Top ideas from Meb Faber of Cambria Investment Management
3 ETFs to Help Fix Investing Blind Spots
In this episode of In the Money with Amber Kanwar, renowned investor and author Meb Faber breaks down what most investors get wrong—and what to do instead. Meb dives deep into the three investing pillars he believes will define the next era: global diversification, value investing, and trend following. He explains why most investors are overly concentrated in their home countries and why sticking to U.S. stocks may no longer be the smartest move—highlighting markets like Poland, Japan, and the UK.
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Meb Faber’s ETF picks—SYLD, GVAL, and TRTY—offer distinct strategies to navigate today’s complex markets. SYLD capitalizes on shareholder-friendly value stocks, GVAL targets undervalued global markets poised for a rebound, and TRTY blends diversification and trend-following for resilience and growth.
Cambria Shareholder Yield ETF (SYLD)
Design: SYLD targets companies with a history of returning free cash to shareholders through dividends and buybacks. It is agnostic to size and sectors (capped at one-third to avoid over-concentration), holding 100 companies. Currently characterized as a midcap value fund, it can shift across market caps and sectors.
Why It Should Do Well:
Offers broad-based valuations at attractive levels, with metrics like price-to-earnings, price-to-book, and price-to-sales showing value compared to expensive US tech stocks.
Low tech weighting (favoring consumer discretionary, financials, materials, industrials, and energy) avoids overvalued sectors, focusing on cash-generating companies.
In the US, SYLD’s portfolio has a double-digit shareholder yield (dividends plus buybacks), significantly higher than the US market’s 1.5% dividend yield, driven by heavy buyback activity.
Avoids expensive stocks and share issuers, enhancing its value proposition.
Outlook:
Meb sees SYLD as well-positioned in an environment where US tech stocks are expensive and value-oriented sectors are undervalued.
He highlights the global applicability of the shareholder yield strategy, noting that in emerging markets (via EYLD), tech is a significant weight, showing flexibility in capturing value across regions.
Cultural shifts toward buybacks in markets like Japan, the UK, and China could further boost similar strategies, supporting SYLD’s approach in the US.
Cambria Global Value ETF (GVAL)
Design: GVAL is a deep value fund that invests in the cheapest third of global stock markets, targeting undervalued stocks worldwide with a PE ratio around 10. It focuses on regions and sectors overlooked by investors, such as European banks.
Why It Should Do Well:
GVAL has surged 24% in 2025, capitalizing on a rebound in global value stocks after years of underperformance relative to US stocks.
Targets “long-forgotten, abandoned” markets, which Meb believes are primed for a turnaround as investor sentiment shifts.
Exposure to outperforming sectors like European banks, which have quietly outperformed the MAG 7 over the past three years, highlights its contrarian appeal.
Global deep value has shown massive outperformance this year (up 25%), with countries like Poland leading the charge.
Outlook:
Meb believes GVAL could have “a long way to go” as markets turn on a dime, with flows likely to accentuate returns on the upside.
He notes the historical underperformance of diversified portfolios relative to US stocks since 2009, suggesting the current period is ripe for a reversal in global value stocks.
Low allocations to emerging markets (3% on average in the US) indicate significant room for investor re-engagement, potentially driving GVAL’s performance.
Cambria Trinity ETF (TRTY)
Design: TRTY combines Meb’s three investment styles—diversification, value, and trend following—into a single fund. It is a global asset allocation ETF, split evenly between buy-and-hold (stocks, bonds, real assets with value tilts) and trend-following strategies, aiming for lower volatility than pure stock investments.
Why It Should Do Well:
Balances buy-and-hold and trend-following to mitigate downside risk during crises (e.g., 2008-2009, COVID pandemic) while capturing upside during recoveries.
Trend-following acts as a “perfect antidote” to buy-and-hold’s vulnerability in downturns, selling out of declining assets to hold cash or bonds, as seen during the COVID crash.
Buy-and-hold ensures participation in market rebounds, as evidenced by its role in capturing post-COVID stimulus-driven gains.
Acts as a “psychological diversifier,” reducing volatility and helping investors stay invested through turbulent periods.
Outlook:
Meb views TRTY as ideal for investors seeking a one-stop portfolio solution, with its unique 50/50 trend and buy-and-hold allocation distinguishing it from other advisors’ offerings.
He expects TRTY to thrive in volatile environments where trend-following can protect against sharp declines, while buy-and-hold captures long-term growth.
The fund’s lower volatility makes it suitable for investors wary of stock market swings, particularly in an uncertain economic climate with potential bond yield spikes or equity competition.
DISCLAIMERS: The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice. The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
