HVLU
VanEck MSCI International Value (AUD Hedged) ETF
HVLU
VanEck MSCI International Value (AUD Hedged) ETF
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NAV$40.13
as at 16-Jul-26 -
Total Net Assets$126.55M
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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 17-Jul-26 Download all holdings
| Security name |
Ticker
|
% of Fund net assets |
|---|---|---|
| Micron Technology Inc | MU US | 4.00 |
| Kioxia Holdings Corp | 285A JP | 2.41 |
| Salesforce.Com Inc | CRM US | 2.25 |
| Verizon Communications Inc | VZ US | 2.08 |
| Toyota Motor Corp | 7203 JP | 1.96 |
| Qualcomm Inc | QCOM US | 1.83 |
| At&T Inc | T US | 1.65 |
| Adobe Inc | ADBE US | 1.61 |
| Comcast Corp | CMCSA US | 1.58 |
| Accenture Plc | ACN US | 1.42 |
| Hewlett Packard Enterprise Co | HPE US | 1.36 |
| Shell Plc | SHEL LN | 1.25 |
| Pfizer Inc | PFE US | 1.19 |
| Cvs Health Corp | CVS US | 1.06 |
| General Motors Co | GM US | 1.05 |
| Dell Technologies Inc | DELL US | 1.02 |
| Hsbc Holdings Plc | HSBA LN | 1.00 |
| Sanofi Sa/France | SAN FP | 0.91 |
| Bnp Paribas Sa | BNP FP | 0.86 |
| Citigroup Inc | C US | 0.85 |
| Kraft Heinz Co/The | KHC US | 0.85 |
| Mitsubishi Corp | 8058 JP | 0.84 |
| Itochu Corp | 8001 JP | 0.83 |
| Strategy Inc | MSTR US | 0.80 |
| Banco Santander Sa | SAN SM | 0.78 |
| Ck Hutchison Holdings Ltd | 1 HK | 0.78 |
| Mitsui & Co Ltd | 8031 JP | 0.76 |
| Sumitomo Corp | 8053 JP | 0.73 |
| Mercedes-Benz Group Ag | MBG GR | 0.73 |
| Totalenergies Se | TTE FP | 0.73 |
| Keurig Dr Pepper Inc | KDP US | 0.71 |
| Fujifilm Holdings Corp | 4901 JP | 0.69 |
| Cie De Saint-Gobain | SGO FP | 0.69 |
| Deutsche Post Ag | DHL GR | 0.68 |
| Bristol-Myers Squibb Co | BMY US | 0.68 |
| Ford Motor Co | F US | 0.66 |
| Capital One Financial Corp | COF US | 0.66 |
| Barclays Plc | BARC LN | 0.65 |
| Canon Inc | 7751 JP | 0.65 |
| Honda Motor Co Ltd | 7267 JP | 0.63 |
| Cigna Group/The | CI US | 0.62 |
| Mitsubishi Ufj Financial Group Inc | 8306 JP | 0.62 |
| Renesas Electronics Corp | 6723 JP | 0.62 |
| Roper Technologies Inc | ROP US | 0.60 |
| Gsk Plc | GSK LN | 0.57 |
| Rio Tinto Plc | RIO LN | 0.56 |
| Medtronic Plc | MDT US | 0.56 |
| Central Japan Railway Co | 9022 JP | 0.55 |
| Aercap Holdings Nv | AER US | 0.55 |
| Cognizant Technology Solutions Corp | CTSH US | 0.55 |
| Nxp Semiconductors Nv | NXPI US | 0.55 |
| Unicredit Spa | UCG IM | 0.54 |
| Archer-Daniels-Midland Co | ADM US | 0.54 |
| Banco Bilbao Vizcaya Argentaria Sa | BBVA SM | 0.53 |
