HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
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NAV$39.03
as at 16-Apr-26 -
Total Net Assets$72.21M
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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 | 7.32 |
| Intel Corp | INTC US | 4.00 |
| Cisco Systems Inc | CSCO US | 3.59 |
| Verizon Communications Inc | VZ US | 2.12 |
| Toyota Motor Corp | 7203 JP | 1.85 |
| At&T Inc | T US | 1.69 |
| Qualcomm Inc | QCOM US | 1.65 |
| Comcast Corp | CMCSA US | 1.54 |
| Mitsui & Co Ltd | 8031 JP | 1.29 |
| Merck & Co Inc | MRK US | 1.26 |
| Pfizer Inc | PFE US | 1.20 |
| Mitsubishi Corp | 8058 JP | 1.20 |
| Hsbc Holdings Plc | HSBA LN | 1.16 |
| General Motors Co | GM US | 1.15 |
| Nokia Oyj | NOKIA FH | 1.14 |
| Citigroup Inc | C US | 1.13 |
| Shell Plc | SHEL LN | 1.07 |
| Hewlett Packard Enterprise Co | HPE US | 0.99 |
| Totalenergies Se | TTE FP | 0.91 |
| Infineon Technologies Ag | IFX GR | 0.89 |
| Bnp Paribas Sa | BNP FP | 0.83 |
| Banco Santander Sa | SAN SM | 0.83 |
| Marubeni Corp | 8002 JP | 0.83 |
| Itochu Corp | 8001 JP | 0.79 |
| Sumitomo Corp | 8053 JP | 0.77 |
| Bristol-Myers Squibb Co | BMY US | 0.75 |
| Rio Tinto Plc | RIO LN | 0.75 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.74 |
| Cvs Health Corp | CVS US | 0.71 |
| Archer-Daniels-Midland Co | ADM US | 0.69 |
| Renesas Electronics Corp | 6723 JP | 0.69 |
| Mercedes-Benz Group Ag | MBG GR | 0.68 |
| Sanofi Sa/France | SAN FP | 0.66 |
| Murata Manufacturing Co Ltd | 6981 JP | 0.63 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.62 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.60 |
| Kraft Heinz Co/The | KHC US | 0.60 |
| Canon Inc | 7751 JP | 0.60 |
| Vodafone Group Plc | VOD LN | 0.58 |
| Cigna Group/The | CI US | 0.55 |
| Gsk Plc | GSK LN | 0.54 |
| Stmicroelectronics Nv | STMPA FP | 0.54 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.53 |
| Komatsu Ltd | 6301 JP | 0.53 |
| Bayer Ag | BAYN GR | 0.53 |
| Engie Sa | ENGI FP | 0.51 |
| Arcelormittal Sa | MT NA | 0.51 |
| Barclays Plc | BARC LN | 0.50 |
| Ford Motor Co | F US | 0.50 |
| Cie De Saint-Gobain | SGO FP | 0.49 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.49 |
| Kyocera Corp | 6971 JP | 0.49 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.49 |
| Glencore Plc | GLEN LN | 0.48 |
| Honda Motor Co Ltd | 7267 JP | 0.48 |
| Deutsche Post Ag | DHL GR | 0.47 |
| Panasonic Corp | 6752 JP | 0.46 |
| Central Japan Railway Co | 9022 JP | 0.46 |
| Fujifilm Holdings Corp | 4901 JP | 0.46 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.46 |
| Enel Spa | ENEL IM | 0.45 |
| Volkswagen Ag | VOW3 GR | 0.45 |
| Cognizant Technology Solutions Corp | CTSH US | 0.45 |
| Tdk Corp | 6762 JP | 0.45 |
| Aercap Holdings Nv | AER US | 0.44 |
| Bayerische Motoren Werke Ag | BMW GR | 0.44 |
| On Semiconductor Corp | ON US | 0.44 |
| Unicredit Spa | UCG IM | 0.43 |
| Bp Plc | BP/ LN | 0.42 |
| Societe Generale Sa | GLE FP | 0.42 |
| Dell Technologies Inc | DELL US | 0.41 |
| Fujitsu Ltd | 6702 JP | 0.41 |
| Carrefour Sa | CA FP | 0.38 |
| Wh Group Ltd | 288 HK | 0.38 |
| Orange Sa | ORA FP | 0.38 |
| Toyota Tsusho Corp | 8015 JP | 0.38 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.38 |
| Daimler Truck Holding Ag | DTG GR | 0.38 |
