AVGE vs INFL

AVGEAAvantis All Equity Markets ETF

INFLCHorizon Kinetics Inflation Beneficiaries ETF

In short

AVGE Avantis's whole-world equity portfolio in one ticker: a fund built from its own factor ETFs across US, developed and emerging markets, tilted toward smaller and cheaper stocks, at 0.23% a year with no waiver involved.

INFL Most equity funds chase an index. INFL chases purchasing power: a hand-picked book of roughly 50 stocks built around one question, what holds up when prices rise. Active since 2021, with no benchmark to hide behind.

Stated mandate

AVGE The fund seeks long-term capital appreciation through a broadly diversified equity portfolio. It invests directly or through Avantis ETFs and emphasizes companies expected to offer higher returns or better risk characteristics than a passive, market-cap-weighted index.

INFL The Fund targets long-term capital appreciation after accounting for inflation.

Why people hold it

• AVGE One ticker, the whole map: it owns a series of other Avantis ETFs spanning US, developed international and emerging markets.avantisinvestors.com
• 0.23% a year, below the typical global active equity fund, and that is the real number, not a temporary waiver.
• No closet indexing. The mandate emphasizes companies Avantis expects to offer higher returns or better risk traits than a passive, cap-weighted index.ifa.com
• Sits among the strongest implementations in its global active equity peer group, and it pays shareholders quarterly.

• INFL The mandate is unusually specific: long-term capital appreciation after accounting for inflation, not simply beating a stock index. That framing drives value-led, bottom-up stock picking.
• About 50 names across US and developed international markets. Concentrated enough that individual picks actually move the portfolio, which is the point of hiring an active manager.
• Trades well for a niche active fund. Liquidity and spreads sit near the top of its global active equity peer group, so getting in and out is rarely the expensive part.
• Launched in 2021 and since grown past the billion-dollar mark, giving it an operating history and a scale most thematic launches never reach. Pays quarterly.

Worth knowing

• AVGE At the fund level you hold a handful of Avantis ETFs, so the stock-level diversification is look-through and one firm's research drives the entire stack.avantisinvestors.com
• The prospectus targets roughly 70% US equity (band 63% to 77%), so the geographic mix follows Avantis's policy rather than global market weights.ifa.com
• A close sibling, AVTM, covers total equity markets at 0.22% with no waiver attached.

• INFL At 0.85% a year, it costs more than the typical global active equity fund. Broad index peers like GSWO and DFAW charge a fraction of that.
• No index to grade it against. This is a manager's book of inflation beneficiaries, so the process and the holdings, not tracking error, are what you are judging.
• A concentrated, theme-driven portfolio moves on its own schedule. It can look nothing like the broad market for long stretches, in either direction.

Full AVGE profile⁠

Full INFL profile⁠