Hedgeye Asset Management Launches the Hedgeye Capital Allocation ETF (HECA) Managed by Veteran PM David Salem
Hedgeye Asset Management (NYSE: HECA) has announced the launch of its actively managed Hedgeye Capital Allocation ETF. The fund aims to achieve long-term capital appreciation while limiting drawdowns to 15%, utilizing a rules-based process driven by the proprietary Hubble algorithm.
The ETF will be managed by veteran portfolio manager David Salem, who previously managed over $8 billion for 800+ endowed charities as president and CIO of The Investment Fund for Foundations. The fund employs Hedgeye's proprietary macroeconomic "Quads" and market-derived "Signals" data for security ranking.
HECA adopts a "go anywhere but not everywhere" strategy, primarily investing in passive ETFs with low turnover, positioning itself as an all-weather allocation solution for long-term investors and fiduciaries.
Hedgeye Asset Management (NYSE: HECA) ha annunciato il lancio del suo ETF Hedgeye Capital Allocation gestito attivamente. Il fondo mira a ottenere un apprezzamento del capitale a lungo termine, limitando le perdite al 15%, attraverso un processo basato su regole guidato dall'algoritmo proprietario Hubble.
L'ETF sarà gestito dal veterano portfolio manager David Salem, che in precedenza ha gestito oltre 8 miliardi di dollari per più di 800 enti di beneficenza come presidente e CIO di The Investment Fund for Foundations. Il fondo utilizza i dati proprietari di Hedgeye, basati sui modelli macroeconomici "Quads" e sui "Signals" derivati dal mercato, per la classificazione dei titoli.
HECA adotta una strategia "vai ovunque ma non dappertutto", investendo principalmente in ETF passivi a basso turnover, posizionandosi come una soluzione di allocazione versatile per investitori a lungo termine e fiduciari.
Hedgeye Asset Management (NYSE: HECA) ha anunciado el lanzamiento de su ETF Hedgeye Capital Allocation gestionado activamente. El fondo busca lograr una apreciación de capital a largo plazo limitando las caídas al 15%, utilizando un proceso basado en reglas impulsado por el algoritmo propietario Hubble.
El ETF será gestionado por el experimentado gestor de cartera David Salem, quien anteriormente manejó más de 8 mil millones de dólares para más de 800 organizaciones benéficas como presidente y CIO de The Investment Fund for Foundations. El fondo emplea los datos propietarios de Hedgeye basados en los modelos macroeconómicos "Quads" y las "Signals" derivadas del mercado para la clasificación de valores.
HECA adopta una estrategia de "ir a cualquier lugar pero no a todos lados", invirtiendo principalmente en ETFs pasivos con baja rotación, posicionándose como una solución de asignación para todas las condiciones climáticas para inversores a largo plazo y fiduciarios.
Hedgeye Asset Management (NYSE: HECA)가 적극적으로 운용되는 Hedgeye Capital Allocation ETF 출시를 발표했습니다. 이 펀드는 독점적인 Hubble 알고리즘에 기반한 규칙 기반 프로세스를 활용하여 장기 자본 증가를 목표로 하며, 최대 손실을 15%로 제한합니다.
이 ETF는 이전에 800개 이상의 자선단체를 위해 80억 달러 이상을 운용한 경력의 포트폴리오 매니저 David Salem가 관리합니다. 이 펀드는 Hedgeye의 독점 거시경제 'Quads'와 시장에서 파생된 'Signals' 데이터를 사용하여 증권 순위를 매깁니다.
HECA는 '어디든 가되 모든 곳에 투자하지는 않는다'는 전략을 채택하여 주로 낮은 회전율의 패시브 ETF에 투자하며, 장기 투자자와 수탁자를 위한 전천후 자산 배분 솔루션으로 자리매김하고 있습니다.
Hedgeye Asset Management (NYSE : HECA) a annoncé le lancement de son ETF Hedgeye Capital Allocation géré activement. Le fonds vise une appréciation du capital à long terme tout en limitant les baisses à 15 %, en utilisant un processus basé sur des règles piloté par l'algorithme propriétaire Hubble.
L'ETF sera géré par le gestionnaire de portefeuille expérimenté David Salem, qui a auparavant géré plus de 8 milliards de dollars pour plus de 800 organismes caritatifs en tant que président et CIO de The Investment Fund for Foundations. Le fonds utilise les données propriétaires de Hedgeye basées sur les modèles macroéconomiques "Quads" et les "Signals" dérivés du marché pour le classement des titres.
HECA adopte une stratégie "aller partout mais pas partout à la fois", investissant principalement dans des ETF passifs à faible rotation, se positionnant comme une solution d'allocation tous temps pour les investisseurs à long terme et les fiduciaires.
Hedgeye Asset Management (NYSE: HECA) hat die Einführung seines aktiv verwalteten Hedgeye Capital Allocation ETF bekannt gegeben. Der Fonds zielt darauf ab, langfristiges Kapitalwachstum zu erzielen und Drawdowns auf 15 % zu begrenzen, indem er einen regelbasierten Prozess verwendet, der vom proprietären Hubble-Algorithmus gesteuert wird.
