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Scientific Beta Newsletter Issue no. 24, January/February 2019-A More Robust Defensive Offering
February 13, 2019--Scientific Beta has designed a defensive offering in answer to investors' needs for a reduction in volatility compared to the cap-weighted index, as well as a protection of capital in bear markets.
This is achieved through the Smart Beta 2.0 construction framework, which first selects stocks with low volatility, then applies a High-Factor-Intensity (HFI) filter to remove stocks with the lowest multi-factor scores, and finally diversifies away idiosyncratic risks with a diversified weighting scheme.
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Source: scientificbeta.com
Former Fed Vice Chairman Stanley Fischer to Join BlackRock
February 13, 2019--Former Federal Reserve Vice Chairman Stanley Fischer will join BlackRock Inc. as a senior adviser, the asset manager said Wednesday.
Mr. Fischer is joining the BlackRock Investment Institute, the investment analysis division of the world's largest asset manager.
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Source: Wall Street Journal
'Flash Boys'-Style Speed Bump Planned for Futures Markets
February 13, 2019--Intercontinental Exchange Inc.'s futures market wants to join the battle against the fastest traders.
The Atlanta-based exchange plans a 3-millisecond trading delay, or speed bump, for its gold and silver futures contracts, according to a regulatory filing. The U.S. Commodity Futures Trading Commission on Wednesday asked for public comment on the proposal.
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Source: Bloomberg
Fidelity(R) Expands Commission-Free ETF Platform to More Than 500 ETFs; Continues to Deliver Investors Unparalleled Value and Choice
February 12, 2019--On the heels of rewriting the rules of investing through its groundbreaking ZERO offering, Fidelity Investments(R), one of the largest financial service providers with $6.7 trillion in total client assets, today announced the expansion of its commission-free exchange traded fund (ETF) platform for individual investors and advisors to include more than 500 ETFs.
The move will offer clients access to high-quality, industry-leading ETFs and further exemplifies Fidelity's ongoing commitment to providing the best overall value in the industry. Fidelity has more than $380 billion in ETF assets under administration, up nearly 80% over the last three years.
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Source: Fidelity Investments
Pacific Global Asset Management Announces Launch of Pacific Global ETFs
February 12, 2019-Pacific Global Asset Management announced today the launch of Pacific Global US Equity Income ETF, a new actively-managed equity fund focused on income and capital appreciation.
"We see an exciting opportunity to help clients address their income and growth needs through the simplicity and transparency of exchange traded funds," said Head of ETF Product Development, Anthony J. Dufault. "To accomplish this, we balance the 150-year-old investment expertise of our parent company, Pacific Life, with a modern and agile approach to building client investment solutions that stand the test of time."
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Source: Pacific Global Asset Management LLC
Fidelity and Schwab fire latest salvos in brokerage fee war, doubling ETFs available for free trades
February 12, 2019--Major U.S. brokerages have been in the middle of a fee war as they chase investor dollars for popular products like exchange-traded funds.
As of the end of last year, ETFs had more than $3.3 trillion of assets, according to the Investment Company Institute.
Vanguard threw down the gauntlet last year when it opened free ETF trades to 1,800 funds, including those by rival managers.
The price war between major U.S. brokerages heated up Tuesday after Charles Schwab and Fidelity both announced they would expand commission-free trading to hundreds more exchange-traded funds.
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Source: CNBC.com
Do leveraged loans pose a threat to the US economy?
February 12, 2019--An economist and a credit investor argue for and against the increase in this type of corporate borrowing
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
February 12, 2019--The current reports for the week of February 12, 2018 are now available.
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Source: CFTC.gov
Assets replicating Scientific Beta's multi-factor indices reach USD 43bn
February 12, 2019--Scientific Beta sees its assets under replication grow by 72% in one year
Scientific Beta has announced that assets tracking its smart beta indices reached USD 43bn at December 31, 2018.
Compared to December 31, 2017, this amount of assets under replication represents an increase of USD 18bn, corresponding to one-year growth of 72%.
This growth comes from the success of Scientific Beta's multi-factor offerings. The Scientific Beta Multi-Beta Multi-Strategy Four-Factor EW indices, which were the first multi-factor indices to be offered by Scientific Beta, show an average live annualised outperformance across all Scientific Beta Developed regions of 1.49% over their five-year live track record and an improvement in Sharpe Ratio of 52.36% compared to their cap-weighted benchmark1.
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Source: Scientific Beta
Passive Funds Overtake Stock-Pickers in the U.S. Large-Cap Market
February 12, 2019--Index products are bigger in assets as of the fourth quarter
Morningstar tracks massive shift to cheaper investing approach
If stock-pickers are becoming an endangered species, this may be the latest sign.
Investors now have more money in large-cap equity funds tracking indexes than in actively run funds of the same type.
The lines crossed in the fourth quarter, according to data from Morningstar Inc. Passive mutual funds, exchange-traded funds and so-called smart beta funds in the sector held $2.93 trillion in assets as of Dec. 31, compared with $2.84 trillion on the active side.
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Source: Bloomberg
