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Gross Says Pimco Fired Him After Offer to Scale Back Role
January 12, 2015--Bill Gross said he was fired from Pacific Investment Management Co., the first time he's publicly confirmed that he was dismissed from the firm he co-founded in 1971.
Gross, speaking in an interview with Bloomberg View's Barry Ritholtz, said he offered to step down from the executive committee and compensation committee and oversee closed-end funds after differences with management over his personality and the firm's business direction.
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Source: Bloomberg
US ETF Weekly Update-Weekly Flows: $4.6 Billion Net Outflows
January 12, 20155--US ETF Weekly Update
Weekly Flows: $4.6 Billion Net Outflows
First Net Outflows in 14 Weeks
We Estimate 2014 ETF Net Inflows at $240.4 Billion
High
conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion
Six ETF Launches Last Week
First Trust ETF Undergoes Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $4.6 bln last week; first net outflows in 14 weeks
Last week's net outflows were led by US Large-Cap ETFs at $9.3 bln; conversely, US Sector & Industry ETFs posted net inflows of $2.8 bln, the most of any category we measured
Eleven of the 15 categories we measured posted net inflows last week
We estimate ETFs generated net inflows of $240.4 bln in 2014
ETF assets stand at $2.0 tln; ETF assets were up 18% in 2014
13-week flows remain positive among most asset classes; combined $110.8 bln in net inflows
US Large-Cap ETFs generated net inflows of $38.8 bln over the last 13 weeks, the most of any category, and accounted for 35% of total ETF net inflows
International - Emerging ETFs exhibited net outflows of $2.3 bln over the last 13 weeks, the most of any category, and one of only four sectors to post net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Health Care Select Sector SPDR (XLV) posted net inflows of $884 mln last week, leading all ETFs
Notably, the United States Oil Fund (USO) had net inflows of $396 mln last week, which equates to 26% of its current market cap; USO owns near month WTI oil futures contracts
The iShares Core MSCI Total International Stock ETF (IXUS) also generated large net inflows last week relative to its market cap; IXUS exhibited net inflows of $386 mln, which equates to 31% of current market cap
The SPDR S&P 500 ETF (SPY) posted net outflows of $7.7 bln last week, the most of any ETF; SPY typically struggles from a flows standpoint during the first quarter of each year
Over the last 13 weeks, the iShares MSCI Emerging Markets ETF (EEM) has exhibited net outflows of $2.4 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading jumped to 30% in December, up from 23% in November; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume increased by $188 bln last week compared to the prior week and is 19% above its 13-week average
US Large-Cap ETFs accounted for 46% of ETF $ Volume last week, above their 43% 13-week average; US Large-Cap ETFs comprise 27% of ETF market cap
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 12/15/14
Energy Select Sector SPDR (XLE) had the largest increase in USD short interest at $1.0 bln
XLE's shares short at 66 mln are at their highest level since 9/30/11 as oil prices have declined dramatically over the past few months
Notably, shares short for the iShares Russell 2000 ETF (IWM) at 106 mln are at their lowest level since 1/15/09
595 ETFs exhibited short interest increases while 774 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $3.2 bln over the period ended 12/15/14
The average shares short/shares outstanding for ETFs is currently 3.9%, down from 4.2% last period
For the second straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 457%
Seven of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, XOP, XRT, XBI, IYR, OIH, DRV)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.2 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 25% of recently launched ETF market share, the most of any ETF category; notably, Active ETFs have posted $291 mln in net outflows over the last 13 weeks coming primarily from the First Trust Enhanced Short Maturity ETF (FTSM)
Over the last 13 weeks, recently launched US Custom ETFs have generated net inflows of $925 mln, the most of any category
190 new ETF listings and 72 closures in 2014
The top 10 most successful launches make up 45% of the market cap of ETFs launched over the past year
Four ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches
The First Trust Dorsey Wright Focus 5 ETF (FV) had another solid week of net inflows at $87 mln; FV has a market cap of $1.4 bln and is the largest recently launched ETF
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Source: Morgan Stanley
U.S. SEC economists to write paper on risky ETFs and market volatility
January 9, 2015--U.S. Securities and Exchange Commission economists have begun scrutinizing riskier types of exchange-traded funds as part of an effort to determine whether they may inflame already rocky market conditions.
SEC Chief Economist Mark Flannery said he and colleagues had started working on a white paper about the extent to which ETFs "exacerbate financial volatility."
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Source: Reuters
CFTC.gov Commitments of Traders Reports Update
January 9, 2015--The current reports for the week of January 6, 2015 are now available.
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Source: CFTC.gov
BNY Mellon ADR Index Monthly Performance Update-December 2014
January 8, 2014--The BNY Mellon ADR Index Monthly Performance Update is now available.
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Source: BNY Mellon
CBO-Monthly Budget Review for December 2014
January 8, 2015--The federal government's budget deficit was $175 billion for the first three months of fiscal year 2015, $3 billion more than the shortfall recorded in the same period last year, CBO estimates.
Revenues and outlays were both higher (by 11 percent and 9 percent, respectively) than they were at the same point in fiscal year 2014.
Total Receipts: Up by 11 Percent in the First Quarter of Fiscal Year 2015
Receipts through December totaled $740 billion, CBO estimates-$74 billion more than the amount collected in the same period last year.
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Source: Congressional Budget Office (CBO)
Mexico has a unique opportunity to boost growth and share prosperity more widely, according to the OECD
January 8, 2015--Mexico now has the chance to dramatically boost growth rates and resume convergence of its living standards towards those of advanced economies, reduce pervasive labour market informality and drive down high rates of poverty and income inequality.
The momentous reforms that have now been legislated (in labour, competition, education, energy, the financial sector, infrastructure, telecommunications and the tax system) could have a significant economic impact. However, they will have to be accompanied by decisive actions that improve the functioning of judicial institutions, strengthen the rule of law, address security issues and reduce widespread corruption, the OECD said.
view the OECD Economic Surveys Mexico January 2015 OVERVIEW
Source: OECD
$2 billion company betting big on marijuana
January 8, 2015--Until now, it's been a few rich individuals who secretly funded burgeoning pot companies, but for the first time, a major investment firm is going to put multimillion dollars behind marijuana.
It's a partnership between two investors and the first institutional investments in pot, reports CBS News correspondent Anthony Mason.
Geoff Lewis's firm, Founders Fund, a $2 billion company...
In technical terms, market cap weighted indexes became float-adjusted market cap indexes. Companies with high
levels of inside ownership receive decreased weightings in
most of the major index companies. view more
Source: Toroso Investments
