(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 1/17/2020

NAV $5.11 Closing Price $5.11
Change $0.01 Close Change $0.00
Shares Outstanding 21,375,000 Volume 308,757
4PM Bid/Offer Midpoint $5.11 Premium Discount $0.00
Assets Under Management $109,232,580.94    

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 12/31/2019

  NAV Market Price Return S&P 500 Index
1 Month -6.34 -6.42 3.02
3 Months -18.06 -18.24 9.07
YTD -36.11 -36.20 31.49
1 Year -36.11 -36.20 31.49
3 Years -16.55 -16.57 15.27
5 Years -14.04 -14.05 11.70
Since Inception (1/26/2011, Annualized) -15.80 -15.82 13.11

As of 12/31/2019

  NAV Market Price Return S&P 500 Index
1 Month -6.34 -6.42 3.02
3 Months -18.06 -18.24 9.07
YTD -36.11 -36.20 31.49
1 Year -36.11 -36.20 31.49
3 Years -16.55 -16.57 15.27
5 Years -14.04 -14.05 11.70
Since Inception (1/26/2011, Annualized) -15.80 -15.82 13.11

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 1/17/2020

Date Account Symbol Stock Ticker CUSIP/Number Security Shares Price Market Value Weight % Asset Group
01/17/2020 HDGE W 94419L101 WAYFAIR INC- CLASS A (28,500) 106.79 (3,043,515.00) -2.79% S 1
IBM 459200101 INTL BUSINESS MACHINES CORP (20,000) 138.31 (2,766,200.00) -2.53% S
CACC 225310101 CREDIT ACCEPTANCE CORP (5,000) 450.78 (2,253,900.00) -2.06% S
NFLX 64110L106 NETFLIX INC (6,530) 339.67 (2,218,045.10) -2.03% S
PTC 69370C100 PTC INC (27,500) 80.14 (2,203,850.00) -2.02% S
SNA 833034101 SNAP-ON INC (12,000) 170.00 (2,040,000.00) -1.87% S
LC 52603A208 LENDINGCLUB CORP (158,000) 12.72 (2,009,760.00) -1.84% S
HBI 410345102 HANESBRANDS INC (140,000) 14.32 (2,004,800.00) -1.84% S
MKC 579780206 MCCORMICK & CO-NON VTG SHRS (11,500) 168.68 (1,939,820.00) -1.78% S
MAC 554382101 MACERICH CO/THE (75,000) 25.76 (1,932,000.00) -1.77% S
SAVE 848577102 SPIRIT AIRLINES INC (45,000) 42.93 (1,931,850.00) -1.77% S
HOG 412822108 HARLEY-DAVIDSON INC (54,000) 35.72 (1,928,880.00) -1.77% S
THS 89469A104 TREEHOUSE FOODS INC (40,000) 47.41 (1,896,400.00) -1.74% S
AFYA G01125106 AFYA LTD-CLASS A (65,000) 28.75 (1,868,750.00) -1.71% FS
CIT 125581801 CIT GROUP INC (40,000) 46.39 (1,855,600.00) -1.70% S
LOPE 38526M106 GRAND CANYON EDUCATION INC (19,000) 97.51 (1,852,690.00) -1.70% S
SPG 828806109 SIMON PROPERTY GROUP INC (12,500) 147.77 (1,847,125.00) -1.69% S
CADE 12739A100 CADENCE BANCORP (100,000) 17.99 (1,799,000.00) -1.65% S
STAY 30224P200 EXTENDED STAY AMERICA INC (125,000) 14.32 (1,790,000.00) -1.64% S
MSGN 553573106 MSG NETWORKS INC- A (108,000) 16.51 (1,783,080.00) -1.63% S
GM 37045V100 GENERAL MOTORS CO (50,000) 35.60 (1,780,000.00) -1.63% S
PHR 71944F106 PHREESIA INC (62,500) 27.83 (1,739,375.00) -1.59% S
NOVA 86745K104 SUNNOVA ENERGY INTERNATIONAL (140,000) 12.32 (1,724,800.00) -1.58% S
GO 39874R101 GROCERY OUTLET HOLDING CORP (50,000) 34.44 (1,722,000.00) -1.58% S
AERI 00771V108 AERIE PHARMACEUTICALS INC (75,000) 22.74 (1,705,500.00) -1.56% S
