HDGE - AdvisorShares Ranger Equity Bear ETF

Fundamental Short Selling

Use forensic accounting based methodology to uncover securities with earnings quality deterioration or aggressive accounting practices

Symbol Exchange Inception Date CUSIP NAV Indicative Value Options Available
HDGE NYSE Arca 1/26/2011 00768Y 412 HDGE.NV HDGE.IV Yes
<strong>About The ETF</strong>
The investment objective of the AdvisorShares Ranger Equity Bear ETF (NYSE Arca: HDGE) is capital appreciation through short sales of domestically traded equity securities. HDGE is sub-advised by Ranger Alternative Management, L.P. (“Portfolio Manager”). The Portfolio Manager implements a bottom-up, fundamental, research driven security selection process. In selecting short positions, the Fund seeks to identify securities with low earnings quality or aggressive accounting which may be intended on the part of company management to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition, the Portfolio Manager seeks to identify earnings driven events that may act as a catalyst to the price decline of a security, such as downwards earnings revisions or reduced forward guidance.
<strong>Why Invest in HDGE?</strong>
  • As a Tool to Hedge Equity Exposure – HDGE can be used as part of a long/short strategy in which an investor may synthetically integrate by pairing HDGE with a long-index ETF (or an investor’s portfolio of long positions), providing the investor with a “buy and hold” option to hedge their long domestically-traded equity exposure.
  • For Diversified Portfolio Construction – The Portfolio Manager’s portfolio construction process emphasizes diversification across a number of industries and specific companies with a special focus on catalysts that drive lower stock returns. The portfolio typically consists of between 20-75 equity short positions, with an average position size of between 2% and 7% of the portfolio exposure.
  • For a Fundamental Investment Process – The Portfolio Manager utilizes accounting metrics across the income statement, cash flow statement and balance sheet to identify companies with low earnings quality or possible aggressive accounting practices. These factors may suggest operational deterioration in a company’s business. Qualitative analysis is also considered. An assessment of the management team, accounting practices, corporate governance and the company’s competitive advantage are analyzed before a company is included as part of the HDGE portfolio.
<strong>Key Attributes</strong>
  • Disciplined, Repeatable Investment Process – The forensic accounting based methodology the Portfolio Manager utilizes is a disciplined, consistent investment approach to both security selection and risk management. Like an investigative auditor, a forensic accountant dissects a company’s financial statements, crunching the numbers searching for evidence in the data that may suggest operational deterioration or manipulative sales and revenue recognition, rather than focusing on fad products or broken business models to identify domestically-traded equity stocks that are expected to underperform.
  • Experience – The Portfolio Manager has experience trading and managing short portfolios with the ability to tactically allocate to liquid, low short interest stocks of companies which may be masking operational deterioration.
  • Market Analysis – Top-down technical evaluation of broader market liquidity, sentiment and breadth is utilized to help identify short and intermediate term market trends, manage exposure and mitigate risk.
  • Specialized Strategy – Effectively shorting individual securities requires an approach very different from a traditional long-only strategy. HDGE is a very specialized product managed by investment professionals with years of short selling experience as opposed to another fund that might not have the HDGE ETF Product Manager’s shorting expertise.
<strong>About the Portfolio Manager</strong>
John Del Vecchio, CFA – Portfolio Manager/Principal
Mr. Del Vecchio serves as a Portfolio Manager for Ranger Alternative Management, L.P. (“Ranger”). Mr. Del Vecchio managed short only portfolios for Ranger from October, 2007 through March, 2010. He also serves as principal and founder of Parabolix Research, LLC, a short-only research firm. From 2003-2007, Mr. Del Vecchio served as an Analyst with David W. Tice & Associates / Behind the Numbers, LLC selecting short sale opportunities utilizing forensic accounting research on behalf of institutional clients and the Prudent Bear Fund. In 2002, Mr. Del Vecchio served as a portfolio manager for RedHawk Advisors, LLC with responsibility for managing the short sale allocation of the fund. In 2001, Mr. Del Vecchio served as an Analyst for the Center for Financial Research and Analysis (CFRA) performing forensic accounting analysis for short sale opportunities. Mr. Del Vecchio earned a B.S. in Finance, Summa Cum Laude, from Bryant College, and was awarded Beta Gamma Sigma honors. Mr. Del Vecchio earned the right to use the Chartered Financial Analyst designation in September, 2001.

