Are You Smarter Than. Monkey?

Size: px
Start display at page:

Download "Are You Smarter Than. Monkey?"

Transcription

1 Are You Smarter Than Advanced Systems a Group Monkey? Course Syllabus 1

2 Questions from Last Week? How Are Our Stocks Doing? 2

3 Question of the Day What s the Difference Between Mid-Cap and Equal-Weight? Might Be Better To Use EW? Market Cap Weight 38% Equal Weight 3

4 Investing Strategies If you want beta, go with passive ETFs or income generating strategies. If you want alpha, primarily use active & other sector rotating strategies (aka. smart beta). You can build your own smart beta portfolio simply by combining passive ETFs, sectors, styles and factors. Equal weighting different sectors (or factors) gives you more of a value tilt! Getting a Directional View Before Investing 4

5 The Investment Hierarchy Asset Class Geography Sector The New Active Investing It s no longer about picking stocks You can be asset class-, sector-, industry-, geography-, income- or style-oriented 5

6 Caveat Emptor Before investing in a fund, determine the fund s relative and absolute risk. Beta measures sensitivity to the return of the overall market (magnitude of the relationship). Standard deviation measures variation in return for an stock or fund no matter what the cause. It is important to note that a low beta for a fund does not necessarily imply that the fund has a low level of volatility. A low beta signifies only that the fund's market-related risk is low. Standard deviation is a measure of a fund's absolute volatility. Risk & Uncertainty (or investing in your retirement years) Risk is not volatility. It is drawdown (loss of capital). However, in the short term, volatility is a reasonable proxy for risk. But over the longer term, drawdown is a much better measure of risk. Volatility does contribute to risk but it also contributes to market gains. 6

7 Measuring Risk Source: Risk & Reward 7

8 Why Sector Analysis Advanced is Systems Group Helpful 1) Monitor sector to determine if it is following a seasonal pattern 2) Out of 200+ industry groups, determine which ones are at optimal entry points 3) Now look at the leading stocks in those sectors and industry groups Look at Short Interest, ROE and Current Ratio. 4. Or, invest in the sector itself! It s a Three Step Process (or Top Down Analysis) 1. Macro-Economic Analysis: You must start with the big picture here. This means considering and determining where the global economy is in terms of the business and credit cycle. 2. Sector Analysis: After you determine where we are in the big picture cycle, you will then have to narrow down what sectors are best poised to thrive in the current, and more importantly the upcoming, economic environment. 3. Peer Group Analysis: After you narrow down the list of sectors you want to focus on, it s time to start comparing companies within the same industries in an effort to determine which one offers the best potential return for your investment. 8

9 Versus Bottom Up Analysis 1. Company Specifics: At its core, bottom-up analysis is not concerned with where we are in the macro cycle or what sectors are poised to thrive. Instead, bottom-up analysis is concerned solely with a company s specific fundamentals. For income investors, this includes focusing on how long a stock has been paying dividends for, years of consecutive increases, and the average annual rate of those distribution increases. Different Equity Asset Classifications Styles & Size Sectors & Industry Groups Loosely referred as an asset class, there are an infinite number of ways to slice and dice the universe of stocks and bonds to create a subset or trading basket. For instance, you could have high-yield bonds issued from companies in the energy space, emerging market healthcare stocks, or dollar-hedged European stocks. 9

10 Why Sectors Matter Stable, But Sometimes Weird Amazon (AMZN) is in the discretionary sector (XLY). But AMZN is the top holdings in QQQ? Walmart (WMT) is in the consumer stable sector (XLP). And Target (TGT) is in the consumer discretionary sector? Exxon Mobil (XOM) is in Basic Materials on Yahoo Finance. 10

11 Low Correlations Opportunistic Investing 11

12 What are the Sectors? Now There s 11 Sectors 12

13 Remember Sectors Are Advanced Very Systems Group Wide Sectors & Industry Groups 13

14 And Sub-Industry Groups You Might Also Consider Telecom XTL, VOX Regional Banking KRE, KBE, IAT Biotech XBI, IBB Real Estate XLRE, VNQ, VNQI, SCHH Aerospace and Defense ITA, PPA Retail RTH Pharmaceutical -- PJP Gold GDX, GLD, NUGT Internet FDN, PNQI Oil XOP Semiconductors SMH, SOXL Construction ITB, XHB Insurance KIE Natural Resources IGE, PHO, NANR Mining -- PICK 14

