DISV
Dimensional ETF Trust - Dimensional International Small Cap Value ETF
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Charles Schwab purchases shares with a price higher than the maximum daily price when it automatically reinvests dividends. The maximum daily price of DISV was $18.56, but Schwab purchased it for me for $18.69😡.
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Spot gold is up (barely) International value is up (DFIV, DISV). DFEV is down, but overall, it's up.
A lot of LCV is going to be heavy in FAANGS, NVIDIA, and so on. For example, I just looked at FDRR and the top 3 holdings are NVIDIA, Microsoft, and Apple. But others will be less so -- VTV has no tech stocks in its top 10 holdings. You should be able to see holdings on Morningstar. Ways to avoid: sector funds (industrials and energy seem to be doing well, check on FIDU and FUTY). International value is having a bang up year and has very little technology and certainly no FAANGS etc. You could look at FIVA, JIVE, DFIV, VYMI, or even small/mid cap international value such as AVDV or DISV,
Depends on your tax bracket. The bracket that benefits most from optimization is the 35% ordinary/15% qualified or the 37% ordinary/20% qualified bracket. For this group, I recommend splitting tax-efficient developed from the tax-inefficient emerging: - DFIV in taxable for large cap value, this is actually better than US equities since it is nearly 100% qualified plus gives you foreign tax credits - DISV or AVDV in taxable for small cap value. DISV is more tax efficient but AVDV has performed very slightly better - AVDE is reasonable too, but less tax efficient - Your choice of emerging market fund. AVEM, DFAE, DFEM are pretty good with better liquidity than heavier tilted options, but you probably want them in tax advantaged if you have some room there. The DFA funds are more tax efficient but haven’t performed as well. If you’re in a lower tax bracket (for instance 20-22% ordinary/15% qualified), then it’s actually better to get them all in taxable. This is because the advantages of the foreign tax credit outweigh the disadvantages of lower QDI.
I guess the foreign tax credit rate advantage would presumably apply in the DISV vs AVDV case for international small-cap value tilts. Overall, you would say the ER matters most to you though?
That's why I recommend a mix heavy in DISV and DFAI
US Treasuries $530k, various, cash flow and savings DISV $300k, April '25, I wanted a big factor tilt VFIAX $215k, this is my wife's 403b and there aren't many options RNMBY $200K, November '24, thought Western security order would be changing w/Trump win. KDEF $200k, March '24, just a bet (a lucky one)
And if we wanna take it outside the US, we go with DISV? The ETF is so new... Is there a way to backtest or see some historical data on international small cap value funds? Also, how do we know the researchers didn't fall to survivorship bias? I heard small caps perform well, but only after you filter out the unprofitable ones. But how would you know ahead of time?
Dipping my feet into the pool to buy DFEM, DISV and EUAD this week. Maybe EU will crash relatively as hard as the US market does, maybe not. Idk. I'm thinking of this as rounding out my portfolio somewhat.
The most well-known research, of course, is the one by none other than Fama-French themselves. While the initial academic work was done in the 60s, their paper in 2012 is most often cited as proof that value outperforms: Title: Size, Value, and Momentum in International Stock Returns Source: [https://papers.ssrn.com/sol3/papers.cfm?abstract\_id=1720139](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1720139) Quote: >There is also evidence that value stocks, that is, stocks with high ratios of a fundamental like book value or cash flow to price, have higher average returns than growth stocks, which have low ratios of fundamentals to price (DeBondt and Thaler, 1985, Fama and French, 1992, Lakonishok et al., 1994). >What ETF / index represents "value". If you're in the US, there are two fund houses that do this well. The first is Dimensional, boasting none other than Fama on the board of directors. The second house is Avantis, made up of ex-Dimensional employees. Here are the ticker symbols for the US: 1. Dimensional: DFUV 2. Avantis: AVUV For international: 1. Avantis: AVDV (careful of withholding taxes on this one) 2. Dimensional: Not sure, I think it's DISV. But check it out yourself.
I am factor investing for retirement with a 20 year time horizon. For the equity portion of the portfolio, why not do 100% small cap value? All model portfolios for factor investing I've seen have a tilt towards small cap value mixed in with total stock market funds. Would it be alright if I cut out total stock market ETFs in favor of more SCV? Here are 3 portfolios I am considering. Please give me your opinion on what is best, I want to be as aggressive as possible: Portfolio 1: VTI (42%), DFSV (14%), VXUS (24%), DISV (8%), DFEV (12%) Portfolio 2: VTI (28%), DFSV (28%), VXUS (16%), DISV (16%), DFEV (12%) Portfolio 3: DFSV (56%), DISV (32%), DFEV (12%) I have portfolio 3 in my individual account. Is it too risky/not diversified enough for an IRA? Please help.
