DWM(DWM)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is relatively concentrated, with over 11% allocated to "Other", implying a mix of smaller or less well-known sectors that may not be as easily identifiable. The top holdings are predominantly from Europe, suggesting a significant geographic bias towards developed markets in this region.
Concentration risk appears moderate, given the presence of several large-cap stocks among the top holdings, including ASML and HSBA, which together account for nearly 3% of the portfolio. In terms of sector mix, technology and industrials are well-represented, but consumer staples and financials also have a notable presence. The weighted P/E ratio is relatively low at 14.9x, suggesting the portfolio may be positioned for growth in a macro environment where earnings expansion is expected to outpace valuation multiples.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:53:47.77594+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ticker DWM, which typically denotes a global equity fund with a focus on developed markets and large-cap value or dividend strategies, aligns exceptionally well with the provided top holdings. The portfolio features significant exposure to established blue-chip companies across Europe, such as HSBA.L (HSBC), SHEL.L (Shell), NOVN.SW (Novartis), and ASML.AS, all of which are leaders in their respective industries within developed economies. There is no evidence of unrelated small-cap speculative stocks or emerging market micro-caps that would dilute the intended strategic focus, suggesting a disciplined adherence to the fund's stated mandate rather than a drift into broader, less defined categories.
Concentration risk appears minimal given the top-10 concentration stands at only 11%, indicating a highly diversified portfolio where no single asset exerts undue influence on performance. The sector weights inferred from these holdings demonstrate strong coherence with a global developed market strategy, spanning financials, healthcare, industrials, and consumer staples without creating artificial exposure to unrelated sectors like energy or technology beyond their natural industrial presence. This fund is clearly differentiated from broad-market indices not by chasing high-growth anomalies but by maintaining a stable, value-oriented tilt toward mature corporations that generate consistent cash flows. The absence of mega-cap dominance in the top ten further suggests that while large caps form the core, the strategy relies on a wide array of quality names rather than betting heavily on a few market leaders to stabilize returns.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 06:37:25.234012+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of DWM reveals a distinct departure from traditional equity index structures, characterized by an overwhelming absence in the Technology sector with only 1.1% exposure represented by a single holding. This minimal footprint suggests that the fund's investment thesis is not predicated on capturing growth driven by digital transformation or software innovation, but rather focuses entirely outside this domain. The top five holdings list includes entities such as HSBA.L and NOVN.SW without explicit sector tags in the provided data, while ROP stands alone as the sole identified technology exposure among the leaders, further reinforcing a strategy that deliberately excludes major tech-driven growth narratives from its core portfolio construction.
Concentration risk emerges as a defining feature of this vehicle, evidenced by a top-10 holding concentration of 11.3% and individual positions exceeding one percent for several names. This level of aggregation indicates a highly concentrated approach where performance will be heavily influenced by the specific outcomes of these few large caps rather than broad market diversification across industries or geographies. The lack of sector tags on most top holdings implies that the fund may prioritize geographic regions, currency exposure, or specific asset classes over traditional industrial classification, creating a unique risk-return dynamic distinct from standard thematic or factor-based ETFs.
Regarding factor tilts, the data does not explicitly display metrics for value, momentum, or quality factors; however, the heavy weighting in individual large-cap holdings often correlates with size and potentially value characteristics depending on their market capitalization relative to peers. The strategy appears designed to capture specific idiosyncratic returns from a narrow set of high-conviction opportunities rather than seeking broad beta exposure or systematic factor premia available through diversified sector baskets. Investors examining this profile should consider how the lack of diversification across sectors and the reliance on a small number of holdings might impact volatility and drawdown potential during periods of market stress unrelated to these specific companies' fundamentals.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-04 10:27:41.476108+00
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level 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
Based on 11% of fund weight with Piotroski data.
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 DWM collectively pay out 112% 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 11% 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
ProprietaryDWM is up 18.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +20.1%. Price performance is closely aligned with fundamental earnings growth — valuations are roughly unchanged.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 11% of fund weight with earnings data. Not investment advice.
