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CBO-Monthly Budget Review for November 2017
December 7, 2017--The federal budget deficit was $198 billion for the first two months of fiscal year 2018, the Congressional Budget Office estimates, $15 billion more than the one recorded during the same period last year. Revenues and outlays alike were 6 percent higher than in October and November 2016.
As was the case last year, this year's outlays were reduced by the shift of certain payments from October to September because October 1 fell on a weekend. Otherwise, outlays and the deficit through November would have been larger, both this year and last year-but the year-to-year differences would not have been very different. Outlays so far this year would have been $41 billion (rather than $39 billion, still about 6 percent) larger than those in the same period last year, and the deficit would have risen by $18 billion.
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Source: Congressional Budget Office (CBO)
Hartford Funds Launches its First NextShares Product
December 7, 2017--Hartford Global Impact NextShares Fund Brings Socially Responsible Investing to the NextShares Platform
Hartford Funds today announced the launch of Hartford Global Impact NextShares Fund (HFGIC), the firm's first NextShares product.
NextShares are an innovative way to invest in actively managed strategies, which, because they trade on an exchange, may offer cost and tax efficiencies that may enhance shareholder returns. Hartford Global Impact NextShares Fund seeks long-term capital appreciation by investing in companies throughout the world that it believes are likely to address major social and environmental challenges.
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Source: Hartford Funds
Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live
December 7, 2017--BofA, Citigroup said to not plan to offer clearing on products
Goldman Sachs says it's evaluating the 'risk attributes'
Goldman Sachs Group Inc. plans to clear bitcoin futures contracts for certain clients when the derivatives go live in coming days, according to a person with knowledge of the firm's plans.
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Source: Bloomberg
J.P. Morgan Asset Management Launches Managed Futures Alternative Beta ETF: JPMF
December 7, 2017--Systematic exposure to the managed futures hedge fund style
J.P. Morgan Asset Management announced today the launch of the JPMorgan Managed Futures ETF (JPMF), which seeks to provide exposure to carry and momentum factors across fixed income, currency, commodity and equity markets.
The fund employs a bottom-up strategy constructed by taking long and short positions in futures markets backed by a systematic, rules-based approach. It can serve as a portfolio diversifier with the potential to limit drawdowns and reduce overall volatility by providing returns that are uncorrelated to traditional asset classes.
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Source: J.P. Morgan Asset Management
Do Vanguard and BlackRock Own Too Much of Corporate America?
December 7, 2017--Eric Posner, a University of Chicago law professor, explains why he thinks large asset managers need to be reined in.
Eric Posner is the Kirkland and Ellis Distinguished Service Professor of Law and Arthur and Esther Kane Research Chair at the University of Chicago Law School. Among his research interests is the question of the increasing concentration of ownership in corporate America, including the role of institutional investors. A recent paper he cowrote, in which he proposes limiting the companies an index fund can own in one industry..
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Source: Morningstar, Inc.
Financial Accounts of the United States-Z.1
December 7, 2017--The Financial Accounts of the United States includes data on the flow of funds and levels of financial assets and liabilities, by sector and financial instrument; full balance sheets, including net worth, for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses; Integrated Macroeconomic Accounts; and additional supplemental detail.
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Source: federalreserve.gov
Merk Insight: Merk 2018 Outlook
December 6, 2017--With the stock market and Bitcoin reaching all-time highs, what can possibly go wrong? In offering my thoughts on 2018, I see my role in reminding investors to stress test their portfolios.
Is your portfolio built of straw, sticks or brick?
First, let me allege many investors have portfolios built of straw and sticks rather than brick. How do I know this? Here’s a brief check:
If a robust portfolio is a diversified one (the only free lunch on Wall Street), then please check whether you have rebalanced your portfolio of late. If not, odds are equities have taken on an oversized portion in your portfolio, thus making it more vulnerable than you might have intended in a downturn.
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Source: Merk Investments
DR Index Monthly Performance-November 2017
December 6, 2017--The BNY Mellon DR Index Monthly Performance for November 2017 report is now available.
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Source: BNY Mellon
Two Xtrackers ETFs to close and liquidate- HDEE and HDEZ
December 6, 2017--Deutsche Asset Management (Deutsche AM) today announced plans to close and liquidate two Xtrackers exchange-traded funds (ETFs)-MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Cboe:HDEE) and MSCI Eurozone High Dividend Yield Hedged Equity ETF (Cboe:HDEZ). The two funds represent 0.048% of Xtrackers US assets under management as of December 4, 2017.
Deutsche AM plans to close and liquidate these funds following a regular and ongoing process to review and evolve the Xtrackers product lineup to ensure the business continues to meet clients' needs. The last day of trading is expected to be December 18, 2017.
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Source: Deutsche Asset Management
Would Policymakers Target Index Funds?
December 5, 2017--Concentrated ownership debate has found a receptive audience among politicians.
A small but growing body of provocative literature has argued that when institutional investors own large shares of competing companies, it results in higher prices for consumers.
This literature has profound implications for policymakers looking to promote competitive markets.
