(HDGE) RANGER EQUITY BEAR ETF

HDGE

Overview

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.

Symbol Exchange Inception Date CUSIP Indicative Value Options
HDGE NYSE Arca 1/26/2011 00768Y883 HDGE.IV Available
<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>
  1. 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.
  2. 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.
  3. 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.
  4. 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 Managers</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

As of 12/5/2019

NAV $5.77 Closing Price $5.78
Change $0.00 Close Change $0.02
Shares Outstanding 21,675,000 Volume 98,400
4PM Bid/Offer Midpoint $5.77 Premium Discount $0.00
Assets Under Management $125,167,102.73    

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

As of 10/31/2019

  NAV Market Price Return S&P 500 Index
1 Month -3.35 -3.35 2.17
3 Months -1.02 -1.09 2.43
YTD -24.64 -24.58 23.16
1 Year -20.47 -20.53 14.33
3 Years -13.72 -13.67 14.91
5 Years -11.49 -11.48 10.78
Since Inception (1/26/2011, Annualized) -14.48 -14.48 12.53

As of 9/30/2019

  NAV Market Price Return S&P 500 Index
1 Month -5.80 -6.01 1.87
3 Months 2.92 2.82 1.70
YTD -22.03 -21.97 20.55
1 Year -10.79 -10.85 4.25
3 Years -11.91 -11.91 13.39
5 Years -11.20 -11.20 10.84
Since Inception (1/26/2011, Annualized) -14.27 -14.27 12.38

