Did Cambiar Aggressive Value CAMAX turn into the ETF CAMX?

randynevin

Reading between the lines that's what seems to have happened.
Seems to be a trend in mutual funds transforming themselves into ETFs.

LewisBraham

From the looks of it, you are correct: https://cambiar.com/etf/camx/ Conversion to ETFs is indeed a trend, but one interesting development is it hasn’t worked for most mutual funds trying to increase their assets. They’re still losing money after they convert:
https://bloomberg.com/news/articles/2023-02-13/mutual-fund-to-etf-conversions-failed-to-attract-investors-in-2022

msf

For those without a Bloomberg subscription, the piece is syndicated and can be read here;
https://www.fa-mag.com/news/wall-street-s-mutual-fund-to-etf-magic-trick-is-failing-to-wow-71984.html

By converting an existing fund, issuers hope to bring an established track record and assets to the ETF market, giving each strategy a head start

This is also one of the rationales that Vanguard gives for its ETF share class of OEFs. Not so much for the track record as for not needing to accumulate assets from scratch.

Yet, there remain headwinds for many fund issuers exploring a conversion. One is the entrenched position of mutual funds in the American retirement system, where their stability and fractional share trading are more valuable than their ETF counterparts.

This is beginning to change, with firms like Fidelity and Schwb offering fractional trading of ETFs.
https://www.fidelity.com/learning-center/trading-investing/fractional-shares
https://www.schwabmoneywise.com/essentials/fractional-shares

OTOH, some firms, like Merrill still don't seem fully comfortable with fractional OEF shares, let alone fractional ETF shares. For example, see this partial transfer form for Merrill, requiring one to specify full shares.
https://olui2.fs.ml.com/publish/content/application/pdf/GWMOL/Partial_Asset_Transfer_Authorization_Letter.pdf

LewisBraham

It seems DFA is one of the few shops that has pulled off such conversations well, drawing a lot of assets. But it has a specific advisor based niche audience that wants ETFs now, low fees already and an investment style that can work well in ETF form.

TheShadow

Posted last August:

https://www.mutualfundobserver.com/discuss/discussion/59969/cambiar-aggressive-value-fund-to-convert-to-an-etf#