SMH Sees -$309.5 Million in Fund Outflows in Trailing 12 Months



What is SMH?

The VanEck Vectors Semiconductor ETF (SMH) tracks a market-cap-weighted portfolio of US semiconductor companies. SMH tracks the performance of 26 publicly listed companies in the US semiconductor sector. SMH’s market capitalization is $261.7 million with an expense ratio of 0.35%. Its average daily volume of shares traded is $139.3 million. Its price-to-earnings ratio is 17.16x. Its price-to-book ratio and distribution yield are 3.12x and 2.1%, respectively.

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SMH’s top five holdings are Intel (INTC) at 18.6%, Taiwan Semiconductors (TSM) at 12.4%, ASML Holding (ASML) at 4.7%, Texas Instruments (TXN) at 5.5%, and Qualcomm (QCOM) at 10.7%. These companies comprise more than 50% of SMH’s total portfolio. Intel comprises 0.87% of the SPDR S&P 500 ETF (SPY) as well.

Fund flows in SMH

In the trailing one month, net fund outflows for the VanEck Vectors Semiconductor ETF (SMH) were -$145.1 million. In the trailing 12-month (or TTM) period, net fund outflows were -$309.5 million. SMH’s fund flows in the trailing one week and trailing three months (quarterly) were -$8.0 million and $29.3 million, respectively.

SMH generated investor returns of -0.08% in the trailing 12-month period and 1.1% in the trailing one-month period. In comparison, it generated 20.9% returns in the trailing three-year period, 1.3% YTD (year-to-date), and 13.6% in the last three months. We can see that fund flows are directly related to ETF returns.

Moving averages

On December 28, 2015, SMH closed the trading day at $54.06. Based on this figure, here’s how the stock fares in terms of its moving averages:

  • 3% above its 100-day moving average of $52.40
  • 1% below its 50-day moving average of $54.65
  • 2% below its 20-day moving average of $55

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