HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
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NAV$46.94
as at 16-Jun-26 -
Total Net Assets$115.01M
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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.
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 16-Jun-26 Download all holdings
| Security name |
Ticker
|
% of Fund net assets |
|---|---|---|
| Micron Technology Inc | MU US | 18.64 |
| Verizon Communications Inc | VZ US | 2.26 |
| Qualcomm Inc | QCOM US | 2.08 |
| Toyota Motor Corp | 7203 JP | 1.75 |
| At&T Inc | T US | 1.67 |
| Comcast Corp | CMCSA US | 1.44 |
| Hewlett Packard Enterprise Co | HPE US | 1.42 |
| General Motors Co | GM US | 1.19 |
| Pfizer Inc | PFE US | 1.18 |
| Kioxia Holdings Corp | 285A JP | 1.12 |
| Shell Plc | SHEL LN | 1.10 |
| Citigroup Inc | C US | 1.02 |
| Hsbc Holdings Plc | HSBA LN | 1.01 |
| Nokia Oyj | NOKIA FH | 1.00 |
| Cvs Health Corp | CVS US | 0.95 |
| Mitsubishi Corp | 8058 JP | 0.95 |
| Mitsui & Co Ltd | 8031 JP | 0.87 |
| Bnp Paribas Sa | BNP FP | 0.85 |
| Banco Santander Sa | SAN SM | 0.80 |
| Renesas Electronics Corp | 6723 JP | 0.79 |
| Totalenergies Se | TTE FP | 0.78 |
| Dell Technologies Inc | DELL US | 0.78 |
| Sanofi Sa/France | SAN FP | 0.77 |
| Rio Tinto Plc | RIO LN | 0.77 |
| Sumitomo Corp | 8053 JP | 0.76 |
| Itochu Corp | 8001 JP | 0.72 |
| Archer-Daniels-Midland Co | ADM US | 0.71 |
| Mercedes-Benz Group Ag | MBG GR | 0.70 |
| Kraft Heinz Co/The | KHC US | 0.70 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.67 |
| Stmicroelectronics Nv | STMPA FP | 0.65 |
| Bristol-Myers Squibb Co | BMY US | 0.65 |
| Salesforce.Com Inc | CRM US | 0.64 |
| Ford Motor Co | F US | 0.63 |
| Cigna Group/The | CI US | 0.60 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.59 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.58 |
| Barclays Plc | BARC LN | 0.57 |
| Honda Motor Co Ltd | 7267 JP | 0.56 |
| Marubeni Corp | 8002 JP | 0.56 |
| Vodafone Group Plc | VOD LN | 0.55 |
| Cie De Saint-Gobain | SGO FP | 0.54 |
| Panasonic Corp | 6752 JP | 0.54 |
| Deutsche Post Ag | DHL GR | 0.53 |
| Gsk Plc | GSK LN | 0.53 |
| Arcelormittal Sa | MT NA | 0.52 |
| Capital One Financial Corp | COF US | 0.52 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.50 |
| Kyocera Corp | 6971 JP | 0.50 |
| Tdk Corp | 6762 JP | 0.50 |
| Unicredit Spa | UCG IM | 0.49 |
| Canon Inc | 7751 JP | 0.49 |
| Accenture Plc | ACN US | 0.49 |
| Volkswagen Ag | VOW3 GR | 0.49 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.48 |
| Komatsu Ltd | 6301 JP | 0.48 |
| Elevance Health Inc | ELV US | 0.46 |
| Fujifilm Holdings Corp | 4901 JP | 0.45 |
| Aercap Holdings Nv | AER US | 0.45 |
| Strategy Inc | MSTR US | 0.45 |
| Deutsche Bank Ag | DBK GR | 0.44 |
| First Solar Inc | FSLR US | 0.44 |
| Adobe Inc | ADBE US | 0.43 |
| Kddi Corp | 9433 JP | 0.42 |
| Bayer Ag | BAYN GR | 0.41 |
| Keurig Dr Pepper Inc | KDP US | 0.41 |
| Enel Spa | ENEL IM | 0.40 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.40 |
| Bayerische Motoren Werke Ag | BMW GR | 0.40 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.40 |
| Central Japan Railway Co | 9022 JP | 0.39 |
| Societe Generale Sa | GLE FP | 0.39 |
| Cognizant Technology Solutions Corp | CTSH US | 0.39 |
| Bp Plc | BP/ LN | 0.38 |
| Hp Inc | HPQ US | 0.37 |
| Carrefour Sa | CA FP | 0.37 |
| Nxp Semiconductors Nv | NXPI US | 0.37 |
| Daimler Truck Holding Ag | DTG GR | 0.37 |
| Pg&E Corp | PCG US | 0.37 |
| Engie Sa | ENGI FP | 0.36 |