15 Why Care About Sectors? Small Group Outperforms Large Group Underperforms S&P % 10 15% stocks will perform market returns and only 10% will outperform. Stocks Will Rotate From Outperforming to Underperforming Stocks Can Rotate Between Being in Favor and Being Out of Favor S&P % Margin of safety should always be on the top of your investment list. 15

16 But How Do You Find the Top 25% of Stocks? Single Stock Alternative 16

17 S&P 500 Sector Performance It s Why We (Should) Rebalance Asset allocation doesn t work without diversification; Which doesn t work without rebalancing; Which doesn t work without mean reversion. Make sense? This forces you to take profits and reinvest them at lower prices. Another example of buy low, sell high. 17

18 Sectors and The Economy Cyclical Correlations Lower Than Style Boxes 18

19 Check the Weighting! If You're Going to Stay in the Market You are not going to catch a wave if you are not in the ocean The percentage of days (in a year) that contribute to the trend is 12 to 13%. The remaining price movements are either sideways or counter-trend. Ergo, be in the market with strong *safe* sectors 19

20 What I ve Discovered Economic forecasting is fruitless The economy doesn t always dictate how the stock market will perform Stock picking is hard (and risky). Sectors are generally *safe*. If you make a mistake, they often will mean revert They all pay dividends! Be clear on your weighting strategy. Use equal weight for small and mid cap exposure, or for less exposure to top names in the index (e.g. XLE or XLY). Market cap weight for momentum and dividends. Major Factors 20

21 Evolution of Factor Analysis Factor Tilting 21

22 Sector Surfing Find the directional bias for any given sector. For example, find the strongest sector using trend analysis and relative strength. Trend analysis uses moving averages, trend lines and/or channels. Relative strength compares the performance of a sector (or stock) to the market (or to another stock). Pick the strongest sector or the strongest stock in that sector (or weakest depending on your directional bias). Having a Directional Bias 22

23 Need to Gather Intel Demonstration 23

Are You Smarter Than a Monkey? Course Syllabus. How Are Our Stocks Doing? 9/30/2017

Are You Smarter Than a Monkey? Course Syllabus. How Are Our Stocks Doing? 9/30/2017 Are You Smarter Than a Monkey? Course Syllabus 1 2 3 4 5 6 7 8 Human Psychology with Investing / Indices and Exchanges Behavioral Finance / Stocks vs Mutual Funds vs ETFs / Introduction to Technology Analysis

More information

SPOTTING TRENDS. Sectors & Industries

SPOTTING TRENDS. Sectors & Industries Sectors & Industries SPOTTING TRENDS Q4 2017 With each ebb and flow in the market, trends emerge that present opportunities for investors provided they have the necessary tools for action. Because firms

More information

SELECT YOUR SECTORS. Respond to Market Cycles with Agility and Precision

SELECT YOUR SECTORS. Respond to Market Cycles with Agility and Precision SELECT YOUR SECTORS Respond to Market Cycles with Agility and Precision ECONOMIC CYCLES & SECTORS The economy moves in cycles. Specific sectors may outperform or underperform during different phases, driven

More information

Selecting Portfolios for SectorSurfer Strategies

Selecting Portfolios for SectorSurfer Strategies Selecting Portfolios for SectorSurfer Strategies Don Kinell September 16 th, 2013 1 Review How SectorSurfer is Useful to an Investor 1. Demonstrates the effects of : Rotation to best trending Mutual Fund,

More information

Tower Square Investment Management LLC Strategic Aggressive

Tower Square Investment Management LLC Strategic Aggressive Product Type: Multi-Product Portfolio Headquarters: El Segundo, CA Total Staff: 15 Geography Focus: Global Year Founded: 2012 Investment Professionals: 12 Type of Portfolio: Balanced Total AUM: $1,422

More information

Factor Investing: Smart Beta Pursuing Alpha TM

Factor Investing: Smart Beta Pursuing Alpha TM In the spectrum of investing from passive (index based) to active management there are no shortage of considerations. Passive tends to be cheaper and should deliver returns very close to the index it tracks,

