2024-04-01 21:25:29 ET
Summary
- PFM's portfolio has seen a few changes in the wake of the underlying index's reconstitution in March.
- With valuation being less of a concern assuming the new narrative dominates the markets, I am still mostly tepid on PFM, so the Hold rating is maintained.
- The factor story under the hood has not changed much, with the portfolio now being a bit more expensive while the weighted-average growth rates have weakened slightly.
- While obviously not being a concern serious enough for a rating downgrade, these developments do not support a more optimistic rating either.
I am continuing my series of updates on dividend exchange-traded funds, with today's article on the Invesco Dividend Achievers™ ETF ( PFM ) being obviously necessary in the wake of its underlying index's annual reconstitution that was completed in March. And even though the portfolio saw only cosmetic changes, there are still a few notable factor developments that can be spotted upon more attentive analysis....
Read the full article on Seeking Alpha
For further details see:
PFM: Discussing The Impact Of Reconstitution