THE ACQUIRERS FUND
Acquirers Funds, LLC is a deep-value investment firm managed by Tobias Carlisle.
Our investment process begins with The Acquirer’s Multiple® The Acquirer’s Multiple® is defined in the book The Acquirer's Multiple as Enterprise Value / Operating Earnings. , the measure used by activists and buyout firms to identify potential targets. We believe deeply undervalued and out-of-favor stocks offer asymmetric returns, with the potential for limited downside and a greater upside.
The Acquirers Fund [ZIG:NYSE]
The Acquirers Fund is an actively managed exchange-traded fund. It seeks to achieve its investment objective by investing in equity securities of U.S.-listed companies that Acquirers Funds, LLC, the Fund’s investment adviser, believes to be undervalued, but fundamentally strong. The Adviser typically selects approximately 30 stocks from the largest 25 percent of all stocks (equivalent to a market capitalization greater than approximately $2 billion).
The Adviser identifies potentially undervalued stocks by using The Acquirer’s Multiple®, which is a valuation metric developed and published in 2014 by Tobias Carlisle. The initial universe of stocks is then valued holistically— assets, earnings, and cash flows are examined—to understand the economic reality of each stock. Each stock is then ranked on the basis of such valuation.
Potential holdings are further evaluated using statistical measures of fraud, earnings manipulation, and financial distress. Each potential holding is then examined for a margin of safety in three ways:
(a) a wide discount to a conservative valuation,
(b) a strong, liquid balance sheet, and
(c) a robust business capable of generating free cash flows.
Finally, a forensic-accounting due diligence review of each of the remaining potential components’ financial statements, particularly the notes and management’s discussion and analysis, is undertaken by the Adviser.
Prospectus| FUND DATA & PRICING | |
|---|---|
| Net Assets as of 11/05/2024 | $49.9m |
| NAV | $39.92 |
| Shares Outstanding | 1,250,000 |
| Premium/discount Percentage | -0.16% |
| Closing Price | $39.85 |
| Median 30 Day Spread | 0.40% |
Data as of 11/05/2024
IOPV, or indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund's NAV every fifteen seconds throughout the trading day.
Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
| PERFORMANCE | Quarter end returns as of 09/30/2024 | ||||
|---|---|---|---|---|---|
| AVG. ANNUALIZED | |||||
| Quarter | 1 Year | 3 Year | 5 Year | Since Inception | |
| Market Price | 8.52% | 27.50% | 13.32% | 10.41% | 9.44% |
| Fund NAV | 8.51% | 27.22% | 13.43% | 10.44% | 9.44% |
Expense ratio: 0.79%
Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 1-646-535-8629.
Short term performance, in particular, is not a good indication Of the fund's future performance, and an investment should not be made based solely on returns.
| DISTRIBUTION DETAIL | |||
|---|---|---|---|
| EX- Date | Record Date | Payable Date | Amount |
| December 27, 2023 | December 28, 2023 | December 29, 2023 | 0.37310 |
| December 28, 2022 | December 29, 2022 | December 30, 2022 | 0.32522 |
| December 23, 2021 | December 27, 2021 | December 28, 2021 | 0.05755 |
| December 24, 2020 | December 28, 2020 | December 29, 2020 | 0.04136 |
| TOP 10 HOLDINGS | Download Full Holdings | ||||
|---|---|---|---|---|---|
| Percentage Of Net Assets | Name | Identifier | CUSIP | Shares Held | Market Value |
| 4.28% | Texas Pacific Land Corp | TPL | 88262 | 1,717 | 2,134,488.55 |
| 3.96% | Warrior Met Coal Inc | HCC | 93627 | 29,084 | 1,976,257.80 |
| 3.91% | Ubiquiti Inc | UI | 90353 | 7,479 | 1,949,476.14 |
| 3.81% | Cal-Maine Foods Inc | CALM | 128030202 | 21,418 | 1,899,990.78 |
| 3.71% | Mueller Industries Inc | MLI | 624756102 | 21,868 | 1,852,875.64 |
| 3.69% | Peabody Energy Corp | BTU | 704551100 | 67,634 | 1,839,644.80 |
| 3.67% | Steel Dynamics Inc | STLD | 858119100 | 13,513 | 1,833,038.45 |
| 3.59% | Synchrony Financial | SYF | 87165 | 31,547 | 1,792,500.54 |
| 3.47% | Altria Group Inc | MO | 2209 | 31,933 | 1,730,449.27 |
| 3.44% | Artisan Partners Asset Management Inc | APAM | 4316 | 37,736 | 1,718,120.08 |
Data as of 11/06/2024. Holdings are subject to change.
Contact Us
Questions? Fill out the phone below or give us a call.
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ACQUIRERS FUNDS, LLC.
609 Deep Valley Drive, Suite 200
Rolling Hills, CA, 90274
1-646-535-8629
tobias@acquirersfunds.com
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