EATZ: 3rd Quarter 2021 Portfolio Manager Review
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. For the fund’s most recent standardized and month-end performance, please click www.advisorshares.com/etfs/eatz.
For the 3rd quarter, the AdvisorShares Restaurant ETF (EATZ) returned -5.39% on its net asset value (NAV) and -5.28% on its market price. The Fund launched on April 20, 2021 and in that short period through September 30,2021, it had a loss of -6.34% (NAV) and -6.24% (market price), as COVID and employment concerns have continued to weigh on the restaurant industry.
While the Fund’s overall performance is largely tied to the success of the restaurant industry, we aim for relative outperformance through good individual security selection and successful trading. We remain bullish on the longer-term prospects for restaurant performance.
Only a couple of new additions were made to the portfolio during the quarter: One Group Hospitality (NASDAQ: STKS) and Cracker Barrel (NASDAQ: CBRL). Over the course of the three-month period, we added onto multiple positions while trimming others.
Contributors / Detractors:
During this continued difficult time for the industry, the losers definitely outnumbered the winners. Most regular dining chains were down, while a few bright spots came from some entertainment-focused establishments and a few specialty restaurants.
|Ticker||Security Description||Portfolio Weight %|
|RICK||RCI HOSPITALITY HOLDINGS INC||6.40%|
|YUM||YUM! BRANDS INC||5.66%|
|PZZA||PAPA JOHN’S INTL INC||5.59%|
|CHUY||CHUY’S HOLDINGS INC||5.37%|
|DPZ||DOMINO’S PIZZA INC||4.90%|
|BLMN||BLOOMIN’ BRANDS INC||4.87%|
|JACK||JACK IN THE BOX INC||4.21%|
|DRI||DARDEN RESTAURANTS INC||4.19%|
|FRGI||FIESTA RESTAURANT GROUP||4.19%|
As of 9.30.2021. Cash is not included. Subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/eatz. The holdings details are updated each market day.
Past Manager Commentary