FPAG vs GVAL

FPAGBFPA Global Equity ETF

GVALBCambria Global Value ETF

In short

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.

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

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.

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

• 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.

• 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

• 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

• 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 FPAG profile⁠

Full GVAL profile⁠