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Deutsche Bank-Synthetic Equity & Index Strategy--DB SYNDEX: Delta One Strategy-How to navigate the Japan trade going forward
May 17, 2013--From a broad approach to a more selective one
Finding the right access vehicle and exposure to navigate the rally
"Abenomics" have, so far, been very welcome by the market
In the past few months, Japan launched a major policy experiment geared towards boosting growth and ending 15 years of deflation.
So far, it seems that the markets have priced-in the success of these measures and have driven the Japanese equity market to return over 75% since mid November last year, in addition to a weakening of over 20% for the Yen during the same period.
Financials and exporters to continue leading the Japan rally The rally has been driven by asset price and export sensitive sectors such as Financials and Consumer Discretionary, respectively. DB strategists’ views are that Financials and Exporters will continue to be the best segments within equities along with a weak JPY; while other non-exporter sectors such as Utilities and Telecom should underperform.
Delta-one products provide different exposures, liquidity, costs, and risks We review six different delta one products to navigate the Japan trade going forward. ETFs offer easy access to the general investment audience interested in Japanese exporters or financials without FX exposure. Futures provide access to abundant liquidity, leveraged returns, and no FX risk. Swaps offer a good alternative to implement customized views and can be financed in JPY to benefit from local currency depreciation and to obtain cheaper financing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy
Dow, S&P 500 end week with record highs
May 17, 2013--Stocks defied skeptics again Friday, attracting attention from even the most hardened market-watchers. The Dow Jones industrial average and the Standard & Poor's 500 index closed at record highs.
The Dow gained 121.18 points, 0.8%, to 15,354.40. The S&P 500 ended up 15.65 points, 1%, to 1,666.12. And the Nasdaq composite index rose 33.72 points, 1%, to 3,498.97. It was the fourth straight week of gains for the indexes.
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Source: USA Today
BNY Mellon ADR Index Monthly Performance Update April 2013
May 16, 2013--The BNY Mellon ADR Index Monthly Performance-April 2013 Update has been published and is now available for review.
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Source: BNY Mellon
iShares Diversified Alternatives Trust (NYSEArca: ALT) to Cease Trading on May 29, 2013
May 15, 2013--BlackRock, Inc. (NYS: BLK) previously announced in a public filing on April 26, 2013, that its iShares Exchange Traded Funds (ETFs) business, the world's largest manager of ETFs, plans to liquidate and close the iShares Diversified Alternatives Trust (NYSEArca: ALT).
As indicated in the prior announcement, ALT will continue to trade and intends to pursue its current investment strategies until May 28, 2013. Beginning May 29, 2013, ALT will be closed to creation and redemption activity, trading of the shares of ALT on NYSE Arca will terminate,
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Source: Daily Finance
First Trust launches family of AlphaDEX(TM) Dividend ETFs in Canada
Firm brings highly successful rules-based fundamental stock selection methodology to Canadian investors
May 15, 2013--FT Portfolios Canada Co., a privately owned company and an affiliate of Chicago based First Trust Portfolios L.P., a U.S. registered broker-dealer, is pleased to announce that the first three First Trust AlphaDEXTM Dividend ETFs have completed their initial offering of units for both the common class and advisor class units of the ETFs and are scheduled to commence trading on Wednesday, May 15th on the Toronto Stock Exchange.
First Trust AlphaDEXTM Canadian Dividend Plus ETF (TSX: FDV, FDV.A), will primarily invest in a portfolio of higher yielding Canadian dividend paying stocks, as well as provide Unitholders with monthly distributions. In addition, First Trust AlphaDEXTM Canadian Dividend Plus ETF will from time to time write call options on a portion of the portfolio in order to produce additional income.
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Source: The Sacramento Bee
Searching for a New Investment Paradigm
May 15, 2013--Investment management is supposed to be built on brilliant minds, novel insights and innovative approaches-or so our training and traditions have led us to believe.
We celebrate our best investors, such as Warren Buffett, Peter Lynch, and Bill Gross, and our best financial theories, such as modern portfolio theory (MPT) and the efficient markets hypothesis (EMH). Yet it seems a long time since we have seen true genius or radically new ideas; and, even more unsettling, recent literature suggests that investors of the future may be deprived of the kind of revolutionary thinking that energized the investment profession in the last half-century.
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Source: Research Affiliates
Pimco Looks to Clone ETF Success
Three new actively managed ETFs will follow the strategies of existing mutual funds.
May 15, 2013--How do you follow up one of the most successful exchange-traded fund launches in history? You start three more, of course. Ba-dum-bum-CHING
Last year, Pimco, the Newport Beach, Cal., bond giant, launched Pimco Total Return Exchange-Traded Fund (symbol BOND). It now has $5.3 billion in assets. The draw: BOND is actively managed, unlike most ETFs, which are tied to an index. Also, it's run by Bill Gross, who uses the same strategy he's become famous for at Pimco Total Return (PTTDX), which, with $293 billion in assets, is the world's biggest mutual fund. And then there's the ETF's outsize return: From its February 2012 inception through May 8, BOND returned a cumulative 14.2%. The mutual fund, by contrast, gained just 8.5% – more on that later.
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Source: Kiplingers
SEC Names Lona Nallengara as Chief of Staff
May 15, 2013--The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency's chief of staff.
Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in December 2012 as its acting director.
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Source: SEC.gov
IMF Working paper-Is the Growth Momentum in Latin America Sustainable?
May 15, 2013--Summary: A favorable external environment coupled with prudent policies fostered output growth in most of Latin America during the last decade. But, what were the drivers of this strong growth performance from the supply side and will this momentum be sustainable in the years ahead?
We address these questions by identifying the proximate causes of the recent high GDP growth and estimating potential growth rates for the period ahead for a large group of Latin American countries based on standard (Solow-style) growth accounting methodologies. We find that factor accumulation (especially labor), rather than growth in total factor productivity (TFP), remains the main driver of GDP growth. Moving forward, given the expected moderation of capital accumulation and some natural constraints on labor, the strong growth momentum is unlikely to be sustainable unless TFP performance improves significantly.
view the IMF Working paper-Is the Growth Momentum in Latin America Sustainable?
Source: IMF
Costs matter: Are fund investors voting with their feet?
May 15, 2013--When investors evaluate a mutual fund, how much do costs matter to them? Mutual fund fees and expenses are a frequently mentioned consideration, but are investors actually walking the talk?
In an updated Vanguard research paper, the authors address this question by examining the relationship between mutual fund expense ratios and net cash inflows. They find the answer to be a resounding yes, not just among index funds and index-based ETFs, but among actively managed funds as well.
view the whitepaper-Costs matter: Are fund investors voting with their feet?
Source: Vanguard