| Vodafone Group Plc | VOD LN | 0.52 |
| Deutsche Bank Ag | DBK GR | 0.52 |
| Workday Inc | WDAY US | 0.51 |
| Bayer Ag | BAYN GR | 0.51 |
| Pg&E Corp | PCG US | 0.50 |
| Sumitomo Mitsui Financial Group Inc | 8316 JP | 0.50 |
| Hp Inc | HPQ US | 0.49 |
| Capgemini Se | CAP FP | 0.48 |
| Komatsu Ltd | 6301 JP | 0.46 |
| First Solar Inc | FSLR US | 0.46 |
| Kddi Corp | 9433 JP | 0.46 |
| Marubeni Corp | 8002 JP | 0.45 |
| Kyocera Corp | 6971 JP | 0.45 |
| Sun Hung Kai Properties Ltd | 16 HK | 0.44 |
| Bayerische Motoren Werke Ag | BMW GR | 0.43 |
| Elevance Health Inc | ELV US | 0.43 |
| Koninklijke Ahold Delhaize Nv | AD NA | 0.43 |
| Natwest Group Plc | NWG LN | 0.43 |
| Volkswagen Ag | VOW3 GR | 0.42 |
| Nokia Oyj | NOKIA FH | 0.42 |
| Fujitsu Ltd | 6702 JP | 0.42 |
| Asahi Group Holdings Ltd | 2502 JP | 0.42 |
| Panasonic Corp | 6752 JP | 0.41 |
| Daimler Truck Holding Ag | DTG GR | 0.41 |
| Pernod Ricard Sa | RI FP | 0.40 |
| Bp Plc | BP/ LN | 0.39 |
| Gen Digital Inc | GEN US | 0.39 |
| Arcelormittal Sa | MT NA | 0.38 |
| Tdk Corp | 6762 JP | 0.38 |
| Prudential Financial Inc | PRU US | 0.38 |
| Netapp Inc | NTAP US | 0.38 |
| East Japan Railway Co | 9020 JP | 0.37 |
| General Mills Inc | GIS US | 0.37 |
| Omnicom Group Inc | OMC US | 0.37 |
| Enel Spa | ENEL IM | 0.37 |
| Okta Inc | OKTA US | 0.36 |
| Lloyds Banking Group Plc | LLOY LN | 0.36 |
| Societe Generale Sa | GLE FP | 0.36 |
| Ing Groep Nv | INGA NA | 0.36 |
| Telefonaktiebolaget Lm Ericsson | ERICB SS | 0.35 |
| Nippon Steel Corp | 5401 JP | 0.34 |
| 3i Group Plc | III LN | 0.34 |
| Intesa Sanpaolo Spa | ISP IM | 0.34 |
| Mizuho Financial Group Inc | 8411 JP | 0.34 |
| Stmicroelectronics Nv | STMPA FP | 0.34 |
| Nippon Yusen Kk | 9101 JP | 0.34 |
| Nippon Telegraph & Telephone Corp | 9432 JP | 0.33 |
| Carrefour Sa | CA FP | 0.32 |
| Mitsui Fudosan Co Ltd | 8801 JP | 0.32 |
| Kubota Corp | 6326 JP | 0.32 |
| Becton Dickinson & Co | BDX US | 0.31 |
| Toyota Tsusho Corp | 8015 JP | 0.31 |
| Mitsui Osk Lines Ltd | 9104 JP | 0.31 |
| Cgi Inc | GIB/A CN | 0.31 |
| Henkel Ag & Co Kgaa | HEN3 GR | 0.30 |
| Mitsubishi Estate Co Ltd | 8802 JP | 0.30 |
| Zoom Video Communications Inc | ZM US | 0.30 |
| Edison International | EIX US | 0.29 |
| Tyson Foods Inc | TSN US | 0.29 |
| Repsol Sa | REP SM | 0.28 |
| Super Micro Computer Inc | SMCI US | 0.28 |
| Jardine Matheson Holdings Ltd | JM SP | 0.28 |
| Metlife Inc | MET US | 0.28 |
| Truist Financial Corp | TFC US | 0.28 |
| Engie Sa | ENGI FP | 0.28 |
| Dr Horton Inc | DHI US | 0.28 |
