BEDZ: 1st Quarter 2022 Portfolio Review
For the period of January 1 through March 31, 2022, the AdvisorShares Hotel ETF (BEDZ) gained 0.14% on its net asset value (NAV) but lost -0.08% on its market price – both quite a bit better than the S&P 500 that declined -4.60% for the quarter. The Fund launched with an inception date of April 20, 2021. In the slightly over 11-month period since its launch, the Fund has returned 9.16% on its NAV and 9.02% on its market price. It’s quite obvious that employment and inflation concerns continue to weigh on the travel industry even while COVID constraints are lifting.
No new positions were added during the quarter.
Contributors / Detractors
What is now the top holding, Target Hospitality (NASDAQ: TH) gained over 68% in the quarter. Top 5 holding Golden Entertainment, Inc (NASDAQ: GDEN) gained 14.92%. Regional casino operator Full House Resorts (Nasdaq: FLL) was up over 35%. Monarch Casino & Resorts (NASDAQ: MCRI) gained 17.96%.
Bluegreen Vacations Holding Corporation (NYSE: BVH) was a big contributor last quarter, but down (15.75%) this period. Another big gainer last quarter, casino operator Full House Resorts (Nasdaq: FLL) lost more than 20%. Red Rock Resorts (NASDAQ: RRR) and Penn National Gaming (NASDAQ: PENN) also dragged on the portfolio’s performance.
The Fund’s overall performance is largely tied to the success of the hotel industry, we plan for relative outperformance through trading and security selection within hotels and related areas.
|Ticker||Security Description||Portfolio Weight %|
|TH||TARGET HOSPITALITY CORP||7.72%|
|GDEN||GOLDEN ENTERTAINMENT INC||7.45%|
|BVH||BLUEGREEN VACATIONS HOLDING||7.18%|
|MCRI||MONARCH CASINO & RESORT INC||5.92%|
|CHH||CHOICE HOTELS INTL INC||5.72%|
|MAR||MARRIOTT INTERNATIONAL -CL A||5.20%|
|BYD||BOYD GAMING CORP||5.17%|
|GLPI||GAMING AND LEISURE PROPERTIE||4.98%|
|WH||WYNDHAM HOTELS & RESORTS INC||4.73%|
|VICI||VICI PROPERTIES INC||4.39%|
As of 03.31.2022. Cash is excluded. Subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/bedz. The holdings details are updated each market day.
Past Manager Commentary