| Elevance Health Inc | ELV US | 0.38 |
| Mizuho Financial Group Inc | 8411 JP | 0.38 |
| Rwe Ag | RWE GR | 0.37 |
| First Solar Inc | FSLR US | 0.36 |
| Kddi Corp | 9433 JP | 0.36 |
| Bunge Global Sa | BG US | 0.36 |
| Nippon Yusen Kk | 9101 JP | 0.36 |
| Capital One Financial Corp | COF US | 0.35 |
| Capgemini Se | CAP FP | 0.35 |
| Tyson Foods Inc | TSN US | 0.35 |
| Hp Inc | HPQ US | 0.35 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.34 |
| Ing Groep Nv | INGA NA | 0.34 |
| Deutsche Bank Ag | DBK GR | 0.34 |
| Stellantis Nv | STLAM IM | 0.33 |
| Asahi Group Holdings Ltd | 2502 JP | 0.33 |
| Lloyds Banking Group Plc | LLOY LN | 0.32 |
| Intesa Sanpaolo Spa | ISP IM | 0.31 |
| Strategy Inc | MSTR US | 0.31 |
| Jardine Matheson Holdings Ltd | JM SP | 0.31 |
| Zoom Video Communications Inc | ZM US | 0.30 |
| Natwest Group Plc | NWG LN | 0.30 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.29 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.28 |
| Dr Horton Inc | DHI US | 0.28 |
| Eni Spa | ENI IM | 0.28 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.28 |
| Jabil Inc | JBL US | 0.28 |
| Teledyne Technologies Inc | TDY US | 0.28 |
| Toyota Industries Corp | 6201 JP | 0.27 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.27 |
| Truist Financial Corp | TFC US | 0.27 |
| Nutrien Ltd | NTR CN | 0.27 |
| Pg&E Corp | PCG US | 0.26 |
| Nippon Steel Corp | 5401 JP | 0.26 |
| Repsol Sa | REP SM | 0.26 |
| Charter Communications Inc | CHTR US | 0.25 |
| Nxp Semiconductors Nv | NXPI US | 0.25 |
| Standard Chartered Plc | STAN LN | 0.24 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.24 |
| Twilio Inc | TWLO US | 0.23 |
| Kirin Holdings Co Ltd | 2503 JP | 0.23 |
| Wp Carey Inc | WPC US | 0.22 |
| Prudential Financial Inc | PRU US | 0.22 |
| Netapp Inc | NTAP US | 0.22 |
| Manulife Financial Corp | MFC CN | 0.22 |
| Bt Group Plc | BT/A LN | 0.21 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.21 |
| Kubota Corp | 6326 JP | 0.21 |
| Bridgestone Corp | 5108 JP | 0.20 |
| F5 Inc | FFIV US | 0.20 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.19 |
| Edison International | EIX US | 0.19 |
| Keurig Dr Pepper Inc | KDP US | 0.19 |
| Chubu Electric Power Co Inc | 9502 JP | 0.19 |
| Pultegroup Inc | PHM US | 0.19 |
| Biogen Inc | BIIB US | 0.19 |
| Centene Corp | CNC US | 0.18 |
| Roper Technologies Inc | ROP US | 0.18 |
| Denso Corp | 6902 JP | 0.18 |
| Magna International Inc | MG CN | 0.17 |
| Delta Air Lines Inc | DAL US | 0.17 |
| Gen Digital Inc | GEN US | 0.17 |
| 3i Group Plc | III LN | 0.17 |
| Nn Group Nv | NN NA | 0.17 |
| Orix Corp | 8591 JP | 0.17 |
| Metlife Inc | MET US | 0.16 |
| Inpex Corp | 1605 JP | 0.16 |
| American International Group Inc | AIG US | 0.16 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.16 |
| Suzuki Motor Corp | 7269 JP | 0.16 |
| Japan Post Bank Co Ltd | 7182 JP | 0.15 |
| Super Micro Computer Inc | SMCI US | 0.15 |
| Royalty Pharma Plc | RPRX US | 0.15 |
| Open Text Corp | OTEX CN | 0.15 |
| Credit Agricole Sa | ACA FP | 0.15 |
| Pernod Ricard Sa | RI FP | 0.15 |
| Lennar Corp | LEN US | 0.15 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.15 |
| Equinor Asa | EQNR NO | 0.15 |
| Otsuka Holdings Co Ltd | 4578 JP | 0.14 |
| Caixabank Sa | CABK SM | 0.14 |
