Solactive AG has expanded the Guru Family with the launch of the Solactive Guru Activist Index, which is used as underlying for the new Global X Guru Activist Index ETF (ACTX).
The Solactive Guru Activist Index tracks the price movements of US listed equity holdings of a group of activist investors. Activists acquire a company’s shares with the goal of enacting changes in the company's business policies to unlock additional value for shareholders.
Henning Kahre, Head of Equity Indexing, Solactive, says: “The aim of the Solactive Guru Activist Index is to include the target companies of activist investors that tend to take relatively large stakes in a company in order to enforce substantial changes in their corporate strategy. These campaigns are often related to restructuring plans or returning cash to shareholders, among others.”
The selection is based on publicly available documents, the 13F Filings, that all hedge funds with more than USD 100 million in US equity investments are required to report to the SEC on a quarterly basis, and the 13D filings, that all investors acquiring 5% or more of a company’s shares are required to report to the SEC within 10 days after the date of the transaction.
This Index is part of the same family than the Solactive Guru Index, launched in June 2012 and tracked by the Global X Guru Index ETF (GURU) which has gathered USD307 million of assets, as well as the Solactive Guru International Index and the Solactive Guru Small Cap Index, both launched in March 2014 and also used for ETFs by Global X Funds (GURI and GURX.)