More information

Discover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee

Discover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give

More information

TACTICAL ASSET CLASS ROTATION MODEL DARIUS DALE: MACRO TEAM

TACTICAL ASSET CLASS ROTATION MODEL DARIUS DALE: MACRO TEAM TACTICAL ASSET CLASS ROTATION MODEL DARIUS DALE: MACRO TEAM MARCH 12, 2015 LEGAL DISCLAIMER Hedgeye Risk Management is a registered investment advisor, registered with the State of Connecticut. Hedgeye

More information

January 24, Michael Rechenthin, PhD Frank Kaberna

January 24, Michael Rechenthin, PhD Frank Kaberna January 24, 2017 This week we provide a list of ETFs that are currently exhibiting some of the most liquid options all with a tastytrade liquidity rating of 3 or 4 stars. To dive deeper into the ETFs and

More information

Top Down Analysis Success Demands Singleness of Purpose

Top Down Analysis Success Demands Singleness of Purpose Chapter 9 Top Down Analysis Success Demands Singleness of Purpose Armed with a little knowledge about the stock and options market as well as a desire to trade, many new traders are faced with the daunting

More information

SPOTTING TRENDS. Sectors & Industries

SPOTTING TRENDS. Sectors & Industries Sectors & Industries SPOTTING TRENDS Q1 2019 With each ebb and flow in the market, trends emerge that present opportunities for investors provided they have the necessary tools for action. Because firms

More information

High conviction: Creating multi-asset portfolios designed to achieve investors objectives

High conviction: Creating multi-asset portfolios designed to achieve investors objectives The Invesco White Paper Series High conviction: Creating multi-asset portfolios designed to achieve investors objectives Contributors: Duy Nguyen, CFA, CAIA Senior Portfolio Manager Chief Investment Officer

More information

March 9, 2017 PORTFOLIO PROTECTION TECHNIQUES By Mike Halloran, CFA Investment Strategist

March 9, 2017 PORTFOLIO PROTECTION TECHNIQUES By Mike Halloran, CFA Investment Strategist March 9, 2017 PORTFOLIO PROTECTION TECHNIQUES By Mike Halloran, CFA Investment Strategist The stock market has been on a historic run higher since last fall. The good news is that global economic growth

More information

BROAD COMMODITY INDEX

BROAD COMMODITY INDEX BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS JUNE 2017 80.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% -80.00% ABCERI S&P GSCI ER BCOMM ER

More information

AlphaSolutions Sector Rotation Model

AlphaSolutions Sector Rotation Model AlphaSolutions Sector Rotation Model An investment model based on trending and momentum strategies Portfolio Goals Primary: Seeks long term growth of capital by investing in highranked U.S. Equity Sectors

More information

ETF s Top 5 portfolio strategy considerations

ETF s Top 5 portfolio strategy considerations ETF s Top 5 portfolio strategy considerations ETFs have grown substantially in size, range, complexity and popularity in recent years. This presentation and paper provide the key issues and portfolio strategy

More information

Going Beyond Style Box Investing

Going Beyond Style Box Investing Going Beyond Style Box Investing NCPERS Presented by Erin Doyle Orekhov, Client Portfolio Manager May 22, 2017 For financial professional or qualified institutional investor use only. Not for inspection

More information

Monthly Investment Compass Charting The Course Of The Markets

Monthly Investment Compass Charting The Course Of The Markets Monthly Investment Compass Charting The Course Of The Markets January 12 th, 2017 Monthly Investment Compass Executive Summary: January 12 th 2017 U.S. Stock Market: A number of near term metrics warn

More information

Commentary. Without deviation from the norm, progress is not possible. Frank Zappa

Commentary. Without deviation from the norm, progress is not possible. Frank Zappa LongRun Monthly Strategy Review Aug 2016 AR -0.71% AG -5.21% TMG -2.67% SP500 +0.12% R2000 +1.78% GDP -0.57% Commentary August was a quiet month in most markets with the major US equity indices making

More information

Factor Investing. Fundamentals for Investors. Not FDIC Insured May Lose Value No Bank Guarantee

Factor Investing. Fundamentals for Investors. Not FDIC Insured May Lose Value No Bank Guarantee Factor Investing Fundamentals for Investors Not FDIC Insured May Lose Value No Bank Guarantee As an investor, you have likely heard a lot about factors in recent years. But factor investing is not new.

