The AdvisorShares STAR Global Buy-Write ETF (NYSE Arca: VEGA) seeks consistent repeatable returns across all market cycles. VEGA is sub-advised by Partnervest Advisory Services, LLC (“Portfolio Manager”). The Portfolio Manager seeks to achieve the investment objective by using a proprietary strategy known as Volatility Enhanced Global Appreciation (“VEGA”). VEGA is primarily a “fund of funds” and employs a “Buy-Write” or “Covered Call” overlay for its global allocation strategy using Exchange Traded Products (ETPs).
According to the internal benchmark policy, the Portfolio Manager will use both ETFs and individual equities to implement its tactical allocation strategy in which the volatility of each of the underlying positions determines the amount of option hedging. During periods of high volatility, the Portfolio Manager will write (or sell) a call option against some of its positions in order to hedge downside risk, while generating an income stream from the sale of options. At any given time, approximately 60% to 85% of VEGA’s positions will have covered options. Additionally when volatility is low, the portfolio manager buys protective put options to manage downside risk.
|NAV||Market Price Return||MSCI World Index|
|NAV||Market Price Return||MSCI World Index|
Performance data quoted represents past performance and is no guarantee of future results. 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 MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index.
|Ex-Date||Record Date||Pay Date||Cash Div||ST Cap Gain||LT Cap Gain||Return of Capital||Total Distribution|
Kenneth R. Hyman, President and Chief Executive Officer
Kenneth R. Hyman founded Partnervest in 2001 and is responsible for the direction and oversight of Partnervest’s business, financial, and operational affairs. He also serves as Co-Portfolio Manager and member of the Investment Management Committee overseeing the STAR Asset Management program. Established in 2001, the Sub-Advisor provides investment management solutions to investors and the advisors that serve them. Prior to establishing Partnervest, Mr. Hyman was the Senior Executive and Financial Officer for Integral Securities, Inc. and Integral Securities Europe Ltd. Prior to Partnervest and Integral, Mr. Hyman was the Managing Principal and Chief Operating Officer of Mercer Global Securities and the Director of Operations for Mercer Global Advisors, one of the nation’s largest fee-only financial planning and investment management firms. He was also the Vice-President of Trading for Associated Financial Group, a financial services company providing support to more than 328 representatives in over 179 branch and satellite offices.
David Young, CFA, Chief Investment Officer
Mr. Young joined Partnervest Advisory Services in 2015 and serves as Chief Investment Officer and member of the Investment Management Committee. He is the founder and Chief Executive Officer of Anfield Capital Management LLC, an SEC registered investment advisory firm that specializes in risk-based global allocation and fixed income strategies. Prior to founding Anfield, Mr. Young spent 15 years at PIMCO, focusing on investment strategy, portfolio management and asset allocation. While there, he formed and chaired the first multi-asset investment committee and headed the account management group in London. Mr. Young holds the Chartered Financial Analyst designation, an MBA with a concentration in Finance from the Paul Merage School of Business at the University of California, Irvine and degrees in Economics and Political Science from UC, Irvine, where he has also served as an adjunct professor.
Peter Van De Zilver, Portfolio Manager
Mr. Van De Zilver joined Partnervest Advisory Services in 2015 and serves as portfolio manager and member of the Investment Management Committee. He is the Director of Portfolio Analytics and Risk Management at Anfield Capital Management LLC, an SEC registered investment advisory firm that specializes in risk-based global allocation and fixed income strategies. He has over 20 years of investment management experience and served in a senior position at PIMCO in the Portfolio Analytics group, where he was responsible for the architecture, development and implementation of many analytics and risk management systems. Mr. Van De Zilver holds the Chartered Financial Analyst designation and degrees in Physics, Mathematics and Economics from the Universities of Utrecht and Amsterdam, as well as an MA degree in Economics from the University of Southern California.
|4PM Bid/Offer Midpoint||$28.36||Premium/Discount||$0.02|
|Assets Under Management||$17,713,039.19|
|Premium/Discount Historical Data|
|SPY||SPDR S&P500 ETF TRUST||49.79%|
|EFA||ISHARES MSCI EAFE ETF||9.79%|
|IWM||ISHARES RUSSELL 2000 ETF||5.84%|
|---||BLACKROCK LIQUIDITY T 60||5.45%|
|EEM||ISHARES MSCI EMERGING MARKETS ETF||5.22%|
|BIV||VANGUARD INTERMEDIATE-TERM B||5.07%|
|TOTL||SPDR DOUBLELINE TR TACT ETF||5.07%|
|PHB||POWERSHARES FDMNL H/Y CORP B||4.97%|
|XLF||FINANCIAL SELECT SECTOR SPDR FUND||3.81%|
|VNQ||VANGUARD REIT ETF||2.92%|
|CWB||SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF||2.01%|
|---||SPY US 05/19/17 P235||0.36%|
|---||SPY US 04/21/17 C240||-0.06%|
|---||EFA US 04/21/17 C62||-0.06%|
|---||EEM US 04/21/17 C39||-0.08%|
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.
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