06/28/2018 -
AdvisorShares Press Release: AdvisorShares Announces June 2018 Distributions
(HOLD) Sage Core Reserves ETF
Overview
How HOLD Works
- The AdvisorShares Sage Core Reserves ETF (NYSE Arca: HOLD) seeks to preserve capital while maximizing income. HOLD seeks to achieve its investment objective by investing in a broad range of fixed-income securities, U.S. dollar- denominated investment grade debt securities, including mortgage- or asset-backed securities rated Baa- or higher. The average duration of the Fund will vary on the forecast for interest rates and will normally not exceed one year. HOLD is managed by Sage Advisory Services (“Portfolio Manager”). The Sage fixed-income investment process is based upon implementing a top-down approach focused on actively managing portfolio duration risk, yield curve positioning, market segment allocation, and security selection.
Fund Documents
Fund Information (12/31/2018)
as of 12/31/2018
| HOLD | ||
|---|---|---|
| Duration | 0.38 years | |
| 30-Day SEC Subsidized Yield | 2.48% | |
| 30-Day SEC Unsubsidized Yield | 2.21% |
Past Performance is not indicative of future results. Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. 30–Day SEC Yield (Standardized Yield) is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30-day period by the current maximum offering price. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Subsidized Yield and 30-Day Unsubsidized Yield will be identical.
HOLD Credit Ratings
as of 9/30/2018
| Rating | Holdings |
|---|---|
| AAA | 35.82% |
| AA | 1.46% |
| A | 22.34% |
| BBB | 39.77% |
| BB/td> | 0.61% |
Composite Quality Ratings provided by Sage Advisory Ltd Co., for the HOLD ETF reflect the underlying holdings of the ETF. Moody’s ratings of the underlying securities are used to calculate the Composite Quality. When Moody’s ratings are unavailable the S&P ratings of the underline securities are used. When neither Moody’s or S&P ratings are available the security is placed into a not rated category.
The credit ratings are published rankings based on detailed financial analyses by a credit bureau specifically as it relates the bond issue's ability to meet debt obligations. The highest rating is AAA, and the lowest is D. Securities with credit ratings of BBB and above are considered investment grade.
HOLD 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
HOLD Performance History (%) as of 11/30/2018
| NAV | Market Price Return | Barclays US Treasury Bill 1-3 Month Index | |
|---|---|---|---|
| 1 Month | 0.11 | 0.12 | 0.18 |
| 3 Months | 0.37 | 0.41 | 0.53 |
| YTD | 1.63 | 1.66 | 1.63 |
| 1 Year | 1.74 | 1.75 | 1.72 |
| 3 Years | 1.35 | 1.38 | 0.90 |
| Since Inception (01/14/2014) | 0.87 | 0.87 | 0.01 |
Performance -Quarter-End
HOLD Performance History (%) as of 9/30/2018
| NAV | Market Price Return | Barclays US Treasury Bill 1-3 Month Index | |
|---|---|---|---|
| 1 Month | 0.16 | 0.17 | 0.16 |
