(DBLV) DOUBLELINE VALUE EQUITY ETF

DBLV

Overview

Sub-advisor DoubleLine Equity LP actively manages the AdvisorShares DoubleLine Value Equity ETF (DBLV) under a fundamental value strategy. Fundamental value investing targets two opportunity sets which arise when the market temporarily prices the equity of companies below intrinsic value: classic value and quality value common stocks.

DBLV seeks to deliver capital appreciation and attractive risk-adjusted returns over full market cycles. Under DBLV’s fundamental value strategy, the investment team seeks to invest in classic value opportunities in low-multiple stocks of companies with temporarily depressed earnings and in quality value opportunities in durable or disruptor franchises. Quality value opportunities often are invisible under a classic value lens.

The investment team employs a rigorous, thoughtful and repeatable fundamental research process to determine the intrinsic value of potential target companies, uncover mispricing opportunities and construct a portfolio concentrated in typically 35 to 50 well-understood classic value and quality value stocks. The strategy invests in companies with market capitalizations of at least $2 billion, but the portfolio primarily comprises stocks of large-cap companies. The team works to maintain high active share and low portfolio turnover.

Symbol Exchange Inception Date CUSIP Indicative Value
DBLV NYSE Arca 10/4/2011 00768Y818 DBLV.IV
<strong>Why Invest in DBLV?</strong>
  • Prospective Return to Value’s Historic Attractiveness – Value investing has a long, established history of providing attractive risk-adjusted returns relative to other investment styles. This can be especially true when rates are rising and central banks are employing quantitative tightening, a macroeconomic phase that the investment team believes is under way.
  • Differentiated Investment Strategy & Process – The fundamental value strategy implemented in DBLV includes classic value stocks and enlarges the investment opportunities to include quality value stocks. The investment team has the in-depth research process required to execute its differentiated investment strategy. This allows them to find value in an economy being transformed by the disruptive competitive impacts of the digital economy and related technological change. While such creative destruction has disadvantaged the performance of more classic value approaches, it can potentially create attractive opportunities for DBLV.
  • Leading Investment Firm – DoubleLine delivers a unique combination of reputation, resources, portfolio management expertise and investment experience navigating market and credit cycles, which makes the firm well-adept at assessing risks and discovering opportunities across markets and asset classes. The portfolio management team leverages this wider array of talent and resources to enhance their investment insights and acumen.
  • Core Equity Diversification – Investing in a disciplined, value strategy can serve as part of a core domestic equity allocation, thereby helping further diversify manager and strategy risk, and potentially reducing overall portfolio risk.
<strong>Where Can DBLV Fit in a Traditional Portfolio?</strong>

DBLV can serve as part of a core domestic equity allocation, or as a fundamental, alpha-seeking complement to market cap, growth, or technical allocations within an equity investment portfolio.

<strong>Key Attributes</strong>
  1. Thoughtful Approach to Value – Value investing is a timeless discipline that can yield attractive risk-adjusted returns when consistently and intelligently applied over long periods of time. DBLV’s fundamental value investment strategy involves discovering mispricing opportunities caused by cognitive biases across a broader set of investment opportunities, enlarging the opportunity set beyond classic value set-ups of deeply underpriced cyclical companies to also include quality value set-ups in powerful franchises.
  2. Robust, Repeatable Research Process – The investment team’s independent assessment of the intrinsic value of a company’s equity is established and tested in light of detailed due diligence, sound judgment, and a long-term time horizon. This process generates a candidate for investment when the team identifies a meaningful discount, which includes an adequate margin of safety. This data-driven research process is consistently applied in an effort to ensure objective evaluation and comparability of investment opportunities.
  3. Concentrated Portfolio on Best Ideas – The management team seeks to concentrate their investment portfolio on typically 35-50 of their best ideas, mostly comprised of large market capitalization U.S.-traded equities. Such focus ensures that portfolio holdings are well-understood and the team’s best ideas are not diluted. The team seeks to construct the portfolio from a broad variety of investment ideas and industries to achieve diversification.
  4. Active Risk Management – Viewing risk as permanent business impairment rather than stock price volatility, the investment team seeks to deliver attractive risk-adjusted returns by maintaining discipline to minimize emotions and mistakes. Share price declines are driven by market perceptions of risk which at times are mistaken. The team does not react simplistically to price changes. Instead, they seek to maintain an objective assessment of the business risks. This means reaching decisions from detailed fundamental analysis, portfolio risk management guidelines and macroeconomic considerations.
  5. Long-Term Focus – Because mispricing opportunities often take years to resolve, the investment team takes a long-term view with regard to equity research and portfolio management. In other words, the team strives to look through short-term adverse market reactions and retain investment conviction through time. This longer-term orientation also supports high active share and low portfolio turnover, which can contribute to attractive risk-adjusted returns.
<strong>About the Portfolio Managers</strong>

