VOE(VOE)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is skewed towards cyclical sectors, with Financial Services and Industrials accounting for nearly a quarter of the total weight. This suggests that the fund has a bias towards companies that are likely to benefit from economic growth and expansion. The Energy sector also holds a significant 12.3% weight, which may indicate an overweight position in this area. In contrast, Consumer Defensive sectors, such as Utilities and Food & Staples Retailing, have relatively smaller weights.
The top holdings list reveals a high degree of concentration risk, with the top five stocks (WDC, CMI, SLB, GM, and MPC) collectively accounting for over 8% of the fund's assets. The presence of energy majors like WDC and SLB also suggests that the portfolio may be vulnerable to fluctuations in commodity prices. Furthermore, the sector mix is significantly different from the broader market, with a greater emphasis on cyclical sectors. A favorable macro environment would likely be one characterized by economic growth, rising interest rates, and increasing demand for energy and industrial goods. Conversely, a downturn in these areas could negatively impact the fund's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-20 07:54:06.429791+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The investment theme implied by the ticker VOE suggests a focus on value or specific factor exposures, yet the provided holdings and sector breakdown reveal a portfolio that lacks distinct thematic cohesion. The top ten positions are heavily weighted toward energy giants like SLB, VLO, MPC, PSX, and BKR, alongside industrials such as CMI and PCAR. This concentration in cyclical sectors contradicts any potential narrative of stability or defensive value often associated with funds bearing similar names in the broader market. Furthermore, the inclusion of diverse holdings ranging from real estate trusts like DLR to communication services firms like WBD indicates a lack of strict adherence to a singular investment philosophy, suggesting the fund may be utilizing broad-market constituents rather than maintaining a focused strategy.
Sector analysis highlights significant dispersion that undermines claims of thematic differentiation. While Energy and Industrials hold substantial weights at 12.7% and 12.9% respectively, Financial Services dominate with nearly 15%, creating an asset allocation profile more akin to a broad market index than a specialized vehicle. The presence of Utilities, Consumer Defensive, and Healthcare sectors further dilutes any potential concentration in the cyclical industries where the top holdings reside. With a low top-ten concentration of only 13.5% spread across disparate sectors including Technology and Real Estate, the fund appears to lack the structural coherence required for true thematic exposure. The portfolio's composition suggests it functions primarily as a diversified equity vehicle rather than a targeted strategy designed to capture specific market inefficiencies or trends implied by its designation.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 03:11:35.709906+00
🏢 Sector Analysis
AI GeneratedThe VOE ETF exhibits a distinct sector weighting pattern that diverges significantly from the broad market capitalization weights of major indices, suggesting an investment thesis centered on value and income generation rather than growth momentum. The fund allocates substantial portions to Financial Services, Industrials, Energy, and Utilities, collectively representing nearly half of its portfolio, while maintaining notably lower exposures in high-growth sectors like Technology and Communication Services. This heavy tilt toward traditional industries implies a strategy designed to capture dividends from established businesses with mature business models, prioritizing stability over rapid expansion potential found in tech or consumer discretionary names.
Concentration risk within the fund appears moderate given that the top ten holdings account for only 13.5% of assets, indicating a broad diversification across many individual stocks rather than reliance on a few mega-cap leaders. However, sector concentration remains a defining characteristic; the significant overweight in Energy and Utilities positions the portfolio to be highly sensitive to commodity price fluctuations, interest rate environments, and regulatory changes specific to those industries. The presence of multiple holdings from sectors like Industrials and Consumer Defensive suggests an attempt to balance cyclical exposure with defensive characteristics, though the overall structure still leans heavily toward value-oriented factors rather than quality or low-volatility metrics typically associated with healthcare or communication services.
Ultimately, this allocation profile reveals a fund constructed for investors seeking exposure to dividend-paying companies in traditional economic drivers while accepting reduced participation in secular growth trends dominating recent market cycles. The relatively small representation of Technology and Communication Services further underscores a deliberate avoidance of volatility often found in these sectors, reinforcing the value-focused nature of the strategy without offering protection against sector-specific downturns within its heavily weighted areas like Energy or Financial Services.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 14:47:46.212677+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VOE's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VOE's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VTVVanguard Value Index Fund ETF Shares | $229B | — | 171 | 99.5% |
| VOVO | $205B | — | 171 | 99.5% |
| QUSQUS | $1B | — | 167 | 98.8% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 161 | 98.0% |
| VONEVONE | $10B | — | 158 | 96.3% |
100% of VOE's portfolio by weight is also held by VTV, which commands 6× more assets under management. When VTV receives inflows, it mechanically buys these shared stocks — dragging VOE's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVOE's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 95% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VOE collectively pay out 131% of their Free Cash Flow to maintain the current yield. Warning: constituent companies are paying out nearly all cash flow. A wave of dividend cuts may be imminent if earnings decline. Based on 71% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVOE is up 22.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +8.6%. The remaining +14.4% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 97% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VOE's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VOE's analyzed weight, 32% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 68% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 90% of fund weight with available data. Not investment advice.
