Cambria Global Value ETF

GVAL

Market cap $331M

Investors can eye global equity funds as AI bubble fears, U.S. market risks and Fed easing fuel demand for international diversification.

Cambria Global Value ETF claims to offer value by targeting low-CAPE markets, but many of its holdings lack fundamental business quality. Top holdings are concentrated in cyclical sectors like financials and commodities, with several companies generating inconsistent or negative FCF. Since inception, GVAL has delivered just 4.6% CAGR on a total return basis, not a great result on a risk-adjusted basis.

Active ETFs hit a record $1.39T in assets as investors shift from passive strategies amid 2025's volatile market climate. Some of the most-loved U.S.-listed actively-managed ETFs are JEPI and JEPQ.

The Cambria Global Value ETF uses the CAPE ratio to identify and invest in the world's cheapest equity markets, and then buy cheap securities in those countries. The fund has underperformed since its 2014 launch, but it is significantly ahead year-to-date. I am not a huge fan of the CAPE valuation methodology and believe its flaws have contributed to past underperformance in the fund.