HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
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NAV$40.27
as at 09-Jul-26 -
Total Net Assets$122.94M
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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 10-Jul-26 Download all holdings
| Security name |
Ticker
|
% of Fund net assets |
|---|---|---|
| Micron Technology Inc | MU US | 4.67 |
| Kioxia Holdings Corp | 285A JP | 3.03 |
| Salesforce.Com Inc | CRM US | 2.12 |
| Qualcomm Inc | QCOM US | 2.06 |
| Verizon Communications Inc | VZ US | 2.02 |
| Toyota Motor Corp | 7203 JP | 1.91 |
| At&T Inc | T US | 1.59 |
| Comcast Corp | CMCSA US | 1.54 |
| Adobe Inc | ADBE US | 1.53 |
| Hewlett Packard Enterprise Co | HPE US | 1.49 |
| Accenture Plc | ACN US | 1.38 |
| Shell Plc | SHEL LN | 1.20 |
| Dell Technologies Inc | DELL US | 1.18 |
| Pfizer Inc | PFE US | 1.16 |
| General Motors Co | GM US | 1.04 |
| Cvs Health Corp | CVS US | 1.03 |
| Hsbc Holdings Plc | HSBA LN | 0.97 |
| Citigroup Inc | C US | 0.91 |
| Sanofi Sa/France | SAN FP | 0.91 |
| Bnp Paribas Sa | BNP FP | 0.84 |
| Mitsubishi Corp | 8058 JP | 0.82 |
| Itochu Corp | 8001 JP | 0.82 |
| Strategy Inc | MSTR US | 0.80 |
| Kraft Heinz Co/The | KHC US | 0.80 |
| Banco Santander Sa | SAN SM | 0.79 |
| Mitsui & Co Ltd | 8031 JP | 0.74 |
| Sumitomo Corp | 8053 JP | 0.72 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.72 |
| Totalenergies Se | TTE FP | 0.72 |
| Renesas Electronics Corp | 6723 JP | 0.72 |
| Keurig Dr Pepper Inc | KDP US | 0.70 |
| Mercedes-Benz Group Ag | MBG GR | 0.70 |
| Fujifilm Holdings Corp | 4901 JP | 0.68 |
| Deutsche Post Ag | DHL GR | 0.68 |
| Cie De Saint-Gobain | SGO FP | 0.67 |
| Bristol-Myers Squibb Co | BMY US | 0.65 |
| Ford Motor Co | F US | 0.64 |
| Cigna Group/The | CI US | 0.64 |
| Canon Inc | 7751 JP | 0.63 |
| Barclays Plc | BARC LN | 0.63 |
| Capital One Financial Corp | COF US | 0.62 |
| Honda Motor Co Ltd | 7267 JP | 0.61 |
| Nxp Semiconductors Nv | NXPI US | 0.59 |
| Roper Technologies Inc | ROP US | 0.59 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.58 |
| Gsk Plc | GSK LN | 0.57 |
| Aercap Holdings Nv | AER US | 0.56 |
| Medtronic Plc | MDT US | 0.56 |
| Rio Tinto Plc | RIO LN | 0.56 |
| Central Japan Railway Co | 9022 JP | 0.55 |
| Bayer Ag | BAYN GR | 0.55 |
| Unicredit Spa | UCG IM | 0.54 |
| Cognizant Technology Solutions Corp | CTSH US | 0.54 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.53 |
| Nokia Oyj | NOKIA FH | 0.52 |
| Archer-Daniels-Midland Co | ADM US | 0.52 |
| Deutsche Bank Ag | DBK GR | 0.51 |
| Pg&E Corp | PCG US | 0.50 |
| First Solar Inc | FSLR US | 0.50 |
| Workday Inc | WDAY US | 0.49 |
| Hp Inc | HPQ US | 0.49 |
| Elevance Health Inc | ELV US | 0.49 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.48 |
| Capgemini Se | CAP FP | 0.47 |
| Komatsu Ltd | 6301 JP | 0.46 |
| Kyocera Corp | 6971 JP | 0.46 |
| Kddi Corp | 9433 JP | 0.45 |
| Marubeni Corp | 8002 JP | 0.44 |
| Fujitsu Ltd | 6702 JP | 0.44 |
| Vodafone Group Plc | VOD LN | 0.44 |
| Panasonic Corp | 6752 JP | 0.44 |
| Bayerische Motoren Werke Ag | BMW GR | 0.43 |
| Asahi Group Holdings Ltd | 2502 JP | 0.43 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.43 |
| Natwest Group Plc | NWG LN | 0.42 |
| Tdk Corp | 6762 JP | 0.42 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.42 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.42 |
| Volkswagen Ag | VOW3 GR | 0.41 |