Passive Crowding Score
LOWHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
DWM has a low Passive Crowding Score of 0/100. On average, 0.1% of the market capitalization of DWM's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 3 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | HSBA.L | HSBC Holdings PLC | 1.71% | 13.5x | 5/9 |
| 2 | NOVN.SW | Novartis AG Registered Shares | 1.23% | 21.1x | 8/9 |
| 3 | NESN.SW | Nestle SA | 1.19% | 21.7x | 6/9 |
| 4 | ASML.AS | ASML Holding NV | 1.15% | 47.5x | 8/9 |
| 5 | ISP.MI | Intesa Sanpaolo | 1.15% | 8.9x | 6/9 |
| 6 | ROP.SW | Roche Holding AG Ordinary Shares new | 1.07% | 19.4x | 7/9 |
| 7 | 7203.T | Toyota Motor Corp | 1.01% | 11.9x | 6/9 |
| 8 | SHEL.L | Shell PLC | 0.98% | 15.5x | 5/9 |
| 9 | BATS.L | British American Tobacco PLC | 0.95% | 12.6x | 7/9 |
| 10 | BBVA.MC | Banco Bilbao Vizcaya Argentaria SA | 0.94% | 10.2x | 4/9 |
Historical Holdings Snapshots
Browse how DWM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
10 holdings · 11.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HSBA.L | 1.71% | — | — |
| 2 | NOVN.SW | 1.23% | — | — |
| 3 | NESN.SW | 1.19% | — | — |
| 4 | ASML.AS | 1.15% | — | — |
| 5 | ISP.MI | 1.15% | — | — |
| 6 | ROP.SW | 1.07% | — | — |
| 7 | 7203.T | 1.01% | — | — |
| 8 | SHEL.L | 0.98% | — | — |
| 9 | BATS.L | 0.95% | — | — |
| 10 | BBVA.MC | 0.94% | — | — |
2026-07-17
10 holdings · 11.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HSBA.L | 1.71% | — | — |
| 2 | NOVN.SW | 1.23% | — | — |
| 3 | NESN.SW | 1.19% | — | — |
| 4 | ASML.AS | 1.15% | — | — |
| 5 | ISP.MI | 1.15% | — | — |
| 6 | ROP.SW | 1.07% | — | — |
| 7 | 7203.T | 1.01% | — | — |
| 8 | SHEL.L | 0.98% | — | — |
| 9 | BATS.L | 0.95% | — | — |
| 10 | BBVA.MC | 0.94% | — | — |
2026-07-16
10 holdings · 11.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HSBA.L | 1.71% | — | — |
| 2 | NOVN.SW | 1.23% | — | — |
| 3 | NESN.SW | 1.19% | — | — |
| 4 | ASML.AS | 1.15% | — | — |
| 5 | ISP.MI | 1.15% | — | — |
| 6 | ROP.SW | 1.07% | — | — |
| 7 | 7203.T | 1.01% | — | — |
| 8 | SHEL.L | 0.98% | — | — |
| 9 | BATS.L | 0.95% | — | — |
| 10 | BBVA.MC | 0.94% | — | — |
2026-07-15
10 holdings · 11.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HSBA.L | 1.71% | — | — |
| 2 | NOVN.SW | 1.23% | — | — |
| 3 | NESN.SW | 1.19% | — | — |
| 4 | ASML.AS | 1.15% | — | — |
| 5 | ISP.MI | 1.15% | — | — |
| 6 | ROP.SW | 1.07% | — | — |
| 7 | 7203.T | 1.01% | — | — |
| 8 | SHEL.L | 0.98% | — | — |
| 9 | BATS.L | 0.95% | — | — |
| 10 | BBVA.MC | 0.94% | — | — |
2026-07-14
10 holdings · 11.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HSBA.L | 1.71% | — | — |
| 2 | NOVN.SW | 1.23% | — | — |
| 3 | NESN.SW | 1.19% | — | — |
| 4 | ASML.AS | 1.15% | — | — |
| 5 | ISP.MI | 1.15% | — | — |
| 6 | ROP.SW | 1.07% | — | — |
| 7 | 7203.T | 1.01% | — | — |
| 8 | SHEL.L | 0.98% | — | — |
| 9 | BATS.L | 0.95% | — | — |
| 10 | BBVA.MC | 0.94% | — | — |
2026-07-13
10 holdings · 11.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HSBA.L | 1.71% | — | — |
| 2 | NOVN.SW | 1.23% | — | — |
| 3 | NESN.SW | 1.19% | — | — |
| 4 | ASML.AS | 1.15% | — | — |
| 5 | ISP.MI | 1.15% | — | — |
| 6 | ROP.SW | 1.07% | — | — |
| 7 | 7203.T | 1.01% | — | — |
| 8 | SHEL.L | 0.98% | — | — |
| 9 | BATS.L | 0.95% | — | — |
| 10 | BBVA.MC | 0.94% | — | — |
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 DWM Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Top Contributors
Attribution = holding weight × stock daily return. Only the top contributors and detractors are shown.
Technical Setup
AI GeneratedDWM is currently trading at $72.83, a specific price point that requires contextualization against its moving average envelope to assess relative value. Without the explicit upper and lower band values of this SMA structure, it remains unclear whether the current level represents an overextended condition or one nearing statistical equilibrium. In technical analysis, prices significantly detached from their mean often signal increased volatility before a potential reversion occurs, whereas trading within the bands typically suggests continued consolidation around average valuations. The position relative to these dynamic support and resistance levels dictates the probability of a mean-reverting move versus a continuation trend. If the current price sits far outside the calculated standard deviation bands implied by the SMA envelope, the setup may indicate that short-term momentum has outpaced fundamental valuation, creating conditions where statistical models often predict a pullback toward the centerline. Conversely, if $72.83 resides comfortably within the historical trading range defined by these averages, the asset might be exhibiting stable behavior with lower immediate pressure for correction. Observers should note that proximity to the envelope boundaries frequently correlates with heightened sensitivity to market sentiment shifts, potentially triggering rapid adjustments as traders react to perceived deviations from fair value. Ultimately, determining the likelihood of a mean-reversion event hinges on where $72.83 aligns within this statistical framework compared to recent historical norms. The technical narrative suggests that significant distance from the moving average could imply an eventual contraction back toward the mean, while tight alignment might suggest stability or gradual
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 DWM’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: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.