| 3 Months | 0.64 | 0.65 | 0.48 |
| YTD | 1.42 | 1.43 | 1.26 |
| 1 Year | 1.67 | 1.65 | 1.52 |
| 3 Years | 1.33 | 1.33 | 0.78 |
| Since Inception (01/14/2014) | 0.86 | 0.85 | 0.51 |
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 Barclays 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. 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
| $0.22070 | $0.00 | $0.00 | $0.00 | $0.22070/per share |
11-27-18 | 11-28-18 | 11-30-18
| $0.19667 | $0.00 | $0.00 | $0.00 | $0.19667/per share |
10-26-18 | 10-29-18 | 10-31-18
| $0.17712 | $0.00 | $0.00 | $0.00 | $0.17712/per share |
09-26-18 | 09-27-18 | 09-28-18
| $0.14441 | $0.00 | $0.00 | $0.00 | $0.14441/per share |
08-27-18 | 08-28-18 | 08-31-18
| $0.17854 | $0.00 | $0.00 | $0.00 | $0.17854/per share |
07-27-18 | 07-27-18 | 07-31-18
| $0.17076 | $0.00 | $0.00 | $0.00 | $0.17076/per share |
06-25-18 | 06-26-18 | 06-29-18
| $0.16773 | $0.00 | $0.00 | $0.00 | $0.16773/per share |
05-25-18 | 05-29-18 | 05-31-18 | $0.15277 | $0.00 | $0.00 | $0.00 | $0.15277/per share |
04-25-18 | 04-26-18 | 04-30-18 | $0.14238 | $0.00 | $0.00 | $0.00 | $0.14238/per share |
03-26-18 | 03-27-18 | 03-29-18 | $0.12951 | $0.00 | $0.00 | $0.00 | $0.12951/per share |
02-26-18 | 02-27-18 | 02-28-18 | $0.23564 | $0.00 | $0.00 | $0.00 | $0.23564/per share |
01-26-18 | 01-29-18 | 01-31-18 | $0.12125 | $0.00 | $0.00 | $0.00 | $0.12125/per share |
12-27-17 | 12-28-17 | 12-29-17 | $0.13657 | $0.00 | $0.00 | $0.00 | $0.13657/per share |
11-28-17 | 11-29-17 | 11-30-17 | $0.12663 | $0.00 | $0.00 | $0.00 | $0.12663/per share |
10-27-17 | 10-30-17 | 10-31-17 | $0.13039 | $0.00 | $0.00 | $0.00 | $0.13039/per share |
09-26-17 | 09-27-17 | 09-29-17 | $0.11866 | $0.00 | $0.00 | $0.00 | $0.11866/per share |
08-25-17 | 08-29-17 | 08-31-17 | $0.10918 | $0.00 | $0.00 | $0.00 | $0.10918/per share |
07-26-17 | 07-28-17 | 07-31-17 | $0.11327 | $0.00 | $0.00 | $0.00 | $0.11327/per share |
06-23-17 | 06-28-17 | 06-30-17 | $0.10805 | $0.00 | $0.00 | $0.00 | $0.10805/per share |
05-23-17 | 05-26-17 | 05-31-17 | $0.09805 | $0.00 | $0.00 | $0.00 | $0.09805/per share |
04-21-17 | 04-26-17 | 04-28-17 | $0.09568 | $0.00 | $0.00 | $0.00 | $0.09568/per share |
03-24-17 | 03-28-17 | 03-31-17 | $0.09223 | $0.00 | $0.00 | $0.00 | $0.09223/per share |
02-23-17 | 02-27-17 | 02-28-17 | $0.08725 | $0.00 | $0.00 | $0.00 | $0.08725/per share |
01-25-17 | 01-27-17 | 01-31-17 | $0.0710 | $0.00 | $0.00 | $0.00 | $0.0710/per share |
12-23-16 | 12-28-16 | 12-30-16 | $0.1224 | $0.00 | $0.00 | $0.00 | $0.1224/per share |
11-23-16 | 11-28-16 | 11-30-16 | $0.0727 | $0.00 | $0.00 | $0.00 | $0.0727/per share |
10-25-16 | 10-27-16 | 10-31-16 | $0.0775 | $0.00 | $0.00 | $0.00 | $0.0775/per share |
09-26-16 | 09-28-16 | 09-30-16 | $0.0838 | $0.00 | $0.00 | $0.00 | $0.0838/per share |
08-25-16 | 08-29-16 | 08-31-16 | $0.0905 | $0.00 | $0.00 | $0.00 | $0.0905/per share |
07-25-16 | 07-27-16 | 07-29-16 | $0.0819 | $0.00 | $0.00 | $0.00 | $0.0819/per share |
