AADR: 3rd Quarter 2025 Portfolio Review
Strategy
Performance
Holdings
The portfolio continues to be allocated to securities we believe display favorable relative strength characteristics. At any given time, the portfolio will be comprised of 30-40 US traded ADR’s from our universe of 300-450 ADR’s. Currently, the portfolio consists of 37 securities with weights ranging from ~1.60% to ~5.05% with the top 10 holdings comprising roughly 37% of the portfolio. The portfolio had a few trades this quarter where we increased exposure to South Africa, Mexico, and Spain (amongst others) and reduced exposure to Argentina, the United Kingdom, Finland, and Sweden.
Top 10 Holdings
| Ticker | Security Description | Portfolio Weight % |
| ERJ | EMBRAER SA-SPON ADR | 5.05% |
| HMY | HARMONY GOLD MNG-SPON ADR | 4.28% |
| GFI | GOLD FIELDS LTD-SPONS ADR | 4.12% |
| CYD | CHINA YUCHAI INTL LTD | 3.89% |
| BBVA | BANCO BILBAO VIZCAYA-SP ADR | 3.88% |
| MUFG | MITSUBISHI UFJ FINL-SPON ADR | 3.60% |
| SE | SEA LTD-ADR | 3.31% |
| VNET | VNET GROUP INC-ADR | 3.16% |
| BCS | BARCLAYS PLC-SPONS ADR | 3.16% |
| SBSW | SIBANYE-STILLWATER LTD-ADR | 3.02% |
As of 09.30.2025. Holdings are subject to change.
Geography
The portfolio’s process of focusing on sectors and the strength of holdings allows the portfolio to look much different than the broad market benchmark. The current allocation also looks different when comparing Developed Market vs. Emerging Market exposure. The portfolio currently holds a relatively equal allocation to Developed and Emerging (55% vs. 45%). The country allocations are also substantially different. As can be seen below, AADR holds no exposure to Canada, France, Switzerland, Taiwan, and Australia and reduced exposure to Japan and India which are all large weights in the benchmark. Instead, we have excess allocations to countries like Argentina, UK, and China where we’ve seen relative strength over the last year. At times we’ll own many countries which would never have large allocations in a passive benchmark (Argentina is a current example).
As of 09.30.2025. Source: Nasdaq Dorsey Wright.
Sector
The buy/sell process of the strategy starts with a look at the strongest sectors within the universe, overweighting strength and underweighting or eliminating relative weakness. The portfolio continues to be actively allocated to sectors in a materially different way than the benchmark. Notably, the portfolio is most overweight in Materials, Communication Services, and Industrials while most underweight in Financials, Information Technology, and Health Care.
As of 09.30.2025. Source: Nasdaq Dorsey Wright.
Respectfully,
John G. Lewis
Nasdaq Dorsey Wright
AdvisorShares Dorsey Wright ADR ETF (AADR) Portfolio Strategist
Past Commentary
An American Depositary Receipt (ADR) is a negotiable U.S. Security that generally represents a company’s publicly traded equity or debt. Depositary Receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank to issue Depositary Receipts.
The MSCI All Country World Ex-U.S. Index (ACWI) is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus or summary prospectus, a copy of which may be obtained by visiting www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Emerging Markets, which consist of countries or markets with low to middle income economics can be subject to greater social, economic, regulatory and political uncertainties and can be extremely volatile. Other Fund risks include concentration risk, foreign securities and currency risk, ADRs which may be less liquid, large-cap risk, early closing risk, counterparty risk and trading risk, which can increase Fund expenses and may decrease Fund performance. The Fund is, also, subject to the same risks associated with the underlying ETFs, which can result in higher volatility. This Fund may not be suitable for all investors. See prospectus for detail regarding risk.
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.
The views in this commentary are those of the portfolio manager and may not reflect his views on the date this material is distributed or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.