I major in economic quantitative analysis. My allocation is 56% DFSV, 32% DISV, 12% DFEV
Yeah thats a great fund too. I choose DISV just because it had a lower P/B.
Intl stocks. The DFA Intl Small Cap Value ETF (DISV) has been trading with a P/B of ~0.6 and a P/S of 0.4. These are insane valuations. Buying ~1,500 stocks that make their market cap 2x per year in sales and trading at ~40% discount to liquidation value.
28 y/o engineer trying to manage my financials. Watched the videos & podcasts, read the papers and arguments against. I still like the idea of tilting slightly towards SCV. I'm thinking of doing the below myself, while I have my girlfriend do VT&Chill or 65/35 VTI/VXUS (assuming she agrees, she can do what she wants, but that fits her personality). Our lifestyle and risk tolerance leads me to having us at 0% bonds likely until we are closer to 40. 70% Domestic US, 30% International 60% Domestic US - VTI 10% US Small Cap Value - AVUV/DFSV 16% International Developed - VEA 8% Emerging Markets - VWO 6% International Small Cap Value - AVDV/DISV I don't really consider time spent rebalancing etc. as I am generally always pretty interested in working with numbers, being an engineer. Complexity of managing this isn't a big downside to me. Looking to retire around 60. Watcha think?
Yes it is the case that overweighting small caps should result in greater returns. This is called smart beta or factor investing. And a lot of good responses but let's summerize some points here: * Smaller companies have a premium, but it is usually concentrated on the small value. Small growth tends to underperform the market. * You need to filter out junk companies to capture to premium. ETFs following passive indexes do no filter out junk companies. * You need to instead search for factor ETFs that aim to capture the premium. These have more complex filters to try to capture the factor premiums. That ones you'll want to look at are SCV factor or size factor ETFs. * Smart beta can lead to decades of underperformance before gapping up, so you need to be completely sold into the idea if you take this approach because you will likely lag the market some years. Factor (Smart Beta) ETFs by Company: * [Avantis](https://www.avantisinvestors.com/content/avantis/en/investments.html?referrer=/content/avantis/en/investments.html) * [Blackrock](https://www.blackrock.com/us/financial-professionals/products/investment-funds#!type=all&style=All&view=perfNav&pageSize=25&pageNumber=1&sortColumn=totalNetAssets&sortDirection=desc&search=Factor%20ETF) * [Dimensional](https://us.dimensional.com/etfs#OurETFs) * [Fidelity](https://www.fidelity.com/etfs/different-types-of-etfs) * [JP Morgan](https://am.jpmorgan.com/us/en/asset-management/adv/investment-strategies/etf-investing/capabilities/factor-etfs/) * [Vanguard](https://advisors.vanguard.com/investments/all?strategy=Factor) Notable SCV ETFs: * AVUV * DFSV * SVAL Notable SCV Ex-US ETFs: *DISV *AVDV *ISVL Avantis and Dimensional are pretty popular in this space right now due to their superior filters. Avantis was built by former Dimensional employees while Dimensional's private funds consistently overperformed the market before making their funds public. Both of them also offer a slightly SCV tilted Total Market Fund, Dev Intl Market fund, and Emerging Market fund alternatives. It should be factor ETFs do have a higher expense ratios, but are generally still low enough to result in some positive Beta.
DFSV - Dimensional US Small Value DISV - Dimensional International Small Value This is the best way to play this theme in a systematic and diversified manner. Don't go all in but tilt you're portfolio to these and stick with it for the long term.
70% US and 30% international. I equally distributed the US portion between AVUV, DFSV, and VIOV and the international portion between AVDV, DISV, and ISVL.
DFSV/DISV was the OG in the FF factor game. Then a few guys left dimensional and started Avantis a couple years ago, who offer AVUV and AVDV. Up to you to decide which one is better (these two are probably the best in the game at the moment) - Avantis targets both value and profitability in initial screening, while dimensional targets value primarily in initially screening for stocks.
The smallest ETF I own currently is DISV, which only became an ETF a few weeks ago. With 27M in assets, I suspect it's a rare pick here. [https://finance.yahoo.com/quote/DISV/profile?p=DISV](https://finance.yahoo.com/quote/DISV/profile?p=DISV) Normally Yahoo links to the summary page, but if you search for "DISV etf", you get Yahoo's profile page. That's another hint at how new this ETF is.