AVGV vs GVAL

AVGVAAvantis All Equity Markets Value ETF 9

GVALBCambria Global Value ETF

In short

AVGV One ticker for the world's value stocks: AVGV stacks six Avantis value funds into a 60% US, 30% developed, 10% emerging mix, small caps included, for 0.26% all in.

GVAL A deep-value passport: GVAL ranks world markets by cyclically adjusted P/E, equal-weights the cheapest ones, then buys the cheapest stocks inside them. Running since 2014 at 0.68%, near the typical global value fee.

Stated mandate

AVGV The fund seeks long-term capital appreciation through a fund-of-funds structure investing in other Avantis ETFs. Those underlying funds are broadly diversified equity portfolios that select or overweight securities expected to offer higher returns or better risk characteristics than a passive market-cap-weighted index.

GVAL The fund seeks income and capital appreciation. It actively invests at least 80% of assets in equities of companies in developed and emerging markets with strong value characteristics, selected through Cambria’s quantitative algorithm.

Why people hold it

• AVGV Holds US large, mid and small value plus developed and emerging value in one ticker, at 60/30/10 target weights the managers can flex within stated ranges.sec.gov
• The 0.26% headline covers the underlying Avantis funds too, and sits below the category median and below SFGV's 0.33% net of a waiver through March 31, 2027.sec.gov
• Small and mid caps ride alongside large caps, so the value tilt reaches corners of the market a large-cap-only value fund leaves out.sec.gov

• GVAL Two-layer screen: cheapest countries by cyclically adjusted price-to-earnings, then the cheapest stocks within them on P/E, price-to-sales and EV/EBITDA.cambriafunds.comcambriafunds.com 2
• Equal weighting at both the country and the stock level, so no single market or mega-cap runs the portfolio. About 120 names.cambriafunds.comcambriafunds.com 2
• Live since March 2014, and actively managed since 2020, when it dropped the index and ran the same screens in-house. Upper half of its global value peer group.sec.gov
• Income is in the mandate, not an afterthought: the fund seeks income and capital appreciation, and distributions come quarterly.cambriafunds.com

Worth knowing

• AVGV Value and size tilts are built in, so results can diverge from a market-cap global index for long stretches.sec.gov
• Every holding is an Avantis fund, so one firm's definition of value and one team's allocation calls drive the whole portfolio.sec.gov
• Around 40% of the target sits outside the US, bringing currency moves and emerging market risk; the fund also only launched in 2023.sec.gov

• GVAL 0.68% is active pricing. Near the median for global value funds, but above cheaper peers like AVGV (0.26%) and SFGV (0.33% net of a waiver through March 31, 2027).
• Deep value means owning the unloved: emerging and out-of-favor developed markets, with holdings priced in foreign currencies, so the dollar's moves land in returns.cambriafunds.com
• Moderately traded rather than a liquid giant, so bid-ask spreads are a bigger share of the round-trip cost than in the largest global funds.

Full AVGV profile⁠

Full GVAL profile⁠