Brad H. Lamensdorf – Portfolio Manager/ Principal
Mr. Lamensdorf serves as a Portfolio Manager for Ranger Alternative Management, L.P. (“Ranger”) and provides trading and market strategy for Ranger’s short only portfolio. Mr. Lamensdorf has served as a Trading and Market Strategist for Ranger since 2009. Mr. Lamensdorf also serves as a principal of Precisian GP, LLC and Portfolio Manager of Precisian Partners L.P., both positions of which he has held since November 2007. Prior to Precisian, Mr. Lamensdorf founded BHL Partners L.P. a commodity oriented hedge fund primarily focused on gold and gold equities. From 1998 through 2005, Mr. Lamensdorf served as principal and portfolio manager for Tarpon Capital Management, L.P., which managed long/short hedge funds. In 1997, he was a founder, partner and co-manager of KBH, L.L.P., an investment firm created to manage investment portfolios for the King-Hughes family. From 1992 through 1996, Mr. Lamensdorf worked on the equity trading desk for the Bass family in Fort Worth, Texas, where he co-managed an extensive equity portfolio with emphasis on short selling and derivatives strategies. He also provided market analysis for fund managers throughout the Bass network. Mr. Lamensdorf received a B.A. in psychology from the University of Texas at Austin in 1992.

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Fund

Price History

Fund Data

10/4/2024
NAV $18.78
Change $-0.42
Shares Outstanding 3,557,500
Assets Under Management $66,805,314.64

 

 

 

 

Market Data

10/4/2024
Closing Price $18.75
Close Change $-0.42
Volume 179,745

Regulatory Data

10/4/2024
Premium Discount $0.00
30-Day Median bid-ask Spread 0.150000
Premium/Discount Historical Data | NAV Historical Data | Daily Premium/Discount 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

Characteristics

As of 9/30/2024

Source: Morningstar & AdvisorShares

FUND

Performance

As of 9/30/2024

  NAV Market Price Return S&P 500 Index
1 Month -2.00 -1.94 2.14
3 Months -9.51 -9.72 5.89
YTD -2.42 -2.56 22.08
1 Year -12.69 -12.72 36.35
3 Years -7.37 -7.36 11.91
5 Years -20.76 -20.78 15.98
10 Years -16.12 -16.13 13.38 
Since Inception (1/26/2011, Annualized) -16.70 -16.71 13.68

As of 9/30/2024

  NAV Market Price Return S&P 500 Index
1 Month -2.00 -1.94 2.14
3 Months -9.51 -9.72 5.89
YTD -2.42 -2.56 22.08
1 Year -12.69 -12.72 36.35
3 Years -7.37 -7.36 11.91
5 Years -20.76 -20.78 15.98
10 Years -16.12 -16.13 13.38
Since Inception (1/26/2011, Annualized) -16.70 -16.71 13.68

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.

