In short: "An interesting satellite fund for the nervous nellies that want equity exposure but want to be hedged" — it can hedge 0/25/50/75/100% of the book with futures. Currently 50% hedged, "because the broad market's expensive but going up," which is the fund-level expression of his yellow-light macro call.
VAMO owns stocks chosen on value and momentum, but its distinguishing feature is a dial: it can hedge anywhere from 0% to 100% of the portfolio using futures — effectively taking out insurance that cancels part of its own market exposure when conditions warrant. Faber describes it as a satellite holding "for the nervous nellies that want equity exposure but want to be hedged."
What makes it worth noting today is its live positioning: it is currently 50% hedged, and his stated reason is exactly his macro view — "the broad market's expensive but going up." That is the yellow-light call expressed as a position rather than an opinion: not out of the market, not fully in it.
36:50VAMO is an interesting satellite fund for the nervous nellies that want equity exposure but want to be hedged. That one can hedge up to 100% of the portfolio with futures, so it can go from zero to 25, 50, 75, 100. Currently, it's 50% hedged because the broad market's expensive but going up. So, you can tell I love talking about all these funds.
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