06-24-16 | 06-28-16 | 06-30-16 | $0.0646 | $0.00 | $0.00 | $0.00 | $0.0646/per share |
05-24-16 | 05-26-16 | 05-31-16 | $0.0363 | $0.00 | $0.00 | $0.00 | $0.0363/per share |
04-25-16 | 04-27-16 | 04-29-16 | $0.1343 | $0.00 | $0.00 | $0.00 | $0.1343/per share |
03-24-16 | 03-29-16 | 03-31-16 | $0.0853 | $0.00 | $0.00 | $0.00 | $0.0853/per share |
02-23-16 | 02-25-16 | 02-29-16 | $0.0622 | $0.00 | $0.00 | $0.00 | $0.0622/per share |
01-25-16 | 01-27-16 | 01-29-16 | $0.0520 | $0.00 | $0.00 | $0.00 | $0.0520/per share |
12-24-15 | 12-29-15 | 12-31-15 | $0.0836 | $0.00 | $0.00 | $0.00 | $0.0836/per share |
11-23-15 | 11-25-15 | 11-30-15 | $0.0532 | $0.00 | $0.00 | $0.00 | $0.0532/per share |
10-26-15 | 10-28-15 | 10-30-15 | $0.0595 | $0.00 | $0.00 | $0.00 | $0.0595/per share |
09-24-15 | 09-28-15 | 09-30-15 | $0.0513 | $0.00 | $0.00 | $0.00 | $0.0513/per share |
08-25-15 | 08-27-15 | 08-31-15 | $0.0439 | $0.00 | $0.00 | $0.00 | $0.0439/per share |
07-24-15 | 07-28-15 | 07-30-15 | $0.0388 | $0.00 | $0.00 | $0.00 | $0 0388/per share |
06-24-15 | 06-26-15 | 06-30-15 | $0.0369 | $0.00 | $0.00 | $0.00 | $0.0369/per share |
05-22-15 | 05-27-15 | 05-29-15 | $0.0172 | $0.00 | $0.00 | $0.00 | $0.0172/per share |
04-24-15 | 04-28-15 | 04-30-15 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
03-25-15 | 03-27-15 | 03-31-15 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
02-23-15 | 02-25-15 | 02-27-15 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
01-26-15 | 01-28-15 | 01-30-15 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
12-24-14 | 12-29-14 | 12-31-14 | $0.150 | $0.00 | $0.00 | $0.00 | $0.150/per share |
11-21-14 | 11-25-14 | 11-28-14 | $0.018 | $0.00 | $0.00 | $0.00 | $0.018/per share |
10-27-14 | 10-29-14 | 10-31-14 | $0.013 | $0.00 | $0.00 | $0.00 | $0.013/per share |
09-24-14 | 09-26-14 | 09-30-14 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
08-25-14 | 08-27-14 | 08-29-14 | $0.073 | $0.00 | $0.00 | $0.00 | $0.073/per share |
07-25-14 | 07-29-14 | 07-31-14 | $0.089 | $0.00 | $0.00 | $0.00 | $0.089/per share |
06-24-14 | 06-26-14 | 06-30-14 | $0.092 | $0.00 | $0.00 | $0.00 | $0.092/per share |
05-23-14 | 05-28-14 | 05-30-14 | $0.086 | $0.00 | $0.00 | $0.00 | $0.086/per share |
04-24-14 | 04-28-14 | 04-30-14 | $0.071 | $0.00 | $0.00 | $0.00 | $0.071/per share |
03-25-14 | 03-27-14 | 03-31-14 | $0.056 | $0.00 | $0.00 | $0.00 | $0.056/per share |
02-26-14 | 02-26-14 | 02-28-14 | $0.020 | $0.00 | $0.00 | $0.00 | $0.020/per share |
01-27-14 | 01-29-14 | 01-31-14 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
Why Invest in HOLD
- For a Potentially Higher Yield and Total Return - HOLD has the potential to deliver competitive returns compared to other liquid options while offering diversification and a risk profile consistent with short-term fixed income. HOLD will not seek to maintain stable values and offers no guarantees.
