Hedgeye Asset Management Launches the Hedgeye Fourth Turning ETF (HEFT) Co-Managed by Neil Howe and R. Patrick Kent

STAMFORD, Conn., Nov. 21, 2025 /PRNewswire/ -- Hedgeye Asset Management, LLC ("HAM"), a subsidiary of Hedgeye Risk Management, LLC, today announced the launch of the Hedgeye Fourth Turning ETF (HEFT)—an actively managed strategy designed to capitalize on major generational, demographic, and macroeconomic shifts identified by Hedgeye's proprietary investing framework and the seminal generational theory known as the Fourth Turning.

HEFT is co-managed by renowned historian, economist, and demographer Neil Howe, and veteran global equity investor R. Patrick Kent. Together, they bring a distinctive combination of deep structural analysis and institutional-grade investment discipline aimed at identifying long-term thematic opportunities and asymmetric risk setups across market cycles.

"Neil and Patrick are uniquely equipped to help investors navigate the profound demographic, political, and macro changes shaping this period in history," said Hedgeye Founder & CEO Keith McCullough. "HEFT leverages our process—Quads, Signals, and risk management with their combined expertise to build a forward-looking, durable strategy for uncertain times."

A Strategy Built for a Transformational Era

HEFT seeks long-term capital appreciation by investing in equities and thematic exposures aligned with generational, demographic, and cyclical forces. The Fund employs Hedgeye's quantitative macro models alongside fundamental and thematic insights from Howe and Kent. HEFT may invest across regions, sectors, and market caps, with flexibility to concentrate positions based on conviction and prevailing cycle dynamics.

Quotes From the Portfolio Managers

"Every Fourth Turning is marked by rapid change, institutional stress, and large-scale realignments," explained Neil Howe, co-manager of HEFT. "Investors need a framework that recognizes these long-cycle dynamics and positions for them. HEFT allows us to translate generational and demographic insight directly into an investable strategy."

"Hedgeye's quantitative process, combined with Neil's generational lens, creates a disciplined way to identify long-term winners and avoid emerging risks during a period of major transition," added R. Patrick Kent, co-manager of HEFT. "This new ETF is designed for investors who want a future-oriented strategy grounded in data, process, and cycle awareness."

About the Portfolio Managers

Neil Howe is Managing Director of Demography at Hedgeye Risk Management and President of LifeCourse Associates. A historian, economist, and demographer, Howe is best known as co-author of The Fourth Turning, the landmark book that introduced the theory of generational cycles that influence historical and societal change. He coined the term "Millennials" and is widely recognized as a leading authority on demographic change, global aging, and long-wave social dynamics. Howe holds a B.A. from the University of California, Berkeley, and graduate degrees in economics and history from Yale University.

R. Patrick Kent is an accomplished investment professional with more than 25 years of experience managing long/short, opportunistic equity, and thematic global portfolios. He currently serves as President of the Biophysical Economics Institute. Previously, Kent managed billions in small- and mid-cap equities at Newton Investment Management, co-developed the first diversified public equity impact fund at Wellington Management, and held investment roles at Schroders and SAC Capital. Over the last 15 years, he has consistently integrated Hedgeye's macro and stock research into his investment process.

For more information on HAM or HEFT please email [email protected] or visit our website https://hedgeyeam.com/ and X page https://x.com/hedgeyeam.

Definitions

Quads: Quads as used here mean the evolving locations of each of 50+ national economies within four-quadrant plots like the stylized example below in which the vertical axes measure rates of change (ROCs) in real or inflation-adjusted Gross Domestic Product and the horizontal axes measure ROCs in CPI inflation (or its closest equivalent for countries not reporting CPI inflation per se)

Signals: Signals as used here mean a carefully defined set of security-specific indicators that the Manager deems useful in estimating the future price trajectory of securities comprising the Fund's selection universe. Some of these indicators are proprietary.

Important Information

Before investing in the fund, the investment objective, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the fund. Copies of the fund's prospectus may be obtained by visiting www.hedgeyeam.com/HEFT or calling +1 (888) 711-8292. Read it carefully before investing.

Investing involves risks including the risk of principal loss. The Adviser is newly formed and has not previously managed an ETF. Accordingly, investors in the Fund bear the risk that the Adviser's inexperience may limit its effectiveness.

The Fund is non-diversified, which means that it may invest a large percentage of its assets in a particular issuer and increases the risk that the value of the Fund could decrease due to poor performance of a single investment or limited number of investments.

The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

As an actively managed investment portfolio, the Fund is subject to the Adviser's investment decisions about individual securities impact on the Fund's ability to achieve its investment objective. there is no guarantee that the Adviser's investment strategy will meet it's investment objective or produce the desired results. Large cap companies may be less able than mid and small capitalization companies to adapt to changing market conditions. Investments in stocks of mid-capitalization companies may be subject to more abrupt or erratic market movements.

The Fund's investment strategies may employ quantitative algorithms and models that rely heavily on the use of proprietary and non-proprietary data, Models may also have hidden biases or exposure to broad structural or sentiment shifts. There can be no assurance that use of a quantitative model will enable the Fund to achieve positive returns or outperform the market.

In addition, the fund's principle risks include derivative risk, options risk, futures contract risk, and swap agreements risk. For additional information about these and other fund risks, please refer to the "Principal Investment Risks" section of the prospectus.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

The Distributor is Foreside Fund Services, LLC.

SOURCE Hedgeye Asset Management