AlphaPro Management Inc. launched four more actively managed exchange-traded funds (ETFs) this week. By my count, this brings to nine the number launched since the first was introduced in early 2009.
Management expense ratios for most of the nine funds are 0.70% to 0.75%, with several charging performance fees equal to 20% of the return earned above a benchmark. As such, the hurdles are much lower for active investing strategies.
Here is an overview of the nine actively managed ETFs in Canada to date, from oldest to most recent.
Horizons AlphaPro Managed S&P/TSX 60 ETFseeks long-term capital growth by investing primarily inthe constituents of the S&P/TSX 60; managed by technical analyst Ron Meisels until recently, it’s now managed by Frank Mersch (who beat the TSE 300 eight years in a row while managing the Altamira Canadian Equity Growth during the 1990s).
Horizons AlphaPro Gartman ETFgives exposure to the investment strategies of Dennis Gartman, author of The Gartman Letter; Gartman uses fundamental, macro-economic and technical analyses and a variety of investment vehicles to go long or short on a variety asset classes
Horizons AlphaPro Fiera Tactical Bond Fundis run by Montreal-based Fiera Capital Inc., who tactically allocates funds across a basket of ETFs tracking different kinds of bonds ranging from government treasuries to corporate bonds to high-yield debt; a closed-end fund scheduled to convert to an ETF
Horizons AlphaPro Income Plus Fundwill overweight U.S. Treasury bonds and money market securities in periods of deflation; it will overweight Treasury Inflation Protected Securities (TIPS) and commodities in a period of inflation; a closed-end fund scheduled to convert to an ETF; uses Barclays Bank’s Multi-Asset Allocation Model
Horizons AlphaPro Seasonal Rotation ETF, tactically allocates exposure among equities, fixed income, commodities and currencies according to periods of seasonal strength; managed by Don Vialoux and Brooke Thackray
Horizons AlphaPro S&P/TSX 60 130/30 Strategy ETFtracks a Standard & Poors index that seeks to outperform the S&P/TSX 60 by overweighting 10 stocks in the index by 3 percentage points and underweighting 10 other stocks in the index by 3 percentage points.
Horizons AlphaPro North American Valueinvests in equities using the deep value approach of Vito Maida, who managed the Trimark Canadian fund during the 1990s and is now with Patient Capital Management
Horizons AlphaPro Dividendinvests primarily in major North American companies with above average dividend yields and is managed by Lyle Stein, the CEO of Leon Frazer.
Horizons AlphaPro North American Growthinvests mainly in U.S. growth stocks under the guidance of Stephen Rogers, who ran AGF Managements American Growth Fund during the 1990s and was named U.S. Equity Manager of the Decade [1990s] by Gordon Pape.
Blogs & Comment
Actively managed ETFs in Canada
By Larry MacDonald
AlphaPro Management Inc. launched four more actively managed exchange-traded funds (ETFs) this week. By my count, this brings to nine the number launched since the first was introduced in early 2009.
Management expense ratios for most of the nine funds are 0.70% to 0.75%, with several charging performance fees equal to 20% of the return earned above a benchmark. As such, the hurdles are much lower for active investing strategies.
Here is an overview of the nine actively managed ETFs in Canada to date, from oldest to most recent.
Horizons AlphaPro Managed S&P/TSX 60 ETFseeks long-term capital growth by investing primarily inthe constituents of the S&P/TSX 60; managed by technical analyst Ron Meisels until recently, it’s now managed by Frank Mersch (who beat the TSE 300 eight years in a row while managing the Altamira Canadian Equity Growth during the 1990s).
Horizons AlphaPro Gartman ETFgives exposure to the investment strategies of Dennis Gartman, author of The Gartman Letter; Gartman uses fundamental, macro-economic and technical analyses and a variety of investment vehicles to go long or short on a variety asset classes
Horizons AlphaPro Fiera Tactical Bond Fundis run by Montreal-based Fiera Capital Inc., who tactically allocates funds across a basket of ETFs tracking different kinds of bonds ranging from government treasuries to corporate bonds to high-yield debt; a closed-end fund scheduled to convert to an ETF
Horizons AlphaPro Income Plus Fundwill overweight U.S. Treasury bonds and money market securities in periods of deflation; it will overweight Treasury Inflation Protected Securities (TIPS) and commodities in a period of inflation; a closed-end fund scheduled to convert to an ETF; uses Barclays Bank’s Multi-Asset Allocation Model
Horizons AlphaPro Seasonal Rotation ETF, tactically allocates exposure among equities, fixed income, commodities and currencies according to periods of seasonal strength; managed by Don Vialoux and Brooke Thackray
Horizons AlphaPro S&P/TSX 60 130/30 Strategy ETFtracks a Standard & Poors index that seeks to outperform the S&P/TSX 60 by overweighting 10 stocks in the index by 3 percentage points and underweighting 10 other stocks in the index by 3 percentage points.
Horizons AlphaPro North American Valueinvests in equities using the deep value approach of Vito Maida, who managed the Trimark Canadian fund during the 1990s and is now with Patient Capital Management
Horizons AlphaPro Dividendinvests primarily in major North American companies with above average dividend yields and is managed by Lyle Stein, the CEO of Leon Frazer.
Horizons AlphaPro North American Growthinvests mainly in U.S. growth stocks under the guidance of Stephen Rogers, who ran AGF Managements American Growth Fund during the 1990s and was named U.S. Equity Manager of the Decade [1990s] by Gordon Pape.