First Manhattan Files Opportunistic Equity ETF (FMOE) Targeting Undervalued Stocks

First Manhattan Co. has filed for the FM Opportunistic Equity ETF (FMOE), an actively managed fund targeting high-quality companies trading at attractive valuations due to temporary market dislocations or investor pessimism. The fund will typically hold a concentrated portfolio of 25–35 U.S. and international stocks, primarily large- and mid-cap companies, with individual positions generally capped at 10% at acquisition. Its investment approach emphasizes fundamental research to identify undervalued businesses, including companies perceived as vulnerable to technological disruption but positioned to benefit from emerging technologies. The strategy also targets special situations arising from corporate or management changes. FMOE will maintain a long-term investment horizon, with flexibility to hold substantial cash positions when opportunities are limited. Vident Asset Management will provide trading sub-advisory services.