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Wilshire Funds Management assumes portfolio management of AdvisorShares Wilshire Buyback ETF


Wilshire Associates is to assume sub-adviser responsibilities of the AdvisorShares Wilshire Buyback ETF (TTFS) on 1 July 2016.

Josh Emanuel, chief investment officer and managing director of Wilshire Funds Management, Wilshire's global investment management business unit that advises on approximately USD150bn, will serve as lead portfolio manager of TTFS.

The fund's total expense ratio will also decrease to 0.90 per cent, a 10 per cent reduction.

In pursuing its investment strategy, Wilshire will continue TTFS' investment objective that seeks to generate long-term returns in excess of the total return of the Russell 3000 Index, with less volatility than the index.

To meet its investment criteria, the portfolio manager identifies companies that are realising a net reduction in their total number of shares publicly available for trading, while maintaining positive free cash flow and not increasing leverage on their balance sheets.

Using Wilshire's proprietary buyback strength signal – which is calculated based on a normalised measure of the reduction in shares outstanding relative to other securities in the TTFS portfolio –  the portfolio manager screens approximately 3,000 companies, narrows that universe to approximately 750 of the largest securities by market cap, and invests in approximately 100 stocks that meet its investment criteria.  

"Wilshire possesses an accomplished history of providing innovation to its clients through its extensive research and deep investment team," says Noah Hamman, chief executive officer of AdvisorShares. "We're pleased to offer such renowned industry expertise to the portfolio management of this actively managed ETF, which we firmly believe will benefit both current and future TTFS shareholders along with the reduction in the fund's total expense ratio."

"Our investment research team continuously re-evaluates a variety of quantitative factors to adapt our investment solutions to evolving financial markets, and we will apply that same disciplined and dedicated approach to the portfolio management of TTFS," says Emanuel. "We look forward to delivering our investment expertise through the actively managed ETF structure and believe that investors and advisors through their own due diligence will discover TTFS as an attractive domestic equity investment solution, particularly among buyback strategies."

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