| Natwest Group Plc | NWG LN | 0.36 |
| Toyota Tsusho Corp | 8015 JP | 0.34 |
| Mizuho Financial Group Inc | 8411 JP | 0.34 |
| Orange Sa | ORA FP | 0.34 |
| Ing Groep Nv | INGA NA | 0.34 |
| Asahi Group Holdings Ltd | 2502 JP | 0.34 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.33 |
| Medtronic Plc | MDT US | 0.33 |
| Lloyds Banking Group Plc | LLOY LN | 0.32 |
| Fujitsu Ltd | 6702 JP | 0.32 |
| Capgemini Se | CAP FP | 0.32 |
| Bunge Global Sa | BG US | 0.32 |
| Intesa Sanpaolo Spa | ISP IM | 0.32 |
| Tyson Foods Inc | TSN US | 0.31 |
| Nippon Steel Corp | 5401 JP | 0.31 |
| Nippon Yusen Kk | 9101 JP | 0.31 |
| Prudential Financial Inc | PRU US | 0.31 |
| Stellantis Nv | STLAM IM | 0.30 |
| Dr Horton Inc | DHI US | 0.30 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.30 |
| Wh Group Ltd | 288 HK | 0.30 |
| Netapp Inc | NTAP US | 0.30 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.29 |
| Rwe Ag | RWE GR | 0.27 |
| Jardine Matheson Holdings Ltd | JM SP | 0.26 |
| Zoom Video Communications Inc | ZM US | 0.26 |
| Roper Technologies Inc | ROP US | 0.25 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.25 |
| Truist Financial Corp | TFC US | 0.25 |
| Repsol Sa | REP SM | 0.25 |
| Kubota Corp | 6326 JP | 0.25 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.25 |
| Kirin Holdings Co Ltd | 2503 JP | 0.25 |
| Twilio Inc | TWLO US | 0.25 |
| Nutrien Ltd | NTR CN | 0.25 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.24 |
| 3i Group Plc | III LN | 0.24 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.24 |
| Metlife Inc | MET US | 0.23 |
| Edison International | EIX US | 0.23 |
| Pernod Ricard Sa | RI FP | 0.23 |
| Centene Corp | CNC US | 0.23 |
| Eni Spa | ENI IM | 0.23 |
| Omnicom Group Inc | OMC US | 0.22 |
| Teledyne Technologies Inc | TDY US | 0.22 |
| Becton Dickinson & Co | BDX US | 0.22 |
| Gen Digital Inc | GEN US | 0.22 |
| Manulife Financial Corp | MFC CN | 0.21 |
| Charter Communications Inc | CHTR US | 0.21 |
| Bridgestone Corp | 5108 JP | 0.21 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.21 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.21 |
| Standard Chartered Plc | STAN LN | 0.21 |
| Denso Corp | 6902 JP | 0.20 |
| Devon Energy Corp | DVN US | 0.20 |
| Biogen Inc | BIIB US | 0.20 |
| Delta Air Lines Inc | DAL US | 0.20 |
| American International Group Inc | AIG US | 0.20 |
| Suzuki Motor Corp | 7269 JP | 0.20 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.20 |
| Magna International Inc | MG CN | 0.19 |
| Pultegroup Inc | PHM US | 0.19 |
| F5 Inc | FFIV US | 0.19 |
| Publicis Groupe Sa | PUB FP | 0.19 |
| Super Micro Computer Inc | SMCI US | 0.18 |
| Chubu Electric Power Co Inc | 9502 JP | 0.18 |
| Ck Asset Holdings Ltd | 1113 HK | 0.18 |
| Bt Group Plc | BT/A LN | 0.18 |
| Deutsche Lufthansa Ag | LHA GR | 0.17 |
| Smurfit Westrock Plc | SW US | 0.16 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.16 |
| Lennar Corp | LEN US | 0.16 |
| Nn Group Nv | NN NA | 0.16 |
| Orix Corp | 8591 JP | 0.16 |
| Amcor Plc | AMCR US | 0.15 |
| Royalty Pharma Plc | RPRX US | 0.15 |
| Asahi Kasei Corp | 3407 JP | 0.15 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.15 |
| Sse Plc | SSE LN | 0.15 |
| Credit Agricole Sa | ACA FP | 0.15 |
| Erste Group Bank Ag | EBS AV | 0.15 |
| Fresenius Se & Co Kgaa | FRE GR | 0.14 |
| Subaru Corp | 7270 JP | 0.14 |
| Global Payments Inc | GPN US | 0.14 |
| Workday Inc | WDAY US | 0.14 |
| Cgi Inc | GIB/A CN | 0.14 |
| Fiserv Inc | FI US | 0.13 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.13 |
