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Winthrop Capital Management-Economic & Capital Market Outlook Fourth Quarter, 2018
October 23, 2018--If you have been invested in the U.S. equity markets over the past five years, you have experienced a solid return and resurgence in the market value of your investment portfolio. In its basic form, a capital market, is simply a mechanism for pricing risk. Over the past five years, we have seen increases in prices on publicly traded risk assets, such as stocks and high yield bonds.
However, markets are not necessarily efficient at pricing risk all of the time. Equity investors have been richly rewarded over the past five years in spite of growing global risks. However, this period of rising equity prices and low levels of volatility is about to be tested as the global economy transitions and capital markets adjust to higher interest rates. The risk premium, which investor's demand on risk assets, needs to adjust higher.
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Source: Winthrop Capital Management
AdvisorShares Active ETF Market Share Update-Week Ending 10/19/2018
October 23, 2018--Actively managed ETFs gained $615 million despite the recent market decline, which brought the total net assets to $66.4 billion.
JP Morgan and iShares led weekly AUM growth among sponsors with $360 million and $102 million gains, respectively. Two fund launches occurred last week and brought the total number of actively managed ETFs to 240.
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Source: AdvisorShares
BlackRock stakes claim on 'sustainable investing' revolution
October 22, 2018--Larry Fink estimates such ETF assets will grow from $25bn to over $400bn in a decade
BlackRock stakes claim on 'sustainable investing' revolution. BlackRock intends to become a global leader in "sustainable investing", says Larry Fink, as the world's largest asset manager launched a range of exchange traded funds in the US and Europe that incorporate environmental, social and governance criteria.
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Source: FT.com
Lipper U.S. Mutual Funds & ETPs Q3 2018 Snapshot
October 19, 2018--In this issue of Lipper's U.S. Mutual Funds & Exchange-Traded Products Snapshot we feature a summary of total net assets (TNA), estimated net flows, new fund creations, and fund liquidations for conventional funds and exchange-traded products (ETPs) for Q3 2018, comparing the changes to those of prior quarters and highlighting the largest individual gainers and losers of both groups.
The Snapshot provides readers a powerful, easy-to-use guide and quick-reference tool to help them discern fund trends during the quarter.
Highlights:
TNA in the conventional funds business (not including ETPs and variable insurance products [VIPs]) advanced, climbing $538.8 billion from Q2 2018 to $19.436 trillion for Q3 2018.
TNA in U.S. ETPs (including exchange-traded funds, exchange-traded notes, exchange-traded commodities, limited partnership commodity pools, master limited partnerships, and exchange-traded fund unit investment trusts) rose 5.72% from $3.534 trillion for Q2 2018 to a little over $3.736 trillion for Q3 2018.
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Source: Thomson Reuters
Warnings mount for leveraged-loan market
October 19, 2018--At the most recent meeting of the Federal Open Market Committee in September, Federal Reserve officials debated the usual topics.
Is inflation running hot? How tight is the labour market? And of course, what's the future path of interest rates? This time around, however, policy makers raised concerns about something else as well: leveraged loans.
view more U.S. Weekly FundFlows Insight Report: Despite Plus-Side Returns, Fund Investors Remain Guarded During the Week view more PGIM Investments expands ETF platform with new QMA active equity strategies view more Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States Further, no trading partner was found to have met the 1988 legislative standards during the current reporting period.
"The Treasury Department is working vigorously to ensure that our trading partners dismantle unfair barriers that stand in the way of free, fair, and reciprocal trade. Of particular concern are China's lack of currency transparency and the recent weakness in its currency. view mre SEC Investor Advocate, RAND Issue Retail-Advice Report The 156-page research report, The Retail Market for Investment Advice, was undertaken prior to (and is separate from) the SEC's release of the proposed standards of conduct rulemaking package. view more
The FinHub will serve as a resource for public engagement on the SEC's FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. The FinHub also replaces and builds on the work of several internal working groups at the SEC that have focused on similar issues.
Source: SEC.gov
October 18, 2018--For the second week in three investors were net sellers of fund assets (including those of conventional funds and ETFs), withdrawing a net $35.0 billion for Lipper’s fund-flows week ended October 17, 2018. Fund investors were net redeemers of equity funds (-$17.5 billion), money market funds (-$15.0 billion), taxable fixed income funds (-$1.9 billion), and municipal bond funds (-$642 million).
Market Wrap-Up
Investors started the fund-flows week on a sour note, pushing the markets closer to correction territory after the Dow Jones Industrial Average lost almost 1,400 points over two days as investors continued to fret over rising bond yields and the prospect of higher interest rates.
Source: Thomson Reuters
October 18, 2018--PGIM Investments today launched the first of four actively managed equity exchange-traded funds (ETFs) that it plans to roll out in 2018, expanding the platform from the two actively managed fixed income ETFs launched earlier this year.
Sub-advised by QMA, the quantitative equity and global multi-asset solutions manager of PGIM, the PGIM QMA Strategic Alpha Large-Cap Core ETF (NYSE Arca: PQLC) seeks long-term growth of capital by investing primarily in large-cap stock.
Source: PGIM Investments
October 17, 2018--The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
The Report concluded that while the currency practices of six countries were found to require close attention, no major U.S. trading partner met the relevant 2015 legislative criteria for enhanced analysis during the period covered by the Report.
Source: treasury.gov
October 17, 2018-The research is aimed at helping the SEC craft its advice-standards package.
The Securities and Exchange Commission's Office of the Investor Advocate and the RAND Corp. have released research that aims to help the SEC craft its advice-standards package for brokers and advisors.
Source: thinkadvisor.com
