主動型ETF:Davis與Virtus

The Davis Method in an ETF

Value investors tend to be the stuff of legends and Shelby Davis – and now his son Christopher – are no different. The duo has guided the Davis Select family of mutual funds to some decent returns over the last few decades. Those market-beating returns come from the firm’s deep value and high-conviction process. The only problem is that Davis Select funds tend to be on the expensive side, and some even come with sales loads. This has investors fleeing the coop these days.
To combat that, Davis has recently launched a line of active ETFs that will employ the firm’s value approach but at a cheaper cost for investors. The Davis Select U.S. Equity ETF (DUSA n/a), Davis Select Financial ETF (DFNL n/a) and Davis Select Worldwide ETF (DWLD n/a) each seeks high-conviction, best-of-breed businesses that are trading for cheap metrics. By employing the so-called Davis method, the ETFs are looking to outperform their benchmark indexes, rather than match them.
DUSA will focus on large-cap stocks domiciled in the United States, while DFNL will hone in on U.S. financials of any size. DWLD will take its value approach across the globe and own stocks from the entire planet, including the U.S., developed-market international stocks and emerging markets.
Expenses run 0.60% for DUSA, and 0.65% for DFNL and DWLD. Not cheap by ETF standards, but still cheaper than Davis’s regular mutual funds.

Davis New York Venture Fund

Ticker	Name	Issuer	Launch Date	ETFdb.com Category	Expense Ratio
(DUSAn/a)	Davis Select U.S. Equity ETF	Davis Advisors	01/11/2017	Large-Cap Value Equities	0.60%
(DFNLn/a)	Davis Select Financial ETF	Davis Advisors	01/11/2017	Financials Equities ETFs	0.65%
(DWLDn/a)	Davis Select Worldwide ETF	Davis Advisors	01/11/2017	Global Equities	0.65%

Virtus’ Latest ETF

Virtus Investment Partners, Inc. isn’t your typical investment manager. That’s because it doesn’t have internal managers of its own. It uses various subadvisors to guide its mutual funds and other investment vehicles. The idea is that Virtus can find “the best of the best,” and you’re not stuck with a subpar manager because you’re using the fund group. The problem is that subadvised mutual funds are generally some of the most expensive and they never really perform as well as they should – thanks in part to that high expense hurdle.
Virtus has seen the writing on the wall and continued to offer active ETF solutions using its various contracted subadvisors. Its latest is the Virtus Cumberland Municipal Bond ETF (CUMB n/a).
CUMB will bet on tax-free or tax-efficient municipal bonds. The active management comes into play as it seeks to use a barbell strategy and own both short- and long-term bonds. The blend creates an intermediate portfolio with the ability to rollover its shorter bonds to higher yielding ones when rates rise. That should benefit CUMB investors given the Fed’s current course of action.
CUMB charges 0.59%, which is pretty cheap by Virtus fund standards.

Virtus Newfleet Multi-Sector Unconstrained Bond ETF

Symbol	ETF Name	Total Assets*	YTD	Avg Volume	Previous Closing Price	1-Day Change	Overall Rating
UTES	Reaves Utilities ETF	$13,266	2.14%	2,236.0	$30.13	1.31%
NFLT	Newfleet Multi-Sector Unconstrained Bond ETF	$198,605	1.26%	86,983.0	$25.51	0.51%
PMPT	iSectors Post-MPT Growth ETF	$9,632	-1.15%	4,216.0	$24.08	-4.82%
BLHY	Virtus Newfleet Dynamic Credit ETF	$77,631	-0.07%	N/A	$24.99	-0.04%
CUMB	Virtus Cumberland Municipal Bond ETF	N/A	N/A	N/A	N/A	0.00%