Der ETF wird von dem erfahrenen Portfoliomanager David Salem verwaltet, der zuvor über 8 Milliarden US-Dollar für mehr als 800 gemeinnützige Stiftungen als Präsident und CIO des Investment Fund for Foundations betreute. Der Fonds nutzt Hedgeyes proprietäre makroökonomische "Quads" und marktabgeleitete "Signals"-Daten zur Wertpapierbewertung.
HECA verfolgt eine "überall investieren, aber nicht überall gleichzeitig"-Strategie und investiert hauptsächlich in passive ETFs mit geringer Umschlagshäufigkeit, wodurch es sich als ganzjährige Allokationslösung für langfristige Investoren und Treuhänder positioniert.
- Experienced management with veteran PM David Salem who previously oversaw $8 billion in assets
- Proprietary algorithm and rules-based investment process
- Risk management focus with 15% drawdown limit
- Low turnover strategy aimed at reducing trading costs
- Newly formed adviser with no previous ETF management experience
- No operating history or track record for investor evaluation
- Non-diversified structure increasing single investment risk
- Potential imperfect correlation risks with derivative usage
Insights
New Hedgeye ETF offers active management with drawdown protection, leveraging proprietary data systems under veteran PM David Salem.
Hedgeye's entry into the ETF space represents a strategic expansion by a known macro research firm into direct asset management. The new Hedgeye Capital Allocation ETF (HECA) employs an active "go anywhere" approach with specific guardrails against significant losses, targeting drawdowns not exceeding
What makes this launch notable is the combination of Salem's institutional pedigree (previously managing
The fund's positioning as an "all-weather" solution indicates it aims to compete in the growing space of adaptive asset allocation products that adjust based on economic conditions. By emphasizing low turnover, the strategy appears designed to be tax-efficient and minimize transaction costs—features particularly attractive to the stated target market of fiduciaries and long-term allocators.
Important considerations include the adviser's lack of ETF management experience and the fund's non-diversified status, which could concentrate risk. Additionally, as a new fund with no operating history, performance remains theoretical. The quantitative algorithms underlying the strategy may encounter challenges when market conditions deviate from historical patterns used to develop those models.
Managed by HAM under veteran portfolio manager David Salem, who previously oversaw in excess of
"David is an experienced allocator whose integrity and investment discipline speak for themselves," said Hedgeye's CEO, Keith McCullough. "He calls our Quads and Signals the 'greatest productivity hack' he's ever used—which is both humbling and a huge vote of confidence."
Deploying a "go anywhere" but not everywhere strategy regarding asset allocations, HECA primarily invests in passively managed ETFs and seeks to maintain low turnover, with the aim of appealing to fiduciaries and long-term allocators. HECA is designed to serve as a durable, all-weather allocation solution for long-term investors.
For more information on HAM or HGRO please email info@hedgeyeam.com or visit our website https://hedgeyeam.com/ and X page https://x.com/hedgeyeam.
Definitions
Drawdowns: Drawdowns are the measurement of a decline in the value of a portfolio from a peak to a subsequent trough, in percentage terms.
Quads: Quads as used here mean the evolving locations of each of 50+ national economies within four-quadrant plots like the stylized example below in which the vertical axes measure rates of change (ROCs) in real or inflation-adjusted Gross Domestic Product and the horizontal axes measure ROCs in CPI inflation (or its closest equivalent for countries not reporting CPI inflation per se)
Signals: Signals as used here mean a carefully defined set of security-specific indicators that the Manager deems useful in estimating the future price trajectory of securities comprising the Fund's selection universe. Some of these indicators are proprietary. Most are not, although their precise use reflects weighting schemes crafted by the Manager (and embodied in Hubble Ranks) that are presumably unique to HAM.
Go anywhere but not everywhere: "Go anywhere but not everywhere" refers to the approach of investing in a wide range of assets and geographies (going anywhere), but not blindly investing in everything (not everywhere).
Important Information
Before investing in the fund, the investment objective, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the fund. Copies of the fund's prospectus may be obtained by visiting www.hedgeyeam.com/HECA or calling +1 (888) 711-8292. Read it carefully before investing.
Investing involves risks including the risk of principal loss. The Adviser is newly formed and has not previously managed an ETF. Accordingly, investors in the Fund bear the risk that the Adviser's inexperience may limit its effectiveness.
The Fund is non-diversified, which means that it may invest a large percentage of its assets in a particular issuer and increases the risk that the value of the Fund could decrease due to poor performance of a single investment or limited number of investments.
The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.
As an actively managed investment portfolio, the Fund is subject to the Adviser's investment decisions about individual securities impact on the Fund's ability to achieve its investment objective. there is no guarantee that the Adviser's investment strategy will meet it's investment objective or produce the desired results. Large cap companies may be less able than mid and small capitalization companies to adapt to changing market conditions. Investments in stocks of mid-capitalization companies may be subject to more abrupt or erratic market movements
The Fund's investment strategies may employ quantitative algorithms and models that rely heavily on the use of proprietary and non-proprietary data, Models may also have hidden biases or exposure to broad structural or sentiment shifts. There can be no assurance that use of a quantitative model will enable the Fund to achieve positive returns or outperform the market.
When the Fund uses derivatives, there may be imperfect correlation between the value of the underlying instrument and the derivative, which may prevent the Fund from achieving its investment objective.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
The Distributor is Foreside Fund Services, LLC.
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SOURCE Hedgeye Asset Management
FAQ
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