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Renaissance Capital-1Q19 US IPO Review: Quiet First Quarter Ends with a Lyft
March 29, 2019--During the quarter, only 18 IPOs priced, raising $4.7 billion, the slowest quarter by deal count in three years. The sharp December equity market decline and government shutdown contributed to a very slow January when only one IPO priced.
IPO activity picked up in late February and continued in March, culminating in the long-anticipated IPOs of Levi's and Lyft. While overall average quarterly performance was not particularly strong due to a handful of mostly small deals that priced in January and early February, momentum shifted in March, with issuers producing strong returns.
This was also reflected in the returns of the IPO index, up 31% for the quarter. IPO activity should be robust in the 2Q due to the large number of companies that have announced plans to go public. Since Lyft filed at the beginning of March, 17 additional companies have filed with the SEC with total potential deal proceeds of nearly $7 billion, exceeding that raised in this quarter and five of the preceding 12 quarters.
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Source: Renaissance Capital LLC
Lipper U.S. Weekly FundFlows Insight Report: Funds Experience Net Inflows as Investors Park Assets in Money Market Funds
March 29, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) had net positive flows of $24.6 billion for the fund-flows trading week ended Wednesday, March 27. Money market funds drove the overall net inflows as they took in $31.6 billion in net new money.
Taxable bond funds (+$2.5 billion) and municipal debt funds (+$1.5 billion) also contributed to the net positive flows, while equity funds suffered net outflows of $11.0 billion.
Market Overview
The major equity indices were all down for the fund-flows trading week. The NASDAQ Composite was the hardest hit (-1.11%), while the S&P 500 Index and Dow Jones Industrial Average were off 0.67% and 0.47%, respectively.
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Source: Refinitiv
WisdomTree Announces Europe Multifactor Fund (EUMF) and Japan Multifactor Fund (JAMF)
March 29, 2019--Formerly WisdomTree Dynamic Currency Hedged Europe Equity Fund (DDEZ) and
WisdomTree Dynamic Currency Hedged Japan Equity Fund (DDJP)
Firm Continues to Grow Multifactor ETF Suite, Utilizing Modern AlphaTM Approach
WisdomTree (NASDAQ: WETF), an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced the implementation of changes for the WisdomTree Dynamic Currency Hedged Europe Equity Fund (DDEZ) and the WisdomTree Dynamic Currency Hedged Japan Equity Fund (DDJP).
Effective today, the fund names, tickers, investment objectives and investment strategies have changed, and both funds will transition to transparent, models-based actively managed multifactor strategies, as reflected below. The funds' expense ratios remain unchanged.
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Source: WisdomTree
Evolve Files Preliminary Prospectus for Canada's First Actively Managed U.S. Marijuana ETF
March 29, 2019--Evolve Funds Group Inc. ("Evolve") is pleased to announce that it has filed a preliminary prospectus with the Canadian securities regulators for Canada's first actively managed U.S. marijuana industry focused ETF.
The U.S. Marijuana ETF ("USMJ") is designed to provide investors with long-term capital appreciation by actively investing in a diversified mix of equity securities of public issuers that are involved in the U.S. marijuana industry where state and local laws regulate and permit such activities. Evolve will act as portfolio manager for USMJ.
USMJ follows the success of Evolve's actively managed, Evolve Marijuana ETF ("SEED") which is Canada's top performing TSX-listed equity ETF over the past 1 year. ending February 28, 2019.
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Source: Evolve Funds Group Inc.
Horizons ETFs Rebalances the Horizons Emerging Marijuana Growers Index ETF (HMJR)
March 29, 2019--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") has completed the quarterly rebalance of the constituent holdings of the Horizons Emerging Marijuana Growers Index ETF ("HMJR:NEO"). HMJR seeks to replicate, to the extent possible, the performance of the Emerging Marijuana Growers Index, net of expenses.
The Emerging Marijuana Growers Index is designed to provide exposure to the performance of a basket of primarily North American publicly listed smallcapitalization companies primarily involved in the cultivation, production and/or distribution of marijuana.
HMJR invests in small-market-capitalization companies with market capitalizations generally between CAD $50 million and CAD $500 million.
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Source: Horizons ETFs Management (Canada) Inc.
CFTC Unanimously Approves Project KISS Rulemakings to Ease Regulatory Burdens
March 28, 2019-The Commodity Futures Trading Commission (CFTC) announced today that it has unanimously approved two final rule amendments to simplify registrants' obligations.
"These final rule both originated as proposal from our Project KISS initiative, intended to simplify and reduce burdens by revisiting our rules based on staff implementation experience and public comment," said CFTC Chairman J. Christopher Giancarlo. "By reducing the unnecessary complexity and prescriptiveness of these rules, we are providing additional flexibility for market participants, without reducing the effectiveness of our rules."
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Source: CFTC.gov
Schwab Introduces Subscription-Based Financial Planning Option in Its Digital Advisory Service
March 28, 2019--New pricing model delivers a modern approach to planning
To simplify its approach to comprehensive professional guidance and financial planning for the firm's digital advisory services, Charles Schwab is moving to a new subscription pricing model for Schwab Intelligent AdvisoryTM and renaming the service Schwab Intelligent Portfolios PremiumTM.
There are no pricing changes to Schwab Intelligent Portfolios(R), the firm's automated investing service, which charges no advisory fee.
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Source: Charles Schwab
U.S. economy grew a slower 2.2% in the fourth quarter, new GDP figures show
March 28, 2019--Adjusted pretax corporate profits fall for first time in seven quarters
March 28, 2019--The numbers: The economy grew somewhat slower in the final three months of 2018 than it originally appeared, largely because of softer consumer spending and a weaker climate for business investment that's likely to depress growth in the first quarter as well.
Gross domestic product, the official scorecard for the economy, expanded at a 2.2% annual pace in the fourth quarter, the government said Thursday. GDP was marked down from an initial 2.6% estimate.
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Source: marketwatch.com
Citi wealth management launches digital financial planning
March 28, 2019--Product lets clients select their financial goals and create a plan for achieving them
Citi is the latest bank turning to technology to boost its financial advice business.
It's rolling out Citi Wealth Advisor, a digital financial planning product, to members of Citigold, the bank's wealth management program for people with at least $200,000 in assets. Clients select their financial goals and create a road map for how to achieve them.
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Source: investmentnews.com
Marijuana Banking Bill Approved By Congressional Committee
March 28, 2019--A congressional committee voted on Thursday to approve legislation aimed at increasing marijuana businesses' access to banks.
Following multiple days of lengthy debate and consideration of several amendments, the House Financial Services Committee voted 45 to 15 to advance the legislation to the full body.
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Source: Forbes
