The Meb Faber Show · Friday, August 7, 2026
The Cambria Global Value ETF (GVAL) employs a methodology that screens 45 countries for undervalued markets using long-term valuation metrics and then selects the most undervalued stocks from the top 30 largest companies within those countries. This approach results in a portfolio significantly different from cap-weighted indexes, with heavier exposure to countries like Austria and Poland, and sectors like financials and materials, while maintaining a lower P/E ratio compared to benchmarks like MSCI ACWI.
“The fund methodology begins with a universe of about 45 countries located in both developed and emerging markets. By using a composite of long-term valuation metrics, like the 10-year cyclically adjusted earnings ratio, but also measures based on dividends and cash flow too, it identifies the least expensive stock markets in the world.”
“As of Q1 2026, country weights are tilted towards places like Austria, Poland, Colombia. Not exactly the standard equity lineup most US investors might picture.”
“On traditional valuation metrics, GVAL is traded at a much lower multiple than global benchmarks such as MSCI Acquis. For example, GVAL has a PE in the low teens versus Acquis in the low 20s.”