Emidio Checcone, CFA
Mr. Checcone is a portfolio manager who oversees active equity strategies at DoubleLine. Mr. Checcone has nearly 20 years of professional investment experience. Before joining DoubleLine, Mr. Checcone worked as Portfolio Manager at Huber Capital Management and as Equity Research Analyst at PRIMECAP Management. He earned a Bachelor of Arts from Harvard College, a Master of Business Administration from Harvard Business School and a Juris Doctor from Harvard Law School. He holds the Chartered Financial Analyst (CFA) designation.

Brian Ear, CFA, CPA
Mr. Ear is a portfolio manager who oversees active equity strategies at DoubleLine. He has 20 years of professional investment experience. Before joining DoubleLine, Mr. Ear worked as Portfolio Manager at Palmyra Capital Advisors and in analyst roles at Hotchkis and Wiley Capital Management. He earned a Bachelor of Science from The Wharton School at The University of Pennsylvania. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.

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Fund

Price History

As of 5/27/2020

NAV $66.70 Closing Price $66.68
Change $1.30 Close Change $2.79
Shares Outstanding 675,000 Volume 1,162
4PM Bid/Offer Midpoint $66.70 Premium Discount $0.00
Assets Under Management $45,025,387.30    

Premium/Discount Historical Data | NAV Historical Data

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.

FUND

Performance

DoubleLine assumed portfolio management of DBLV on October 11, 2018 — all performance following that date reflects the portfolio management of the current portfolio and revised investment strategy.

As of 4/30/2020

  NAV Market Price Return Russell 1000 Value
1 Month 12.17 12.14 11.24
3 Months -13.29 -13.46 -16.70
YTD -15.31 -14.98 -18.49
1 Year -4.98 -5.13 -11.01
Since DoubleLine Management (10/11/2018, Annualized) -0.15 -0.22 -2.85

As of 4/30/2020

  NAV Market Price Return Russell 1000 Value
1 Month 12.17 12.14 11.24
3 Months -13.29 -13.46 -16.70
YTD -15.31 -14.98 -18.49
1 Year -4.98 -5.13 -11.01
3 Years 0.21 0.15 1.42
5 Years 3.20 3.17 3.90
Since Inception (10/4/2011, Annualized) 11.78 11.76 11.00

As of 3/31/2020

  NAV Market Price Return Russell 1000 Value
1 Month -15.77 -15.89 -17.09
3 Months -24.50 -24.18 -26.73
YTD -24.50 -24.18 -26.73
1 Year -12.59 -12.71 -17.17
3 Years -3.64 -3.67 -2.18
5 Years 0.75 0.72 1.90
Since Inception (10/4/2011, Annualized) 10.40 10.38 9.73

Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. 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 gross expenses ratio of DBLV is 1.18%.

*On October 11, 2018, the AdvisorShares Wilshire Buyback ETF (the “Predecessor Fund”) was renamed the AdvisorShares DoubleLine Value Equity ETF. The Predecessor Fund had different portfolio managers and investment strategy than the DoubleLine Value Equity ETF. Performance prior to October 12, 2018 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since October 12, 2018 reflects actual DoubleLine Value Equity ETF performance.

FUND

Performance

As of 4/30/2020

  NAV Market Price Return Russell 1000 Value
1 Month 12.17 12.14 11.24
3 Months -13.29 -13.46 -16.70
YTD -15.31 -14.98 -18.49
1 Year -4.98 -5.13 -11.01
3 Years 0.21 0.15 1.42
5 Years 3.20 3.17 3.90
Since Inception (10/4/2011, Annualized) 11.78 11.76 11.00

As of 3/31/2020

  NAV Market Price Return Russell 1000 Value
1 Month -15.77 -15.89 -17.09
3 Months -24.50 -24.18 -26.73
YTD -24.50 -24.18 -26.73
1 Year -12.59 -12.71 -17.17
3 Years -3.64 -3.67 -2.18
5 Years 0.75 0.72 1.90
Since Inception (10/4/2011, Annualized) 10.40 10.38 9.73

Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. 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.

*On October 11, 2018, the AdvisorShares Wilshire Buyback ETF (the “Predecessor Fund”) was renamed the AdvisorShares DoubleLine Value Equity ETF. The Predecessor Fund had different portfolio managers and investment strategy than the DoubleLine Value Equity ETF. Performance prior to October 12, 2018 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since October 12, 2018 reflects actual DoubleLine Value Equity ETF performance.

