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 Indicative Value Options
HDGE NYSE Arca 1/26/2011 00768Y 412 HDGE.IV Available
<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

4/11/2024
NAV $20.53
Change $-0.04
Shares Outstanding 3,732,500
Assets Under Management $76,622,283.37

 

 

 

 

Market Data

4/11/2024
Closing Price $20.56
Close Change $-0.04
Volume 183,961

Regulatory Data

4/11/2024
Premium Discount $0.010
30-Day Median bid-ask Spread 0.1
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 3/31/2024

HDGE Performance During Market Drawdowns

HDGE Market Cap

HDGE Sector Allocation

FUND

Performance

As of 3/31/2024

  NAV Market Price Return S&P 500 Index
1 Month -1.25 -1.2 3.22
3 Months 2.50 2.71 10.56
YTD 2.50 2.71 10.56
1 Year -15.45 -15.5 29.88
3 Years -5.34 -5.22 11.49
5 Years -20.63 -20.58 15.05
10 Years -16.28 -16.26 12.96 
Since Inception (1/26/2011, Annualized) -16.97 -16.96 13.38

As of 3/31/2024

  NAV Market Price Return S&P 500 Index
1 Month -1.25 -1.2 3.22
3 Months 2.5 2.71 10.56
YTD 2.5 2.71 10.56
1 Year -15.45 -15.5 29.88
3 Years -5.34 -5.22 11.49
5 Years -20.63 -20.58 15.05
10 Years -16.28 -16.26 12.96
Since Inception (1/26/2011, Annualized) -16.97 -16.96 13.38

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.