More information

Dynamic Asset Allocation for Practitioners Part 1: Universe Selection

Dynamic Asset Allocation for Practitioners Part 1: Universe Selection Dynamic Asset Allocation for Practitioners Part 1: Universe Selection July 26, 2017 by Adam Butler of ReSolve Asset Management In 2012 we published a whitepaper entitled Adaptive Asset Allocation: A Primer

More information

U.S. LOW VOLATILITY EQUITY Mandate Search

U.S. LOW VOLATILITY EQUITY Mandate Search U.S. LOW VOLATILITY EQUITY Mandate Search Recommended: That State Street Global Advisors (SSgA) be appointed as a manager for a U.S. low volatility equity mandate. SSgA will be managing 10% of the Diversified

More information

UBS Conservative Income - Muni FI

UBS Conservative Income - Muni FI Product Type: Multi-Product Portfolio Headquarters: New York, NY Total Staff: 2,329 Geography Focus: Global Year Founded: 1989 Investment Professionals: 953 Type of Portfolio: Balanced Total AUM: $627,645

More information

Discover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee

Discover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give

More information

Commentary. CBOE Volatility Index (VIX) Brexit Election VIX

Commentary. CBOE Volatility Index (VIX) Brexit Election VIX LongRun Monthly Strategy Review Mar 2018 AR -0.7% AG -2.9% TMG -2.3% SP500-2.7% GDP 0.0% Commentary I finished last month s commentary with a caution that equity markets might retest the lows of February

More information

P V G A S S E T M A N A G E M E N T L O S S A V E R S E I N V E S T I N G VALUE LEADERS LONG/SHORT

P V G A S S E T M A N A G E M E N T L O S S A V E R S E I N V E S T I N G VALUE LEADERS LONG/SHORT P V G A S S E T M A N A G E M E N T L O S S A V E R S E I N V E S T I N G WWW. PVGASSETMANAGEMENT. COM VALUE LEADERS LONG/SHORT MARKET CYCLE OVERVIEW PVG has coined the phrase, Loss Averse Investing to

More information

ETF strategies INVESTOR EDUCATION

ETF strategies INVESTOR EDUCATION ETF strategies INVESTOR EDUCATION Contents Why ETFs? 2 ETF strategies Asset allocation 4 Sub-asset allocation 5 Active/passive combinations 6 Asset location 7 Portfolio completion 8 Cash equitization 9

More information

Equity Portfolio Management Strategies

Equity Portfolio Management Strategies Equity Portfolio Management Strategies An Overview Passive Equity Portfolio Management Strategies Active Equity Portfolio Management Strategies Investment Styles Asset Allocation Strategies 2 An Overview

More information

Pairs trading how to by Arthur J. Schwartz. This talk is an illustration of some of the methods discussed by Tim Bogomolov in a previous talk

Pairs trading how to by Arthur J. Schwartz. This talk is an illustration of some of the methods discussed by Tim Bogomolov in a previous talk Pairs trading how to by Arthur J. Schwartz This talk is an illustration of some of the methods discussed by Tim Bogomolov in a previous talk What is pairs trading? We buy stock A, sell short stock B We

More information

Finding Strategic and Cyclical Exposure: Sector and Factor Investing. For financial professional use only. Do not distribute to the public.

Finding Strategic and Cyclical Exposure: Sector and Factor Investing. For financial professional use only. Do not distribute to the public. Finding Strategic and Cyclical Exposure: Sector and Factor Investing For financial professional use only. Do not distribute to the public. 1 Housekeeping Ask Questions Polls Survey & Giveaway Complete

More information

Capital Idea: Expect More From the Core.