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Fund

Holdings

As of

Excel    CSV

Date Account Symbol Stock Ticker Security ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
10/04/2024 HDGE OZK 06417N103 BANK OZK -40,000 42.25 -1,690,000.00 -2.53% S
MAR 571903202 MARRIOTT INTERNATIONAL -CL A -6,500 254.61 -1,654,965.00 -2.48% S
CVS 126650100 CVS HEALTH CORP -25,000 64.59 -1,614,750.00 -2.42% S
TEAM 049468101 ATLASSIAN CORP-CL A -9,000 171.00 -1,539,000.00 -2.30% S
WK 98139A105 WORKIVA INC -19,000 79.73 -1,514,870.00 -2.27% S
KSS 500255104 KOHLS CORP -75,000 19.62 -1,471,500.00 -2.20% S
DKNG 26142V105 DRAFTKINGS INC-CL A -35,000 39.28 -1,374,800.00 -2.06% S
MCW 60646V105 MISTER CAR WASH INC -200,000 6.47 -1,294,000.00 -1.94% S
NET 18915M107 CLOUDFLARE INC - CLASS A -15,000 83.43 -1,251,450.00 -1.87% S
SABR 78573M104 SABRE CORP -350,000 3.51 -1,228,500.00 -1.84% S
CCCS 12510Q100 CCC INTELLIGENT SOLUTIONS HO -115,000 10.62 -1,221,300.00 -1.83% S
ODP 88337F105 ODP CORP/THE -40,000 30.47 -1,218,800.00 -1.82% S
IRDM 46269C102 IRIDIUM COMMUNICATIONS INC -40,000 29.95 -1,198,000.00 -1.79% S
CMA 200340107 COMERICA INC -20,000 58.86 -1,177,200.00 -1.76% S
QSR 76131D103 RESTAURANT BRANDS INTERN -16,197 71.76 -1,162,296.72 -1.74% FS
NCNO 63947X101 NCINO INC -37,500 30.97 -1,161,375.00 -1.74% S
SNA 833034101 SNAP-ON INC -4,000 286.74 -1,146,960.00 -1.72% S
PCOR 74275K108 PROCORE TECHNOLOGIES INC -19,000 60.28 -1,145,320.00 -1.71% S
ALB 012653101 ALBEMARLE CORP -11,200 102.09 -1,143,408.00 -1.71% S
INFA 45674M101 INFORMATICA INC - CLASS A -45,000 25.40 -1,143,000.00 -1.71% S
CFLT 20717M103 CONFLUENT INC-CLASS A -55,000 20.57 -1,131,350.00 -1.69% S
HELE G4388N106 HELEN OF TROY LTD -18,000 62.78 -1,130,040.00 -1.69% FS
LOGI H50430232 LOGITECH INTERNATIONAL-REG -13,000 85.66 -1,113,580.00 -1.67% FS
DDOG 23804L103 DATADOG INC - CLASS A -9,000 122.69 -1,104,210.00 -1.65% S
DEO 25243Q205 DIAGEO PLC-SPONSORED ADR -8,000 137.54 -1,100,320.00 -1.65% FS
FR 32054K103 FIRST INDUSTRIAL REALTY TR -20,000 54.77 -1,095,400.00 -1.64% S
ALTM G0508H110 ARCADIUM LITHIUM PLC -350,000 3.08 -1,078,000.00 -1.61% FS
PTC 69370C100 PTC INC -6,000 179.60 -1,077,600.00 -1.61% S
MKSI 55306N104 MKS INSTRUMENTS INC -10,000 105.86 -1,058,600.00 -1.58% S
WEX 96208T104 WEX INC -5,000 210.00 -1,050,000.00 -1.57% S
PUK 74435K204 PRUDENTIAL PLC-ADR -55,000 18.74 -1,030,700.00 -1.54% FS
COIN 19260Q107 COINBASE GLOBAL INC -CLASS A -5,900 170.91 -1,008,369.00 -1.51% S
PAYC 70432V102 PAYCOM SOFTWARE INC -6,000 167.97 -1,007,820.00 -1.51% S
ETSY 29786A106 ETSY INC -19,000 52.80 -1,003,200.00 -1.50% S
XRX 98421M106 XEROX HOLDINGS CORP -95,000 10.49 -996,550.00 -1.49% S
WSM 969904101 WILLIAMS-SONOMA INC -6,500 151.49 -984,685.00 -1.47% S
SIG G81276100 SIGNET JEWELERS LTD -10,000 98.07 -980,700.00 -1.47% FS
VYX 62886E108 NCR VOYIX CORP -70,000 13.70 -959,000.00 -1.44% S
ENR 29272W109 ENERGIZER HOLDINGS INC -30,000 31.83 -954,900.00 -1.43% S
GLBE M5216V106 GLOBAL-E ONLINE LTD -26,000 36.59 -951,340.00 -1.42% FS
PENN 707569109 PENN ENTERTAINMENT INC -50,000 18.96 -948,000.00 -1.42% S
GOLF 005098108 ACUSHNET HOLDINGS CORP -15,000 62.58 -938,700.00 -1.40% S
CWH 13462K109 CAMPING WORLD HOLDINGS INC-A -40,000 23.44 -937,600.00 -1.40% S
