Tremblant Global ETF (TOGA) seeks to provide capital appreciation through active management of a concentrated portfolio of global equity securities. This international equity ETF focuses on identifying undervalued companies across developed and emerging markets worldwide.
How It Works
TOGA employs an actively managed, fundamental research-driven approach to select approximately 30-50 high-conviction positions across global markets. The fund's portfolio managers conduct bottom-up analysis to identify companies trading below intrinsic value, with no geographic or sector constraints. Holdings are weighted based on conviction level rather than market capitalization, with position sizes typically ranging from 1-5% of assets. The concentrated approach allows for meaningful exposure to the managers' best ideas while maintaining diversification across regions and industries.
Key Features
- Newly launched in May 2024 with zero expense ratio during initial period, providing cost-free access to active global management
- Concentrated portfolio of 30-50 high-conviction positions allows for meaningful impact from successful stock selection versus diversified index funds
- Unconstrained global mandate enables investment across developed and emerging markets without geographic or sector limitations
Risks
- This ETF can lose significant value due to active management risk, as concentrated positions and stock selection may underperform broad market indices substantially
- Currency fluctuations can reduce returns when foreign holdings decline against the U.S. dollar, adding volatility beyond underlying stock performance
- Emerging market exposure subjects the fund to political instability, liquidity constraints, and regulatory changes that could cause sharp declines exceeding 40-50%
Who Should Own This
Best suited for aggressive growth investors with high risk tolerance and 5+ year investment horizons seeking active international exposure. Appropriate as a satellite holding representing 5-15% of equity allocation for investors comfortable with concentrated, manager-dependent strategies and significant volatility in exchange for potential outperformance.