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VAMO - Cambria Value and Momentum ETF
VAMO is a quantitative long U.S. equity fund combining value and momentum signals to select roughly 100 holdings, with a systematic overlay that can hedge up to 100% of the long book with S&P 500 futures when markets look expensive or trend turns negative.
VAMO price history
Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.
Strategy
VAMO screens U.S. equities above $200M market cap, ranking candidates on long-term value metrics (price relative to fundamentals, typically over five to ten years) and near-term relative momentum (typically less than one year). The top roughly 100 names enter the long book; the portfolio rebalances monthly. The factor pairing is intentional: value finds underpriced candidates while momentum filters out names still in a price downtrend.
Tactical hedging runs as a separate weekly process: Cambria's rules assess market valuation and price trend, then scale a short S&P 500 futures position from 0% to up to 100% of the long book. When both signals are unfavorable the fund can be near market-neutral. Futures roll, carry, and implementation costs for the hedge layer on top of the published 0.65% expense ratio and show up in the spread versus a plain equity benchmark.
Manager and Issuer Pedigree
Mebane T. Faber (co-founder and CIO) and Jonathan Keetz (President) have managed VAMO since its September 2015 launch through Cambria Investment Management, a Los Angeles-based independent registered investment adviser. Faber is widely cited in factor investing, global asset allocation, and shareholder yield research; Keetz focuses on portfolio management and operations.
Cambria managed approximately $4.1 billion across its nineteen-ETF platform as of May 2026, a focused scale relative to index giants. The firm concentrates on evidence-based, rules-driven strategies across shareholder yield, value, trend, and multi-factor equity, applying the same systematic discipline across VAMO and its broader product set.
Outperformance
Outperforms when <strong>value stocks re-rate with momentum confirmation</strong>: cheap, fundamentally sound companies begin to outperform the index just as near-term relative strength turns constructive. Periods where earnings quality and balance-sheet discipline drive dispersion between sectors are the favorable tape; both the stock selection and the unhedged net-long position earn simultaneously.
Underperforms in extended <strong>growth-driven momentum markets</strong> where a small number of high-multiple names drive index returns and the value screen systematically avoids them. The tactical hedge introduces timing risk: a rapid recovery within a weekly rebalance cycle can generate drag even when the signal fires correctly. The constructive flip is that wide valuation spreads and deteriorating breadth eventually produce the conditions where VAMO's systematic rules activate most cleanly.
Similar ETFs
| Ticker | Name | Score | MER | AUM |
|---|---|---|---|---|
| VAMO | Cambria Value and Momentum ETF | B | 0.65% | ~$83M |
| PTF | Invesco Dorsey Wright Technology Momentum ETF | A+ | 0.68% | ~$300M |
| SPMO | Invesco S&P 500 Momentum ETF | A+ | 0.13% | ~$13B |
| SASS | M.D. Sass Concentrated Value ETF | N/A | 0.75% | ~$70M |
| AVUV | Avantis U.S. Small Cap Value ETF | B | 0.25% | ~$24B |
| AVDV | Avantis International Small Cap Value ETF | A | 0.36% | ~$15B |
Official ETF page
Read the official ETF page for current NAV, holdings, and documents: Cambria Funds (VAMO).