CGV vs FPAG

CGVDConductor Global Equity Value ETF

FPAGBFPA Global Equity ETF

In short

CGV A 2013-vintage global value strategy that moved into an ETF wrapper in 2022. Cheapness alone does not earn a slot here: fundamental, quantitative and technical screens all weigh in, and the book stays compact at roughly 50 names.

FPAG FPA's contrarian value desk in ETF form: about 40 out-of-favor global large and mid caps, no sector constraints, 0.49% net of a waiver through January 31, 2027.

Stated mandate

CGV The actively managed fund seeks long-term risk-adjusted total return. It normally invests at least 80% of assets in equity securities or economically equity-linked investments, selecting securities through technical, fundamental, and quantitative analysis focused on value-oriented criteria.

FPAG The Fund seeks long-term growth of principal and income. It normally invests at least 95% of assets in equities, primarily publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including emerging-market companies.

Why people hold it

• CGV Three lenses, not one. Per the prospectus, selection runs on value-oriented criteria screened by technical, fundamental and quantitative analysis, so price action counts too.
• Lived history. The strategy ran as a mutual fund from 2013 and converted into this ETF in 2022, so the process has worked through several market cycles, not just a backtest.tradingview.com
• Built to stay invested and global: normally at least 80% of assets in equities or equity-linked holdings, roughly 50 positions, cash paid out quarterly.

• FPAG The ETF wrapper for a strategy FPA has run for years: bottom-up fundamental research, global large and mid caps, bought when businesses look out of favor, with no sector constraints on the portfolio.fpa.com
• 0.49% net of a waiver through January 31, 2027 sits below the global value category median, and just under First Eagle's FEGE at 0.50% net of a waiver through December 31, 2026.
• Genuinely active, not index-hugging: roughly 40 positions, cash typically under 5%, and active share FPA describes as typically above 90% versus its MSCI ACWI reference.fpa.com
• Prospectus keeps it simple: normally at least 95% of assets in equities, mid- and large-cap U.S. and non-U.S. names, emerging markets included. One of the stronger builds on a crowded global value shelf.

Worth knowing

• CGV The fee is the headline trade-off: 1.57%, with no waiver trimming it, above the category median. Top-scoring global value peers run far cheaper (AVGV charges 0.26%).
• Thinly traded. Spreads can be wide and size can move the price, so limit orders matter more here than in a mega-cap index fund.
• No declared index and real manager discretion across about 50 names, so returns can wander a long way from any global value benchmark, in either direction.

• FPAG That 0.49% is a waived rate. Gross is 0.86%, so what you pay after January 31, 2027 depends on FPA extending the waiver.
• One of the thinner-traded funds in its category. Spreads can widen, and the open and close are the rougher moments of the day.
• A focused, unconstrained book of about 40 names with no sector limits can look nothing like a global index, and move nothing like one either. Income arrives quarterly.fpa.com

Full CGV profile⁠

Full FPAG profile⁠