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 12/5/2019

Date Account Symbol Stock Ticker CUSIP/Number Security Shares Price Market Value Weight % Asset Group
12/05/2019 HDGE NFLX 64110L106 NETFLIX INC (9,530) 302.86 (2,886,255.80) -2.31% S 1
IBM 459200101 INTL BUSINESS MACHINES CORP (20,000) 131.91 (2,638,200.00) -2.11% S 1
HOG 412822108 HARLEY-DAVIDSON INC (69,000) 35.88 (2,475,720.00) -1.98% S 1
GT 382550101 GOODYEAR TIRE & RUBBER CO (150,000) 15.89 (2,383,500.00) -1.90% S 1
OI 690768403 OWENS-ILLINOIS INC (225,000) 10.15 (2,283,750.00) -1.82% S 1
CACC 225310101 CREDIT ACCEPTANCE CORP (5,000) 437.45 (2,187,250.00) -1.75% S 1
IFF 459506101 INTL FLAVORS & FRAGRANCES (15,000) 141.77 (2,126,550.00) -1.70% S 1
RIG H8817H100 TRANSOCEAN LTD (399,000) 5.32 (2,122,680.00) -1.70% FS 1
QFIN 88557W101 360 FINANCE INC -ADR (225,000) 9.35 (2,103,750.00) -1.68% FS 1
NBL 655044105 NOBLE ENERGY INC (100,000) 20.98 (2,098,000.00) -1.68% S 1
PTC 69370C100 PTC INC (27,500) 75.76 (2,083,400.00) -1.66% S 1
AMCR G0250X107 AMCOR PLC (200,000) 10.33 (2,066,000.00) -1.65% FS 1
AERI 00771V108 AERIE PHARMACEUTICALS INC (105,000) 19.35 (2,031,750.00) -1.62% S 1
TXT 883203101 TEXTRON INC (45,000) 44.97 (2,023,650.00) -1.62% S 1
IBKR 45841N107 INTERACTIVE BROKERS GRO-CL A (42,500) 47.57 (2,021,725.00) -1.61% S 1
PS 72941B106 PLURALSIGHT INC - A (125,000) 16.14 (2,017,500.00) -1.61% S 1
HHR 42207L106 HEADHUNTER GROUP PLC-ADR (100,000) 20.15 (2,015,000.00) -1.61% FS 1
LC 52603A208 LENDINGCLUB CORP (158,000) 12.74 (2,012,920.00) -1.61% S 1
VSLR 92854Q106 VIVINT SOLAR INC (275,000) 7.29 (2,004,750.00) -1.60% S 1
MSGN 553573106 MSG NETWORKS INC- A (125,000) 16.00 (2,000,000.00) -1.60% S 1
BKR 05722G100 BAKER HUGHES CO D (90,000) 22.14 (1,992,600.00) -1.59% S 1
CTVA 22052L104 CORTEVA INC (80,000) 24.82 (1,985,600.00) -1.59% S 1
MKC 579780206 MCCORMICK & CO-NON VTG SHRS (11,500) 172.18 (1,980,070.00) -1.58% S 1
CADE 12739A100 CADENCE BANCORP (120,000) 16.38 (1,965,600.00) -1.57% S 1
RAMP 53815P108 LIVERAMP HOLDINGS INC (40,000) 49.01 (1,960,400.00) -1.57% S 1
PCG 69331C108 P G & E CORP (200,000) 9.78 (1,956,000.00) -1.56% S 1
DO 25271C102 DIAMOND OFFSHORE DRILLING INC (350,000) 5.58 (1,953,000.00) -1.56% S 1
SNA 833034101 SNAP-ON INC (12,000) 162.19 (1,946,280.00) -1.55% S 1
FTCH 30744W107 FARFETCH LTD-CLASS A (200,000) 9.68 (1,936,000.00) -1.55% FS 1
AFYA G01125106 AFYA LTD-CLASS A (65,000) 29.71 (1,931,150.00) -1.54% FS 1
CWK G2717B108 CUSHMAN & WAKEFIELD PLC (101,000) 18.93 (1,911,930.00) -1.53% FS 1
GLNG G9456A100 GOLAR LNG LTD (150,000) 12.64 (1,895,250.00) -1.51% FS 1
W 94419L101 WAYFAIR INC- CLASS A (23,500) 79.87 (1,876,945.00) -1.50% S 1
Z 98954M200 ZILLOW GROUP INC - C (45,000) 41.05 (1,847,250.00) -1.48% S 1
CPRI G1890L107 CAPRI HOLDINGS LTD (50,000) 36.87 (1,843,500.00) -1.47% FS 1
NTCT 64115T104 NETSCOUT SYSTEMS INC (75,000) 24.08 (1,806,000.00) -1.44% S 1
TW 892672106 TRADEWEB MARKETS INC-CLASS A (40,000) 45.04 (1,801,600.00) -1.44% S 1
NFG 636180101 NATIONAL FUEL GAS CO (40,000) 44.94 (1,797,600.00) -1.44% S 1
DOYU 25985W105 DOUYU INTERNATIONAL HOLD-ADR (250,000) 7.16 (1,790,000.00) -1.43% FS 1
FPH 33833Q106 FIVE POINT HOLDINGS LLC-CL A (250,000) 7.15 (1,787,500.00) -1.43% S 1
WYNN 983134107 WYNN RESORTS LTD (15,000) 118.27 (1,774,050.00) -1.42% S 1
CIT 125581801 CIT GROUP INC (40,000) 44.25 (1,770,000.00) -1.41% S 1
TEN 880349105 TENNECO INC (145,000) 12.12 (1,757,400.00) -1.40% S 1
PD 69553P100 PAGERDUTY INC (70,000) 24.99 (1,749,300.00) -1.40% S 1
EQT 26884L109 EQT CORP (200,000) 8.61 (1,722,000.00) -1.38% S 1
NOVA 86745K104 SUNNOVA ENERGY INTERNATIONAL (180,000) 9.52 (1,713,600.00) -1.37% S 1
DAN 235825205 DANA INC (100,000) 16.90 (1,690,000.00) -1.35% S 1
QSR 76131D103 RESTAURANT BRANDS INTERN (25,000) 66.31 (1,657,750.00) -1.32% FS 1
RUN 86771W105 SUNRUN INC (125,000) 13.21 (1,651,250.00) -1.32% S 1
WVE Y95308105 WAVE LIFE SCIENCES LTD (50,000) 32.48 -1,624,000.00 -1.30% FS 1
XEC 1.72E+08 CIMAREX ENERGY CO (35,000) 46.16 -1,615,600.00 -1.29% S 1
NKTR 6.40E+08 NEKTAR THERAPEUTICS (80,000) 19.86 -1,588,800.00 -1.27% S 1
SWAV 82489T104 SHOCKWAVE MEDICAL INC (40,000) 39.58 -1,583,200.00 -1.26% S 1
UBER 90353T100 UBER TECHNOLOGIES INC (55,000) 28.65 -1,575,750.00 -1.26% S 1
CPE 13123X102 CALLON PETROLEUM CO (400,000) 3.81 -1,524,000.00 -1.22% S 1
SAVE 8.49E+08 SPIRIT AIRLINES INC (40,000) 38.07 -1,522,800.00 -1.22% S 1
DY 267475101 DYCOM INDUSTRIES INC (30,000) 50.44 -1,513,200.00 -1.21% S 1
CLI 5.54E+08 MACK-CALI REALTY CORP (70,000) 21.52 -1,506,400.00 -1.20% S 1
SSP 811054402 EW SCRIPPS CO/THE-A -100,000.00 14.905 -1,490,500.00 -1.19% S
MAC 554382101 MACERICH CO/THE -55,000.00 26.74 -1,470,700.00 -1.17% S
DK 24665A103 DELEK US HOLDINGS INC -40,000.00 33.32 -1,332,800.00 -1.06% S
WDAY 98138H101 WORKDAY INC-CLASS A -8,000 160.97 -1,287,760.00 -1.03% S
MERC 588056101 MERCER INTERNATIONAL INC -100,000 12.06 -1,206,000.00 -0.96% S
WORK 83088V102 SLACK TECHNOLOGIES INC- CL A -50,000 22.78 -1,139,000.00 -0.91% S
AC 45528106 ASSOCIATED CAPITAL GROUP - A -25,335 36.69 -929,541.15 -0.74% S
SM 78454L100 SM ENERGY CO -100,000 8.41 -841,000.00 -0.67% S
CRC 13057Q206 CALIFORNIA RESOURCES CORP -100,000 7.39 -739,000.00 -0.59% S
MTDR 576485205 MATADOR RESOURCES CO -50,000 14.31 -715,500.00 -0.57% S
HOLD 00768Y651 ADVISORSHARES SAGE CORE RESE 650,000 99.7877 64,862,005.00 51.81% MF
X9USDMOR3 MORGAN STANLEY GOVT INSTL 8302 500,000 1 500,000.00 0.40% MM