VIK G93A5A101 VIKING HOLDINGS LTD -25,000 37.03 -925,750.00 -1.39% FS
DAR 237266101 DARLING INGREDIENTS INC -25,000 36.94 -923,500.00 -1.38% S
AAL 02376R102 AMERICAN AIRLINES GROUP INC -80,000 11.51 -920,800.00 -1.38% S
MRTN 573075108 MARTEN TRANSPORT LTD -55,000 16.74 -920,700.00 -1.38% S
SNOW 833445109 SNOWFLAKE INC-CLASS A -8,000 114.72 -917,760.00 -1.37% S
HGV 43283X105 HILTON GRAND VACATIONS INC -25,000 36.57 -914,250.00 -1.37% S
CFR 229899109 CULLEN/FROST BANKERS INC -8,000 113.32 -906,560.00 -1.36% S
JACK 466367109 JACK IN THE BOX INC -20,000 45.15 -903,000.00 -1.35% S
FLYW 302492103 FLYWIRE CORP-VOTING -55,000 16.41 -902,550.00 -1.35% S
MTRN 576690101 MATERION CORP -8,500 105.49 -896,665.00 -1.34% S
STRA 86272C103 STRATEGIC EDUCATION INC -10,000 88.73 -887,300.00 -1.33% S
ZS 98980G102 ZSCALER INC -5,000 173.93 -869,650.00 -1.30% S
WFC 949746101 WELLS FARGO & CO -15,000 56.96 -854,400.00 -1.28% S
DECK 243537107 DECKERS OUTDOOR CORP -5,000 166.81 -834,050.00 -1.25% S
WU 959802109 WESTERN UNION CO -70,000 11.80 -826,000.00 -1.24% S
SMCI 86800U302 SUPER MICRO COMPUTER INC -20,000 41.23 -824,600.00 -1.23% S
MARA 565788106 MARA HOLDINGS INC -50,000 16.31 -815,500.00 -1.22% S
CACC 225310101 CREDIT ACCEPTANCE CORP -1,800 442.80 -797,040.00 -1.19% S
CAR 053774105 AVIS BUDGET GROUP INC -9,000 88.35 -795,150.00 -1.19% S
ANSS 03662Q105 ANSYS INC -2,500 315.73 -789,325.00 -1.18% S
LKQ 501889208 LKQ CORP -20,000 39.22 -784,400.00 -1.17% S
NTST 64119V303 NETSTREIT CORP -50,000 15.61 -780,500.00 -1.17% S
ROKU 77543R102 ROKU INC -10,000 75.89 -758,900.00 -1.14% S
X9USDFITY FIDELITY INSTL GOVT 657 C 23,670,097.92 1.00 23,670,097.92 35.43% MM
CASH 53,006,848.46 100.00 53,006,848.46 79.34% CA
X9USDBLFD BLACKROCK FEDERAL FD 30 INSTL 59,876,395.37 1.00 59,876,395.37 89.62% MM
Holdings and allocations are subject to risks and to change. 

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FUND

Fees & Expenses

Management Fee 1.50%
Total Annual Operating Expenses 3.45%
Total Annual Operating Expenses After Wavier/Reimbursement* 3.45%

*Total Annual Operating Expenses and Total Annual Operating Expenses After Waiver/Reimbursement in this fee table may not correlate to the expense ratios in the Fund’s financial highlights. For more information, please read the full prospectus.

Last Ten

Fund Distributions

  • 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. The Fund may invest in (or short) ETFs, ETNs and ETPs. In addition to the risks associated with such vehicles, investments, or reference assets in the case of ETNs, lack of liquidity can result in its value being more volatile than the underlying portfolio investment. Other Fund risks include market risk, equity risk, short sales and leverage risk, large cap risk, early closing risk, liquidity risk and trading risk. Short sales involve leverage because the Fund borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Fund. See prospectus for specific risks and details.  
  •  
  • Definitions  
  •  
  • Short: A short, or a short position, is created when a trader sells a security first with the intention of repurchasing it or covering it later at a lower price.