Top 10 holdings for MVPA can be accessed here. Holdings are subject to change.
Enterprise value (EV) is a measure of a company’s total value. Return on Tangible Common Equity (ROTCE) is computed by dividing net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity and is often used to assess a company’s performance. The Common Equity Tier 1 (CET1) ratio is a measure of a bank’s financial strength and its ability to cover unexpected losses. The CET1 ratio measures a bank’s core equity capital compared to its total risk-weighted assets. It includes ordinary shares and retained earnings, but excludes preferred shares and non-controlling interests. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock and serves as an indicator of a company’s profitability. Compound Annual Growth Rate (CAGR) is the rate of return that would be required for an investment to grow from its beginning balance to its ending one. Tangible book value (TBV) is the value of a company’s tangible assets minus its liabilities and intangible assets. Tangible Book value/Share is the value of a company’s tangible assets divided by its current outstanding shares, and determines the potential value per share of a company in the event that it must liquidate its assets. Price to tangible book value (P/TBV) measures a company’s market value relative to its hard or tangible assets. Dividend yield is the ratio of a company’s annual dividend compared to its share price. Capital ratios refers to financial ratios that measure a company’s financial health. Examples include CET1, Tangible common equity/tangible assets ratio (TCE/TA), and total risk-based capital ratio. Basis point (bps) is one hundredth of one percent. Annualized Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.
Peers were identified using a combination of sell-side research and Bloomberg. We used the 7 most comparable peers from the consumer finance industry, plus two additional companies (COF and DFS) which are directly engaged in credit cards and collections.
The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice.
The views expressed in this commentary reflect those of the author as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or investment advice. Data from third-party sources cited herein is believed to be reliable, but may not have been independently audited by Miller Value Partners.
Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s Prospectus and Summary Prospectus, which may be obtained by visiting https://etf.millervaluefunds.com/mvpa. Read the Prospectus and Summary Prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.
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Dividends are not guaranteed and may fluctuate.
Diversification cannot assure a profit or protect against loss in a down market.
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