At a glance
CGV charges 1.25% a year. It has $129.2M in assets; it paid 5.07% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +14.2% a year. Its ten largest positions make up 20.9% of the fund, out of 81 in all.
The short version
Conductor Global Equity Value ETF (CGV) is an actively managed fund advised by IronHorse Capital. It picks about 81 value stocks around the world, meaning shares that look cheap compared with the company's finances. As of July 31, 2026, Japan, the US and South Korea were its largest country weights. It stands out for its model-driven stock picking and for a 1.25% expense ratio, which is high for an ETF.
Price history
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CGV +14.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CGV official prospectus, to Dec 31, 2025 | — | +22.27% | — | +7.79% | +7.00% | +5.81% |
| MSCI ACWI SMID Value Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +18.79% | — | +9.01% | +8.43% | +6.89% |
| MSCI All Country World Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | +9.86% |
| CGV price data to Oct 27, 2026 | +10.2% | +14.3% | +14.2% | — | — | +9.0% |
- Over the year to Oct 27, 2026, CGV returned +14.3%.
- Its worst full calendar year was 2024 (-3.4%); its best was 2025 (+23.0%).
- The deepest fall in its price history was 16.7% (Sep 26, 2024 to Apr 8, 2025), recovered by Jun 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.2% | — |
| 2025 | +23.0% | +22.27% |
| 2024 | -3.4% | -2.44% |
| 2023 | +5.7% | +4.99% |
| 2022 | — | +0.38% |
| 2021 | — | +15.73% |
| 2020 | — | -10.62% |
| 2019 | — | +20.48% |
| 2018 | — | -14.33% |
| 2017 | — | +29.60% |
| 2016 | — | +13.07% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4400 | |
| 2025 | $0.6700 | +91.4% |
| 2024 | $0.3500 | -42.6% |
| 2023 | $0.6100 |
What's inside
As of Jul 31, 2026, the fund held 81 securities; the ten largest made up 20.87% of assets, and 4.25% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| DPM METALS INC | 2.90% | |
| KANDENKO CO LTD | 2.54% | |
| DWS GROUP GMBH & CO. KGAA | 2.26% | |
| ANRITSU CORP | 2.08% | |
| ONO PHARMACEUTICAL CO LTD | 2.05% | |
| FIRST RESOURCES LTD | 2.01% | |
| COHU INC | 1.87% | |
| SYNERGY GRID & DEVELOPMENT PHILIPPINES INC | 1.80% | |
| ITHACA ENERGY PLC | 1.73% | |
| STAR PETROLEUM REFINING PCL | 1.64% | |
| OSG CORP | 1.56% | |
| BREAD FINANCIAL HOLDINGS INC | 1.56% | |
| EXEDY CORP | 1.52% | |
| APA CORP | 1.47% | |
| DHT HOLDINGS INC | 1.45% |
By country
Japan 18.83%United States 16.41%South Korea 9.39%United Kingdom 5.49%Brazil 5.31%By asset type
Stocks 94.37%Preferred stock 1.11%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.61%, -4.44%, -0.39%.
How it works
CGV tracks no index. Its adviser, IronHorse Capital LLC, chooses stocks with two models. A quantitative model, meaning a rules-based screen, scores companies on cash flow, profitability and balance sheet strength, seeking shares priced below the adviser's estimate of their worth. A technical model then checks price momentum and chart patterns to time buys and sells. A stock is bought only if it passes every test. It is sold when it no longer looks cheap, its business changes materially, its price jumps or a better idea appears.
The fund normally holds stocks tied to at least three countries, with at least 40% of assets outside the US (30% if the adviser judges conditions unfavorable). It typically buys shares on each company's home exchange, so currency swings affect returns. The prospectus describes no weighting formula. As of July 31, 2026, it had 81 holdings; Japan made up about 19% and the US about 16%. The largest were DPM Metals (Canada, 2.9%), Kandenko (Japan, 2.5%) and DWS Group (Germany, 2.3%).