Passive Crowding Score
HIGHHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VOE has a Passive Crowding Score of 51/100. On average, 15.3% of the market capitalization of VOE's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 33 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | WDC | Western Digital Corp. Technology | 1.60% | 44.7x | 6/9 |
| 2 | CMI | Cummins Inc. Industrials | 1.58% | 37.2x | 5/9 |
| 3 | SLB | Schlumberger Ltd. Energy | 1.45% | 21.2x | 4/9 |
| 4 | GM | General Motors Co. Consumer Cyclical | 1.33% | 28.9x | 5/9 |
| 5 | MPC | Marathon Petroleum Corp. Energy | 1.30% | 16.0x | 7/9 |
| 6 | VLO | Valero Energy Corp. Energy | 1.30% | 17.2x | 6/9 |
| 7 | CRH | CRH plc Basic Materials | 1.29% | 20.6x | 6/9 |
| 8 | PSX | Phillips 66 Energy | 1.25% | 16.4x | 6/9 |
| 9 | F | Ford Motor Co. Consumer Cyclical | 1.21% | — | 2/9 |
| 10 | DLR | Digital Realty Trust Inc. Real Estate | 1.16% | 49.9x | 6/9 |
| 11 | WBD | Warner Bros Discovery Inc. Communication Services | 1.13% | 93.0x | 7/9 |
| 12 | BKR | Baker Hughes Co. Class A Energy | 1.12% | 18.7x | 7/9 |
| 13 | TEL | TE Connectivity plc Technology | 1.11% | 22.2x | 5/9 |
| 14 | URI | United Rentals Inc. Industrials | 1.11% | 27.5x | 4/9 |
| 15 | NEM | Newmont Goldcorp Corp. Basic Materials | 1.06% | 13.5x | 9/9 |
Historical Holdings Snapshots
Browse how VOE’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-06-23
15 holdings · 19.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WDC | 1.60% | 1,100,846 | $584.8M |
| 2 | CMI | 1.58% | 897,285 | $580.2M |
| 3 | SLB | 1.45% | 9,711,385 | $529.8M |
| 4 | GM | 1.33% | 5,870,314 | $488.6M |
| 5 | MPC | 1.30% | 1,914,341 | $476.2M |
| 6 | VLO | 1.30% | 1,942,178 | $475.5M |
| 7 | CRH | 1.29% | 4,340,407 | $472.2M |
| 8 | PSX | 1.25% | 2,602,880 | $457.8M |
| 9 | F | 1.21% | 25,448,806 | $443.8M |
| 10 | DLR | 1.16% | 2,231,487 | $424.0M |
| 11 | WBD | 1.13% | 15,300,877 | $413.3M |
| 12 | BKR | 1.12% | 6,417,951 | $410.0M |
| 13 | TEL | 1.11% | 1,905,094 | $406.6M |
| 14 | URI | 1.11% | 409,193 | $407.4M |
| 15 | NEM | 1.06% | 3,532,419 | $387.9M |
2026-06-22
15 holdings · 19.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WDC | 1.60% | 1,100,846 | $584.8M |
| 2 | CMI | 1.58% | 897,285 | $580.2M |
| 3 | SLB | 1.45% | 9,711,385 | $529.8M |
| 4 | GM | 1.33% | 5,870,314 | $488.6M |
| 5 | VLO | 1.30% | 1,942,178 | $475.5M |
| 6 | MPC | 1.30% | 1,914,341 | $476.2M |
| 7 | CRH | 1.29% | 4,340,407 | $472.2M |
| 8 | PSX | 1.25% | 2,602,880 | $457.8M |
| 9 | F | 1.21% | 25,448,806 | $443.8M |
| 10 | DLR | 1.16% | 2,231,487 | $424.0M |
| 11 | WBD | 1.13% | 15,300,877 | $413.3M |
| 12 | BKR | 1.12% | 6,417,951 | $410.0M |
| 13 | URI | 1.11% | 409,193 | $407.4M |
| 14 | TEL | 1.11% | 1,905,094 | $406.6M |
| 15 | NEM | 1.06% | 3,532,419 | $387.9M |
2026-06-21
15 holdings · 19.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WDC | 1.60% | 1,100,846 | $584.8M |
