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Humans Beat Computers With Light Street Hedge Fund Gaining 44%
October 9, 2017--Main Systematica quant fund is said to drop almost 7% in 2017
Traditional equity and quant strategies have low correlation
The human stock pickers at hedge funds are leading the pack this year, while computer-run strategies pull up the rear. That’s no accident.
Traditional equity funds and quant vehicles tend to move in the opposite directions.
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Source: Bloomberg
Head of ETF provider warns on concentration of holdings in bigger stocks
October 8, 2017--Invesco boss says investors building up risk by blindly pouring money into indices.
The head of the fourth-largest exchange traded fund provider has warned that investors are blindly pouring money into highly concentrated stock indices, putting them at risk of outsized losses if markets tumble.
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Source: FT.com
Invesco moves boldly to grab more ETF power
October 7, 2017--Latest acquisition highlights fierce competition for exchange traded fund assets
The race for assets across the exchange traded funds industry moved into a new gear in late September with Invesco's move to buy the $36.7bn ETF business of Guggenheim, a rival US asset manager.
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Source: FT.com
Bitcoin Derivatives ETFs Withdraw Filings at SEC Request
October 6, 2017--Public documents reveal that a second US financial services firm has withdrawn an effort to create exchange-traded futures (ETFs) tied to bitcoin.
In a letter dated October 5, an executive for Connecticut-based REX ETFs,requested to pull back an amendment related to two previously proposed ETFs: the REX Bitcoin Strategy Fund and the REX Short Bitcoin Strategy ETF.
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Source: coindesk.com
CBO-Monthly Budget Review for September 2017
October 6, 2017--The federal government ran a budget deficit of $668 billion in fiscal year 2017, CBO estimates-$82 billion greater than the shortfall recorded in fiscal year 2016.
If not for the shift of certain payments from October to September in both 2016 and 2017 (because the first day of the month fell on a weekend), the deficit would have increased by $121 billion in 2017 (mostly because 2016 outlays would have been smaller).
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Source: Congressional Budget Office (CBO)
Treasury Releases Second Report On The Administration's Core Principles Of Financial Regulation
October 6, 2017--Report Outlines Ways To Streamline & Reduce Burdens Of Capital Markets Regulation
Today the U.S. Department of the Treasury released a report detailing how to streamline and reform the U.S. regulatory system for the capital markets.
Treasury's evaluation of current capital market regulations found that there are significant reforms that can be undertaken to promote growth and vibrant financial markets while maintaining strong investor protections. The report issued today was in response to Executive Order 13772 issued by President Trump on February 3rd, which calls on Treasury to identify laws and regulations that are inconsistent with a set of Core Principles of financial regulation.
view the US Department of the Treasury report-A Financial System That Creates Economic Opportunities Capital Markets report
Source: US Department of the Treasury
Research Affiliates -Risk: Preparing Clients for an Uncertain Journey
October 6, 2017--Key Points
The typical advisor-client relationship too often ends with a discussion of volatility in absolute returns. Extending the discussion to include a second form of investment risk, tracking error of relative returns, is critical to achieving the best client outcomes.
The journey to more compelling investment opportunities and to higher long-term returns is necessarily paved with higher volatility and higher tracking error.
A client's thorough understanding of these bumps in the road will make for more successful advisor-client relationships.
Introduction
Understanding risk and having proper expectations around how it manifests in a securities portfolio is an essential part of making sound investment decisions. All too often, investors and their advisors allow their focus to tilt excessively toward the more positive and exciting side of the coin—forecasting expected returns—while giving short shrift to the more uncomfortable side—evaluating the potential risks. Particularly in today’s environment of quiet volatility,1 investors may be tempted to ignore risk altogether. This is a mistake.
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Source: Research Affiliates
Schwab Unveils the Schwab 1000 Index(R) ETF
October 5, 2017--New addition in family of low-cost index funds tracks the Schwab 1000 Index(R) which launched in 1991
Charles Schwab Investment Management (CSIM), an asset management arm of The Charles Schwab Corporation, today announced it is launching the Schwab 1000 Index ETF (SCHK)-a new low--cost way to gain exposure to the potential growth of America's largest 1,000 stocks. The new ETF will begin trading on October 11, 2017, and will be immediately available through Schwab's commission-free ETF program-Schwab ETF OneSourceTM.1
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Source: Charles Schwab
VanEck Teams with Ned Davis Research to Launch Long/Flat Equity Allocation ETF
October 5, 2017--ETF is designed to guide investors through volatile markets by opportunistically allocating
between U.S. equity and cash.
VanEck today announced the launch of the VanEck Vectors(R) NDR CMG Long/Flat Allocation ETF (NYSE Arca: LFEQ), a new fund with a guided allocation approach designed to help investors manage risk in the U.S. equity market.
"Many investors make an allocation to U.S. equity for the long-term growth potential, but most may not realize that since 1928 the S&P 500 has spent 70% of the time either in a bear market or recovering from one.1 That's not a lot of time spent growing new wealth," said Ed Lopez, Head of ETF Product Management at VanEck.
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Source: VanEck
CBOE Holdings Reports September 2017 Trading Volume
October 4, 2017--CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE) today reported September monthly trading volume and average revenue per contract (RPC)/net revenue capture data at www.cboe.com/monthlyvolrpc.
The data sheet "CBOE Holdings Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of September statistics for options (Chicago Board Options Exchange(R) (CBOE(R)), C2 Options Exchange (C2), BZX(R) and EDGX(R)); CBOE Futures Exchange (CFE(R)); U.S. equities (BZX(R), BYX(R), EDGA(R), EDGX(R)); European equities; and global FX (Bats Hotspot). Data sheets are available on an as reported and combined basis for 2017 and 2016.
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Source: CBOE
