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AlphaClone and Exchange Traded Concepts Launch First ETF to Invest Directly in Hedge Fund Equity Positions
AlphaClone Alternative Alpha ETF (NYSE: ALFA) Provides Risk-Managed Access to Hedge Fund Positions
May 31, 2012--The AlphaClone Alternative Alpha ETF (NYSE:ALFA) begins trading today, becoming the first exchange-traded fund (ETF) to invest in disclosed equity positions held by established hedge fund managers.
The new ETF seeks to capture alpha from these managers’ long positions while protecting against protracted market downturns through a dynamic hedge mechanism.
The ETF structure enables ALFA to provide investors access to the alpha-generating potential of established hedge fund managers within a transparent vehicle that is available for trade daily on the NYSE.
ALFA, derived from the innovative research and hedge fund replication methodology developed by AlphaClone, LLC, and its founder Mazin Jadallah, is based on the passive, risk-managed AlphaClone Hedge Fund Long/Short Index.
“AlphaClone offers our separate account clients strategies that expertly combine long hedge fund equity positions with disciplined downside protection,” says Mazin Jadallah, founder and CEO of AlphaClone.
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Source: AlphaClone
The Case for Short Duration High Yield by By Greg Hahn
May 31, 2012--Valuations in the domestic high yield market appear stretched and we are concerned that opportunities for incremental return are fewer over a near term horizon. In this article we provide an analysis of the structure of the high yield market and a rationale for investing in specific short duration
and callable high yield bonds which offer investors a better risk/reward trade-off in the current environment.
Following the Financial Crisis of 2008, the Federal Reserve implemented extreme monetary policies that were designed to protect the banking system, stimulate economic growth and keep the capital markets functioning. One of the intended consequences was that we have the lowest level of interest rates in economic history. This has allowed corporations that can access the capital markets the ability to refinance their debt at lower rates, therefore helping to cut interest expense and improving operating margins.
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Source: Winthrop Capital Management
Hedge Fund ETF Weapons Turn Dangerous for Solo Investors
May 31, 2012--If you are convinced, really convinced, the price of crude oil will rise today and U.S. stocks will fall,
Factor Advisors LLC has an exchange-traded fund for you.
As the biggest ETF managers capture assets from traditional mutual funds with benchmark-tracking offerings, smaller competitors are catering to sophisticated investors with an increasingly complex arsenal of products.
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Source: Bloomberg
Sheila Bair urges tough rules on hedging by banks
May 31, 2012--Washington policymakers should tighten the Volcker rule's ban on bank's speculative trades by reining in an exemption for hedging activity, former U.S. bank regulator Sheila Bair said on Thursday.
Speaking at a roundtable hosted by the U.S. Commodity Futures Trading Commission, Bair said Volcker rule exemptions should be strictly defined and that banks should have to publicly disclose their hedges.
"I would tighten the rule," she said. "A hedge should not be allowed unless it is a hedge."
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Source: Reuters
Maple extends bid for TMX Group
May 31, 2012--The consortium of Canadian financial institutions bidding for the operator of the Toronto Stock Exchange extended its $3.8 billion offer to July 31, it said on Thursday.
Maple Group, which prolonged its bid to buy TMX Group Inc for the eighth time, said the extension will allow for the necessary regulatory approvals needed for an ambitious plan that would transform Canada’s stock trading landscape.
Maple, which comprises most of Canada’s biggest banks as well as pension funds, a giant insurer and other financial groups, wants to combine TMX with bank-owned Alpha Group, Canada’s second-biggest stock trading venue
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Source: thestar.com
Statement Regarding Public Roundtable to Discuss the Proposed Volcker Rule
May 31, 2012--Welcome to the Commodity Futures Trading Commission (CFTC) roundtable on the proposed Volcker Rule.
Thank you, Dan, for that introduction, and thank you for working with the rest of the team, particularly Steven Seitz from your office and Steve Kane from the Office of the Chief Economist, to put together this important roundtable.
I’d like to thank the Treasury Department staff and the staff of the financial regulators tasked with implementing the Volcker Rule for joining us for this roundtable and for your efforts in coordinating with the CFTC on the rule. I’d also like to thank Sheila Bair, the former Chair of the Federal Deposit Insurance Corporation, for participating today.
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Source: CFTC.gov
Banks lift Bahrain exchange slightly
May 31, 2012--The Bahrain All-Share Index ended up 0.22% to hit 1,139.58 points. Islamic financial institution Ithmaar Bank advanced 3.23% to reach $0.16.
National Bank of Bahrain, known and branded as NBB, gained 1.90% to reach BD0.54. NASS Corporation declined 1.41% to BD0.14. The Bahrain index has not advanced in May, but compared to other GCC indexes is also has not lost that heavily. Its year-to-date loss stands at - 0.36%, compared to a plus of 0.77% during the first three months.
Source: AME Info
US firm in double Ucits fund launch
May 30, 2012--Long-standing US firm Eaton Vance Management has announced the launch of two Ucits funds which will invest in emerging markets and global equities.
The group, one of the oldest investment firms in the US founded almost 90 years ago, said its subsidiary Parametric Portfolio Associates will act as advisors for its newly launched Eaton Vance International (Ireland) Parametric Emerging Markets Core and Eaton Vance International (Ireland) Parametric Global Equity funds.
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Source: Citywire
United States Commodity Funds LLC Lowers Fees of United States Agriculture Index Fund (USAG)
May 30, 2012--United States Commodity Funds LLC (USCF) announced a voluntary reduction in a portion of its management fee for the United States Agriculture Index Fund (USAG). As of May 29, 2012, the management fee will be reduced to 0.80% from 0.95%.
USCF anticipates that the waiver will remain in place through March 31, 2013. This reduction is voluntary, and may be terminated or modified prior to March 31, 2013, with the approval of USCF's Board of Directors.
Chief Investment Officer John Hyland states, "We are aware that investors looking to use USAG as a useful tool for investing in Agricultural futures contracts over the long term will also be sensitive to expenses. We think that offering it with lower expenses will help generate economies of scale for both trading and investing and make the fund even more competitive with other agricultural funds."
The United States Agriculture Index Fund (USAG) is an exchange-traded security that is designed to track, in percentage terms, the price movements of the SummerHaven Dynamic Agriculture Index Total Return(SDAI). USAG issues units that may be purchased and sold on the NYSE Arca.
For additional information visit www.unitedstatesagricultureindexfund.com.
Source: United States Commodity Funds LLC (USCF)
Guggenheim Investments Announces Appointment of a New Trustee and Election of Chief Executive Officer for Certain Closed-End and Exchange Traded Funds
May 30, 2012--The exchange traded funds and certain closed-end funds advised by Guggenheim Funds Investments Advisors, LLC (together the "Funds") today announce the appointment of Mr. Donald C. Cacciapaglia as a Trustee of each of the Funds.
The Funds also announce the election, by the Funds’ Boards of Trustees, of Mr. Donald C. Cacciapaglia as the Chief Executive Officer. Mr. Cacciapaglia succeeds Mr. Kevin M. Robinson as Chief Executive Officer of the Funds. Mr. Robinson will remain the Chief Legal Officer of the Funds.
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Source: Guggenheim Investments
