BTALAGFiQ U.S. Market Neutral Anti-Beta Fund
BTAL Fund Description
BTAL tracks an equal-weighted index that takes long positions in low beta US stocks offset by short positions in high beta US stocks.
BTAL Factset Analytics Insight
BTAL follows an index that invests in long low-beta stocks and short high-beta names. The underlying index, targets the top 1,000 by market cap, including REITs, in the Dow Jones U.S. Index. The fund’s market neutral approach aims to fully offset nominal long and short positions. BTAL ranks stocks in each sector by beta and individual stocks get equal weight within their sectors. Overall, long low beta, short high beta might be expected to produce negative correlation to equities despite the equal dollar offsetting exposure. True market neutral exposure isn’t cheap, with borrowing costs and dividends working against the fund. While BTAL uses swaps at times, it typically takes direct short positions in stocks, rather than relying solely on derivatives for short exposure. The fund therefore reports short interest costs in its expense ratio something that purely swaps-based long-short funds don’t have to do, although short interest expense hits the bottom line in either case.
BTAL Portfolio Management
BTAL Tax Exposures
BTAL Fund Structure
BTAL Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of BTAL. BTAL is rated a 5 out of 5.
BTAL Asset Allocation