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Monday Morning Memo: Fund Closure-The Hidden Risk of Mutual Funds
June 10, 2019--The news about the closure of the Woodford Income Fund hit the U.K. fund market quite hard-and a number of market observers made this event big news-but the reality is the closure of a fund is nothing unusual. This kind of corporate action happens frequently and is a protection mechanism which is stated in the fund prospectus.
From my perspective, the Woodford case showed once again that investors have to read the prospectus carefully and need to consider the general risks, as some of these risks tend to happen more often than one would expect. That said, the closure of a fund due to high redemptions is a risk for those who want to redeem shares in the respective fund, but is a protection mechanism for those who want to stay invested. A closure period helps the fund manager to gather cash to meet redemptions without being forced to sell securities he may have wanted to keep or which do not have a proper valuation due to a lack of liquidity or other market events.
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Source: Refinitiv
Modest Growth Ahead for Russia, but Opportunities to Boost Formal Employment, Says World Bank
June 10, 2019--Real GDP growth in Russia surpassed expectations in 2018, reaching 2.3 percent, mostly due to the one-off effects of energy construction. Growth forecasts of 1.2 percent in 2019 and 1.8 percent in both 2020 and 2021 reflect a more modest outlook, in line with Russia's current potential growth of about 1.5 percent, says the World Bank's latest Russia Economic Report (#41 in the series).
In the first quarter of 2019, GDP growth slowed for several reasons, including a VAT rate increase, relatively tight monetary policy, a high base from the previous year, and a slowdown in oil production.
view the World Bank Russia Economic Report No. 41 Modest Growth; Focus on Informality
Source: World Bank
New iShares ETF on Xetra: shares worldwide with currency hedging
June 7, 2019--Since Friday a new Exchange Traded Fund of iShares is tradable via Xetra and Börse Frankfurt.
The iShares Core MSCI World UCITS ETF EUR Hedged (Dist) offers an investment in the global MSCI World Index, which tracks the performance of large and medium-sized companies from 23 industrial countries. Currency fluctuations of individual stocks to the euro are minimised.
The reference index comprises almost 1,700 shares weighted by market capitalisation. Composition and weighting are adjusted quarterly.
Profits from dividends or similar are distributed.
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Source: Deutsche Börse Cash Market
New Active ETFs from Ossiam on Xetra: Focus on companies with low CO2 emissions
June 6, 2019--The two share classes of the Ossiam US ESG Low Carbon Equity Factors UCITS ETFs offer an actively managed ESG investment in US equities selected according to sustainability criteria. Both investment products select their components based on economic, social and environmental sustainability.
They focus on stocks whose companies contribute to the reduction of greenhouse gases. The two asset classes give investors the opportunity to choose between EUR and USD as trading currencies. Name: ETF Ossiam US ESG Low Carbon Equity Factors UCITS ETF
Asset class: Active ETF
ISIN: IE00BJBLDJ48
Ongoing charges: 0.45 per cent
Distribution policy: Accumulating
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Source: Deutsche Börse Cash Market
Dramatic clamp down on peer-to-peer investing in major blow to lenders
June 6, 2019-A week after a prominent lender calls in administrators, regulators limit maximum investments in a bid to protect investors
You've seen the adverts. In fact, with the surprisingly high interest rates seemingly on offer, you'd be forgiven for doing a double take.
At first glance, they look like compelling deals from high street banks or building societies. But these are peer-to-peer businesses-companies that provide loans by attracting small amounts from a large number of individual investors by offering a financial return.
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Source: independent.co.uk
European Semester 2019 Spring Package: Commission issues recommendations for Member States to advance sustainable and inclusive economic growth
June 5, 2019--The European Commission presents today the 2019 country-specific recommendations (CSRs), giving economic policy guidance to all EU Member States for the next 12 to 18 months. The Commission also recommends closing the Excessive Deficit Procedure for Spain and adopts a number of documents under the Stability and Growth Pact.
The European economy is growing for the seventh consecutive year and is set to continue expanding in 2020, with all Member States' economies growing despite less favourable conditions and global uncertainties. The number of people in employment is at a record high and unemployment at a record low. At the same time, there are still significant differences between countries, regions and population groups. Against this backdrop, the Commission calls on Member States to build on the progress made in recent years.
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Source: European Commission
New Franklin ETFs on Xetra: Focus on trend regions Brazil, China and Korea
June 5, 2019--Three new Franklin Templeton ETFs have been tradable on Xetra and Börse Frankfurt since Wednesday.
The new equity ETFs offer an investment in the performance of the three investment regions Brazil, China and Korea.
Included are large and mid-cap stocks, weighted by market capitalisation. The underlying FTSE 30/18 Capped Net Tax Indices guarantee a diversified index composition by means of a maximum share weighting of up to 30 percent for the largest issuers and up to 18 percent for the other issuers. All three investments are tradable as reinvesting share classes.
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Source: Deutsche Börse Cash Market
National Statistics: UK official holdings of international reserves: May 2019
June 5, 2019--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: HM Treasury
Star Manager Woodford Halts Fund's Redemptions
June 5, 2019--Suspending redemptions highlights problems of holding hard-to-sell assets when investors pull money out quickly
One of the U.K.'s best known money managers has suspended redemptions from his main £3.7 billion ($4.69 billion) fund, drawing fresh attention to the dilemma for investment firms that promise investors they can quickly cash out of funds that hold hard-to-sell assets.
Neil Woodford, who built a formidable reputation as a canny stock picker with contrarian views over more than two decades managing money for U.K.-listed Invesco, closed the gate on his Woodford Equity Income Fund on Monday. The move was made to avoid forced selling of stakes in companies to meet a flood of requests from investors to pull their money out after a run of poor performance.
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Source: Wall Street Journal
Grenke AG new joiner in MDAX
June 5, 2019--On Wednesday, Deutsche Börse announced changes to its selection indices, which will become effective on 24 June 2019. The shares of Grenke AG will be included in the MDAX index and will replace the shares of Wacker Chemie AG, which will be included in the SDAX index. The exclusion is based on the fast-exit rule.
Vossloh AG will leave the SDAX index. New addition will be Eckert & Ziegler Strahlen-und Medizintechnik AG. The fast-exit rule also applies here. The constituents of the indices DAX and TecDAX remain unchanged. The next scheduled review for the equity indices of Deutsche Börse AG is 4 September 2019.
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Source: Deutsche Börse Group
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