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SYLD: A Deep Value ETF With A Distinct Sector Mix
Cambria Shareholder Yield ETF (SYLD) employs a shareholder yield strategy, emphasizing dividends, buybacks, and debt paydown, resulting in deep value exposure. SYLD is overweight energy, consumer discretionary, and financials, but underweight technology, industrials, and real estate, leading to modest growth and profitability metrics. At a 10.9x P/E, SYLD trades at a significant discount to the S&P MidCap 400 and peers, but its growth (-3.2% earnings, 0.5% sales) and profitability (12.5% ROE) lag benchmarks.
SYLD: Diversified Mid-Cap Value ETF Outperforming Competitors
The Cambria Shareholder Yield ETF targets U.S. stocks with high shareholder yield, combining dividends, buybacks, and debt paydowns using a quantitative approach. SYLD's portfolio is diversified across 99 small- and mid-cap stocks, with notable exposure in financials, consumer discretionary, energy, and materials, and strong value characteristics. SYLD has outperformed the S&P MidCap 400 benchmark since 2013 and several peer ETFs since 2017, though with higher volatility and a relatively high 0.59% expense ratio.
SYLD: Should You Buy The Dip After A Disappointing Year?
SYLD is one of Cambria's Total Shareholder Yield ETFs, offering exposure to 100 companies with high combinations of dividends, buybacks, and debt retirement. Its expense ratio is 0.59%. SYLD was one of the worst-performing funds over the last year, and my fundamental analysis reveals the likely source is its substantial exposure to the size and value factors. In contrast, its growth rates are extremely poor, and with S&P 500 Index sales and earnings surprises still solid, this lack of exposure to the growth factor matters.
Cambria Shareholder Yield ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| TMB Timothy M. Bidwell Hazlett, BURT & WATSON Inc. | 276 | $18,951.02 | $22,574.04 | $3,623.02 | 19.12% |
| CE Curtis Ellergodt Rothschild Investment LLC | 247,655 | $16.84M | $20.26M | $3.42M | 20.28% |
| TC Tyler Chaisson COMPASS CAPITAL Corp. /MA/ /ADV | 3,180 | $221,073.6 | $260,076.3 | $39,002.7 | 17.64% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 1,847 | $119,869.36 | $150,705.96 | $30,836.6 | 25.73% |
 Daren Blonski Fermata Advisors LLC | 99,792 | $6.5M | $8.15M | $1.65M | 25.38% |
Cambria Shareholder Yield ETF (SYLD) FAQ
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Cambria Shareholder Yield ETF Profile
| BATS Exchange | US Country |
Overview
The fund, managed by Cambria Investment Management, L.P., is dedicated to active management strategies focusing particularly on investments in equity securities of U.S.-based companies. These companies are distinguished by their high "shareholder yield," a term defined by Cambria to encompass the total returns investors receive through dividends, stock buybacks, and debt reduction. This approach signifies a comprehensive perspective on shareholder value, prioritizing not just dividend payments but also other methods through which companies return capital to shareholders. The commitment to invest at least 80% of its total assets in such equities under normal market conditions highlights the fund's targeted investment philosophy.
Products and Services
- Equity Securities Investment
The fund specializes in investing in equity securities, including common stock, issued by U.S.-based publicly listed companies. These investments are chosen based on the companies' high shareholder yield, focusing on creating a diversified portfolio that capitalizes on the comprehensive returns from dividends, buybacks, and debt paydowns.
- Active Management Approach
Under the stewardship of Cambria Investment Management, L.P., the fund utilizes an active management strategy. This involves continuous market analysis, stock selection, and portfolio adjustments to align with the fund's investment objective. The aim is to outperform the market by identifying undervalued opportunities where companies demonstrate a strong commitment to returning value to shareholders.
