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Thomson Reuters U.S. Weekly FundFlows Insight Report: Equity Funds Attract Net New Money for the Week in Spite of Fears of Inflation and a Trade War
March 15, 2018--For the first week in four investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $291 million. However, the headline number was a bit misleading.
While fund investors were net redeemers of money market funds (-$24.2 billion), they padded the coffers of equity funds (+$20.4 billion), taxable bond funds (+$3.2 million), and municipal bond funds (+$339 million) for the fund-flows week ended March 14, 2018.
Despite concerns that U.S. tariffs could ignite a trade war and possibly stall global and U.S. economic growth, investors cheered a stronger-than-expected February nonfarm payrolls report, cautiously pushing up select market indices ahead of next week's FOMC meeting.
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Source: Thomson Reuters
Research Affiliates-Performance Measurement: How to Do It If We Must
March 15, 2018--Key Points
Investment professionals can overdo performance measurement simply because technology makes it so easy and it seems a worthwhile task to constantly gauge if clients are on the path to meeting their long-term financial goals.
Too often, however, "doing something" based on short-term performance measurement can degrade the long-term performance potential of a portfolio by chasing recent winners.
If we must regularly assess performance, let's focus on performance relative to expectation distributions, such as a strategy's expected tracking error of returns relative to its benchmark.
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Source: Research Affiliates
ETFs not to blame for market turbulence, says BNY Mellon
March 14, 2018--Industry will recover with global assets hitting $6tn despite recent outflows
The exchange traded fund industry is being defended from accusations that it helped to cause last month's global markets turbulence, despite a slump in investor interest and mounting scrutiny of the role played by passive investments.
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Source: FT.com
Cboe Signals Big Plans for Trading Cryptocurrency Derivatives
March 14, 2018--Digital currencies are 'here to stay,' Cboe's president says
Nasdaq is intrigued by Bitcoin, but needs to differentiate
Cboe Global Markets Inc., an exchange that's quickly become one of the biggest believers in cryptocurrencies, wants to expand beyond Bitcoin futures.
Introduced in December, Cboe's Bitcoin contracts trade thousands of times a day, representing tens of millions of dollars of the digital currency. It wants to introduce derivatives contracts on other cryptocurrencies.
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Source: Bloomberg
Exchanges' Fees and Rebates Could Get a Cut
March 14, 2018--SEC proposes test on trading without system of incentives that have been criticized.
A system of fees and rebates that promotes trading in stocks would be reduced under a pilot program proposed by regulators on Wednesday.
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Source: Wall Street Journal
CFTC.gov Swaps Report Update
March 14, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
T. Rowe Price Launches Multi-Strategy Total Return Fund
March 13, 2018--Innovative new fund taps range of internally managed liquid alternatives strategies to offer a broadly diversified, actively managed global portfolio designed to deliver attractive returns in all market environments over the long term
T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today announced the launch of the T. Rowe Price Multi-Strategy Total Return Fund (Ticker: TMSRX for Investor Class shares and TMSSX for I Class shares). The fund seeks to diversify investment risk for clients by combining six internally managed liquid alternative strategies to provide different sources of alpha in one multi-strategy approach whose returns are expected to have low correlation to the equity and fixed income markets. In addition to offering risk diversification, the fund also aims to provide capital preservation and consistent returns over time, which can be especially beneficial during periods of heightened market volatility.
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Source: T. Rowe Price Group, Inc.
Hartford Lowers Fees On 6 Smart Beta ETFs
March 13, 2018--Hartford Funds, the exchange traded funds and mutual funds arm of Hartford Financial Services Group, Inc. HIG, -0.81% lowered fees on six of its smart beta ETFs, including four multifactor products.
It was nearly two years ago that Hartford Funds acquired Lattice Strategies to bolster its ETF footprint. That deal brought Hartford the ETFs now known as the Hartford Multifactor Developed Markets (ex-US) ETF RODM, -0.17% Hartford Multifactor US Equity ETF ROUS, -0.98% Hartford Multifactor Global Small Cap ETF ROGS, +0.05% and the Hartford Multifactor Emerging Markets ETF ROAM, -0.31%
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Source: Market Watch
BlackRock's Lowest-Cost ETFs Devour Almost Half of U.S. Flows
March 13, 2018--A whopping 44 percent of all flows into U.S.-listed ETFs this year has gone to four low-cost funds from BlackRock Inc.
At the top is the iShares Core MSCI EAFE ETF, known by its ticker IEFA, which has taken in $13.7 billion since Jan. 1, according to data compiled by Bloomberg. Not far behind is the iShares Core S&P 500 ETF, or IVV, which has swelled by $12.2 billion. The iShares Core MSCI Emerging Markets ETF (IEMG) and the iShares Core U.S. Aggregate Bond ETF (AGG) also make the cut, taking in $5.1 billion and $2.4 billion respectively, the data show.
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Source: Bloomberg
AdvisorShares Weekly Market Review-The Bull Market Turns Nine!
March 12, 2018--Highlights of the Prior Week Ending 3/9/2018
Macro
The nonfarm payrolls report was something of a head scratcher. There was a huge upside surprise with 313,000 jobs created. In a sign of confidence, more than 800,000 people entered the workforce causing the headline unemployment rate to remain at 4.1% while the broader U6 printed at 8.2%.
The labor force participation rate reported at 63% and revisions added 54,000 jobs to the last two reports. Somehow though, wages deteriorated, gaining just 0.1% and dropping the year over year number to 2.6%. Remember that last month the yoy number broke out to 2.9% triggering new inflation concerns. Will this report be revised away or are things really that strong?
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Source: AdvisorShares