The prospectus filed February 27, 2026 lists portfolio turnover of 92%, meaning the fund traded nearly its whole portfolio in a year, which can raise costs and taxable gains. When the adviser sees market risk rising, it may hedge with cash or ETFs. It may also lend out shares for a fee.
What it really costs
- CGV charges 1.25% a year.
- The fee includes a 0.33% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $127 in the first year and $1,850 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CGV | $127 | $467 | $829 | $1,850 |
In a retirement portfolio
It adds mostly non-US value stocks of all sizes, an area many US-focused retirement portfolios hold little of, and it had a one-year beta of 0.78 against the market as of October 27, 2026.
CGV's price history runs only about 4.2 years, so the prospectus gives the longer record. The fund lost 10.62% in 2020, including a 29.46% drop in the first quarter. It gained 0.38% in 2022. Its worst calendar year was 2018, at −14.33%. The prospectus has no record for 2008. In price data, the deepest drop was 16.7%, from September 26, 2024, to April 8, 2025. The fund recovered by June 2, 2025. Anyone who cashed out shares during a slump like early 2020 would have locked in a large loss. The trailing yield was 5.07% as of October 27, 2026, paid quarterly, though payouts can vary. The 1.25% expense ratio reduces returns every year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a global value tilt, with Japan (18.83%) weighted above the US (16.41%) as of July 31, 2026.
- Those who want quarterly income from stocks; the trailing yield was 5.07% as of October 27, 2026.
- People comfortable with an active, model-driven manager picking small, mid and large value stocks across at least three countries.
Look elsewhere if
- Cost-focused investors: the 1.25% expense ratio adds up to $1,850 over ten years on $10,000 in the SEC's standard example.
- Those wanting to match world markets: through December 31, 2025, it returned 7.00% a year over ten years, versus 11.72% for MSCI ACWI.
- Taxable-account investors who dislike capital gains payouts: 92% turnover and possible cash redemptions can reduce tax efficiency.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is CGV good for retirement income?
CGV pays some income, but it is a stock fund first. Its trailing yield was 5.07% as of October 27, 2026, about $0.80 per share, paid quarterly. Its price swings like a stock fund's. It lost 10.62% in 2020 and 14.33% in 2018, according to its prospectus. The 1.25% expense ratio also eats into returns. It may suit investors who want global value stocks with some income, rather than steady payouts.
What is CGV's expense ratio?
CGV's expense ratio is 1.25%, according to its prospectus filed February 27, 2026. The prospectus lists a 1.25% management fee and a 0.33% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost about $127 after one year, $467 after three, $829 after five and $1,850 after ten. That is well above what many index ETFs charge, though active global funds often cost more.
How does CGV compare with the MSCI ACWI SMID Value Index?
CGV beat its value benchmark over one year but trailed it over longer periods. Figures are as of December 31, 2025. Over one year, the fund returned 22.27%, versus 18.79% for the MSCI ACWI SMID Value Index. Over five years it returned 7.79% a year versus 9.01%, and over ten years 7.00% versus 8.43%. It also trailed the broader MSCI All Country World Index, which returned 11.72% a year over ten years. Index returns include no fees.
What are CGV's top holdings?
As of July 31, 2026, CGV's largest holdings were DPM Metals (Canada, 2.9%), Kandenko (Japan, 2.5%), DWS Group (Germany, 2.3%), Anritsu (Japan, 2.1%) and Ono Pharmaceutical (Japan, 2.0%). The fund held 81 stocks, and the top 10 made up just 20.87% of assets, so no single company dominates. By country, Japan was the largest weight at 18.83%, followed by the US at 16.41% and South Korea at 9.39%.
Does CGV have currency risk?
Yes. CGV usually purchases stocks on each company's home exchange, and the prospectus describes this as a source of currency diversification. When the dollar strengthens against the yen, won or real, those holdings lose value in dollar terms, and a weaker dollar has the opposite effect. As of July 31, 2026, the fund reported no derivative positions. In weak markets, its main defensive tools are cash or other ETFs.