NVIR
Horizon Kinetics Energy and Remediation ETF
NVIR is actively managed to provide concentrated exposure to firms that are engaged in producing hydrocarbon-based energy or related remediation companies. Companies may be domiciled anywhere around the globe and of any capitalization.
Global
EQUITY
Active
MANAGEMENT STYLE
3.7 M
ASSETS UNDER MGMT
85 bp
EXPENSES
Fund Basics
Fund sponsor | Horizon Kinetics |
Category | Global |
Asset class | Equity |
Website | link... |
Inception date | Feb 22, 2023 |
Assets (mns) | $4 |
Expense ratio | 85 bp |
Currency | USD |
Sector Breakdown
Fund Structure
Regulation | Open-Ended Fund |
Distributions | |
Taxation | 1099 |
Stock selection | Proprietary |
Weighting | Proprietary |
Holdings Transparency | Full |
Derivatives-based | No |
Options available | No |
Currency hedged | No |
Fund of funds | No |
Top 10 Holdings
Complete list +
EXXON MOBIL CORP | 7.0 % |
TEXAS PACIFIC LAND CORPORATION | 5.5 % |
WILLIAMS COS INC | 5.1 % |
CASH & OTHER | 4.3 % |
EQT CORP | 4.3 % |
CHENIERE ENERGY INC | 4.3 % |
CES ENERGY SOLUTIONS CORP | 4.2 % |
PRAIRIESKY ROYALTY LTD | 3.6 % |
CHESAPEAKE ENERGY CORP | 3.6 % |
DIAMONDBACK ENERGY INC | 3.6 % |
Constituent Breakdown
Number of holdings | 37 |
Herfindahl-Hirschman Index | 345 |
Wgt avg mkt cap (mns) | $59,214 |
Large cap (>$10bn) | 57.0% |
Mid cap ($2-10bn) | 20.9% |
Small cap (<$2bn) | 20.3% |
Developed mkts. | 100.0% |
Emerging mkts. | 0.0% |
Country Exposure
UNITED STATES | 73.1 % | |
CANADA | 18.6 % | |
BRITAIN | 2.6 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | 20.0% | 20.4% | -- | -- | -- | -- | 17.3% | Volatility | 16.1% | 16.3% | -- | -- | -- | -- | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 0.47 | 21% |
MSCI EAFE | 0.25 | 8% |
MSCI Emg Mkts | 0.15 | 2% |
Liquidity Measures
Avg. volume (000) | 0 |
Turnover | 0.0% |
Avg. Bid/Ask (% of price) | 0.50% |
ADV of underlying (mns) | $6,678 |
Technical Indicators
Recent close | $29.80 |
30d moving avg. | $32.24 |
Annualized volatility | 13.2% |
Relative strength (RSI) | 53 |
Short interest (ETF) | 0.0% |
Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
Ticker | Fund Name | Overlap vs. NVIR |
Expenses vs. NVIR |
ALTAR Score™ vs. NVIR |
---|---|---|---|---|
RSPG | Invesco S&P 500 Equal Weight Energy ETF | 31.1% | -45 bp | +5.8% |
FTXN | First Trust Nasdaq Oil & Gas ETF | 30.1% | -25 bp | +7.3% |
IYE | iShares U.S. Energy ETF | 29.4% | -45 bp | +5.3% |
VDE | Vanguard Energy ETF | 28.0% | -75 bp | +5.3% |
XLE | Energy Select Sector SPDR Fund | 27.8% | -76 bp | +6.1% |
FENY | Fidelity MSCI Energy Index ETF | 26.0% | -77 bp | +5.6% |
DRLL | Strive U.S. Energy ETF | 25.4% | -44 bp | +6.3% |
IGE | iShares North American Natural Resources ETF | 24.4% | -44 bp | +5.2% |
FXN | First Trust Energy AlphaDEX Fund | 24.1% | -23 bp | +7.9% |
XOP | SPDR S&P Oil & Gas Exploration & Production ETF | 23.7% | -50 bp | +8.9% |
Risk and Returns: NVIR vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2023 | 2024E | Fwd Est | 2025E | |
Price-to-sales | --x | --x | --x | --x |
Price-to-earnings | --x | --x | --x | --x |
Price-to-cash flow | --x | --x | --x | --x |
Price-to-growth | --x | --x | --x | --x |
Price-to-book value | --x | --x | --x | --x |
Yield | --% | --% | --x | --% |
Based on closing prices from 12/20/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
NVIR
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
NVIR
1.8%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 374 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
4.8%. NVIR's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places NVIR in the 31st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
NVIRSELL
U/W
HOLD
O/W
BUY
Expense Analysis
Peer Group | Active Global Equity ETFs |
# of ETFs | 118 |
Avg. Expense Ratio | 73.5 bp |
Std. Deviation | 29.8 bp |
NVIR (85 bp) Percentile rank | 68 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
NVIR | 85.0 | 49.7 | 134.7 |
Peer Avg. | 74.2 | 38.8 | 113.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .