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(GTAA) Cambria Global Tactical ETF

Overview

How GTAA Works

The investment philosophy of the Cambria Global Tactical ETF (NYSE Arca: GTAA) seeks to preserve and grow capital by producing absolute returns with reduced volatility and manageable risk and drawdowns. GTAA is managed by Cambria Investment Management, L.P. (Cambria) who will invest in underlying Exchange Traded Funds (ETFs) spanning all the major world asset classes including equities, bonds, real estate, commodities, and currencies. The Fund will utilize a quantitative approach with strict risk management controls to actively manage the Fund's portfolio in an attempt to control downside losses and protect capital. The wide diversification coupled with prudent portfolio management may allow for the Fund to perform in any economic environment. The Fund seeks to offer investors the potential advantage of achieving equity-like returns with reduced risk and volatility.

Fund Documents

Financial Professional Documents

Portfolio Manager Commentaries

GTAA in the News

The following reprints should not be construed as an offer to sell or a solicitation of an offer to buy shares of any other funds. They are provided for informational purposes for AdvisorShares only.
12/31/2013 -

AdvisorShares Press Release, AdvisorShares Announces December 2013 Distributions

08/19/2013 - Markets Now. "Foreign Equities a Better Bet Than U.S.?" http://video.foxbusiness.com/v/2616846798001/foreign-equities-a-better-bet-than-us/
03/12/2013 - "Tomorrow in 30: Time for a Pullback?" http://video.cnbc.com/gallery/?video=3000153754&play=1
12/28/2012 -

AdvisorShares Press Release, AdvisorShares Announces December 2012 Distributions

12/15/2012 - Conway, Brendan. "ETFs to Go in a New Direction." http://online.barrons.com/article/SB50001424052748703496404578171411235356012.html?mod=BOL_twm_col#text.print

Performance -Month-End

GTAA Performance History (%) as of 03/31/2014
 NAVMarket Price ReturnS&P 500 Index
1 Month 0.00-0.080.84
3 Months2.33 2.171.81
YTD 2.33 2.171.81
1 Year 2.17 2.0521.86
2 Years 3.443.3917.84
3 Years 0.120.0214.66
Since Inception
(10/25/2010, Annualized)
1.601.5216.74

Performance -Quarter-End

GTAA Performance History (%) as of 03/31/2014
 NAVMarket Price ReturnS&P 500 Index
1 Month 0.00-0.080.84
3 Months2.33 2.171.81
YTD 2.33 2.171.81
1 Year 2.17 2.0521.86
2 Years 3.443.3917.84
3 Years 0.120.0214.66
Since Inception
(10/25/2010, Annualized)
1.601.5216.74

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
12-29-14
12-31-14
01-05-15
-----
12-27-13
12-31-13
01-03-14
$0.00$0.00$0.00$0.00$0.00/per share
12-27-12
12-31-12
01-03-13
$0.558$0.00$0.00$0.00$0.558/per share
12-28-11
12-30-11
01-04-12
$0.196$0.00$0.00$0.00$0.196/per share
12-29-10
12-31-10
01-05-11
$0.22$0.00$0.00$0.00$0.22/per share
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Why Invest in GTAA

  • For Systematic Risk Management Control - GTAA is a long term trend following strategy with strict risk control methods that are completely rules-based and systematic. These processes can remove the behavioral biases from investment decision making.
  • For Diversified Portfolio Construction - Cambria’s investing process for GTAA emphasizes a diversified portfolio of approximately 50-100 ETFs which span all the major world asset classes including equities, bonds, real estate, commodities, and currencies. Advantages of using ETFs may include low cost, liquidity, and transparency of holdings and pricing.
  • For a Quantitative Approach to Tactical Asset Allocation - Cambria applies a proprietary quantitative trend following approach to tactical asset allocation which may aid the Portfolio Managers in minimizing risk and maximizing capital preservation.