Fund

Holdings

As of 5/27/2020

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
05/27/2020 DBLV VZ 92343V104 VERIZON COMMUNICATIONS INC 34,940.00 55.14 1,926,591.60 4.28% S
JPM 46625H100 JPMORGAN CHASE & CO 17,788.00 101.37 1,803,169.56 4.00% S
AMT 03027X100 AMERICAN TOWER CORP 6,359.00 252.01 1,602,531.59 3.56% S
GOOGL 02079K305 ALPHABET INC-CL A 960.00 1,420.28 1,363,468.80 3.03% S
PNC 693475105 PNC FINANCIAL SERVICES GROUP 11,127.00 116.60 1,297,408.20 2.88% S
BAC 060505104 BANK OF AMERICA CORP 49,563.00 25.98 1,287,646.74 2.86% S
CVX 166764100 CHEVRON CORP 13,650.00 93.90 1,281,735.00 2.85% S
MSFT 594918104 MICROSOFT CORP 6,849.00 181.81 1,245,216.69 2.76% S
SNY 80105N105 SANOFI-ADR 25,719.00 47.49 1,221,395.31 2.71% FS
PH 701094104 PARKER HANNIFIN CORP 6,385.00 183.69 1,172,860.65 2.60% S
TJX 872540109 TJX COMPANIES INC 21,133.00 55.29 1,168,443.57 2.59% S
TGT 87612E106 TARGET CORP 9,554.00 117.41 1,121,735.14 2.49% S
PM 718172109 PHILIP MORRIS INTERNATIONAL 14,895.00 73.91 1,100,889.45 2.44% S
CVS 126650100 CVS HEALTH CORP 15,293.00 65.97 1,008,879.21 2.24% S
CI 125523100 CIGNA CORP 4,996.00 199.46 996,502.16 2.21% S
RTX 75513E101 RAYTHEON TECHNOLOGIES CORP 14,935.00 66.65 995,417.75 2.21% S
FLEX Y2573F102 FLEX LTD 98,089.00 10.14 994,622.46 2.21% FS
ANTM 036752103 ANTHEM INC 3,410.00 287.25 979,522.50 2.17% S
USFD 912008109 US FOODS HOLDING CORP 46,585.00 20.99 977,819.15 2.17% S
ICE 45866F104 INTERCONTINENTAL EXCHANGE IN 10,313.00 92.83 957,355.79 2.13% S
MDLZ 609207105 MONDELEZ INTERNATIONAL INC-A 18,407.00 50.35 926,792.45 2.06% S
AZN 046353108 ASTRAZENECA PLC-SPONS ADR 17,284.00 52.47 906,891.48 2.01% FS
BK 064058100 BANK OF NEW YORK MELLON CORP 22,564.00 38.57 870,293.48 1.93% S
GS 38141G104 GOLDMAN SACHS GROUP INC 4,112.00 209.66 862,121.92 1.91% S
VLO 91913Y100 VALERO ENERGY CORP 11,487.00 70.18 806,157.66 1.79% S
TSM 874039100 TAIWAN SEMICONDUCTOR-SP ADR 15,503.00 51.74 802,125.22 1.78% FS
RHHBY 771195104 ROCHE HOLDINGS LTD-SPONS ADR 18,293.00 43.09 788,245.37 1.75% FS
CB H1467J104 CHUBB LTD 6,135.00 122.97 754,420.95 1.67% FS
MDT G5960L103 MEDTRONIC PLC 7,657.00 96.00 735,072.00 1.63% FS
AXP 025816109 AMERICAN EXPRESS CO 7,210.00 101.23 729,868.30 1.62% S
EOG 26875P101 EOG RESOURCES INC 13,601.00 52.73 717,180.73 1.59% S
APD 009158106 AIR PRODUCTS & CHEMICALS INC 3,037.00 235.16 714,180.92 1.59% S
DG 256677105 DOLLAR GENERAL CORP 3,792.00 187.20 709,862.40 1.58% S
MCHP 595017104 MICROCHIP TECHNOLOGY INC 7,062.00 96.75 683,248.50 1.52% S
AMZN 023135106 AMAZON.COM INC 282.00 2,410.39 679,729.98 1.51% S
MTB 55261F104 M & T BANK CORP 5,912.00 112.90 667,464.80 1.48% S
FIS 31620M106 FIDELITY NATIONAL INFO SERV 4,807.00 138.03 663,510.21 1.47% S
GE 369604103 GENERAL ELECTRIC CO 90,504.00 7.29 659,774.16 1.46% S
WLTW G96629103 WILLIS TOWERS WATSON PLC 3,064.00 204.56 626,771.84 1.39% FS
ALC H01301128 ALCON INC 9,991.00 61.39 613,347.49 1.36% FS
KLAC 482480100 KLA CORP 3,316.00 176.73 586,036.68 1.30% S
PRU 744320102 PRUDENTIAL FINANCIAL INC 9,136.00 63.20 577,395.20 1.28% S
KBR 48242W106 KBR INC 24,337.00 23.06 561,211.22 1.25% S
DD 26614N102 DUPONT DE NEMOURS INC 11,074.00 49.46 547,720.04 1.22% S
BA 097023105 BOEING CO/THE 3,577.00 149.52 534,833.04 1.19% S
INFO G47567105 IHS MARKIT LTD 7,460.00 69.44 518,022.40 1.15% FS
NSC 655844108 NORFOLK SOUTHERN CORP 1,223.00 184.98 226,230.54 0.50% S
X9USDWELL WELLS FARGO GOVT M MKT IN 1751 2,250,454.84 1 2,250,454.84 5.00% MM
CASH -182,117.00 100 -182,117.00 -0.40% CA