| Stellantis Nv | STLAM IM | 0.28 |
| Twilio Inc | TWLO US | 0.27 |
| Publicis Groupe Sa | PUB FP | 0.27 |
| Kirin Holdings Co Ltd | 2503 JP | 0.27 |
| Ck Asset Holdings Ltd | 1113 HK | 0.26 |
| Teledyne Technologies Inc | TDY US | 0.26 |
| Suzuki Motor Corp | 7269 JP | 0.26 |
| Charter Communications Inc | CHTR US | 0.26 |
| Cie Generale Des Etablissements Micheli | ML FP | 0.25 |
| Orange Sa | ORA FP | 0.25 |
| Ss&C Technologies Holdings Inc | SSNC US | 0.25 |
| Takeda Pharmaceutical Co Ltd | 4502 JP | 0.25 |
| Daiwa House Industry Co Ltd | 1925 JP | 0.24 |
| Nutrien Ltd | NTR CN | 0.24 |
| Amcor Plc | AMCR US | 0.23 |
| Denso Corp | 6902 JP | 0.23 |
| American International Group Inc | AIG US | 0.23 |
| Delta Air Lines Inc | DAL US | 0.23 |
| Bridgestone Corp | 5108 JP | 0.23 |
| Rwe Ag | RWE GR | 0.22 |
| Manulife Financial Corp | MFC CN | 0.22 |
| Bunge Global Sa | BG US | 0.22 |
| Ryanair Holdings Plc | RYA ID | 0.22 |
| Kansai Electric Power Co Inc/The | 9503 JP | 0.22 |
| Biogen Inc | BIIB US | 0.21 |
| Wh Group Ltd | 288 HK | 0.21 |
| Smurfit Westrock Plc | SW US | 0.21 |
| Dassault Systemes Se | DSY FP | 0.21 |
| Devon Energy Corp | DVN US | 0.21 |
| Centene Corp | CNC US | 0.21 |
| Nidec Corp | 6594 JP | 0.21 |
| F5 Inc | FFIV US | 0.20 |
| Alstom Sa | ALO FP | 0.20 |
| International Consolidated Airlines Gro | IAG SM | 0.20 |
| Eni Spa | ENI IM | 0.20 |
| Deutsche Lufthansa Ag | LHA GR | 0.20 |
| Chubu Electric Power Co Inc | 9502 JP | 0.20 |
| Eversource Energy | ES US | 0.20 |
| Check Point Software Technologies Ltd | CHKP US | 0.19 |
| Bouygues Sa | EN FP | 0.19 |
| Sse Plc | SSE LN | 0.19 |
| Standard Chartered Plc | STAN LN | 0.19 |
| Pultegroup Inc | PHM US | 0.19 |
| Global Payments Inc | GPN US | 0.18 |
| Magna International Inc | MG CN | 0.18 |
| Agc Inc | 5201 JP | 0.18 |
| Fresenius Se & Co Kgaa | FRE GR | 0.17 |
| Zimmer Biomet Holdings Inc | ZBH US | 0.17 |
| Nn Group Nv | NN NA | 0.16 |
| Sino Land Co Ltd | 83 HK | 0.16 |
| Eiffage Sa | FGR FP | 0.16 |
| Ge Healthcare Technologies Inc | GEHC US | 0.16 |
| Sompo Holdings Inc | 8630 JP | 0.16 |
| Lennar Corp | LEN US | 0.16 |
| Huntington Bancshares Inc/Oh | HBAN US | 0.16 |
| Credit Agricole Sa | ACA FP | 0.16 |
| Royalty Pharma Plc | RPRX US | 0.16 |
| Fiserv Inc | FI US | 0.16 |
| International Paper Co | IP US | 0.16 |
| Japan Post Holdings Co Ltd | 6178 JP | 0.15 |
| Teva Pharmaceutical Industries Ltd | TEVA US | 0.15 |
| Erste Group Bank Ag | EBS AV | 0.15 |
| Subaru Corp | 7270 JP | 0.15 |
| Rogers Communications Inc | RCI/B CN | 0.15 |
