AdvisorShares Press Release, AdvisorShares Announces December 2014 Distributions
The AdvisorShares STAR Global Buy-Write ETF (NYSE Arca: VEGA) seeks consistent repeatable returns across all market cycles. VEGA is sub-advised by Partnervest Advisory Services, LLC (“Portfolio Manager”). The Portfolio Manager seeks to achieve the investment objective by using a proprietary strategy known as Volatility Enhanced Global Appreciation (“VEGA”). VEGA is primarily a “fund of funds” and employs a “Buy-Write” or “Covered Call” overlay for its global allocation strategy using Exchange Traded Products (ETPs).
According to the internal benchmark policy, the Portfolio Manager will use both ETFs and individual equities to implement its tactical allocation strategy in which the volatility of each of the underlying positions determines the amount of option hedging. During periods of high volatility, the Portfolio Manager will write (or sell) a call option against some of its positions in order to hedge downside risk, while generating an income stream from the sale of options. At any given time, approximately 60% to 85% of VEGA’s positions will have covered options. Additionally when volatility is low, the portfolio manager buys protective put options to manage downside risk.
|NAV||Market Price Return||MSCI World Index|
|NAV||Market Price Return||MSCI World Index|
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 World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index.
|Ex-Date||Record Date||Pay Date||Cash Div||ST Cap Gain||LT Cap Gain||Return of Capital||Total Distribution|
James G. Herrell, CFA, Director of Investments
Mr. Herrell has spent 21 years in the asset management industry. He specializes in alternative assets, particularly hedged and absolute return strategies. In 1991, he became a partner and head trader at Strome & Co. in Santa Monica. In addition, he helped manage $25 million for George Soros’ Quasar Fund. Management expertise coupled with opportunistic investing across a broad spectrum of global markets enabled the fund to grow its assets from $50 million to more than $1.1 billion by the end of 1994. Relocating to Santa Barbara, Mr. Herrell managed $250 million for the Trust & Investment division at Pacific Capital Bancorp, covering high net worth and institutional clients. He joined Partnervest in July 2008, and developed and manages the Structured Target Return Program.
Kenneth R. Hyman, President and Chief Executive Officer
Kenneth R. Hyman founded Partnervest in 2001 and is responsible for the direction and oversight of Partnervest’s business, financial, and operational affairs. He also serves as Co-Portfolio Manager and member of the Investment Management Committee overseeing the STAR Asset Management program. Established in 2001, the Sub-Advisor provides investment management solutions to investors and the advisors that serve them. Prior to establishing Partnervest, Mr. Hyman was the Senior Executive and Financial Officer for Integral Securities, Inc. and Integral Securities Europe Ltd. Prior to Partnervest and Integral, Mr. Hyman was the Managing Principal and Chief Operating Officer of Mercer Global Securities and the Director of Operations for Mercer Global Advisors, one of the nation’s largest fee-only financial planning and investment management firms. He was also the Vice-President of Trading for Associated Financial Group, a financial services company providing support to more than 328 representatives in over 179 branch and satellite offices.
Scott Dooley, CFA
Mr. Dooley joined Partnervest in 2013 and serves as a portfolio manager, as well as an ad hoc member of its Investment Management Committee. He is also the co-founder and Managing Director of Fusion Investment Group, LLC, an SEC registered investment advisory firm that specializes in global asset management solutions. Mr. Dooley oversees all portfolio management activities and investment research at Fusion Investment Group, LLC. Prior to co-founding Fusion in 2006, he served as Managing Partner and Chief Investment Officer for Blue Vase Capital Management. Recognized by Institutional Investor News as one of the '20 Rising Stars of Hedge Funds', Mr. Dooley has a BS degree with Honors in Finance from Grove City College and an MBA from the University of Chicago Booth School of Business. Mr. Dooley has earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and CFA Society of Pittsburgh.
Chris Romano, CFA
Mr. Romano joined Partnervest in 2013 and serves as a portfolio manager, as well as an ad hoc member of its Investment Management Committee. He is also Director of Research at Fusion Investment Group, LLC, an SEC registered investment advisory firm that specializes in global asset management solutions. Mr. Romano is responsible for the research and design of quantitative models, along with the development and implementation of trading processes and systems for the firm's products. He obtained his Bachelor of Science degree in Information Science with a minor in Business from the University of Pittsburgh, where he graduated Magna Cum Laude. He joined Blue Vase Securities, LLC in 2002 as System Administrator and brokerage support. He was an integral part of every department within the firm -- working with the trading desk, constructing a new commission system for the RIA Division, and overseeing the functionality of the computer systems. Mr. Romano joined ITS Asset Management's IT Department in 2004 and was responsible for overseeing that department even while his primary function at the firm was his position as a Member of ITS's Investment Advisory Committee providing insight and analytical information to be used for upcoming asset allocations. Mr. Romano has earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and CFA Society of Pittsburgh.
|4PM Bid/Offer Midpoint||$27.05||Premium/Discount||$0.01|
|Assets Under Management||$27,044,614.74|
|Premium/Discount Historical Data|
|SPY||SPDR S&P 500 ETF TRUST||40.27%|
|---||BLACKROCK LIQUIDITY T 60||7.21%|
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.
Acquired Fund Fees
Gross Expense Ratio
Fee Waiver and/or Expense Reimbursement
Net Expense Ratio