iMGP Berkshire Dividend Growth ETF
BDVG
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- iMGP Berkshire Dividend Growth ETF (BDVG) is an actively managed, fully transparent exchange-traded fund that seeks dividend income and long-term capital appreciation through investments in a diversified portfolio of U.S. large-cap value equities, with an emphasis on companies exhibiting high, stable, and growing dividends; it targets stocks with current yields at least matching the S&P 500 average, robust balance sheets, sustainable margins, high return on equity, and potential for future dividend increases via proprietary bottom-up fundamental analysis including free cash flow modeling and intrinsic value estimates. The fund holds approximately 30 to 40 securities across diversified sectors, with top holdings typically including names like JPMorgan Chase & Co., AbbVie Inc., Chevron Corp., Microsoft Corp., and Apple Inc.; it primarily invests at least 80% of net assets in dividend-paying common stocks of U.S. companies, predominantly large-cap, supplemented by minor non-U.S. equity exposure. Launched on June 30, 2023, and listed on the New York Stock Exchange, BDVG is issued by Litman Gregory Funds Trust, advised by iM Global Partner Fund Management LLC, and sub-advised by Berkshire Asset Management, LLC, with a gross expense ratio of 0.55%; services are provided by State Street Bank and distributor ALPS Distributors, and it operates from the United States with assets under management around $8.5 million as of recent data. In a key strategic development, iM Global Partner partnered with Berkshire Asset Management in June 2023 to launch BDVG as a clone of BAM's longstanding dividend growth equity strategy previously offered via separately managed accounts for high-net-worth and institutional clients over the prior 14 years, marking the addition of a fourth ETF to iMGP's platform sub-advised by three partners; this initiative responded to advisor and client demand for ETF access to the strategy, enhancing distribution through a tax-efficient, transparent structure while maintaining the same investment team and process led by managers Kenneth Krogulski, Gerard Mihalick, Michael Weaver, and others. No major acquisitions, funding rounds, or reorganizations have been reported for BDVG or its direct affiliates in the last 1-2 years, with operations focused on steady portfolio management amid quarterly performance commentary, such as a 1.23% NAV decline in Q2 2024 outperforming the Russell 1000 Value Index. The fund serves professional and institutional investors seeking income growth, inflation hedging, and equity diversification, with iM Global Partner managing approximately $37 billion in broader assets as of mid-2023 and Berkshire overseeing $4.18 billion.