| Netapp Inc | NTAP US | 0.41 |
| Daimler Truck Holding Ag | DTG GR | 0.40 |
| Pernod Ricard Sa | RI FP | 0.39 |
| Stmicroelectronics Nv | STMPA FP | 0.38 |
| Gen Digital Inc | GEN US | 0.37 |
| Enel Spa | ENEL IM | 0.37 |
| Bp Plc | BP/ LN | 0.37 |
| Prudential Financial Inc | PRU US | 0.37 |
| Okta Inc | OKTA US | 0.37 |
| East Japan Railway Co | 9020 JP | 0.37 |
| Arcelormittal Sa | MT NA | 0.36 |
| Omnicom Group Inc | OMC US | 0.36 |
| Lloyds Banking Group Plc | LLOY LN | 0.36 |
| Societe Generale Sa | GLE FP | 0.35 |
| Ing Groep Nv | INGA NA | 0.35 |
| General Mills Inc | GIS US | 0.35 |
| 3i Group Plc | III LN | 0.34 |
| Nippon Steel Corp | 5401 JP | 0.33 |
| Nippon Yusen Kk | 9101 JP | 0.33 |
| Mizuho Financial Group Inc | 8411 JP | 0.33 |
| Intesa Sanpaolo Spa | ISP IM | 0.33 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.33 |
| Super Micro Computer Inc | SMCI US | 0.32 |
| Carrefour Sa | CA FP | 0.32 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.32 |
| Kubota Corp | 6326 JP | 0.31 |
| Toyota Tsusho Corp | 8015 JP | 0.31 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.31 |
| Cgi Inc | GIB/A CN | 0.30 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.30 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.30 |
| Becton Dickinson & Co | BDX US | 0.30 |
| Tyson Foods Inc | TSN US | 0.29 |
| Zoom Video Communications Inc | ZM US | 0.29 |
| Twilio Inc | TWLO US | 0.29 |
| Edison International | EIX US | 0.28 |
| Engie Sa | ENGI FP | 0.28 |
| Jardine Matheson Holdings Ltd | JM SP | 0.28 |
| Kirin Holdings Co Ltd | 2503 JP | 0.28 |
| Metlife Inc | MET US | 0.27 |
| Repsol Sa | REP SM | 0.27 |
| Truist Financial Corp | TFC US | 0.27 |
| Dr Horton Inc | DHI US | 0.27 |
| Teledyne Technologies Inc | TDY US | 0.26 |
| Charter Communications Inc | CHTR US | 0.26 |
| Suzuki Motor Corp | 7269 JP | 0.26 |
| Publicis Groupe Sa | PUB FP | 0.25 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.25 |
| Orange Sa | ORA FP | 0.25 |
| Ck Asset Holdings Ltd | 1113 HK | 0.25 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.25 |
| Stellantis Nv | STLAM IM | 0.25 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.24 |
| Delta Air Lines Inc | DAL US | 0.24 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.24 |
| American International Group Inc | AIG US | 0.24 |
| Denso Corp | 6902 JP | 0.23 |
| Rwe Ag | RWE GR | 0.23 |
| Nutrien Ltd | NTR CN | 0.23 |
| Amcor Plc | AMCR US | 0.22 |
| Ryanair Holdings Plc | RYA ID | 0.22 |
| F5 Inc | FFIV US | 0.22 |
| Bunge Global Sa | BG US | 0.22 |
| Bridgestone Corp | 5108 JP | 0.22 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.22 |
| Centene Corp | CNC US | 0.22 |
| Chubu Electric Power Co Inc | 9502 JP | 0.22 |
| Manulife Financial Corp | MFC CN | 0.21 |
| International Consolidated Airlines Gro | IAG SM | 0.21 |
| Dassault Systemes Se | DSY FP | 0.21 |
| Nidec Corp | 6594 JP | 0.21 |
| Deutsche Lufthansa Ag | LHA GR | 0.21 |
| Biogen Inc | BIIB US | 0.20 |
| Devon Energy Corp | DVN US | 0.20 |
| Eni Spa | ENI IM | 0.20 |
| Smurfit Westrock Plc | SW US | 0.20 |
| Alstom Sa | ALO FP | 0.20 |
| Eversource Energy | ES US | 0.20 |
| Wh Group Ltd | 288 HK | 0.20 |
| Check Point Software Technologies Ltd | CHKP US | 0.20 |
| Sse Plc | SSE LN | 0.19 |
| Bouygues Sa | EN FP | 0.19 |
| Standard Chartered Plc | STAN LN | 0.19 |
| Agc Inc | 5201 JP | 0.18 |
| Pultegroup Inc | PHM US | 0.18 |