Fund

Holdings

As of

Excel    CSV

Date Account Symbol Stock Ticker Security ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
04/11/2024 HDGE WK 98139A105 WORKIVA INC -33,000.00 80.6 -2,659,800.00 -3.47% S
O 756109104 REALTY INCOME CORP -40,000.00 52.24 -2,089,600.00 -2.73% S
ATGE 00737L103 ADTALEM GLOBAL EDUCATION INC -40,000.00 47.16 -1,886,400.00 -2.46% S
SPT 85209W109 SPROUT SOCIAL INC - CLASS A -26,000.00 56.34 -1,464,840.00 -1.91% S
SNA 833034101 SNAP-ON INC -5,000.00 291.54 -1,457,700.00 -1.90% S
KMX 143130102 CARMAX INC -20,000.00 71.98 -1,439,600.00 -1.88% S
KDP 49271V100 KEURIG DR PEPPER INC -45,000.00 30.82 -1,386,900.00 -1.81% S
SNV 87161C501 SYNOVUS FINANCIAL CORP -36,128.00 37.18 -1,343,239.04 -1.75% S
JACK 466367109 JACK IN THE BOX INC -22,000.00 60.63 -1,333,860.00 -1.74% S
CAR 053774105 AVIS BUDGET GROUP INC -11,000.00 121.04 -1,331,440.00 -1.74% S
WHR 963320106 WHIRLPOOL CORP -11,500.00 111.39 -1,280,985.00 -1.67% S
SHLS 82489W107 SHOALS TECHNOLOGIES GROUP -A -130,000.00 9.68 -1,258,400.00 -1.64% S
ENPH 29355A107 ENPHASE ENERGY INC -9,725.00 121.7 -1,183,532.50 -1.54% S
YETI 98585X104 YETI HOLDINGS INC -30,000.00 38.76 -1,162,800.00 -1.52% S
BILL 090043100 BILL HOLDINGS INC -18,000.00 64.12 -1,154,160.00 -1.51% S
SNDR 80689H102 SCHNEIDER NATIONAL INC-CL B -52,000.00 22 -1,144,000.00 -1.49% S
VRSN 92343E102 VERISIGN INC -6,000.00 189.78 -1,138,680.00 -1.49% S
DEO 25243Q205 DIAGEO PLC-SPONSORED ADR -8,000.00 140.87 -1,126,960.00 -1.47% FS
UI 90353W103 UBIQUITI INC -10,000.00 112.61 -1,126,100.00 -1.47% S
VLY 919794107 VALLEY NATIONAL BANCORP -150,000.00 7.38 -1,107,000.00 -1.44% S
MBLY 60741F104 MOBILEYE GLOBAL INC-A -35,000.00 31.41 -1,099,350.00 -1.43% S
ELF 26856L103 ELF BEAUTY INC -6,500.00 167.22 -1,086,930.00 -1.42% S
PUK 74435K204 PRUDENTIAL PLC-ADR -60,000.00 18.06 -1,083,600.00 -1.41% FS
PYCR 70435P102 PAYCOR HCM INC -60,000.00 18 -1,080,000.00 -1.41% S
THS 89469A104 TREEHOUSE FOODS INC -29,000.00 37.06 -1,074,740.00 -1.40% S
HLIO 42328H109 HELIOS TECHNOLOGIES INC -22,000.00 47.44 -1,043,680.00 -1.36% S
CGNX 192422103 COGNEX CORP -25,000.00 41.3 -1,032,500.00 -1.35% S
PHR 71944F106 PHREESIA INC -43,000.00 23.8 -1,023,400.00 -1.34% S
PAYC 70432V102 PAYCOM SOFTWARE INC -5,000.00 204.52 -1,022,600.00 -1.33% S
MRCY 589378108 MERCURY SYSTEMS INC -35,000.00 28.85 -1,009,750.00 -1.32% S
REG 758849103 REGENCY CENTERS CORP -17,000.00 58.19 -989,230.00 -1.29% S
OLED 91347P105 UNIVERSAL DISPLAY CORP -6,000.00 164.29 -985,740.00 -1.29% S
NXST 65336K103 NEXSTAR MEDIA GROUP INC -6,000.00 163.16 -978,960.00 -1.28% S
COLD 03064D108 AMERICOLD REALTY TRUST INC -40,000.00 24.45 -978,000.00 -1.28% S
RF 7591EP100 REGIONS FINANCIAL CORP -50,000.00 19.41 -970,500.00 -1.27% S
TGNA 87901J105 TEGNA INC -70,000.00 13.84 -968,800.00 -1.26% S
CABO 12685J105 CABLE ONE INC -2,500.00 386 -965,000.00 -1.26% S
RKLB 773122106 ROCKET LAB USA INC -250,000.00 3.86 -965,000.00 -1.26% S
AY G0751N103 ATLANTICA SUSTAINABLE INFRAS -50,000.00 19.22 -961,000.00 -1.25% FS
EXPO 30214U102 EXPONENT INC -12,000.00 79.87 -958,440.00 -1.25% S
LTC 502175102 LTC PROPERTIES INC -30,000.00 31.93 -957,900.00 -1.25% S
CLVT G21810109 CLARIVATE PLC -130,000.00 7.35 -955,500.00 -1.25% FS
RUN 86771W105 SUNRUN INC -80,000.00 11.85 -948,000.00 -1.24% S
APTV G6095L109 APTIV PLC -12,500.00 75.77 -947,125.00 -1.24% FS
APD 009158106 AIR PRODUCTS & CHEMICALS INC -4,000.00 236.25 -945,000.00 -1.23% S
MRTN 573075108 MARTEN TRANSPORT LTD -55,000.00 17.17 -944,350.00 -1.23% S
EQC 294628102 EQUITY COMMONWEALTH -50,000.00 18.74 -937,000.00 -1.22% S
ACI 013091103 ALBERTSONS COS INC - CLASS A -45,000.00 20.67 -930,150.00 -1.21% S
ROIC 76131N101 RETAIL OPPORTUNITY INVESTMEN -75,000.00 12.31 -923,250.00 -1.20% S
FRSH 358054104 FRESHWORKS INC-CL A -50,169.00 18.28 -917,089.32 -1.20% S
LITE 55024U109 LUMENTUM HOLDINGS INC -20,000.00 45.18 -903,600.00 -1.18% S
HTZ 42806J700 HERTZ GLOBAL HLDGS INC -125,000.00 7.2 -900,000.00 -1.17% S
IPGP 44980X109 IPG PHOTONICS CORP -10,000.00 89.86 -898,600.00 -1.17% S
GT 382550101 GOODYEAR TIRE & RUBBER CO -70,000.00 12.57 -879,900.00 -1.15% S
TDOC 87918A105 TELADOC HEALTH INC -60,000.00 14.6 -876,000.00 -1.14% S
PI 453204109 IMPINJ INC -7,002.00 124.84 -874,129.68 -1.14% S
NTST 64119V303 NETSTREIT CORP -50,000.00 17.1 -855,000.00 -1.12% S
NOK 654902204 NOKIA CORP-SPON ADR -250,000.00 3.42 -855,000.00 -1.12% FS
BE 093712107 BLOOM ENERGY CORP- A -75,000.00 11.38 -853,500.00 -1.11% S
CZR 12769G100 CAESARS ENTERTAINMENT INC -20,000.00 42.22 -844,400.00 -1.10% S
NAPA 26414D106 DUCKHORN PORTFOLIO INC/THE -100,000.00 8.43 -843,000.00 -1.10% S
FVRR M4R82T106 FIVERR INTERNATIONAL LTD -40,000.00 20.75 -830,000.00 -1.08% FS
ENR 29272W109 ENERGIZER HOLDINGS INC -30,000.00 27.55 -826,500.00 -1.08% S
AMCR G0250X107 AMCOR PLC -90,000.00 9.07 -816,300.00 -1.06% FS
RIVN 76954A103 RIVIAN AUTOMOTIVE INC-A -85,000.00 9.57 -813,450.00 -1.06% S
ALB 012653101 ALBEMARLE CORP -6,000.00 130.31 -781,860.00 -1.02% S
PX 69376K106 P10 INC-A -100,000.00 7.81 -781,000.00 -1.02% S
EXTR 30226D106 EXTREME NETWORKS INC -70,000.00 11.07 -774,900.00 -1.01% S
HTLD 422347104 HEARTLAND EXPRESS INC -70,000.00 10.79 -755,300.00 -0.99% S
ZIP 98980B103 ZIPRECRUITER INC-A -50,000.00 11.34 -567,000.00 -0.74% S
X9USDFITY FIDELITY INSTL GOVT 657 C 28,111,627.50 1 28,111,627.50 36.68% MM
X9USDBLFD BLACKROCK FEDERAL FD 30 INSTL 58,349,753.96 1 58,349,753.96 76.13% MM
CASH 64,475,814.36 100 64,475,814.36 84.12% 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

Fees & Expenses

Management Fee 1.50%
Other Expenses 1.89%
Acquired Fund Fees and Expenses* 0.06%
Total Annual Operating Expenses 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.