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.

FUND

Characteristics

As of 4/30/2020

DBLV Sector Allocation

DBLV Sector Allocation

FUND

Fees & Expenses

Management Fee 0.70%
Other Expenses 0.47%
Acquired Fund Fees 0.01%
Gross Expenses Ratio 1.18%
Fee Waiver and/or Expense Reimbursement -0.27%
Net Expense Ratio 0.91%

The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.90% of the Fund’s average daily net assets for at least one year from the date of the Prospectus.

 

Last Ten

Fund Distributions

Ex-Date Record Date Pay Date Cash Div ST Cap Gain LT Cap Gain Return of Capital Total Distribution (per share) DBLV
12/24/2020 12/28/2020 12/31/2020 - - - - -
12/27/2019 12/30/2019 12/31/2019 $0.8153 $0.0000 $0.0000 $0.0000 $0.8153
12/27/2018 12/28/2018 12/31/2018 $0.7386 $0.0000 $0.0000 $0.0000 $0.7386
12/27/2017 12/28/2017 12/29/2017 $0.4660 $0.0000 $0.0000 $0.0000 $0.4660
12/23/2016 12/28/2016 12/30/2016 $0.7253 $0.0000 $0.0000 $0.0000 $0.7253
12/24/2015 12/29/2015 12/31/2015 $0.4186 $0.0000 $0.0000 $0.0000 $0.4186
12/24/2014 12/29/2014 12/31/2014 $0.3370 $0.0000 $0.0000 $0.0000 $0.3370
12/24/2013 12/27/2013 12/31/2013 $0.1540 $0.0000 $0.0000 $0.0000 $0.1540
12/24/2012 12/27/2012 12/31/2012 $0.2130 $0.1230 $0.0000 $0.0000 $0.3360
12/23/2011 12/28/2011 12/30/2011 $0.0140 $0.0000 $0.0000 $0.0000 $0.0140
  • Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at 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. Investing in mid and small capitalization companies may be riskier and more volatile than large cap companies. Because it intends to invest in value stocks, the Fund could suffer losses or produce poor results relative to other funds, even in a rising market, if the Sub-Advisor’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is incorrect. Other Fund risks include market risk, equity risk, large cap risk, liquidity risk and trading risk. Please see prospectus for details regarding risk.Shares are bought and sold at market price not net asset value (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. 
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  • Overall DBLV Morningstar rating is derived from a weighted average of the fund’s 3-, 5-, and 10- year (if applicable) risk-adjusted returns as of 4/30/2020. DDBLV received a 5 star rating for the 3-year and 5-year periods. The Mid-Cap Value Category consists of 384 funds in 3-Year Period and 340 in 5-year period.
  •    
  • The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three- and five-year Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns. 
  •    
  • © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
  •    
    •  
    • Definitions
    •  
    • Alpha, one of the most commonly quoted indicators of investment performance, is defined as the excess return on an investment relative to the return on a benchmark index.
    •  
    • Active share is a measure of the degree to which a fund’s portfolio holdings diverge from those of its benchmark, the Russell 1000 Value Index. A fund whose holdings diverge greatly from those of the benchmark reflects high active share. A fund whose holdings vary little reflects low active share. 
    •  
    • Intrinsic value is the value of a company’s future cash flows, adjusted by a discount rate. The discount rate calculated by DoubleLine is a function of a risk-free rate of return (i.e., the yield on the 20-year U.S. Treasury), the equity market risk premium and an additional readjustment specific to the underlying company.