From the press release:
AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced today that Dorsey, Wright & Associates (DWA), a Nasdaq Company, will assume sub-advisor responsibilities of the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (NYSE:AADR) on September 1, 2016. On that date, the fund will be subsequently renamed the AdvisorShares Dorsey Wright ADR ETF, and will retain the AADR ticker symbol.
John G. Lewis, CMT, senior vice president and senior portfolio manager of DWA will serve as the lead portfolio manager of AADR. BNY Mellon, the world’s largest depositary for American Depositary Receipts (ADRs) will continue to provide their expertise to the portfolio management and to all other market intermediaries. In pursuing its investment strategy, DWA will continue AADR’s investment objective that seeks long-term capital appreciation above international benchmarks including its primary benchmark, the BNY Mellon Classic ADR Index, as well the MSCI EAFE Index, which is the active ETF’s secondary benchmark.
The fund continues its philosophy of investing in outperforming foreign equities, and believes the addition of DWA will help drive even better gains:
“Dorsey, Wright and Associate’s well-established expertise and track record of industry-leading technical investing is evident, particularly in their international equity approach that will be employed in AADR,” said Noah Hamman chief executive officer of AdvisorShares. “We believe the transition from one accomplished portfolio manager to another will benefit both current and prospective AADR shareholders, providing an offering that will continue to seek both better relative and risk-adjusted returns than its international benchmarks within a fully transparent and operationally efficient ETF structure.”
AADR shares were mostly flat in afternoon trading at $40.68. AADR, which has an expense ratio of 1.25%, has gained 5.6% year-to-date, putting it roughly in-line with major U.S. indexes in 2016.