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AdvisorShares launches Cornerstone Small Cap ETF

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AdvisorShares, a sponsor of actively managed exchange-traded funds (ETFs), has launched the AdvisorShares Cornerstone Small Cap ETF (NYSE Arca: SCAP).

The SCAP portfolio is sub-advised by Cornerstone Investment Partners, an Atlanta-based investment manager that specialises in US equity strategies and manages USD3.1 billion in assets for its individual and institutional clients.
 
In pursuing SCAP's investment objective, Cornerstone seeks to provide total return through long-term capital appreciation and current income.
 
The portfolio manager holds a view that the market often misprices fundamental improvements and reacts slowly to recognising improving fundamentals, particularly among small cap stocks.
 
Cornerstone considers a variety of factors for SCAP's security selection process, which includes improving expectations for fundamental performance, strong balance sheets and financial flexibility. By doing so, the portfolio manager seeks to identify opportunities that the market overlooks and invests in the most attractive small cap securities for the SCAP portfolio, which actively eliminates companies with weak or deteriorating fundamentals.
 
SCAP also becomes the first actively managed ETF to successfully convert a track record from an existing investment structure. Cornerstone managed SCAP's investment strategy in a separately managed account (SMA) that preceded its conversion into an actively managed ETF.
 
Since its inception on 30 June 2012, SCAP's predecessor account has outperformed the Russell 2000 Index. 

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