Cambiar Aggressive Value ETF Launches
With many investors shifting their focus to value, CAMX’s concentrated, active strategy offers the potential to outperform.
Cambiar Investors, a leading global relative value manager, today announced the launch of the Cambiar Aggressive Value ETF (NYSE: CAMX), a new actively managed exchange-traded fund providing investors with exposure to a concentrated, best ideas strategy in a streamlined and efficient wrapper.
Created from the conversion of the Cambiar Aggressive Value Fund, CAMX represents Cambiar’s first ETF and affords an opportunity to refine the predecessor mutual fund’s investment parameters.
“The American stock market has been a standout for more than a decade and is among the most exciting places to practice our proven Quality, Price, and Discipline (QPD) approach to value investing,” said Cambiar President and CIO Brian Barish, portfolio manager of the new ETF. “We believe the combination of increased tax efficiency and lower expenses, in conjunction with Cambiar’s longstanding price-sensitive investment discipline, results in an attractive proposition for investors looking to get greater exposure to high-quality value businesses.”
Like the predecessor fund, the Cambiar Aggressive Value ETF will maintain a relatively focused portfolio of 20-30 high-conviction stocks, which is designed to result in a high active share portfolio that seeks to provide strong absolute returns over the market cycle. CAMX will reference the Russell 1000 Value Index as its primary performance benchmark, but its concentrated approach can also be evaluated on an absolute return basis.
The launch comes after a year in which U.S. value stocks outperformed growth for the first time in over a decade. “With the higher cost of capital and the performance woes of many long-duration growth stocks, we are seeing a great deal of interest in value,” said Barish. “For investors who believe there may be a shift in market leadership underway, we would position CAMX as an exciting satellite complement to any allocation model. A ‘best ideas’ value sleeve has the potential to deliver the kind of performance profile investors have come to only associate with riskier growth and speculative areas of the market.”
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Investing involves risk, including the possible loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging Markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. With short sales, you risk paying more for a security than you received from its sale. Short sales losses are potentially unlimited and the expenses involved with the shorting strategy may negatively impact the performance of the Fund. The Cambiar Aggressive Value ETF is a non-diversified fund. The Fund pursues a “value style” of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds or market benchmarks. The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. There is no guarantee that the Fund will meet its stated objectives.
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Cambiar Funds are distributed by SEI Investments Distribution Co., 1 Freedom Valley Dr. Oaks, PA 19456, which is not affiliated with the Advisor. Cambiar Funds are available to US investors only. Strategies included within the Separate Account section are not mutual funds and are not affiliated with SEI Investments Distribution Co.