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crefwatch
11-29-2006, 7:58 AM | Post #2285967 |
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Alec's observation in #10 was so useful that I created an M* Premium portfolio similar to the CREF Stock Fund benchmark (remember, CREF Stock has some management, so the index benchmark isn't the same as the fund [that it's beating right now!]). Here are the Portfolio X-Rays comparing three ETF portfolios. I think VV looks pretty good, even with more data that just the top ten holdings I posted earlier.
However, VV is so new that it's impossible to compare their long-term records.
The first column is:
75% IWV (R 3000)
22% EFA (MSCI EAFE but missing Canada, 1.42% of CREF Stock Fund in 2005)
3% VWO Emerging Markets
The second column is 100% VV (Vanguard Large-Cap Stock).
The third column is 100% SPY (S&P 500.)
Simulated Vang'r'd S&P
CREF Stk Lrg-Cap 500
ETF Ptfl ETF-"VV" Indx
27|27|21 30|29|25 32|33|25
--|--|-- --|--|-- --|--|--
6| 6| 5 6| 5| 5 4| 4| 3
--|--|-- --|--|-- --|--|--
2| 2| 2 0| 0| 0 0| 0| 0
Info Econ: 18% 20% 20%
Service Ec: 48% 47% 46%
Manufac Ec: 34% 33% 33%
North Am: 75% 99.9% 100%
UK/Wst Eur: 15% 0.05%
Japan: 5% 0
Latin Am: .6% 0
Asia Ex-Jp: 3.6% 0.05%
Other: .6% 0
Forward P/E: 15.47 14.79 15.55%
Price/Book 2.43 2.49 2.63
ROA 9.20 10.46 10.90
ROE 18.85 19.20 19.20
Prj Ern Grth:11.47% 11.27% 11.19%
Yield 1.52% 1.58% 1.69%
Av Mkt Cap $28.1B $39.6B $51.9B
Note that that rebalancing a three-ETF portfolio would add substantial brokerage expenses, which owning CREF Stock Fund minimizes. That's one reason I focused on the single ETF, VV, in post #3.
Tim
Originally posted in thread: 1365
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