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The Pacer Developed Markets International Cash Cows 100 ETF is a large-cap foreign value fund uniquely excluding financials. ICOW selects 100 stocks from the FTSE Developed ex-US Index based on high free cash flow yield, resulting in a low average PE portfolio. ICOW's performance has lagged international value peers, and with a 0.65% expense ratio and declining dividends, I do not rate it a Buy.
Pacer Developed Markets International Cash Cows 100 ETF holds 100 international stocks with high free cash flow yield. ICOW portfolio is well-diversified, with a focus on energy and industrials, and shows both value and growth characteristics. ICOW has slightly outperformed an international benchmark since its inception, but it has lagged several factor-based ETFs for three years, especially in 2024.
Free cash flow is crucial for companies, especially in a higher interest rate environment. The Pacer Developed Markets International Cash Cows 100 ETF focuses on companies with high free cash flow. ICOW offers exposure to international companies with strong financial positions and emphasizes free cash flow yield for potential investors.
ICOW: Attractive Fundamentals, Average Performance
Pacer Developed Markets International Cash Cows 100 ETF seeks to provide exposure to the top 100 international companies based on free cash flow yield. ICOW currently has $915 million in net assets and charges a net expense ratio of 0.65%. The Fund has outperformed cap-weighted international index products since its launch in June 2017.
Based on the concept of a "cash cow," ICOW is an interesting investment vehicle for developed-world quality and value exposure. ICOW's portfolio is heavy in old-economy stocks, with energy being the major allocation. Japan, the UK, and Canada are the key countries represented. ICOW's strategy is obviously potent as the vehicle beat a few simpler developed-world ETFs in the past.
Pacer has a set of cash cow ETFs. These focus on stocks with strong FCF yields, targeting different markets and equity market segments.
The fund's rapid ascent puts it in rarified air.
Full call transcripts — prepared remarks + analyst Q&A — with speaker-by-speaker formatting and one-click switching across every quarter on file.
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Transcripts source: company-published earnings calls. Speaker attribution and formatting are processed in-app.