Capital Idea: Expect More From the Core. SM Capital Idea: Expect More From the Core. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. Core equity strategies, such

More information

ISHARES NASDAQ BIOTECHNOLOGY ETF (IBB)

ISHARES NASDAQ BIOTECHNOLOGY ETF (IBB) ISHARES NASDAQ BIOTECHNOLOGY ETF (IBB) $109.44 USD Risk: High Zacks ETF Rank 2 - Buy Fund Type Issuer Benchmark Index Health Care ETFs BLACKROCK NASDAQ BIOTECHNOLOGY INDEX IBB Sector Weights Date of Inception

More information

Radius Build Better Portfolios BMO Tactical Dividend ETF Fund Portfolio Manager: Larry Berman, ETF Capital Management

Radius Build Better Portfolios BMO Tactical Dividend ETF Fund Portfolio Manager: Larry Berman, ETF Capital Management Radius Build Better Portfolios BMO Tactical Dividend ETF Fund Portfolio Manager: Larry Berman, ETF Capital Management About The Manager Firm Profile ETF Capital Management (ETFCM) was founded in 2006 by

More information

Getting Smart About Beta

Getting Smart About Beta Getting Smart About Beta December 1, 2015 by Sponsored Content from Invesco Due to its simplicity, market-cap weighting has long been a popular means of calculating the value of market indexes. But as

More information

Monthly Investment Compass Charting The Course Of The Markets

Monthly Investment Compass Charting The Course Of The Markets Monthly Investment Compass Charting The Course Of The Markets November 11 th, 2017 Monthly Investment Compass 1) Executive Summary: November 11 th, 2017 U.S. Stock Market: Unmet upside targets in several

More information

Analyzing Sectors and Portfolios from the Macro Perspective

Analyzing Sectors and Portfolios from the Macro Perspective Analyzing Sectors and Portfolios from the Macro Perspective Bloomberg Shape the Future Conference July 2017 Dr. G. Kevin Spellman, aka Coach Senior Lecturer and Director, Investment Management Certificate

More information

Market Recap. TTG Market View. US ETF Index performance (5d): SPY -0.8%, DIA -0.7%, IWM -0.3%, QQQ -1.4%, TLT +1.2%, GLD +1.9%

Market Recap. TTG Market View. US ETF Index performance (5d): SPY -0.8%, DIA -0.7%, IWM -0.3%, QQQ -1.4%, TLT +1.2%, GLD +1.9% US ETF Index performance (5d): SPY -0.8%, DIA -0.7%, IWM -0.3%, QQQ -1.4%, TLT +1.2%, GLD +1.9% Market Recap Last week Santa was a no show as equities continue to consolidate and move a bit lower. The

More information

PERFORMANCE STUDY 2013

PERFORMANCE STUDY 2013 US EQUITY FUNDS PERFORMANCE STUDY 2013 US EQUITY FUNDS PERFORMANCE STUDY 2013 Introduction This article examines the performance characteristics of over 600 US equity funds during 2013. It is based on

More information

D E F I N I T I O N O F D U T I E S O B J E C T I V E S

D E F I N I T I O N O F D U T I E S O B J E C T I V E S UNIVERSITY OF UTAH E NDOWMENT POOL INVESTMENT IMPLEMENTATION STRATEGY CONTENTS May, 2015 O V E R V I E W D E F I N I T I O N O F D U T I E S O B J E C T I V E S A S S E T A L L O C A T I O N / I N V E

More information

Fayez Sarofim & Co Large Cap Equity

Fayez Sarofim & Co Large Cap Equity Product Type: Separate Account Manager Headquarters: Houston, TX Total Staff: 90 Geography Focus: Domestic Year Founded: 1958 Investment Professionals: 20 Type of Portfolio: Equity Total AUM: $22,458 million

More information

The London Company Domestic Equity SMID Core

The London Company Domestic Equity SMID Core Product Type: Separate Account Manager Headquarters: Richmond, VA Total Staff: 24 Geography Focus: Domestic Year Founded: 1994 Investment Professionals: 5 Type of Portfolio: Equity Total AUM: $7,069 million

More information

Tower Square Investment Management LLC Strategic Plus Moderate

Tower Square Investment Management LLC Strategic Plus Moderate Product Type: Multi-Product Portfolio Headquarters: El Segundo, CA Total Staff: 15 Geography Focus: Global Year Founded: 2012 Investment Professionals: 12 Type of Portfolio: Balanced Total AUM: $1,422

More information

Model portfolio services

Model portfolio services For investment professionals only Model portfolio services Summary Up to seven risk mandates to meet a variety of client objectives Choose from collectives, securities, passives or unit trusts (unitised

