AVMC vs PJFM

AVMCAAvantis U.S. Mid Cap Equity ETF

PJFMCPGIM Jennison Focused Mid-Cap ETF

In short

AVMC The forgotten middle of the US market, run the Avantis way: roughly 600 mid-cap names tilted toward cheaper stocks with stronger profits, at 0.18% a year. Systematic active management priced like an index fund.

PJFM PGIM handed its Jennison stock pickers a focused mid-cap mandate: medium-sized US companies, chosen one at a time for long-term growth, at 0.49% a year. Active mid-cap is a thin shelf, and this one is priced under the typical active equity ETF.

Stated mandate

AVMC Seeks long-term capital appreciation through a broad portfolio of U.S. mid-cap companies, emphasizing securities with lower valuations and higher profitability ratios.

PJFM Seeks long-term growth of capital by investing primarily in equity and equity-related securities of medium-sized companies.

Why people hold it

• AVMC 0.18% a year, against a 0.65% median for active US equity funds. Index-fund pricing on an active mandate.
• Spreads the value-and-profitability tilt across roughly 600 mid-caps, so it leans on the screen rather than a handful of concentrated picks.avantisinvestors.com
• One of the strongest implementations in our active US equity group, sitting with large-cap sibling AVLC and the Dimensional core funds.
• Pure mid-cap exposure with a quarterly distribution, filling the gap most portfolios leave between mega-caps and small caps.

• PJFM 0.49% a year sits below the 0.65% median for active US equity ETFs, so the stock picking starts from a lower cost base.
• Mid-caps are the aisle most ETF shelves skip. This one is built there on purpose: medium-sized companies, held for long-term growth of capital.
• A plain, unlevered fund with no structural red flags in our review, and it lands in the upper half of the active US equity funds we grade.

Worth knowing

• AVMC Trades lighter than the giant index ETFs, which can mean wider bid-ask spreads at the moment you transact.
• Launched in 2023, so the live record is short. There's no published index behind it either: outcomes come from Avantis' own valuation and profitability rules.
• All mid-cap, no mega-cap ballast, plus a tilt away from expensive names. Both can put it out of step with a market led by the largest growth stocks.

• PJFM Small asset base, thinly traded. Spreads can widen, and the price on screen may sit further from the fund's underlying value than in a busier ticker.
• Launched in December 2023, so the track record is short, and measured volatility runs on the higher end of active US equity ETFs.
• Cash comes once or twice a year, not monthly. This is a capital-growth mandate, not an income one.

Full AVMC profile⁠

Full PJFM profile⁠