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Davis White Paper-Opportunities in International Equities Today
July 24, 2018--Highlights:
International stocks look attractive today based on valuation and growth metrics, potentially positioning this asset class to generate more competitive returns in the decade ahead.
Actively managed investment strategies have outperformed passive approaches in international equities.
In fact, the majority of actively managed international stock funds have beaten the MSCI ACWI ex US over the one, five, and 10 year trailing periods.
A willingness to look different from the index is a key requirement for outperforming the benchmark over the long term.
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Source: Davis Advisors
AdvisorShares Active ETF Market Share Update-Week Ending 7/20/2018
July 24, 2018--Assets in actively managed ETFs added $1.18 billion last week to reach $59.95 billion in total net assets.
First Trust led new AUM growth with $92 million followed by JP Morgan, which gained $44 million.
There was one fund that launched and no closures, which brought the total of actively managed ETFs currently trading at 236.
At the strategy level, Bank Loan took the lead with $107 million, followed by Global Equity with $52 million.
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Source: AlphaBaskets
Acreage Holdings Announces Closing of $119 Million Private Round-Largest in U.S. Cannabis History
July 23, 2018--Acreage Holdings ("Acreage"), one of the United States' largest vertically integrated multi-state cannabis operators, announced it has successfully closed its Series E funding round. The Company secured $119 million of capital and concurrently completed the rollup of control positions in several U.S. states.
The proceeds raised will be used to prepare the company for its impending public listing.
"The response we received from our investor partners was profoundly encouraging. The combination of monies raised and the rollup cements Acreage as one of the best capitalized companies in the industry with a footprint that is second to none," Kevin Murphy, founder and CEO of Acreage Holdings said. "This gives us an exceptionally strong investment proposition to bring into the public markets in our upcoming listing."
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Source: Acreage Holdings
Morningstar Reports U.S. Mutual Fund and ETF Asset Flows for June 2018
July 23, 2018--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund (ETF) asset flows for June 2018.
Investors cut risk in June 2018 as money moved out of equity and into bond funds. Overall, long-term U.S. open-end funds and ETFs had their greatest outflows since August 2015 of approximately $22.1 billion
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Source: Morningstar
Maker-taker irony as NYSE and Nasdaq challenge SEC
July 22, 2018--Regulator's scrutiny of fee structure highlights need for greater transparency.
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Source: FT.com
U.S. Fund-Flows Weekly Report: Net Outflows From Money Market Funds Dominate the Week
July 20, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) had net outflows of $2.9 billion for the fund-flows week ended Wednesday, July 18. Money market funds (-$6.5 billion) were responsible for all the net-negative flows, while all the other fund asset groups experienced net-positive flows.
Municipal bond funds (+$1.3 billion) had the largest net inflows, followed closely by taxable bond funds (+$1.2 billion) and equity funds (+$1.1 billion).
Market Overview
Both the Dow Jones Industrial Average (+2.02%) and the S&P 500 Index (+1.50%) appreciated for the third straight fund-flows trading week. For this period the Dow and the S&P 500 were up 4.49% and 4.30%, respectively.
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Source: Thomson Reuters
ClearShares Launches the Ultra-Short Maturity ETF (NYSE:OPER)-A Fixed Income ETF Only a Year After Introducing its First ClearShares OCIO ETF
July 20, 2018--The OPER ETF seeks to fill the return void and provide an alternative to low-yielding money market and non-yielding cash positions through high quality fixed income securities
ClearShares LLC, a wholly owned subsidiary of Clearbrook, announced today the launch of ClearShares Ultra-Short Maturity ETF (NYSE:OPER).
The Fund began trading on July 11, 2018 on the NYSE Arca with $10M in AUM.
ClearShares Ultra-Short Maturity ETF (the "Fund") is an actively managed portfolio seeking current income by investing in repurchase "repos" agreements, collateralized by U.S. Treasuries and U.S. Government Securities.
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Source: ClearShares LLC
CFTC.gov Commitments of Traders Reports Update
July 20, 2018--The current reports for the week of July 20, 2018 are now available.
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Source: CFTC.gov
Impact Shares Debuts NAACP-Affiliated ETF
July 21, 2018--July 20, 2018--Impact Shares Corp., an investment management firm seeking to link nonprofits and exchange-traded funds, on Thursday introduced the Impact Shares NAACP Minority Empowerment ETF (NACP) that's structured to reflect the social mission of the National Association for the Advancement of Colored People.
This is the first of what Frisco, Texas-based Impact Shares expects will be a series of ETFs tied to specific causes.
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Source: fa-mag.com
State Street to Acquire Charles River Development for $2.6 Billion
July 20, 2018--Charles River Development is a Premier Provider of Investment Management Front Office Tools and Solutions
Acquisition Complements State Street's Existing Back, Middle and Front Office Capabilities to Enable First-Ever Global Front-to-Back Client Servicing Platform 1
Acquisition Expected to be Accretive in 2020 and Offers Long-Term Revenue Growth and Cost Reduction Opportunities 2
State Street Corporation (NYSE:STT) today announced that it has entered into a definitive agreement to acquire Charles River Systems, Inc. (Charles River Development), a premier provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Charles River Development in an all cash transaction for $2.6 billion. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to be completed in the fourth quarter of 2018.
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