MIDD 596278101 MIDDLEBY CORP (15,000) 113.33 (1,699,950.00) -1.56% S
DY 267475101 DYCOM INDUSTRIES INC (37,000) 45.84 (1,696,080.00) -1.55% S
WORK 83088V102 SLACK TECHNOLOGIES INC- CL A (75,000) 22.46 (1,684,500.00) -1.54% S
FTCH 30744W107 FARFETCH LTD-CLASS A (130,000) 12.90 (1,677,000.00) -1.54% FS
SC 80283M101 SANTANDER CONSUMER USA HOLDI (72,000) 23.11 (1,663,920.00) -1.52% S
ARCH 39380407 ARCH COAL INC (25,000) 66.30 (1,657,500.00) -1.52% S
EQT 26884L109 EQT CORP (200,000) 8.24 (1,648,000.00) -1.51% S
GT 382550101 GOODYEAR TIRE & RUBBER CO (110,000) 14.93 (1,642,300.00) -1.50% S
NBL 655044105 NOBLE ENERGY INC (70,000) 23.43 (1,640,100.00) -1.50% S
ADNT G0084W101 ADIENT PLC (75,000) 21.84 (1,638,000.00) -1.50% FS
AMCR G0250X107 AMCOR PLC (150,000) 10.90 (1,635,000.00) -1.50% FS
QSR 76131D103 RESTAURANT BRANDS INTERN (25,000) 64.13 (1,603,250.00) -1.47% FS
GLNG G9456A100 GOLAR LNG LTD (110,000) 14.47 (1,591,700.00) -1.46% FS
GOOS 135086106 CANADA GOOSE HOLDINGS INC (46,000) 34.44 (1,584,240.00) -1.45% FS
SMAR 83200N103 SMARTSHEET INC-CLASS A (35,000) 45.26 (1,584,100.00) -1.45% S
REZI 76118Y104 RESIDEO TECHNOLOGIES INC (125,000) 12.55 (1,568,750.00) -1.44% S
S 85207U105 SPRINT CORP (325,000) 4.82 (1,566,500.00) -1.43% S
LYFT 55087P104 LYFT INC-A (33,000) 46.52 (1,535,160.00) -1.41% S
JNPR 48203R104 JUNIPER NETWORKS INC (62,000) 24.70 (1,531,400.00) -1.40% S
LVGO 539183103 LIVONGO HEALTH INC (50,000) 29.45 (1,472,500.00) -1.35% S
ATGE 00737L103 ADTALEM GLOBAL EDUCATION INC (40,000) 36.51 (1,460,400.00) -1.34% S
DLPH G2709G107 DELPHI TECHNOLOGIES PLC (130,000) 11.23 (1,459,900.00) -1.34% FS
WDAY 98138H101 WORKDAY INC-CLASS A (8,000) 181.06 (1,448,480.00) -1.33% S
CWK G2717B108 CUSHMAN & WAKEFIELD PLC (71,000) 19.68 (1,397,280.00) -1.28% FS
TXT 883203101 TEXTRON INC (30,000) 46.12 (1,383,600.00) -1.27% S
LTHM 53814L108 LIVENT CORP (150,000) 8.89 (1,333,500.00) -1.22% S
RUN 86771W105 SUNRUN INC (75,000) 17.18 (1,288,500.00) -1.18% S
DB D18190898 DEUTSCHE BANK AG-REGISTERED (150,000) 8.42 (1,263,000.00) -1.16% FS
BE 93712107 BLOOM ENERGY CORP- A (100,000) 9.71 (971,000.00) -0.89% S
FANG 25278X109 DIAMONDBACK ENERGY INC (10,000) 89.54 (895,400.00) -0.82% S
CRC 13057Q206 CALIFORNIA RESOURCES CORP (100,000) 8.49 (849,000.00) -0.78% S
BYND 8.86E+112 BEYOND MEAT INC (7,500) 109.12 (818,400.00) -0.75% S
CPE 13123X102 CALLON PETROLEUM CO (200,000) 3.86 (772,000.00) -0.71% S
AC 45528106 ASSOCIATED CAPITAL GROUP - A (5,403) 51.08 (275,985.24) -0.25% S
HOLD 00768Y651 ADVISORSHARES SAGE CORE RESE 650,000 99.94 64,961,000.00 59.48% MF

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
12/24/2020 12/28/2020 12/31/2020 - - - - - FORMULA
12/27/2019 12/30/2019 12/31/2019 $0.01164 $0.00000 $0.00000 $0.00000 $0.01164 VALUE
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

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.