| Fresenius Se & Co Kgaa | FRE GR | 0.18 |
| Magna International Inc | MG CN | 0.18 |
| Global Payments Inc | GPN US | 0.17 |
| Sompo Holdings Inc | 8630 JP | 0.16 |
| Eiffage Sa | FGR FP | 0.16 |
| Nn Group Nv | NN NA | 0.16 |
| Ge Healthcare Technologies Inc | GEHC US | 0.16 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.16 |
| Sino Land Co Ltd | 83 HK | 0.16 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.16 |
| Fiserv Inc | FI US | 0.16 |
| Lennar Corp | LEN US | 0.16 |
| Royalty Pharma Plc | RPRX US | 0.16 |
| Erste Group Bank Ag | EBS AV | 0.16 |
| Coeur Mining Inc | CDE US | 0.16 |
| Credit Agricole Sa | ACA FP | 0.16 |
| International Paper Co | IP US | 0.15 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.15 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.15 |
| Subaru Corp | 7270 JP | 0.15 |
| Asahi Kasei Corp | 3407 JP | 0.15 |
| Aptiv Plc | APTV US | 0.15 |
| Sekisui House Ltd | 1928 JP | 0.14 |
| Bt Group Plc | BT/A LN | 0.14 |
| Rogers Communications Inc | RCI/B CN | 0.14 |
| Dsm-Firmenich Ag | DSFIR NA | 0.14 |
| Nomura Holdings Inc | 8604 JP | 0.14 |
| Orix Corp | 8591 JP | 0.14 |
| Boliden Ab | BOL SS | 0.14 |
| Diamondback Energy Inc | FANG US | 0.13 |
| Abn Amro Bank Nv | ABN NA | 0.13 |
| Eneos Holdings Inc | 5020 JP | 0.13 |
| Renault Sa | RNO FP | 0.13 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.13 |
| Astellas Pharma Inc | 4503 JP | 0.13 |
| M&T Bank Corp | MTB US | 0.13 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.12 |
| Telefonica Sa | TEF SM | 0.12 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.12 |
| Merck Kgaa | MRK GR | 0.12 |
| Everest Group Ltd | EG US | 0.12 |
| Inpex Corp | 1605 JP | 0.12 |
| Porsche Automobil Holding Se | PAH3 GR | 0.12 |
| Japan Post Bank Co Ltd | 7182 JP | 0.12 |
| Danske Bank A/S | DANSKE DC | 0.12 |
| Jfe Holdings Inc | 5411 JP | 0.12 |
| Synchrony Financial | SYF US | 0.11 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.11 |
| Fidelity National Information Services | FIS US | 0.11 |
| Expand Energy Corp | EXE US | 0.11 |
| Citizens Financial Group Inc | CFG US | 0.11 |
| Fresenius Medical Care Ag | FME GR | 0.11 |
| Banca Monte Dei Paschi Di Siena Spa | BMPS IM | 0.11 |
| Sumitomo Mitsui Trust Holdings Inc | 8309 JP | 0.11 |
| Otsuka Holdings Co Ltd | 4578 JP | 0.11 |
| Koninklijke Philips Nv | PHIA NA | 0.11 |
| Equinor Asa | EQNR NO | 0.11 |
| Labcorp Holdings Inc | LH US | 0.11 |
| Commerzbank Ag | CBK GR | 0.10 |
| Bank Hapoalim Bm | POLI IT | 0.10 |
| Annaly Capital Management Inc | NLY US | 0.10 |
| Incyte Corp | INCY US | 0.10 |
| Osaka Gas Co Ltd | 9532 JP | 0.10 |
| Edp Sa | EDP PL | 0.09 |
| Regions Financial Corp | RF US | 0.09 |
| Cooper Cos Inc/The | COO US | 0.09 |
| Sumitomo Metal Mining Co Ltd | 5713 JP | 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 |
| Boc Hong Kong Holdings Ltd | 2388 HK | 0.08 |
| Bper Banca Spa | BPE IM | 0.08 |
| Banco De Sabadell Sa | SAB SM | 0.07 |
| Pinnacle Financial Partners Inc | PNFP US | 0.07 |
| Bank Of Ireland Group Plc | BIRG ID | 0.07 |
| Svenska Handelsbanken Ab | SHBA SS | 0.07 |
| Aegon Nv | AGN NA | 0.07 |
| Keycorp | KEY US | 0.07 |
| Corebridge Financial Inc | CRBG US | 0.07 |
| Omv Ag | OMV AV | 0.07 |
| Raiffeisen Bank International Ag | RBI AV | 0.06 |
| Israel Discount Bank Ltd | DSCT IT | 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 | -- | 0.30 |
| 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”.
