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Report on the Troubled Asset Relief Program-April 2019
April 25, 2019--CBO estimates that the net cost of the TARP will total $31 billion-$1 billion less than it estimated in March 2018 because of a decrease in projected disbursements for mortgage programs. Almost all of the TARP's transactions have been completed.
Summary:
In October 2008, the Emergency Economic Stabilization Act of 2008 (Division A of Public Law 110-343) established the Troubled Asset Relief Program (TARP) to enable the Department of the Treasury to promote stability in financial markets through the purchase and guarantee of "troubled assets." Section 202 of that legislation, as amended, requires annual reports from the Office of Management and Budget (OMB) on the costs of the program. The law also requires the Congressional Budget Office to submit its own reports within 45 days of the issuance of OMB's report each year. CBO's assessment must discuss three elements:
The costs of purchases and guarantees of troubled assets,
Information CBO collects and the valuation methods it uses to calculate those costs, and
The program’s effects on the federal budget deficit and debt.
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Source: Congressional Budget Office (CBO)
SEC Extends BDs' Compliance Deadline With Amended Reg NMS
April 25, 2019--Broker-dealers told the agency they need more time beyond the May 20 deadline.
The Securities and Exchange Commission has extended the deadline for broker-dealers to comply with recently adopted amendments to Rule 606 of Regulation National Market System, or Reg NMS, which requires BDs to provide additional disclosures concerning the handling of customer orders.
Broker-dealers have told the agency they need more time beyond the May 20 deadline, so the agency has moved it to Oct. 1.
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Source: thinkadvisor.com
Lipper U.S. Weekly FundFlows Insight Report: Funds Take in Net New Money Paced by Bond Funds
April 25, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) experienced net inflows of $4.9 billion for the fund-flows trading week ended Wednesday, April 24.
Taxable bond funds (+$6.4 billion) and municipal debt funds (+$1.6 billion) took in almost $8.0 billion combined for the week, while money market funds contributed $4.3 billion to the total positive flows. Equity funds (-$7.3 billion) were the only asset group to suffer net outflows for the week.
Market Overview
The major equity indices all recorded gains for the fund-flows trading week. The NASDAQ Composite Index (+1.32%) paced the positive returns, while the S&P 500 Index and the Dow Jones Industrial Average were up 0.92%% and 0.56%, respectively. The indices have carried their strength from the first quarter (in which all three recorded double-digit increases) into the second quarter as the NASDAQ, S&P 500, and the Dow are up 4.82%, 3.28%, and 2.58%,
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Source: Refinitiv
CLS Investments Debuts Five New Tax-Managed Portfolio Strategies
April 25, 2019--CLS Investments, LLC ("CLS") a third-party money manager and leading strategist of exchange-traded fund ("ETF") portfolios has announced the launch of five new direct indexed, tax-managed strategies to be made available on the TAMP platform offered by FTJ FundChoice, an open architecture TAMP based in Cincinnati.
The strategies, which are a response to growing client and investor demand for tax-efficient investment options, use a quantitative rules-based approach that aims to track market-cap weighted U.S. indices with the key benefit of tax-loss harvesting to off-set capital gains.
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Source: CLS Investments, LLC
Strike the Right Balance in Multi-Factor Strategy Design
April 25, 2019--Investors should not ignore the presence of real-world implementation challenges in selecting a multi-factor smart beta strategy. Thoughtful design in multi-factor investing requires a conscious and deliberate decision to find the most advantageous balance between effectively harvesting the factor premium and the costs of implementation.
Our analysis examines combinations of six factors (value, low beta, profitability, investment, momentum, and size) in simple long-only, investable portfolios that reflect real-world strategies. Based on our research, these six factors produce a substantial diversification benefit across return drivers.
We find that selecting roughly a quarter of the investable universe based on one specific signal for each factor typically produces the best risk-adjusted performance for a multi-factor strategy in the presence of implementation costs.
Neither a focus on maximizing paper portfolio performance, which ignores the associated trading costs, nor a singular focus on low-cost implementation, which misses opportunities for better performance, will produce an optimal result for multi-factor smart beta investors.
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Source: Research Affiliates
Pacer listing free cash flow ETFs until the cows come home
April 25, 2019--Pacer, one of the more successful emerging ETF providers in recent years, is milking investors love of free cash flow ETFs, adding more udders to its offering.
Pacer US Cash Cows Growth ETF (BUL)
Pacer Emerging Markets Cash Cows 100 ETF (ECOW)
BUL will look for growth companies that maintain high free cash flows. It starts with the S&P 900 Pure Growth Index, and then pasteurises the index, screening companies for their average projected free cash flows and earnings over the next two years.
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Source: ultumus.com
European Dividend Growth Fund Completes Conversion to ETF
April 24, 2019--Brompton Funds Limited (the "Manager"), the manager of European Dividend Growth Fund (the "Fund") is pleased to announce that the Fund has completed its conversion to an exchange-traded fund as approved by unitholders at a meeting held on February 14, 2019.
A final prospectus dated March 26, 2019 has been filed with the securities regulatory authorities in each province and territory in Canada.
Commencing April 23, 2019, the Fund became Brompton European Dividend Growth ETF ("EDGF" or the "ETF"), and now trades under the new TSX ticker symbol: EDGF. Units of the Fund were converted to units of EDGF on a 1:1 basis.
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Source: Brompton European Dividend Growth ETF
Investor Confidence Rose in April by 1.7 Points to 72.9
April 24, 2019--State Street Global Exchange today released the results of the State Street Investor Confidence Index(R) (ICI) for April 2019.
The Global Investor Confidence Index increased to 72.9 up 1.7 points from March's revised reading of 71.2.
Confidence among North American investors improved, with the North American ICI rising from 68.3 to 71.1. The European ICI declined by 1.5 points to 86.7 and the Asia ICI decreased by 6.7 points to 92.9.
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Source: State Street Global Advisors
CFTC.gov Swaps Report Update
April 24, 2019--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
CBO-The 2019 Budget and Economic Outlook
April 23, 2019--Summary
In CBO's projections, the federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years.
CBO's projection of the deficit for 2019 is now $75 billion less—and its projection of the cumulative deficit over the 2019-2028 period, $1.2 trillion less-than it was in spring 2018. That reduction in projected deficits results primarily from legislative changes—most notably, a decrease in emergency spending.
Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 93 percent of GDP in 2029 (its highest level since just after World War II) and about 150 percent of GDP in 2049-far higher than it has ever been. Moreover, if lawmakers amended current laws to maintain certain policies now in place, even larger increases in debt would ensue.
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Source: Congressional Budget Office
