Morgan Creek Capital Management has assumed sub-advisor responsibilities of the AdvisorShares Morgan Creek Global Tactical ETF (GTAA).
Mark W. Yusko, Morgan Creek’s chief executive and chief investment officer, will serve as lead portfolio manager of GTAA.
In pursuing its investment strategy, Morgan Creek will continue GTAA’s investment objective that seeks to preserve and grow capital from investments in major global asset classes that include the US and foreign equity, fixed income, commodity and currency markets – independent of market direction.
Morgan Creek will use a discretionary macro approach that seeks to provide consistent returns with reduced volatility and manageable drawdowns. GTAA has been a fund of funds strategy but will now additionally use individual stocks, futures contracts, and options (calls or puts) as a means of enhancing returns or limiting portfolio risk as part of its principal investment strategy.
“We are very pleased to welcome Mark Yusko and the Morgan Creek team as the new portfolio manager to GTAA,” says Noah Hamman, CEO of AdvisorShares. “Morgan Creek takes a different approach to global tactical asset allocation and utilises a deep network of industry resources with expertise which has served institutions and top endowments, employing forward-looking investment themes and trends that we believe will benefit GTAA shareholders. We feel that their world-class globally-based investment team delivers yet another compelling core alternative strategy to our actively managed ETF suite.”
“We are delighted to partner with AdvisorShares and look forward to providing Morgan Creek’s discretionary macro investment approach as portfolio manager of GTAA,” says Yusko. “As an experienced investment manager deeply rooted across institutions, private wealth, and top university endowments throughout the country, we strive to think alternatively and to provide an edge that we believe best suits our investors. We feel that delivering our alternative investment process through the daily transparency, intraday liquidity, efficiency and accessibility of an ETF structure can serve as a core for investors and advisors’ client portfolios.”