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 11/30/2019

HDGE Market Cap

HDGE Sector Allocation

FUND

Fees & Expenses

Management Fee 1.50%
Short Interest Expense 1.22%
Other Expense 1.44%
Acquired Fund Fees 0.18%
Expense Ratio 3.12%

 

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) HDGE
12/27/2019 12/30/2019 12/31/2019 - - - - - FORMULA
12/27/2018 12/28/2018 12/31/2018 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
12/27/2017 12/28/2017 12/29/2017 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
12/23/2016 12/28/2016 12/30/2016 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
12/24/2015 12/29/2015 12/31/2015 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
12/24/2014 12/29/2014 12/31/2014 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
12/24/2013 12/27/2013 12/31/2013 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
12/24/2012 12/27/2012 12/31/2012 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
12/23/2011 12/28/2011 12/30/2011 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
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Contact Info

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Location

AdvisorShares Investments, LLC
4800 Montgomery Lane,
Suite 150
Bethesda, Maryland 20814

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ETF Symbols

 

AADRACT, CWS, DBLV, DWMC, DWSH, FLRT, FWDB, HDGE, HOLD, MINC, MJUS, SCAP, VEGA, YOLO

 

 

 

 

 

Privacy
Copyright © AdvisorShares 2019 • Foreside Fund Services, LLC Distributor

 

 

  • 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.