12/29/2016 -
AdvisorShares Press Release, AdvisorShares Announces December 2016 Distributions
(FWDD) Madrona Domestic ETF
Overview
How FWDD Works
- The investment objective of the AdvisorShares Madrona Domestic ETF (NYSE Arca: FWDD) seeks to provide long-term capital appreciation above the capital appreciation of its benchmark, the S&P 500 Index. FWDD is sub-advised by Madrona Funds, LLC ("Portfolio Manager"). The Portfolio Manager seeks to achieve this objective by selecting a portfolio of up to 500 of the largest U.S. traded equity securities using a weighted allocation system based on consensus analyst estimates of the present value of future expected earnings relative to the share price of each security.
Fund Documents
Portfolio Manager Commentaries
FWDD in the News
The following reprints should not be construed as an offer to sell or a solicitation of an offer to buy shares of any other funds. They are provided for informational purposes for AdvisorShares only.
Performance -Month-End
FWDD Performance History (%)
as of 7/31/2018
| NAV | Market Price Return | S&P 500 Index | |
|---|---|---|---|
| 1 Month | 3.30 | 3.33 | 3.72 |
| 3 Months | 4.53 | 4.53 | 6.87 |
| YTD | 2.89 | 2.71 | 6.47 |
| 1 Year | 11.85 | 11.87 | 16.24 |
| 3 Years | 8.19 | 8.20 | 12.52 |
| 5 Years | 10.31 | 10.32 | 13.12 |
| Since Inception (06/20/2011, Annualized) | 12.13 | 12.14 | 14.12 |
Performance -Quarter-End
FWDD Performance History (%)
as of 6/30/2018
| NAV | Market Price Return | S&P 500 Index | |
|---|---|---|---|
| 1 Month | -0.39 | -0.38 | 0.62 |
| 3 Months | 1.22 | 1.10 | 3.43 |
| YTD | -0.41 | -0.60 | 2.65 |
| 1 Year | 9.76 | 9.78 | 14.37 |
| 3 Years | 7.37 | 7.39 | 11.93 |
| 5 Years | 10.89 | 10.90 | 13.42 |
| Since Inception (06/20/2011, Annualized) | 11.77 | 11.78 | 13.71 |
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.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.
Fund Distributions
| Ex-Date | Record Date | Pay Date | Cash Div | ST Cap Gain | LT Cap Gain | Return of Capital | Total Distribution |
|---|---|---|---|---|---|---|---|
12-27-18 | 12-28-18 | 12-31-18 | - | - | - | - | - |
12-27-17 | 12-28-17 | 12-29-17 | $0.18473 | $0.00 | $0.00 | $0.00 | $0.18473/per share |
12-23-16 | 12-28-16 | 12-30-16 | $0.3032 | $0.00 | $0.00 | $0.00 | $0.3032/per share |
12-24-15 | 12-29-15 | 12-31-15 | $0.1528 | $0.00 | $0.00 | $0.00 | $0.1528/per share |
12-24-14 | 12-29-14 | 12-31-14 | $0.138 | $0.00 | $0.00 | $0.00 | $0.138/per share |
12-24-13 | 12-27-13 | 12-31-13 | $0.104 | $0.00 | $0.00 | $0.00 | $0.104/per share |
12-24-12 | 12-27-12 | 12-31-12 | $0.129 | $0.00 | $0.00 | $0.00 | $0.129/per share |
12-23-11 | 12-28-11 | 12-30-11 | $0.066 | $0.00 | $0.00 | $0.00 | $0.066/per share |
Why Invest in FWDD
- As an Alternative to Equity Index Allocations - FWDD can be used as an alternative to market cap, equal, fundamental or dividend weighted indices. FWDD is a valuation-based broadly diversified equity allocation and will provide as diversified a portfolio as the aforementioned index strategies, just weighted based on the present value of future expected earnings.
- For Diversified Portfolio Construction - The Portfolio Manager’s portfolio construction process emphasizes diversification across up to 500 of the largest U.S. companies traded on the US stock exchange. Spreading your investment risk among 500 companies with a material allocation to all quartiles may help diversify an overall portfolio.
- For a Smarter Way to Buy U.S. Equities - FWDD is designed for any investor who believes that U.S. equities should be represented in their portfolio and wants to buy them in a smarter way- based on future expected earnings, not past performance. For a world allocation portfolio, FWDD could constitute the core U.S. equity allocation.