| Bt Group Plc | BT/A LN | 0.15 |
| Asahi Kasei Corp | 3407 JP | 0.15 |
| Sekisui House Ltd | 1928 JP | 0.15 |
| Nomura Holdings Inc | 8604 JP | 0.14 |
| Aptiv Plc | APTV US | 0.14 |
| Coeur Mining Inc | CDE US | 0.14 |
| Dsm-Firmenich Ag | DSFIR NA | 0.14 |
| Renault Sa | RNO FP | 0.14 |
| Orix Corp | 8591 JP | 0.14 |
| Diamondback Energy Inc | FANG US | 0.14 |
| M&T Bank Corp | MTB US | 0.14 |
| Eneos Holdings Inc | 5020 JP | 0.13 |
| Boliden Ab | BOL SS | 0.13 |
| Abn Amro Bank Nv | ABN NA | 0.13 |
| Fairfax Financial Holdings Ltd | FFH CN | 0.13 |
| Astellas Pharma Inc | 4503 JP | 0.13 |
| Bank Leumi Le-Israel Bm | LUMI IT | 0.13 |
| Telefonica Sa | TEF SM | 0.13 |
| Mitsubishi Chemical Holdings Corp | 4188 JP | 0.13 |
| Jfe Holdings Inc | 5411 JP | 0.12 |
| Merck Kgaa | MRK GR | 0.12 |
| Everest Group Ltd | EG US | 0.12 |
| Synchrony Financial | SYF US | 0.12 |
| Porsche Automobil Holding Se | PAH3 GR | 0.12 |
| Citizens Financial Group Inc | CFG US | 0.12 |
| Inpex Corp | 1605 JP | 0.12 |
| Danske Bank A/S | DANSKE DC | 0.12 |
| Japan Post Bank Co Ltd | 7182 JP | 0.11 |
| Fidelity National Information Services | FIS US | 0.11 |
| Ms&Ad Insurance Group Holdings Inc | 8725 JP | 0.11 |
| Fresenius Medical Care Ag | FME GR | 0.11 |
| Equinor Asa | EQNR NO | 0.11 |
| Expand Energy Corp | EXE US | 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 |
| Labcorp Holdings Inc | LH US | 0.11 |
| Koninklijke Philips Nv | PHIA NA | 0.11 |
| Commerzbank Ag | CBK GR | 0.10 |
| Bank Hapoalim Bm | POLI IT | 0.10 |
| Annaly Capital Management Inc | NLY US | 0.10 |
| Regions Financial Corp | RF US | 0.10 |
| Edp Sa | EDP PL | 0.10 |
| Incyte Corp | INCY US | 0.09 |
| Osaka Gas Co Ltd | 9532 JP | 0.09 |
| Cooper Cos Inc/The | COO US | 0.09 |
| Sumitomo Metal Mining Co Ltd | 5713 JP | 0.09 |
| Principal Financial Group Inc | PFG US | 0.09 |
| Shionogi & Co Ltd | 4507 JP | 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 |
| Pinnacle Financial Partners Inc | PNFP US | 0.08 |
| Banco De Sabadell Sa | SAB SM | 0.08 |
| Bper Banca Spa | BPE IM | 0.07 |
| Bank Of Ireland Group Plc | BIRG ID | 0.07 |
| Keycorp | KEY US | 0.07 |
| Corebridge Financial Inc | CRBG US | 0.07 |
| Aegon Nv | AGN NA | 0.07 |
| Omv Ag | OMV AV | 0.07 |
| Svenska Handelsbanken Ab | SHBA SS | 0.07 |
| Israel Discount Bank Ltd | DSCT IT | 0.07 |
| Raiffeisen Bank International Ag | RBI AV | 0.07 |
| 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 | -- | 1.08 |
| 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”.
