DWUS: 4th Quarter 2024 Portfolio Review
Strategy
Performance
DWUS slightly lagged its benchmark, the S&P 500 Index, in the fourth quarter with a return of 2.26% (NAV) and 2.28% (market) versus the benchmark’s return of 2.41%. DWUS did make a change to its holding by selling the Invesco QQQ Trust (QQQ) and buying the iShares Momentum Factor ETF (MTUM) in November. For the full year of 2024, DWUS posted a gain of 20.49% (NAV) and 20.40% (market) which fell slightly behind the S&P 500 Index’s return of 25.02%.
Holdings
The portfolio continues to be allocated to securities that we believe to display favorable relative strength characteristics. The portfolio is made up of two ETFs, both of which have shown high relative strength versus the broad market. DWUS did make a change in the fourth quarter and now holds MTUM and SPY. With its allocation to MTUM and SPY, DWUS is heavily weighted in the largest stocks in the US and with a heavy tilt towards growth names.
| Ticker | Security Description | Portfolio Weight % |
| SPY | SPDR S&P 500 ETF TRUST | 49.96% |
| MTUM | ISHARES MSCI USA MOMENTUM FA | 49.76% |
As of 12.312024. Cash not included. Holdings subject to change.
Top 10 Stocks Underlying Exposure
| Security Description | Ticker | Portfolio Weight % |
| NVIDIA Corporation | NVDA | 5.61% |
| Broadcom Inc. | AVGO | 4.45% |
| Apple Inc. | AAPL | 3.79% |
| JPMorgan Chase & Co. | JPM | 3.19% |
| Microsoft Corporation | MSFT | 3.14% |
| Walmart Inc. | WMT | 2.94% |
| Costco Wholesale Corporation | COST | 2.23% |
| Amazon.com, Inc. | AMZN | 2.05% |
| Oracle Corporation | ORCL | 1.85% |
| AbbVie, Inc. | ABBV | 1.83% |
As of 12.31.2024. Holdings subject to change.
Sector
DWUS is heavily weighted towards the technology sector. Information Technology makes up nearly 28% of the underlying sector exposure. Financials saw a large increase in exposure and is now second in underlying sector exposure at 18%. Consumer staples, healthcare, and industrials each make up roughly 9% of DWUS’s sector exposure. Energy, materials, and real estate are the most underweight sectors.
As of 12.31.2024. Holdings subject to change.
Respectfully,
Nasdaq Dorsey Wright
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) Portfolio Model Manager
Past Commentary
Definition:
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
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.
Investing Involves risk including possible loss of principal. The Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual issuers, industries or the securities market as a whole. The market value of debt securities held by the Fund typically changes as interest rates change, as demand for the instruments changes, and as actual or perceived creditworthiness of an issuer changes.
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.