El caso del valor de la inversión internacional en un mundo pospandemia

In the wake of the global pandemic, international equities have emerged as a compelling asset class for investors seeking value in a shifting economic landscape. The ALPS International Sector Dividend Dogs ETF (IDOG) has positioned itself as a standout vehicle for capitalizing on this opportunity, leveraging a sector-balanced, high-dividend, and deep-value strategy to navigate improving global earnings cycles and undervalued international markets.

IDOG's Strategic Edge: Equal-Weighted Sector Exposure and High Dividend Yields

IDOG's approach is rooted in the S-Network International Sector Dividend Dogs Index, which selects the five highest dividend-yielding stocks in each of the 10 Global Industry Classification Standard (GICS) sectors across developed international markets, excluding the U.S. and Canada according to the fund's website. This equal-weighted structure ensures diversification across cyclical and defensive sectors, mitigating overexposure to any single industry. For instance, in 2025, IDOG's Materials sector-comprising companies like BHP Group and Fortescue Ltd-surged due to decarbonization initiatives and clean energy partnerships, contributing to a 5.41% outperformance against broad international developed equities.

The fund's focus on high dividend yields further enhances its appeal. With a trailing 12-month dividend yield of 4.02%, IDOG outpaces broader benchmarks such as the MSCI World Value Index (18.4x P/E) and MSCI World Growth Index (34.0x P/E), trading at a more attractive 14.3x P/E ratio. This valuation discount reflects the undervaluation of international equities, particularly in Western Europe (66% of IDOG's exposure) and the Asia-Pacific (30%), where fiscal stimulus and AI-driven infrastructure investments have bolstered earnings recovery.

Post-Pandemic Recovery: A Tailwind for International Value

The global earnings landscape has shifted dramatically since 2020. By 2025, international equities outperformed U.S. counterparts by 11%, driven by a weaker U.S. dollar, European fiscal stimulus, and a manufacturing upturn in the eurozone. For example, Germany's $546 billion infrastructure fund and increased defense spending have revitalized European industrials and healthcare sectors, aligning with IDOG's sector allocations.

Despite challenges-such as low-single-digit earnings growth in Europe and Japan due to higher tariffs and stronger currencies-the long-term outlook remains favorable. A narrowing earnings gap between U.S. and international companies, coupled with a projected 10% earnings growth convergence in 2026, suggests that undervalued international equities are poised for continued outperformance. IDOG's strategy, which avoids ESG-focused or emerging markets where volatility persists, capitalizes on this trend by targeting deep-value opportunities in developed markets.

Performance Benchmarks and Competitive Positioning

IDOG's performance underscores its effectiveness. As of November 2025, the ETF delivered a 31.98% year-to-date return, outpacing the MSCI EAFE Index, which trades at a nearly nine-turn P/E discount to the S&P 500. While the iShares International Select Dividend ETF (IDV) achieved a higher 49.22% return in the same period according to comparison data, IDOG's 10-year annualized return of 9.93% is comparable to IDV's 9.60%, highlighting its consistency according to portfolio analysis.

The fund's 0.50% expense ratio according to financial data further enhances its appeal, offering a cost-effective entry point for investors seeking exposure to high-dividend international equities. This competitive edge is amplified by its annual rebalancing, which ensures continued focus on top-performing dividend payers without overconcentration according to ETF analysis.

Conclusion: A Strategic Play for Value Investors

The post-pandemic era has redefined the value investing paradigm, with international equities emerging as a key beneficiary of fiscal stimulus, decarbonization, and AI-driven growth. IDOG's sector-balanced, high-dividend approach not only aligns with these structural trends but also provides a resilient framework for capturing earnings growth in undervalued markets. As global economic activity stabilizes and the earnings gap narrows, IDOG offers a compelling case for investors seeking to harness the long-term potential of international value investing.