| Rogers Communications Inc | RCI/B CN | 0.13 |
| Japan Post Bank Co Ltd | 7182 JP | 0.13 |
| Nidec Corp | 6594 JP | 0.13 |
| Sompo Holdings Inc | 8630 JP | 0.13 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.13 |
| Nomura Holdings Inc | 8604 JP | 0.13 |
| Porsche Automobil Holding Se | PAH3 GR | 0.13 |
| Telefonica Sa | TEF SM | 0.13 |
| East Japan Railway Co | 9020 JP | 0.12 |
| Sekisui House Ltd | 1928 JP | 0.12 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.12 |
| Eneos Holdings Inc | 5020 JP | 0.12 |
| Abn Amro Bank Nv | ABN NA | 0.12 |
| Inpex Corp | 1605 JP | 0.12 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.12 |
| Diamondback Energy Inc | FANG US | 0.12 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.12 |
| Jfe Holdings Inc | 5411 JP | 0.12 |
| Synchrony Financial | SYF US | 0.12 |
| Otsuka Holdings Co Ltd | 4578 JP | 0.11 |
| Danske Bank A/S | DANSKE DC | 0.11 |
| International Paper Co | IP US | 0.11 |
| Citizens Financial Group Inc | CFG US | 0.11 |
| Equinor Asa | EQNR NO | 0.11 |
| General Mills Inc | GIS US | 0.11 |
| Bouygues Sa | EN FP | 0.11 |
| Commerzbank Ag | CBK GR | 0.11 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.11 |
| M&T Bank Corp | MTB US | 0.11 |
| Sino Land Co Ltd | 83 HK | 0.11 |
| Everest Group Ltd | EG US | 0.10 |
| Eiffage Sa | FGR FP | 0.10 |
| Bank Hapoalim Bm | POLI IT | 0.10 |
| Banca Monte Dei Paschi Di Siena Spa | BMPS IM | 0.10 |
| Osaka Gas Co Ltd | 9532 JP | 0.10 |
| Sumitomo Mitsui Trust Holdings Inc | 8309 JP | 0.10 |
| Alstom Sa | ALO FP | 0.10 |
| Eversource Energy | ES US | 0.10 |
| Fresenius Medical Care Ag | FME GR | 0.10 |
| Koninklijke Philips Nv | PHIA NA | 0.10 |
| Coeur Mining Inc | CDE US | 0.09 |
| Ge Healthcare Technologies Inc | GEHC US | 0.09 |
| Dsm-Firmenich Ag | DSFIR NA | 0.09 |
| Labcorp Holdings Inc | LH US | 0.09 |
| Merck Kgaa | MRK GR | 0.09 |
| Annaly Capital Management Inc | NLY US | 0.09 |
| Okta Inc | OKTA US | 0.09 |
| Regions Financial Corp | RF US | 0.08 |
| Aib Group Plc | AIBG ID | 0.08 |
| Boc Hong Kong Holdings Ltd | 2388 HK | 0.08 |
| Principal Financial Group Inc | PFG US | 0.08 |
| Edp Sa | EDP PL | 0.08 |
| Shionogi & Co Ltd | 4507 JP | 0.08 |
| Boliden Ab | BOL SS | 0.08 |
| Bank Of Ireland Group Plc | BIRG ID | 0.08 |
| Astellas Pharma Inc | 4503 JP | 0.08 |
| Ryanair Holdings Plc | RYA ID | 0.08 |
| Banco Bpm Spa | BAMI IM | 0.08 |
| Banco De Sabadell Sa | SAB SM | 0.07 |
| Bper Banca Spa | BPE IM | 0.07 |
| Agc Inc | 5201 JP | 0.07 |
| International Consolidated Airlines Gro | IAG SM | 0.07 |
| Aptiv Plc | APTV US | 0.07 |
| Expand Energy Corp | EXE US | 0.07 |
| Fidelity National Information Services | FIS US | 0.07 |
| Incyte Corp | INCY US | 0.07 |
| Svenska Handelsbanken Ab | SHBA SS | 0.07 |
| Keycorp | KEY US | 0.07 |
| Renault Sa | RNO FP | 0.06 |
| Aegon Nv | AGN NA | 0.06 |
| Dassault Systemes Se | DSY FP | 0.06 |
| Israel Discount Bank Ltd | DSCT IT | 0.06 |
| Corebridge Financial Inc | CRBG US | 0.06 |
| Raiffeisen Bank International Ag | RBI AV | 0.06 |
| First Citizens Bancshares Inc/Nc | FCNCA US | 0.06 |
| Sumitomo Metal Mining Co Ltd | 5713 JP | 0.06 |
| Check Point Software Technologies Ltd | CHKP US | 0.05 |
| Cooper Cos Inc/The | COO US | 0.05 |
| Pinnacle Financial Partners Inc | PNFP US | 0.05 |
| Omv Ag | OMV AV | 0.04 |
| Whitecap Resources Inc | WCP CN | 0.03 |
| Idemitsu Kosan Co Ltd | 5019 JP | 0.03 |
| Other/Cash | -- | -1.12 |
| 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”.
