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Managers Review
April 2013
Country Ranking Portfolio Notes:
Country Apr Rank Mar Rank Fundamental Rank Momentum Rank Risk Rank Valuation Rank

A brief monthly commentary to familiarize you with the Accuvest approach to investing we follow while managing the AdvisorShares Accuvest Global Opportunities ETF (NYSE: ACCU), along with our take on the current investment environment.

Performance History (%) as of 03.31.2013 ACCU

1 Month 3 Month YTD 1 Year Since Inception (01/25/2012)


Highest Ranked Countries

Turkey 1 2 3 4 5 2 1 9 4 12 2 10 6 1 17 1 2 12 24 3 14 18 1 26 8 15 9 8 1 26

Market Price Return 0.99 1.65 1.65 10.65

0.96 0.49 0.49 10.65


Japan Germany Russia Switzerland

Source: Accuvest Global Advisors | Data is as of Data is as of 03.31.2013 Qualified countries are ranked based on their inclusion in the MSCI All Country World Index (ACWI) and there must be an ETF that tracks the performance of the qualified countrys stock market. Data of these qualified countries are used to compare factors classified within 4 groups: Fundamental (e.g., Economic growth, earnings), Momentum (e.g., price movement, mean reversion), Risk (e.g., volatility, currency), and Valuation (e.g., absolute, relative). Each month the Funds use the weighted factor scores for each country in the model to assign each country a relative attractiveness score. The most attractive 5-6 countries will receive allocations in ACCU and the Fund consists of single country ETFs that represent investments in those countries equity markets.



Country Model Notes: Notable Movers to the Upside: Switzerland Moved up 7 spots from 12th to 5th overall. The Swiss showed improvements in all four factor groups, but the most significant change came from their momentum. They were the second best performing country during the first quarter up 14.2%. Germany... Moved up 6 spots from 9th to 3rd overall. The showed improvements in all four of the factor groups with the biggest jump coming in their risk ranking. After showing rapidly improving Credit Default Swap (CDS), they are now the least risky country in the model.

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the funds most recent month end performance, please visit www. As stated in the Prospectus, the total annual operating expenses of ACCU is 2.79%. The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Funds average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual reapproval of the agreement by the Board of Trustees. This agreement is limited to the Funds direct operating expenses and, therefore, does not apply to Acquired Fund Fees and Expenses.

Notable Movers to the Downside: Mexico Fell 11 spots from 10th to 21st overall. They majority of their move came from deteriorating fundamentals as well as decelerating momentum. They showed a negative change in their Organization for Economic Co-operation Development (OECD) leading indicators and their medium term price momentum is well below average. Spain Dropped by 6 spots and is now the worst ranked country in the model. All four of their factor groups showed signs of deterioration, but the biggest drop came from their valuation score. Spains trailing P/E Ratio is now 32.7 and they have the worst Earnings Yield at 3.1%. Factor Weightings: The model is currently overweight risk factors by 2%, neutral valuation factors, and underweight momentum and fundamental factors by 1% each.

Performance Highlights: The MSCI All Country World Index (ACWI) was up 1.8% for the month with a range of country returns, from the best performing market to the worst, of 14.7%. Turkey (our #2 ranked country) was the best performing market in the world up 8.1%. Austria was the worst performing market down -6.6%. With strong performance from the United States, North America was the best performing region, up 3.5%. For more information, call AdvisorShares at 1-877-THE ETF1 (1-877-843-3831) or visit

Managers Review
April 2013
A brief monthly commentary to familiarize you with the Accuvest approach to investing we follow while managing the AdvisorShares Accuvest Global Opportunities ETF (NYSE: ACCU), along with our take on the current investment environment.

Emerging market countries continued their underperformance of developed markets. Since the start of 2013, emerging Factor attribution for March showed very mixed results. Low Risk countries showed some outperformance overall.
Valuation factors were consistently negative as cheap countries did not fare well. markets lag developed markets by 5.6%. The worst performing countries have been South Africa and China.

AdvisorShares Accuvest Global Opportunities ETF (NYSE: ACCU):

The top 5 countries had a significant shift in March. China and Korea moved out of the model and were replaced by
Switzerland and Germany. The strategy now has the largest allocation to developed markets that we have seen in several quarters. Marchs performance attribution showed that Global ACCU Holdings as of 03.31.2013 Name Weight Opportunities had positive performance for the Ticker TUR ISHARES MSCI TURKEY INVSTBLE 23.57% month of 0.96%. The lack of allocation to the US ISHARES MSCI CHINA INDEX FD 21.46% hurt performance relative to the ACWI. Additionally, MCHI ISHARES MSCI SOUTH KOREA CAPPED 18.92% Russia had a negative month given the banking EWY INDEX FUND issues stemming from Cyprus.

Respectfully, Accuvest Global Advisors

Holdings are subject to change



17.99% 17.09%

A basis point (bps) is unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The MSCI AC World Index (ACWI) is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Factor Attribution happens each month, when we review every factor in the model to determine which investment styles were rewarded for the prior month based on fundamental, momentum, risk, and valuation groups. The Organization for Economic Co-operation Development (OEDC) is an international economic organization of 34 countries founded in 1961 to stimulate economic progress and world trade. P/E Ratio is the current ratio of a companys price to its earnings.

Before investing you should carefully consider the Funds investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by visiting Please read the prospectus and summary prospectus carefully before you invest. Foreside Fund Services, LLC, distributor. There is no guarantee that the Fund will achieve its investment objective. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss o f principal. The Fund is subject to the risks associated with the underlying ETFs that comprise the fund of funds. Each underlying ETF is subject to geographic concentration risk, emerging market risk, political and economic conditions, changes in regulatory, currency exchange rates, tax or economic policy which could have a negative effect on the underlying ETFs performance. See prospectus for specific risks regarding each geographic region. The views in this commentary are those of the portfolio manager and may not reflect views on the date this material is distributed or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice. Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Holdings and allocations are subject to risks and to change.

For more information, call AdvisorShares at 1-877-THE ETF1 (1-877-843-3831) or visit