| Ap Moller - Maersk A/S | MAERSKA DC | 0.14 |
| Ck Asset Holdings Ltd | 1113 HK | 0.14 |
| Fresenius Se & Co Kgaa | FRE GR | 0.14 |
| Deutsche Lufthansa Ag | LHA GR | 0.14 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.14 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.14 |
| Fiserv Inc | FI US | 0.14 |
| Commerzbank Ag | CBK GR | 0.13 |
| Erste Group Bank Ag | EBS AV | 0.13 |
| Asahi Kasei Corp | 3407 JP | 0.13 |
| Becton Dickinson & Co | BDX US | 0.13 |
| Eneos Holdings Inc | 5020 JP | 0.13 |
| Sse Plc | SSE LN | 0.13 |
| Nomura Holdings Inc | 8604 JP | 0.13 |
| Devon Energy Corp | DVN US | 0.13 |
| Subaru Corp | 7270 JP | 0.13 |
| Bank Hapoalim Bm | POLI IT | 0.12 |
| Danske Bank A/S | DANSKE DC | 0.12 |
| Citizens Financial Group Inc | CFG US | 0.12 |
| Porsche Automobil Holding Se | PAH3 GR | 0.12 |
| Osaka Gas Co Ltd | 9532 JP | 0.12 |
| Sekisui House Ltd | 1928 JP | 0.12 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.12 |
| Jfe Holdings Inc | 5411 JP | 0.12 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.12 |
| State Street Corp | STT US | 0.12 |
| Telefonica Sa | TEF SM | 0.11 |
| Synchrony Financial | SYF US | 0.11 |
| Omnicom Group Inc | OMC US | 0.11 |
| Global Payments Inc | GPN US | 0.11 |
| Everest Group Ltd | EG US | 0.10 |
| 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 |
| Aib Group Plc | AIBG ID | 0.09 |
| Koninklijke Philips Nv | PHIA NA | 0.09 |
| Publicis Groupe Sa | PUB FP | 0.09 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.09 |
| Diamondback Energy Inc | FANG US | 0.09 |
| Shionogi & Co Ltd | 4507 JP | 0.09 |
| Coterra Energy Inc | CTRA US | 0.09 |
| Bank Of Ireland Group Plc | BIRG ID | 0.09 |
| Banco De Sabadell Sa | SAB SM | 0.09 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.09 |
| M&T Bank Corp | MTB US | 0.08 |
| Labcorp Holdings Inc | LH 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 |
| Sompo Holdings Inc | 8630 JP | 0.08 |
| Nice Ltd | NICE IT | 0.08 |
| Tokyo Gas Co Ltd | 9531 JP | 0.08 |
| Fresenius Medical Care Ag | FME GR | 0.08 |
| Amcor Plc | AMCR US | 0.08 |
| Banca Monte Dei Paschi Di Siena Spa | BMPS IM | 0.08 |
| Nidec Corp | 6594 JP | 0.08 |
| Edp Sa | EDP PL | 0.07 |
| Annaly Capital Management Inc | NLY US | 0.07 |
| Eiffage Sa | FGR FP | 0.07 |
| Resona Holdings Inc | 8308 JP | 0.07 |
| Principal Financial Group Inc | PFG US | 0.07 |
| Lyondellbasell Industries Nv | LYB US | 0.07 |
| Bouygues Sa | EN FP | 0.07 |
| Sino Land Co Ltd | 83 HK | 0.07 |
| Bper Banca Spa | BPE IM | 0.07 |
| Banco Bpm Spa | BAMI IM | 0.07 |
| International Paper Co | IP US | 0.07 |
| Keycorp | KEY US | 0.07 |
| Universal Health Services Inc | UHS US | 0.06 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.06 |
| Norsk Hydro Asa | NHY NO | 0.06 |
| Alstom Sa | ALO FP | 0.06 |
| Svenska Handelsbanken Ab | SHBA SS | 0.06 |
| Israel Discount Bank Ltd | DSCT IT | 0.06 |
| Zebra Technologies Corp | ZBRA US | 0.06 |
| Kajima Corp | 1812 JP | 0.06 |
| Aegon Nv | AGN NA | 0.06 |
| Orsted As | ORSTED DC | 0.05 |
| Merck Kgaa | MRK GR | 0.05 |
| United Airlines Holdings Inc | UAL US | 0.05 |
| Dsm-Firmenich Ag | DSFIR NA | 0.05 |
| Incyte Corp | INCY US | 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 | -- | 3.70 |
| 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”.