- For Efficient & Scalable Cash Management Access - HOLD gives all investors access to the same quality of money management service that Sage has provided to their institutional and private clients for over 15 years, without needing to meet their minimum investment, along with the potential added benefits of the ETF structure, which include intraday trading and transparency.
- For Diversification and Risk Management - HOLD may offer added diversification with a risk management process focused on minimizing volatility and maintaining liquidity in all environments.
5 Key Attributes
- Top-Down Approach - The portfolio manager’s fixed-income investment process is based upon implementing a top-down approach focused on actively managing portfolio duration risk, yield curve positioning, market segment allocation, and security selection.
- Low Duration - HOLD’s low average duration, targeted to be less than 1 year, may potentially make it less sensitive to interest rate changes than other bond ETFs with higher average durations.
- Flexible Mandate - The portfolio manager maintains the ability to add diversification, through flexible credit quality and expanded security categories, to manage risk and return.
- Active Risk Management - HOLD seeks to deliver efficient cash flows, with an emphasis on minimizing volatility and mitigation of risk in all market environments while seeking to maintain a high level of liquidity.
- Fixed Income Experience - The portfolio manager is an experienced fixed income manager with a long history of delivering solutions to the institutional marketplace. HOLD’s investment committee offers more than 150 years of combined investment experience.
About the Portfolio Managers
-
Mark C. MacQueen, Co-Founder, Executive Vice President Portfolio Management
Mr. MacQueen has more than 30 years of domestic and international portfolio management and institutional securities trading experience. He began his career as a member of the Institutional Government Securities Trading desk at Merrill Lynch Government Securities in New York. He was later assigned to the Institutional Fixed Income Trading desk in London as Vice President and Senior Trader responsible for managing the firm’s European-based risk capital position. Following his Merrill Lynch tenure, Mr. MacQueen joined APS Financial Corp. in Austin, Texas as Director of Fixed Income Portfolio Research. He went on to become a principal of the Tejas Securities Group as Director of Fixed Income Trading and Research. In 1996, Mr. MacQueen and Robert G. Smith, III, founded Sage Advisory Services, Ltd. Co. in Austin, Texas. Mr. MacQueen received a B.S. in Finance from the University of Delaware.
-
Thomas H. Urano, CFA, Principal and Managing Director
Mr. Urano is a member of the investment committee and brings over 15 years of experience and client account management and fixed income trading to the firm. He serves as a portfolio manager and senior trader for the taxable fixed income and equity strategies. Before joining Sage, Mr. Urano served as a Vice President on the institutional trading desk at Credit Suisse Asset Management in New York. In addition, he was a member of the fixed income portfolio analytics and accounting group for Morgan Keegan. He is also a Chartered Financial Analyst Charterholder and member of the CFA Institute. Mr. Urano received a B.A. in Economics from The University of Texas.
Manager Minutes, November 2018
Price History
As of: 01/14/2019
| NAV | $99.22 | Closing Price | $99.22 |
| Change | $0.01 | Change | $-0.03 |
| Shares Outstanding | 675,000 | Volume | 1,000 |
| 4PM Bid/Offer Midpoint | $99.22 | Premium/Discount | $0.00 |
| Assets Under Management | $66,974,738.25 | ||
| 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. 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
HOLD
-
Exchange
NYSE Arca
-
Inception Date
01/14/2014
-
CUSIP
00768Y651
-
Indicative Value
HOLD.IV
-
Options
No
Fees & Expenses
-
Management Fee
0.30%
-
Other Expenses
0.35%
-
Gross Expense Ratio
0.65%
-
Fee Waiver and/or Expense Reimbursement
-0.30%
-
Net Expense Ratio
0.35%*
- *The Advisor has contractually agreed to keep net expenses from exceeding 0.35% of the Fund’s average daily net assets for at least one year from the date of the prospectus and for successive one-year periods thereafter unless the agreement is terminated. This agreement is limited to the Fund’s direct operating expenses and, therefore, does not apply to “Acquired Fund Fees and Expenses.”