5 Key Attributes
- Forward-Looking Fundamental Analysis - Unlike the typical market cap weighted index fund, which is comprised of the largest stocks as measured by their size, the FWDD portfolio management team uses forward-looking financial data as the primary focus when making portfolio allocation decisions. Therefore, the portfolio is allocated to companies with the best expected future earnings based on analyst consensus.
- Low Turnover - FWDD will typically have low portfolio turnover. Changes to the Fund’s portfolio typically occur upon the reporting and analysis of individual securities through the earnings season and rely heavily on a stock’s price and market cap relative to the future expected earnings. Lower turnover may lead to a more tax efficient investment due to less buy/sell transaction costs.
- Incorporation of Analyst Research - FWDD employs the research of dozens of the leading stock market analysts to assist in their allocation decisions. The portfolio management team uses a proprietary weighting methodology that focuses on analyst data and the forecasted expected future earnings with the goal that the most attractive companies receive the highest investment and the less attractive companies receive the lowest investment.
- True Stock Market Diversification - The traditional market-cap weighted index fund can end up overweighting the very large companies while underweighting the smaller ones potentially forfeiting additional returns. FWDD incorporates a unique strategy to protect against dramatic over or under weighting of individual securities in the portfolio, offering true stock market diversification.
- Elimination of Unqualified Companies - Unlike an index, our active management strategy allows for the elimination of investments from equities that do not meet our criteria. The elimination of investments in companies with poor projected profits or a decreasing projection of profits can have a positive effect on the return of an investment portfolio over time.
About the Portfolio Managers
-
Brian K. Evans, CPA/PFS – Founder/Managing Member/Portfolio Manager
Mr. Evans founded Madrona Funds, LLC in September, 2010. He is primarily responsible for operational management as well as implementation and development of investment strategies for Madrona Funds, LLC. Brian is President and owner of Bauer Evans, Inc. P.S. (“Bauer Evans”), and has been a CPA for 24 years. Bauer Evans is one of the largest certified public accounting firms in Snohomish County, Washington serving over 1,200 clients.
- Brian is also Principal and owner of Madrona Financial Services, LLC (“Madrona Financial Services”). Madrona Financial Services is an independent registered investment advisor offering comprehensive global investment services. Madrona Financial Services was ranked by Financial Advisor Magazine as one of the top 25 fastest growing companies in its class in the country for 3 consecutive years, 2005-2007.
-
Robert W. Bauer, CPA – Member/Portfolio Manager
Mr. Bauer joined Madrona Funds, LLC at its inception in September, 2010. He is primarily responsible for the implementation and development of investment strategies for Madrona Funds, LLC. Bob attended the University of Washington and received a Bachelors of Arts Degree in Political Science, later attending Seattle University, Golden Gate University and the University of Washington for Masters courses in Business, Taxation, Special Education and Broadcast Journalism. After 13 years in the public accounting field, Bob started his own CPA firm, which later became Bauer Evans when Brian Evans joined him. Bob also holds his Series 65 license as an investment adviser representative for Madrona Financial Services.
-
Kristi R. Henderson, CPA/PFS – Member/Portfolio Manager
Mrs. Henderson joined Madrona Funds, LLC at its inception in September, 2010 and is a CPA for Bauer Evans. She is primarily responsible for the implementation and development of investment strategies for Madrona Funds, LLC. As an Academic All-American nominee for the University of Oregon softball team, Kristi graduated with honors in June, 2007 and received a degree in accounting while also taking numerous finance classes. She holds her Series 65 license as an investment advisor representative for Madrona Financial Services where she helped create securities trades, ran the performance software and performed various other duties.
Price History
As of: 08/15/2018
| NAV | $54.11 | Closing Price | $54.16 |
| Change | $-0.52 | Change | $-0.13 |
| Shares Outstanding | 575,000 | Volume | 181 |
| 4PM Bid/Offer Midpoint | $54.10 | Premium/Discount | $-0.01 |
| Assets Under Management | $31,112,576.25 | ||
| Premium/Discount Historical Data | |||
Holdings
As of: 08/15/2018
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. 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 Basics
-
Symbol
FWDD
-
Exchange
NYSE Arca
-
Inception Date
6/20/2011
-
CUSIP
00768Y859
-
Indicative Value
FWDD.IV
-
Options
No
Fees & Expenses
-
Management Fee
0.80%
-
Other Expenses
0.57%
-
Gross Expense Ratio
1.37%
-
Fee Waiver and/or Expense Reimbursement
-0.12%
-
Net Expense Ratio
1.25%*
- *The Advisor has contractually agreed to keep net expenses from exceeding 1.25% for at least one year from the date of the prospectus and for successive one-year periods thereafter unless the agreement is terminated.
