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Global X Funds, a New York-based provider of exchange-traded funds (ETFs), has announced that its hedge fund clone ETF, the Global X Top Guru Holdings Index ETF (GURU), has crossed the $100 million assets under management threshold.
The fund has also been ranked the second best-performing out of 938 large-cap core mutual funds and ETFs by Lipper, a fund information and fund ratings company.
The fund works by investing in the largest equity holdings, as identified by SEC filings, of established hedge funds, thus providing low cost access to investment ideas gathered from some of the hedge fund industry’s most exclusive funds.
The index methodology is systematically applied each quarter to the information in the 13F filings. The index employs a number of filters to identify the hedge fund gurus and creates an equal-weighted index with the largest – and therefore high conviction – positions disclosed by these hedge funds.
Bruno del Ama, CEO of Global X Funds, said: “Academic and industry research shows that there is significant information value in 13F disclosures – what some of investing’s best minds are buying and selling. GURU is the culmination of extensive research to optimize the value derived from the information of what these investment gurus are buying.”
Justin Young, Head of Capital Markets at Global X Funds, added: “We’ve been extremely pleased that investors are responding so strongly to the fund and that we are able to deliver such strong returns.”
From the fund’s inception June 4, 2012 through July 31, 2013, GURU had a total return of 53.0%, outperforming the S&P 500 by 18.5%. Over the last 12 months, GURU has returned 47.5%.
The fund is listed on the NYSE Arca and has an expense ratio of 0.75%.