TLTD offers a different take from the broad developed ex-US stocks. The fund, launched September 2012, shares a similar mindset with its US-based cousin, TILT, namely, a bias toward smaller, value-oriented firms, based on work done by Fama and French. Fama and French championed a 3-factor pricing model that added size and style to market risk. TLTD applies the logic with a very light hand. Its bias toward small-caps is noticeable, with more allocations to small-caps compared to the usual regular market-cap-weighted fund. Subscribers to the Fama-French view might argue that slight tilts rather than huge biases make TLTD more viable for long-term allocation. Overall, be mindful of the funds small cap bias before investing. The underlying index is reconstituted semi-annually and rebalanced quarterly.
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