Cambiar Aggressive Value ETF

Cambiar Aggressive Value ETF (CAMX) is an actively managed, non-diversified fund. Its adviser, Cambiar Investors, picks roughly 20 to 30 mostly large US stocks it views as undervalued, and it holds some foreign companies through ADRs. Its 0.59% expense ratio is above the 0.54% average for similar funds and well above index value funds such as IVE at 0.18%. No similar fund shares even 20% of its holdings.

• Over the year to Oct 27, 2026, CAMX returned +12.1%, 5th of 7 among similar funds.
• Its worst full calendar year was 2025 (+9.5%); its best was 2024 (+12.5%).
• The deepest fall in its price history was 15.7% (Feb 20, 2025 to Apr 8, 2025), recovered by Jul 1, 2025.

As of Jul 31, 2026, the fund held 32 securities; the ten largest made up 41.95% of assets.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $346K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.37%, -1.13%, +1.26%.

CAMX does not track an index. Cambiar Investors picks each stock using a fundamental, relative value approach. A company has to pass four tests. The first is quality: a proven management team, steady margins, strong return on invested capital (profit earned on the money put into the business), low debt and solid free cash flow. The second is valuation: the stock should be cheap compared with its own historical range on measures like price-to-earnings, price-to-book and free cash flow yield. The third is a catalyst, meaning a specific event the market is overlooking, such as a new product, a management change or the sale of a weak division. The fourth is an attractive expected total return over the next one to two years.

The manager sizes positions one by one, weighing conviction against diversification, with limits on position size, sector and country weights. As of July 31, 2026, the fund held 32 positions, and the top 10 made up about 42% of assets. Uber was the largest at 4.7%. Airbus, Nintendo and Shimano were held as ADRs, which are US-traded certificates for foreign shares.

Cambiar sells when a stock reaches its price target, runs ahead of the business, hits a limit, or its thesis breaks. A falling price alone is generally not a reason to sell. Turnover was 84%, which can add trading costs that the expense ratio doesn't show. The fund uses no leverage or derivatives.

• CAMX charges 0.59% a year, versus an average of 0.54% for the similar funds below (4th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).

It is a concentrated, non-diversified, actively managed stock fund with a history of sharp losses, so it fits better as a smaller slice beside a broad core holding than as the foundation of a portfolio.

CAMX could add a focused, value-style stock-picking sleeve next to a broad index fund. Its prospectus shows real downside: a 21.79% loss in 2018, a 12.02% loss in 2022 and a 31.93% drop in the first quarter of 2020. Since the ETF began trading, its deepest decline was 15.7%, from February 20 to April 8, 2025. It recovered by July 1, 2025, about 2.8 months later. Anyone who had to sell during a stretch like that would lock in the loss. Income is modest: the yield was 1.37% as of October 27, 2026, paid once a year. In the SEC's standard example ($10,000 invested, 5% yearly return), costs come to $60 in the first year and $738 over 10 years. Past results don't predict the future, and a retirement plan should weigh the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).