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AdvisorShares Weekly Market Review-Trade Wars! Give Me Those Trade Wars!
March 5, 2018--Highlights of the Prior Week Ending 3/2/2018
Macro
Markets tumbled last week for many reasons potentially as Barron's blamed FOMC Chair Powell citing the potential need for four hikes this year, long awaited wage inflation, higher interest rates (although they were actually steady last week), concerns there may be no infrastructure plan from congress
and an "easy to win" trade war proposed by President Trump consisting, for now of a 25% tariff on steel and aluminium.
Interestingly, markets were up of Friday, after a bad start on the heels of the trade war tweets. For the week the Dow Jones Industrial Average fell 3.06%, the S&P 500 was down 2.04%, the NASDAQ slid 1.12% and the Russell 200 dropped 1.02%.
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Source: AdvisorShares
CBO-Revenues in 2017: An Infographic
March 6, 2018--Revenues received by the federal government in 2017 totaled $3.3 trillion, of which $1.6 trillion was receipts of individual income taxes.
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Source: Congressional Budget Office (CBO)
The Federal Budget in 2017: An Infographic
March 5, 2018--The federal deficit in 2017 was $665 billion, equal to 3.5 percent of gross domestic product.
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Source: Congressional Budget Office (CBO)
It's Getting Harder to List Exotic ETFs
March 4, 2018--The bitcoin-fund pushback ends a long period of what seemed like 'anything goes' for ETF issuers
After years of unbridled growth, the introduction of new ETFs and other exchange-traded products has run into hurdles recently from both regulators and forces within the securities industry.
The most significant line in the sand drawn recently by regulators was a Jan. 18 letter from Dalia Blass, head of investment management for the Securities and Exchange Commission, regarding applications and listings for bitcoin-linked exchange-traded products (ETPs).
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Source: Wall Street Journal
Passive fund managers face showdown in US gun debate
March 3, 2018--BlackRock, State Street Global Advisors and Vanguard struck an analogous note this year as one after another of the world's largest fund managers announced they were beefing up corporate governance and stewardship in 2018.
The fund giants, which collectively oversee $14tn in assets, called on...
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Source: FT.com
AdvisorShares Active ETF Report: A Review of the First Month of 2018
March 2, 2018--Total assets in actively managed ETFs grew by $2.57 billion, or 5.6%, in January to reach $48.43 billion. Only one new fund added to the active ranks in January, which brings the total to 206.
Much, of course, has been made about the record broad inflows into ETFs last month. Industry ETF flows-both passive and active-totaled $75 billion, which eclipses the old record by more than $15 billion.
The breakdown of all ETF flows according to CNBC was $39.7 billion into Domestic Equity, $26.1 billion into International Equity and $8.8 billion into Fixed Income. The tilt to equity flows was also captured in the active space, which has not been common for actively managed ETFs. Global Equity captured the most flows in January.
26% of actively managed ETFs eligible for a Morningstar rating carry a three-star rating, which means they provide similar risk-adjusted returns to their category.
64% of actively managed ETFs eligible for a Morningstar rating range from three-star to five-star ratings, which means they provide similar or better risk-adjusted returns compared to their category.
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Source: AdvisorShares
Three Vanguard Funds To Transition Benchmarks To Align With MSCI's Sector Changes
March 2, 2018--Vanguard today announced plans to change benchmarks for three sector funds and their corresponding ETF Shares: Vanguard Telecommunication Services Index Fund, Vanguard Consumer Discretionary Index Fund, and Vanguard Information Technology Index Fund.
The changes will be consistent with S&P Dow Jones and MSCI's planned revisions announced in November 2017 to the funds' respective target benchmarks under its Global Industry Classification Standards methodology.
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Source: Vanguard
The Forum at ETF Research Center-March 2018 Sector SPDR Analyzer
March 2, 2018--The ETF Analyzer, Sector SPDR Edition for January March is ready for download. This monthly publication has succinct one-page reports on each of the 10 Select Sector SPDR ETFs in three easy-to-read sections: Investment Summary, Fundamentals, and Composition.
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Source: AltaVista Research
Davis Advisors Launches Davis Select International ETF (DINT); Expands Lineup of Actively Managed ETFs
March 2, 2018--Davis Advisors announced today that it has expanded its successful suite of actively managed exchange traded funds (ETFs) with the launch of the Davis Select International ETF (DINT).
DINT invests primarily in stocks with businesses outside the United States, has a net expense ratio of 0.75% and is managed by veteran portfolio manager Danton Goei, who joined Davis Advisors in 1998.
The fund invests in approximately 30 stocks at a given time. As with all Davis ETFs, DINT seeks to offer long term capital appreciation through a high conviction, benchmark agnostic portfolio. It provides the traditional benefits of ETFs along with Davis' unique investment discipline and experienced active management team.
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Source: Davis Advisors
Renaissance Capital Scheduled U.S. IPOs
March 2, 2018--IPO Commentary
After falling 23%, has Box's drop boxed in Dropbox's valuation?
Box (BOX) fell 23% on Thursday after giving weak revenue guidance for the coming year. Unless Dropbox's (DBX) enterprise product is taking market share, Box's decline should weigh on...
The Dropbox IPO is here. Where are the rest of the decacorns?
Dropbox may have kicked off a unicorn stampede. Last week's filing sets it up for a $500 million IPO that can come as early as March 22. Privately valued at $10 billion, the cloud storage company...
IPO Index Performance
The Renaissance IPO Index has returned 0.4% so far this year,
compared to 0.2% for the S&P 500.
IPOUSA
IPO Activity
There have been 28 IPOs priced so far this year, a +65% change from last year.
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Source: Renaissance Capital
