If you're looking for international small-cap value exposure, would you prefer OAKEX or DLS (or something else)?
In favor of DLS:
Lower turnover More diversification (both geographically and number of stocks) Lower expense ratio Lower P/B ratio
In favor of OAKEX:
More microcap, less midcap Better-established company with much longer history Less emphasis on dividends, which could be good if (i.e. when) special tax treatment ends for dividends
References to relevant sources would be welcome.
DLS, because of the much greater number of positions, much much lower turnover (knock on wood?) and much lower expense ratio. Morningstar.com turned up SCZ also, but I gather you ruled SCZ out because it leans a bit more mid-cap. I think I would try to find a five-year history or so of # of positions and turnover though, before making a final decision.
I did a DIY study of small cap values a year or so ago. Ended up going with Vanguard's. But you want international, and this I did not examine until now.
I ruled SCZ out because it's not a value fund, in addition to being 2/3 medium-cap.
DLS hasn't been around for five years, which is another minus. What I really want is DISVX, but I don't want to pay a commission for the privilege of owning it.
Indeed -- I consider VISVX (or VBR, depending on whether you want an ETF) a no-brainer if you want domestic small-cap value.
To show that the line between value and growth is a bit subjective: SCZ came up when I screened for "foreign small/mid value" ETFs at morninstar.com. I realize other sites call it blend etc.
VBR's expense ratio is lowest at around 0.12% but I found three other domestic small cap values with ERs around 0.25%; leaning smaller rather than mid compared to VBR; or with lower turnover. Not that this is such an exact science to make splitting hairs worthwhile. I will say I went with Vanguard because of its longer history in general. (Its customer service still frequently annoys, though.)
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