| 2 | CMI | 1.58% | 897,285 | $580.2M |
| 3 | SLB | 1.45% | 9,711,385 | $529.8M |
| 4 | GM | 1.33% | 5,870,314 | $488.6M |
| 5 | VLO | 1.30% | 1,942,178 | $475.5M |
| 6 | MPC | 1.30% | 1,914,341 | $476.2M |
| 7 | CRH | 1.29% | 4,340,407 | $472.2M |
| 8 | PSX | 1.25% | 2,602,880 | $457.8M |
| 9 | F | 1.21% | 25,448,806 | $443.8M |
| 10 | DLR | 1.16% | 2,231,487 | $424.0M |
| 11 | WBD | 1.13% | 15,300,877 | $413.3M |
| 12 | BKR | 1.12% | 6,417,951 | $410.0M |
| 13 | URI | 1.11% | 409,193 | $407.4M |
| 14 | TEL | 1.11% | 1,905,094 | $406.6M |
| 15 | NEM | 1.06% | 3,532,419 | $387.9M |
2026-06-20
15 holdings · 19.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WDC | 1.60% | 1,100,846 | $584.8M |
| 2 | CMI | 1.58% | 897,285 | $580.2M |
| 3 | SLB | 1.45% | 9,711,385 | $529.8M |
| 4 | GM | 1.33% | 5,870,314 | $488.6M |
| 5 | VLO | 1.30% | 1,942,178 | $475.5M |
| 6 | MPC | 1.30% | 1,914,341 | $476.2M |
| 7 | CRH | 1.29% | 4,340,407 | $472.2M |
| 8 | PSX | 1.25% | 2,602,880 | $457.8M |
| 9 | F | 1.21% | 25,448,806 | $443.8M |
| 10 | DLR | 1.16% | 2,231,487 | $424.0M |
| 11 | WBD | 1.13% | 15,300,877 | $413.3M |
| 12 | BKR | 1.12% | 6,417,951 | $410.0M |
| 13 | URI | 1.11% | 409,193 | $407.4M |
| 14 | TEL | 1.11% | 1,905,094 | $406.6M |
| 15 | NEM | 1.06% | 3,532,419 | $387.9M |
2026-06-19
15 holdings · 19.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WDC | 1.60% | 1,100,846 | $584.8M |
| 2 | CMI | 1.58% | 897,285 | $580.2M |
| 3 | SLB | 1.45% | 9,711,385 | $529.8M |
| 4 | GM | 1.33% | 5,870,314 | $488.6M |
| 5 | VLO | 1.30% | 1,942,178 | $475.5M |
| 6 | MPC | 1.30% | 1,914,341 | $476.2M |
| 7 | CRH | 1.29% | 4,340,407 | $472.2M |
| 8 | PSX | 1.25% | 2,602,880 | $457.8M |
| 9 | F | 1.21% | 25,448,806 | $443.8M |
| 10 | DLR | 1.16% | 2,231,487 | $424.0M |
| 11 | WBD | 1.13% | 15,300,877 | $413.3M |
| 12 | BKR | 1.12% | 6,417,951 | $410.0M |
| 13 | TEL | 1.11% | 1,905,094 | $406.6M |
| 14 | URI | 1.11% | 409,193 | $407.4M |
| 15 | NEM | 1.06% | 3,532,419 | $387.9M |
2026-06-18
15 holdings · 19.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WDC | 1.60% | 1,100,846 | $584.8M |
| 2 | CMI | 1.58% | 897,285 | $580.2M |
| 3 | SLB | 1.45% | 9,711,385 | $529.8M |
| 4 | GM | 1.33% | 5,870,314 | $488.6M |
| 5 | VLO | 1.30% | 1,942,178 | $475.5M |
| 6 | MPC | 1.30% | 1,914,341 | $476.2M |
| 7 | CRH | 1.29% | 4,340,407 | $472.2M |
| 8 | PSX | 1.25% | 2,602,880 | $457.8M |
| 9 | F | 1.21% | 25,448,806 | $443.8M |
| 10 | DLR | 1.16% | 2,231,487 | $424.0M |
| 11 | WBD | 1.13% | 15,300,877 | $413.3M |
| 12 | BKR | 1.12% | 6,417,951 | $410.0M |
| 13 | URI | 1.11% | 409,193 | $407.4M |
| 14 | TEL | 1.11% | 1,905,094 | $406.6M |
| 15 | NEM | 1.06% | 3,532,419 | $387.9M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove VOE Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VOE’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-22.
SecuritiesDB is for informational purposes only. Not investment advice.