In short: A recently launched, deliberately aggressive allocation strategy — leveraged to 140% gross, targeting "Yale endowment style returns," roughly 70% equities / 30% fixed income / 20% real assets / 20% alts. His own framing carries the caveat: "awesome portfolio, but it's going to have some juice to it" and "will be volatile at some point." One of Cambria's earlier 351 conversions.
ENDW is a recently launched fund that tries to replicate the aggressive, diversified mix a large university endowment runs: roughly 70% equities, 30% fixed income, 20% real assets and 20% alternatives. Those add to more than 100% on purpose — the fund uses leverage to run about 140% gross exposure, meaning it borrows to hold more than the money invested in it.
Leverage cuts both ways, and Faber says so directly: "awesome portfolio, but it's going to have some juice to it" and it "will be volatile at some point." It is name-checked here as one of Cambria's earlier 351 conversions rather than pitched, and the volatility caveat is his own, which is why it sits neutral here rather than alongside the funds he actively argues for.
35:43And so that's like a half buy and hold asset allocation, half trend. And then we recently launched the endowment style, which is an aggressive allocation strategy. It's leveraged, so 140% gross. It's targeting like Yale endowment style returns. And will be volatile at some point, that's roughly 70% equities, 30% fixed income, 20% real assets, and 20% alts.
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