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(HDGI) Athena International Bear ETF

Overview

How HDGI Works

The AdvisorShares Athena International Bear ETF (NYSE Arca: HDGI) seeks capital appreciation through short sales of international equity securities. HDGI is managed by AthenaInvest Advisors LLC (“Portfolio Manager”), who uses a behavioral finance approach to identifying securities to short. Stocks are screened and selected using the portfolio manager’s patented behavioral research. The research measures manager behavior, strategy consistency and conviction, and identifies which stocks are held in top and bottom relative weight positions within the equity universe. Short positions are selected from the lowest conviction holdings in the international universe and are allocated based on market capitalization. The portfolio manager also uses equity manager and investor behavior factors to determine what they believe to be the most attractive markets and capitalization ranges for their tactical overlay on the portfolio.

Fund Documents

Financial Professional Documents

Portfolio Manager Commentaries

HDGI 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.
08/14/2014 - "Taking Stock with Pimm Fox and Carol Massar." http://www.bloomberg.com/news/2014-08-14/taking-stock-sansoterra-murray-howard.html
02/27/2014 - Iyer-Ahrestani, Savita. "Portfolio Managers Are Victims of Bias, Too." http://www.thinkadvisor.com/2014/02/27/portfolio-managers-are-victims-of-bias-too?page_all=1
12/31/2013 -

AdvisorShares Press Release, AdvisorShares Announces December 2013 Distributions

12/03/2013 -

Schlegel, Jeff. "Prepare for the Bear." fa-mag.com.

08/26/2013 - DeLegge, Ronald L. "Shorting International Stocks." http://www.thinkadvisor.com/2013/08/26/shorting-international-stocks?t=etfs

Performance -Month-End

HDGI Performance History (%) as of 10/31/2014
 NAVMarket Price ReturnMSCI AC World Index (ex US)
1 Month-4.03-4.08-0.99
3 Months-5.64-5.45-5.26
YTD -12.45-12.21-0.99
1 Year -14.53-14.270.06
Since Inception
(07/18/2013)
-16.70 -16.666.82

Performance -Quarter-End

HDGI Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnMSCI AC World Index (ex US)
1 Month2.853.31-4.84
3 Months0.931.13-5.27
YTD -8.77-8.480.00
1 Year -13.60-13.444.77
Since Inception
(07/18/2013)
-14.90 -14.838.21

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 MSCI All Country World Index (ex US) Index is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
12-24-14
12-29-14
12-31-14
-----
12-24-13
12-27-13
12-31-13
$0.00$0.00$0.00$0.00$0.00/per share
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Why Invest in HDGI

  • Can Be Used as an International Hedge Strategy - HDGI can be used in a long/short strategy by pairing it with international long only indexes, strategies or positions.
  • For Potential Portfolio Alpha - By shorting individual low conviction stocks, rather than the broad market, HDGI may produce alpha for a portfolio, with low overall costs.
  • Portfolio Diversification - HDGI may provide a strong negative correlation to a diversified international portfolio and could reduce overall equity portfolio volatility.
  • A Liquid Alternative - HDGI seeks to provide the benefits of alternative and hedge fund strategies without the confusion, complexity and cost of traditional alternative and hedge fund investing.

Key Attributes

  1. Patented Behavioral Research - The portfolio manager uses patented behavioral research and statistical models to analyze equity manager, company management and investor behavior. These unique behavioral indicators can be predictive of performance and have a persistent spread between the highest and lowest rated investments.
  2. Tactical Overlay– - A tactical overlay is used to increase or decrease portfolio exposure to short positions based on broad market indicators, potentially enhancing performance.
  3. Liquid and Transparent - HDGI invests in international ADRs and international stocks traded on US exchanges which are liquid and transparent.
  4. Rigorous, Disciplined Selection Process - HDGI is managed by C. Thomas Howard, Ph.D, founder of AthenaInvest and Professor Emeritus University of Denver. He has created a disciplined process based on research which produces an output of stocks which are based on unique behavioral indicators that are not influenced by earnings announcements, headline risk or any other momentum or market valuation techniques.

About the Portfolio Manager

C. Thomas Howard- Ph.D., Chief Executive Officer, Chief Investment Officer and Director of Research
Dr. Howard founded AthenaInvest Advisors, Inc. in 2005 and currently serves as Chief Executive Officer, Director of Research, and Chief Investment Officer. Dr. Howard’s responsibilities include conducting the basic research underlying the Sub-Advisor’s investment processes; structuring and monitoring investment portfolios; and making all buy and sell decisions. Dr. Howard is a Professor Emeritus at the Reiman School of Finance, Daniels College of Business, University of Denver, where for over 30 years he taught courses and published articles in the areas of investment management and international finance. After receiving a BS in Mechanical Engineering at the University of Idaho, Dr. Howard worked for three years for Proctor Gamble as a production and warehouse manager. Dr. Howard then entered Oregon State University, where he received an MS in Management Science after which he received a Ph.D. in Finance from the University of Washington.

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Fund Basics

  • Symbol

    HDGI

  • Exchange

    NYSE Arca

  • Inception Date

    07/18/2013

  • CUSIP

    00768Y719

  • Indicative Value

    HDGI.IV

  • Options

    No

Manager Minutes, November 2014

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Price History

As of: 11/25/2014
NAV$19.44Closing Price$19.38
Change$-0.07Change$-0.09
Shares Outstanding50,000Volume1,713
4PM Bid/Offer Midpoint$19.41Premium/Discount$-0.03
Assets Under Management$972,192.35
Premium/Discount Historical Data

 

Top Holdings

As of: 11/25/2014
Ticker Name Weight
SIG SIGNET JEWELERS LTD -3.25%
FCAU FIAT CHRYSLER AUTOMOBILES NV -3.18%
AER AERCAP HOLDINGS NV -3.16%
MFC MANULIFE FINANCIAL CORP -3.14%
AKZOY AKZO NOBEL NV-SPON ADR -3.13%
FMS FRESENIUS MEDICAL CARE-ADR -3.12%
PRE PARTNERRE LTD -3.12%
AGO ASSURED GUARANTY LTD -3.12%
RYAAY RYANAIR HOLDINGS PLC-SP ADR -3.11%
HEINY HEINEKEN NV-SPN ADR -3.09%

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.

Fees & Expenses

  • Management Fee

    1.35%

  • Short Interest Expense

    3.15%

  • Other Expenses

    6.17%

  • Acquired Fund Fees

    0.10%

  • Gross Expense Ratio

    10.77%

  • Fee Waiver and/or Expense Reimbursement

    6.02%

  • Net Expense Ratio

    4.75%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 1.50% of the Fund’s daily net assets 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. This agreement is limited to the Fund’s direct operating expenses and, therefore, does not apply to “Acquired Fund Fees and Short Interest Expenses."