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Noah Hamman, chief executive of AdvisorShares

AdvisorShares to launch Athena International Bear ETF


AdvisorShares is to launch the AdvisorShares Athena International Bear ETF (HDGI) on 19 July 2013. HDGI is sub-advised by AthenaInvest Advisors, a SEC registered investment adviser which delivers behavioural portfolio management and a patented behavioural research process.

HDGI is a short international equity securities portfolio with a tactical overlay. 
Led by Dr C Thomas Howard, co-founder and chief investment officer of Athena, the portfolio management uses a behavioural factor driven investment process that measures manager behaviour, strategy consistency and conviction, and identifies which stocks are held in top and bottom relative weight positions within the equity universe. Short positions are selected from the lowest conviction holdings in the international universe. Equity manager and investor behaviour factors also determine the most attractive markets and capitalisation ranges from Athena’s perspective, allowing a tactical overlay that allocates short and cash exposure within the portfolio. The HDGI portfolio can range from 50 to 100 holdings and invests in American Depositary Receipts (ADRs) and international company stocks traded on US exchanges.
"We believe that Athena’s behavioural investment process and extensive track record of producing measurable results brings a unique approach to the HDGI strategy," says Noah Hamman (pictured), chief executive officer of AdvisorShares. "With the launch of the first international all-short actively managed ETF, we feel that investors and financial advisors in search of portfolio diversification will find HDGI an important investment option not historically available via a transparent, liquid and efficient active ETF structure."
"Our behavioural portfolio management approach and patented behavioral investment process is deeply rooted in a robust academic foundation with over 35-plus years of research and statistical validation," says Howard. "With our scalable and holistic process, we aim to provide shareholders with a compelling alternative to other short and inverse products. Partnering with AdvisorShares allows us to deliver a unique strategy, providing benefits historically associated with alternative and hedge fund strategies, but delivered in a portable, liquid and transparent active ETF."

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