The portfolios for PEY
look a lot more like the portfolio of DFA's LV fund
, and not VEIPX
. The windsor funds also have similar market caps and p/b ratios as the large value indices.
The dividend acheivers funds/etfs look to be more midcap, like DFA's LV fund, than large cap like Vanguard's existing funds. Which could also be part of the reason for the vast outperformance of the Dividend ETFs when looking at trailing returns over 3 years [i.e. midcap value vastly outperformed LCV].
It'll be interesting to see the makeup of Vanguard's new index fund [LC or MC] since it appears that Mergent is creating an index specifically for Vanguard, much like MSCI did with Vanguard's EM fund. Since Vanguard doesn't have a midcap value index fund, this could be a way for investors to backdoor into one. :