A sound investment process and strong management team underpin Invesco International Div Achiev ETF's Morningstar Medalist Rating of Gold. The portfolio maintains a cost advantage over competitors, priced within the cheapest fee quintile among peers.  

 The strategy's sensible investment philosophy merits a High Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant underweight position in liquidity exposure and volatility exposure compared with category peers. Low liquidity risk exposure is attributed to stocks with a low trading volume, limiting managers' flexibility. And low volatility exposure is rooted in stocks that have a lower standard deviation of returns. The strategy’s management team earns an Above Average People Pillar rating. The strategy's parent organization earns the firm an Average Parent Pillar rating. People Pillar and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

Atlantica Sustainable Infrastructure

Enbridge

Canadian Imperial Bank of Commerce

AT&T

TC Energy

Toronto-Dominion Bank

Fortis

Canadian Natural Resources

Royal Bank of Canada

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. Invesco International Div Achiev ETF earns a High Process Pillar rating. 

The leading factor in the rating is the fund's excellent long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category average, which suggests that the managers have shown skill in their allocation of risk. This fund tracks an index, which also increases its process rating. Historical data, like Morningstar's Active/Passive Barometer, shows that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. 

 This strategy targets smaller plays than its peers’ average in the Foreign Large Value Morningstar Category. But in terms of style (value/growth) exposure, it does not have much of a bias and resembles the category's typical portfolio. Looking at additional factor exposure, this strategy continually held some stocks with low trading volume over the last few years. Less-liquid stocks might offer strong returns to compensate for their risks, but they can be harder and more expensive to trade in bear markets. In the latest month, the strategy was also less exposed to the Liquidity factor compared with Morningstar Category peers. This strategy has also tilted toward low-volatility stocks in recent years, meaning those that have a lower standard deviation of returns. These companies have historically been a valuable ballast to steady portfolio returns during market downturns. Similarly, in recent months, the strategy also had less exposure to the Volatility factor than peers. Additionally, this strategy's portfolio has held more stocks with high dividend or buyback yields than peers over recent years. High-yield stocks tend to be connected to more mature companies earning enough cash to return some to shareholders. At times, however, extreme market pressure can force them to cut their dividends, which hurts stock performance. In recent months, however, the strategy had less Yield factor exposure over its peers. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in utilities and energy relative to the category average by 17.7 and 4.8 percentage points, respectively. The sectors with low exposure compared to category peers are industrials and consumer cyclical, underweight the average by 8.6 and 6.2 percentage points of assets, respectively. The strategy owns 47 securities and is quite concentrated. More concretely, 38.6% of the portfolio's assets are housed within the top 10 holdings, versus the category average of 13.9%. And finally, in terms of portfolio turnover, on a year-over-year basis, 38% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

High

Process

Invesco International Div Achiev ETF's strong equity team drives the strategy's Above Average People Pillar rating. There are four managers listed on the fund: Michael Jeanette, Peter Hubbard, Tony Seisser, Pratik Doshi. The team is well equipped, with an average of 12 years of portfolio management experience. Together, they manage a total of 144 strategies, with a Bronze asset-weighted average Morningstar Medalist Rating, indicating the potential to deliver positive alpha relative to the category median in aggregate. This group has had relatively low management turnover, providing a stable environment and continuity for the strategies. 

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Above Average

People

Invesco succeeds in a number of areas but also has its share of subpar offerings, along with many others that land somewhere in the middle. A mid-2023 change of CEO, from longtime chief Marty Flanagan to veteran Invesco executive Andrew Schlossberg, is noteworthy, and several other executives retired or departed in 2023. Portfolio-manager shuffles aimed at bolstering poor performers, which began under Flanagan, have continued under Schlossberg, who told Morningstar his most important aim is bolstering “investment quality.” However, major changes of direction or approach are unlikely. The firm retains a Morningstar Parent rating of Average. 
Invesco’s international-equity teams in Texas and New York remain solid. However, the extensive U.S.-equity lineup needs improvement. Fixed-income offerings run the gamut: The multisector and short-term-bond areas are good, but corporate high-yield is less impressive. The firm’s exchange-traded fund lineup includes the popular Nasdaq-focused QQQ; passive strategies make up around 37% of Invesco’s assets under management. Invesco has not been averse to trying new types of strategies, and it was among the firms that immediately launched a spot bitcoin ETF after SEC approval in early 2024.
The picture outside the United States is mixed. Fund performance has been subpar in Asia, and while the picture has brightened in the United Kingdom and Europe, that region still can’t be considered a strength.

Average

Parent

Invesco International Dividend Achievers ETF

PID tracks a dividend-yield-weighted index of foreign securities with high dividend growth.

Invesco International Dividend Achievers ETF invests in international stocks with growing dividends. The PID ETF has a tilt towards large and mega cap companies and is overweight in Canada. Valuation looks attractive relative to the U.S. market, yet PID performance is underwhelming, regarding both return and dividend growth.

