Cambria Global Value ETF

Cambria Global Value ETF (GVAL) is an actively managed fund that buys about 113 stocks in countries whose markets look cheap on long-term earnings measures (holdings as of July 31, 2026). Its biggest bets are in smaller markets such as Austria, Colombia and Poland, which most international funds barely touch. That approach costs 0.68% a year, well above the 0.26% average of the similar funds we compared.

• Over the year to Oct 27, 2026, GVAL returned +26.8%, 1st of 4 among similar funds.
• Its 5-year annualized return was +13.9% and its 10-year +10.2%.
• In the 2020 COVID crash it fell 39.1% and regained its old high 11.7 months after the low.
• Its worst full calendar year was 2018 (-14.3%); its best was 2025 (+55.9%).
• The deepest fall in its price history was 46.9% (Jan 26, 2018 to Mar 18, 2020), recovered by May 9, 2024.

As of Jul 31, 2026, the fund held 113 securities; the ten largest made up 20.81% of assets, and 2.7% sat in cash and money-market holdings.

• Over the three months to Jul 31, 2026, investors added a net $11.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.75%, +1.40%, +3.61%.

GVAL does not track an index. Cambria Investment Management picks holdings with its own rules-based computer model. The model starts with countries. It looks for stock markets that look cheap on several value measures, especially the CAPE ratio (cyclically adjusted price-to-earnings). CAPE divides a market index's price by its average inflation-adjusted earnings over the past ten years. Averaging over ten years smooths out boom and bust years.

Next, the model scores each stock in those countries on price-to-sales, price-to-earnings, price-to-book and enterprise value to EBITDA. That last one compares a company's total value with its operating earnings. The model combines these into one valuation score and keeps the cheapest stocks. Cambria tries to give each stock the same weight, though weights drift as prices move. No single country outside the US can make up more than 20% of the fund. The fund mostly owns larger companies but can hold smaller ones.

Cambria adjusts the portfolio from time to time to bring it back in line with the model's targets. It sells stocks it sees as overvalued. Portfolio turnover was 21%, according to the prospectus filed August 28, 2026. As of July 31, 2026, the fund held 2.7% in cash and no derivatives. Many holdings are priced in foreign currencies, so changes in exchange rates also affect returns.

• GVAL charges 0.68% a year, versus an average of 0.26% for the similar funds below (4th of 4, cheapest first).
• Of that, 0.59% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $847 over 10 years (assuming a 5% annual return).

GVAL makes concentrated bets on small value markets and has had deep, slow-to-recover drops, so it fits better as a small side position than as a core holding.

GVAL could add cheaply priced stocks from markets most US investors rarely own, such as Austria, Colombia and Poland. The ride has been rough. The fund launched in 2014, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 39.1% and took about 12 months to recover. In 2022 it fell 30.4% and needed about 18 months. Its deepest drop was 46.9%, from January 2018 to March 2020, and it did not fully recover until May 2024, more than four years later. Its worst calendar year was 2018, at -13.46%. Anyone forced to sell during those stretches would have locked in losses. The trailing yield was 2.54% as of October 27, 2026, paid quarterly. The 0.68% expense ratio is high next to similar funds. Past results don't predict the future, and a retirement plan should look at 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).