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The Eurekahedge Report March 2017
March 21, 2017--March's issue of The Eurekahedge Report focuses on the US$1.5 trillion North American hedge funds industry along with an infographic summary.
Alongside our coverage of monthly returns, performance and asset flows, the report provide a strategy profile on activist hedge funds which have seen their assets dip below US$100 billion despite solid double digit gains in 2016.
view the North American Hedge Funds Infographic March 2017
Source: eurekahedge.com
AdvisorShares This Week in Active ETFs: Hawkishly Dovish?
March 21, 2017-Weekly Market Review-For the week of March 13 to March 17, 2017
Macro
Hawkishly Dovish? We don't know but in a very effectively telegraphed policy move the FOMC increased the range of the Fed Fund Rate from 0.50%-0.75% up to 0.75%-1.00%. To look at how the domestic equity benchmarks traded, you may not guess that the Fed tightened policy.
For the week, mildly positive but breaking a trend of the last few weeks while small caps noticeably outperformed, rallying 1.89%. We follow
this closely as large/mega cap outperformance is thought to be a sign of narrowing leadership, which historically has been a net negative, where small cap leadership is thought to indicate a better distribution of outperforming stocks.
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Source: AdvisorShares
Hedge Fund Manager Boaz Weinstein Launches A CEF ETF?!?!
March 21, 2017--The FT's Stephen Foley reported on Monday that a new actively-managed exchange-traded fund that invests in closed-end funds has come to market.
Boaz Weinstein, famous for taking down JPMorgan's Bruno Iksil a.k.a. the London Whale, aims to exploit inefficiently priced CEFs as he has through his hedge fund Saba Capital rather successfully.
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Source: Barron's
Commission-based clients don't want fee-only accounts
March 20, 2017--Most clients investing through commission-based accounts would consider changing firms if forced into a fee-only model, according to J.D. Power's latest survey.
Although fee-only clients report they are "generally more satisfied with what they pay their firm," commission-based clients reject the notion that the Department of Labor's fiduciary rule would benefit them, according to the survey released last week.
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Source: financial-planning.com
NYSE Arca to review closing prices, trading to resume Tuesday
March 20, 2017--NYSE Arca said on Monday it was reviewing its closing prices, after a separate technical issue prevented some symbols from completing a closing auction.
Trading on the exchange will not resume until Tuesday, the exchange said in a statement.
Earlier, NYSE Arca said that for symbols that traded to the close, that the official closing price (OCP) would be the volume-weighted average price of all eligible last sale trades in the final five minutes of regular trading hours, "including the closing auction prints of all markets."
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Source: Reuters
CFTC.gov Commitments of Traders Reports Update
March 17, 2017--The current reports for the week of March 14, 2017 are now available.
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Source: CFTC.gov
Virtu makes $1.3 billion unsolicited offer to buy KCG
March 16, 2017--Virtu Financial has made an unsolicited offer to buy its rival, KCG Holdings, in a deal that could create one of the largest global high-frequency trading firms.
KCG confirmed receipt of the offer to purchase all outstanding shares for KCG's common stock for $18.50-$20.00 per share, which would amount to around $1.3 billion.
Both firms have seen revenues drop across trading and market making business units due to low volatility and decreased trading volumes
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Source: thetradenews.com
Redwood Asset Management Expands Income Solutions with Launch of the Redwood U.S. Preferred Share Fund and ETF units of the Redwood Floating Rate Preferred Fund
March 15, 2017--Redwood Asset Management Inc. ("Redwood") is pleased to announce the listing of two income-generating preferred share funds, the Redwood U.S. Preferred Share Fund (NEO:RPU and RPU.B) and the Redwood Floating Rate Preferred Fund (NEO:RPS). Redwood has completed the initial public offering of ETF units of the Funds.
The ETF units of the Redwood U.S. Preferred Share Fund and the Redwood Floating Rate Preferred Fund will commence trading on the NEO Stock Exchange today under the ticker symbols RPU (currency hedged), RPU.B (non-currency hedged) and RPS, respectively.
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Source: Redwood Asset Management Inc
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 14-15 FOMC meeting
March 15, 2017--The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the March 14-15 meeting.
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Source: federalreserve.gov
Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The March 14-15 FOMC Meeting
March 15, 2016--Information received since the Federal Open Market Committee met in February
indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace.
Job gains remained solid and the unemployment rate
was little changed in recent months
Household spending has continued to rise moderately while business fixed investment appears to have firmed somewhat. Inflation has increased
in recent quarters, moving close to the Committee's 2 percent longer-run objective; excluding energy and food prices, inflation was little changed and continued to run somewhat below 2 percent.
Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price s
tability. The Committee expects that, with gradual adjustments in the
stance of monetary policy, economic activity will expand at a moderate pace, labor market conditions will strengthen somewhat further, and inflation will stabilize around 2 percent over
the medium term. Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial
developments.
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Source: federalreserve.gov
