk A/S | MAERSKA DC | 0.14 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.14 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.14 |
| Erste Group Bank Ag | EBS AV | 0.14 |
| Ck Asset Holdings Ltd | 1113 HK | 0.13 |
| Equinor Asa | EQNR NO | 0.13 |
| Becton Dickinson & Co | BDX US | 0.13 |
| Asahi Kasei Corp | 3407 JP | 0.13 |
| Eneos Holdings Inc | 5020 JP | 0.13 |
| Bank Hapoalim Bm | POLI IT | 0.13 |
| Danske Bank A/S | DANSKE DC | 0.12 |
| Porsche Automobil Holding Se | PAH3 GR | 0.12 |
| Subaru Corp | 7270 JP | 0.12 |
| Citizens Financial Group Inc | CFG US | 0.12 |
| Nomura Holdings Inc | 8604 JP | 0.12 |
| Sse Plc | SSE LN | 0.12 |
| Osaka Gas Co Ltd | 9532 JP | 0.12 |
| Devon Energy Corp | DVN US | 0.12 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.12 |
| State Street Corp | STT US | 0.12 |
| Sekisui House Ltd | 1928 JP | 0.12 |
| Synchrony Financial | SYF US | 0.12 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.12 |
| Jfe Holdings Inc | 5411 JP | 0.12 |
| Telefonica Sa | TEF SM | 0.11 |
| Global Payments Inc | GPN US | 0.11 |
| Omnicom Group Inc | OMC US | 0.11 |
| Everest Group Ltd | EG US | 0.11 |
| United Therapeutics Corp | UTHR US | 0.10 |
| Abn Amro Bank Nv | ABN NA | 0.10 |
| Smurfit Westrock Plc | SW US | 0.10 |
| Sumitomo Mitsui Trust Holdings Inc | 8309 JP | 0.10 |
| Cgi Inc | GIB/A CN | 0.10 |
| Koninklijke Philips Nv | PHIA NA | 0.10 |
| Aib Group Plc | AIBG ID | 0.09 |
| Publicis Groupe Sa | PUB FP | 0.09 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.09 |
| Shionogi & Co Ltd | 4507 JP | 0.09 |
| Banco De Sabadell Sa | SAB SM | 0.09 |
| Diamondback Energy Inc | FANG US | 0.09 |
| Bank Of Ireland Group Plc | BIRG ID | 0.09 |
| Coterra Energy Inc | CTRA US | 0.09 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.08 |
| Labcorp Holdings Inc | LH US | 0.08 |
| M&T Bank Corp | MTB US | 0.08 |
| Rogers Communications Inc | RCI/B CN | 0.08 |
| Regions Financial Corp | RF US | 0.08 |
| Boc Hong Kong Holdings Ltd | 2388 HK | 0.08 |
| Nice Ltd | NICE IT | 0.08 |
| Sompo Holdings Inc | 8630 JP | 0.08 |
| Amcor Plc | AMCR US | 0.08 |
| Banca Monte Dei Paschi Di Siena Spa | BMPS IM | 0.08 |
| Fresenius Medical Care Ag | FME GR | 0.08 |
| Tokyo Gas Co Ltd | 9531 JP | 0.08 |
| Annaly Capital Management Inc | NLY US | 0.07 |
| Nidec Corp | 6594 JP | 0.07 |
| Resona Holdings Inc | 8308 JP | 0.07 |
| Eiffage Sa | FGR FP | 0.07 |
| Principal Financial Group Inc | PFG US | 0.07 |
| Edp Sa | EDP PL | 0.07 |
| Bouygues Sa | EN FP | 0.07 |
| Bper Banca Spa | BPE IM | 0.07 |
| Banco Bpm Spa | BAMI IM | 0.07 |
| Sino Land Co Ltd | 83 HK | 0.07 |
| International Paper Co | IP US | 0.07 |
| Universal Health Services Inc | UHS US | 0.07 |
| Keycorp | KEY US | 0.06 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.06 |
| Svenska Handelsbanken Ab | SHBA SS | 0.06 |
| Lyondellbasell Industries Nv | LYB US | 0.06 |
| Norsk Hydro Asa | NHY NO | 0.06 |
| Israel Discount Bank Ltd | DSCT IT | 0.06 |
| Zebra Technologies Corp | ZBRA US | 0.06 |
| Aegon Nv | AGN NA | 0.06 |
| Kajima Corp | 1812 JP | 0.06 |
| United Airlines Holdings Inc | UAL US | 0.06 |
| Merck Kgaa | MRK GR | 0.05 |
| Orsted As | ORSTED DC | 0.05 |
| Dsm-Firmenich Ag | DSFIR NA | 0.05 |
| Incyte Corp | INCY US | 0.05 |
| Alstom Sa | ALO FP | 0.05 |
| First Citizens Bancshares Inc/Nc | FCNCA US | 0.04 |
| Corebridge Financial Inc | CRBG US | 0.04 |
| Raiffeisen Bank International Ag | RBI AV | 0.04 |
| Equitable Holdings Inc | EQH US | 0.04 |
| Waters Corp | WAT US | 0.04 |
| Other/Cash | -- | 3.92 |
| 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 Update”.