Key Attributes

  1. Global Diversification - GTAA will invest in ETFs representing all of the global asset classes including U.S. equities, foreign equities, U.S. bonds, foreign bonds, U.S real estate, foreign real estate, currencies, and commodities.
  2. Trend following - The GTAA investment strategy utilizes a proprietary quantitative approach to actively manage a diversified portfolio of world asset classes. GTAA is a long term trend following strategy with strict risk control methods.
  3. Highly Systematic - No effort is made to forecast future market trends or direction, rather, the Fund seeks to capture profits in these trends when and where they develop.
  4. Risk Management - The Fund will use quantitative algorithms in an effort to minimize risk and maximize capital preservation. The strategy is diversified across markets, timeframes, indicators, and logic with a goal to produce absolute returns with reduced volatility. In addition, multiple entries and exits will have the effect of legging the Fund into and out of positions. The Fund will also attempt to hedge against extreme market outcomes.

About the Portfolio Managers

Mebane T. Faber, Chief Investment Officer and Portfolio Manager
Mr. Faber is the portfolio manager of Cambria’s separate accounts as well as private investment funds for accredited investors. Prior to joining Cambria, Mr. Faber served as a Quantitative Research Analyst and Trader the VTrader Group, a San Francisco based futures broker/dealer. Prior to this, Mr. Faber served as a Portfolio Analyst at The Genomics Fund, a biotechnology oriented mutual fund. While serving at the Genomics Fund, he researched public equities in the health care sector for inclusion into the portfolio, as well as validating the scientific merit of various companies’ technologies. Mr. Faber is a frequent speaker and writer on quantitative asset management strategies. Mr. Faber has been featured in Forbes, Barron’s, The Financial Times, The New Yorker, and The Journal of Wealth Management. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology. He holds the Series 3 and 66 licenses. Mr. Faber is a Chartered Alternative Investment Analyst (CAIA), and Chartered Market Technician (CMT). Mr. Faber is the co-author of The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets (Wiley 2009).

Eric W. Richardson, Chief Executive Officer and Portfolio Manager
Mr. Richardson is the co-manager of Cambria’s separate accounts and as well as private investment funds for accredited investors. Mr. Richardson previously served as the President and Portfolio Manager of Kwai Financial, the venture capital and bridge lending unit of Headwaters Incorporated (NYSE: HW). Kwai made bridge loans and private equity investments in emerging growth companies in the information technology, media and energy markets. Previously, Mr. Richardson served as Vice President of Institutional Sales for Imperial Capital, LLC, a FINRA registered broker/dealer, where he was responsible for sales and trading of public and private securities to institutional investors. He began his legal career as an associate at New York based Milbank, Tweed, Hadley & McCloy, focusing on banking, real estate and corporate transactions. Mr. Richardson received his B.A. in 1988 from the University of Southern California, where he was Captain of the USC Trojan Debate Squad and was a member of Phi Beta Kappa. He received his J.D. in 1991 from the University of Michigan Law School. Mr. Richardson is a member of the California Bar Association, and holds the Series 7, 24 and 66 licenses. Mr. Richardson is the co-author of The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets (Wiley 2009).

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Fund Basics

  • Symbol

    GTAA

  • Exchange

    NYSE Arca

  • Inception Date

    10/25/2010

  • CUSIP

    00768Y800

  • Indicative Value

    GTAA.IV

  • Options

    No

Manager Minutes, November 2013

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Price History

As of: 04/22/2014
NAV$25.67Closing Price$25.63
Change$0.09Change$0.04
Shares Outstanding1,400,000Volume18,521
4PM Bid/Offer Midpoint$25.62Premium/Discount$-0.05
Assets Under Management$35,937,968.50
Premium/Discount Historical Data

 

Top Holdings

As of: 04/22/2014
Ticker Name Weight
VNQ VANGUARD REIT ETF 6.33%
TLT ISHARES 20+ YEAR TREASURY BO 5.20%
EIRL ISHARES MSCI IRELAND CAPPED 4.97%
EWP ISHARES MSCI SPAIN CAPPED ET 4.93%
DBA POWERSHARES DB AGRICULTURE F 4.63%
GREK GLOBAL X FTSE GREECE 20 ETF 4.17%

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Holdings and allocations are subject to risks and to change. A holding identified with an "MM" at the end of its name indicates it is a Money Market fund.

Fees & Expenses

  • Management Fee

    0.90%

  • Other Expenses

    0.25%

  • Acquired Fund Fees

    0.44%

  • Gross Expense Ratio

    1.59%

  • Net Expense Ratio

    1.59%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 1.25% for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual reapproval of the agreement by the Board of Trustees.