PID: An International Dividend Growth ETF With Little To Show

The Invesco International Dividend Achievers ETF is a $1bn product that covers 50 international stocks, including ADRs and GDRs. PID compares unfavorably to the Invesco Dividend Achievers ETF which focuses only on a larger pool of domestic dividend achievers. PID's heightened Canadian exposure is useful, but developments on the charts, and the valuations dampen the long case even further.

PID ETF: Limited Incentive To Pursue

SPDR S&P Global Dividend ETF

PID Invesco International Dividend Achievers ETF invests in international stocks with growing dividends. This article compares it with SPDR® S&P Global Dividend ETF regarding strategy, portfolio structure and performance. Both funds have Canada as top country and financials as top sector.

PID Vs. WDIV: When Dividend Growth Disappoints

WisdomTree Japan Hedged Equity Fund

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The Invesco International Dividend Achievers ETF is heavily concentrated in Canadian equities, which poses a risk due to its lack of geographical diversification. PID has a 3.3% dividend yield and an annual expense ratio of 0.53%. It holds 49 individual equities, with the average market cap being $53 billion. The fund has a neutral chart and investors should monitor the $18.50 mark. Despite its solid valuation.

PID: More Of A Canada Dividend Fund Than International

Invesco International Dividend Achievers ETF implements an international dividend growth strategy. The top sectors are utilities and financials, and the fund is overweight in Canadian companies.

PID Vs. DNL: A True Dividend Growth ETF And A Misnamed One

PID's assets are invested significantly in core sector firms in equity markets of resource rich countries such as Canada, Brazil, Australia, and Mexico. PID most likely can sustain its current level of yield of around 4 percent, as it invests only in those stocks that are consistent with their dividend payments.

PID: Generating Decent Yield And Return Through Investing In Core Sectors

PID is a global ex-US dividend growth ETF. Canada accounts for 56% of asset value.

PID: A Leading Global Dividend Growth ETF

Since my previous article, PID has lost ~3.5% vs. a loss of ~14.5% for the S&P 500 and has outperformed the US market. PID is currently trading at 14x earnings, with a dividend yield of 3.4%. Because of its lower valuation, I believe PID will continue to outperform the S&P 500 in the short term.

PID: A Dividend-Paying ETF To Navigate This Treacherous Market

VictoryShares International High Div Volatility Wtd ETF

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Legg Mason International Low Volatility High Dividend ETF

Per an article published on Wall Street Journal, U.S. stocks appear pricey relative to their international counterparts.

Are International ETFs Cheaper Than U.S. ETFs?

WisdomTree International High Dividend Fund

SPDR S&P International Dividend ETF

Xt EAFE Div Yld Shs

iShares International Select Dividend ETF

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iShares US Infrastructure ETF

SPDR S&P North American Natural Resources ETF

United States Oil Fund LP

Vanguard Utilities ETF

Health Care Select Sector SPDR Fund

SPDR S&P Metals & Mining ETF

The Russia-Ukraine war, hot inflation, Fed rate hike worries and oil price rally pulled the strings of the investment world in Q1 and will also remain in focus in Q2.

Schwab US Dividend Equity ETF

SPDR S&P Dividend ETF

As an alternative to the bond markets, income-minded investors are turning to dividend-paying stocks and related exchange traded funds for a stable source of yields in response to an uncertain interest rate outlook. “Virtually no bond funds look attractive right now.

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February is not known for good stock returns. A consensus carried out from 1950 to 2021 shows that February ended up offering positive stock returns in 43 years and negative returns in 29 years, per moneychimp.com.

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PID provides exposure to a diversified basket of international dividend-paying stocks.

PID Offers A Good Source Of Income

iShares Asia 50 ETF

iShares MSCI Emerging Markets ETF

iShares MSCI EAFE ETF

iShares MSCI Japan ETF

iShares MSCI Eurozone ETF

iShares China Large-Cap ETF

iShares Currency Hedged MSCI EAFE ETF

WisdomTree International Hedged Quality Dividend Growth Fund

Invesco DB US Dollar Index Bullish Fund

Vanguard FTSE Europe ETF

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PID strategy and portfolio. Past performance and competitors.

PID: Dividend Growth Mostly From Canada

The international dividend ETF hit a new 52-week high. Can it soar further?

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Many investors are looking for high-yield funds to put their money into. And these three names are a great start for their cash flows.

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PID offers investors a useful dividend yield of 4.7%, but the expense ratio is not cheap at 0.53%.

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PID has ~$598 million in AUM with 59 holdings; its 12-month distribution rate is 4.76%.

Invesco International Dividend Achievers ETF: Risks To Consider

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News for Invesco International Dividend Achievers ETF ETF (PID)