More information

Benchmarking & the Road to Unconstrained

Benchmarking & the Road to Unconstrained Benchmarking & the Road to Unconstrained 24 April 2012 PIA Hiten Savani Investment Director hiten.savani@fil.com +44 (0) 20 7074 5234 Agenda Two Important Trends Increasing polarisation of demand between

More information

An All-Cap Core Investment Approach

An All-Cap Core Investment Approach An All-Cap Core Investment Approach A White Paper by Manning & Napier www.manning-napier.com Unless otherwise noted, all figures are based in USD. 1 What is an All-Cap Core Approach An All-Cap Core investment

More information

INTERNATIONAL EQUITIES: FLEXIBLE APPROACHES ALIGN WITH DC PLAN SIMPLIFICATION

INTERNATIONAL EQUITIES: FLEXIBLE APPROACHES ALIGN WITH DC PLAN SIMPLIFICATION BENJAMIN SEGAL Portfolio Manager, Head of Global Equity Team BRIAN FALEIRO Product Specialist Global Equity Team KEITH SKINNER Product Specialist Global Equity Team MICHELLE RAPPA Head of Defined Contribution

More information

Commentary. Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish. - John Quincy Adams

Commentary. Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish. - John Quincy Adams LongRun Monthly Strategy Review Sep 2018 AR -2.0% AG-2.5% TMG -0.3% SP500 +0.6% GDP -0.04% Commentary Last month I pointed out that the S&P 500 large cap stock index had closed higher five months in a

More information

The Benefits of a Diversified Precious-Metals Exposure

The Benefits of a Diversified Precious-Metals Exposure The Benefits of a Diversified Precious-Metals Exposure July 26, 2016 by Robert Huebscher ETF Securities provides accessible investment solutions, enabling investors to intelligently diversify their portfolios

More information

LongRun Monthly Strategy Summary (4/30/2014) Commentary

LongRun Monthly Strategy Summary (4/30/2014) Commentary Commentary As I mentioned in last month s commentary, April was set up to be a dog fight with ARv2 fully invested in US equities and Aggressive Growth and original AR positioned defensively with 67% bonds

More information

Amajority of institutional

Amajority of institutional JANUARY FEATURE IS IT TIME TO TILT? Exploring a Fundamental Question in Factor Investing By Andrew Ang, PhD, Ked Hogan, PhD, and Justin Peterson Amajority of institutional investors are now investing in

More information

Smart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance 2017 marked another year of factor performance shifts. s comeback in the US on the heels of the US election and the potential for a Trump-flation

More information

LPL RESEARCH PRIVATE CLIENT INSTITUTIONAL INSIGHTS THOUGHT LEADERSHIP. August 2016 DIVERSIFICATION MAY BE POISED FOR A COMEBACK MEMBER FINRA/SIPC

LPL RESEARCH PRIVATE CLIENT INSTITUTIONAL INSIGHTS THOUGHT LEADERSHIP. August 2016 DIVERSIFICATION MAY BE POISED FOR A COMEBACK MEMBER FINRA/SIPC LPL RESEARCH PRIVATE CLIENT THOUGHT LEADERSHIP INSTITUTIONAL INSIGHTS August 2016 DIVERSIFICATION MAY BE POISED FOR A COMEBACK MEMBER FINRA/SIPC During the first half of 2016, diversification has provided

More information

4Q17 Global & International Equity GLOBAL EQUITY. 10+ Years of Providing High Income Through Global Dividends

4Q17 Global & International Equity GLOBAL EQUITY. 10+ Years of Providing High Income Through Global Dividends 4Q17 Global & International Equity GLOBAL EQUITY INCOME FUND 10+ Years of Providing High Income Through Global Dividends A: HFQAX C: HFQCX I: HFQIX N: HFQRX S: HFQSX T: HFQTX Overall Morningstar Rating

More information

LongRun Monthly Strategy Review. Commentary. Oct 2017

LongRun Monthly Strategy Review. Commentary. Oct 2017 LongRun Monthly Strategy Review Oct 2017 AR 1.78% AG -0.61% TMG +1.50% SP500 +2.36% R2000 +0.73% GDP +0.35% Commentary Market history says that October can be a dangerous month and 2017 marked the 40 th

More information

Can Behavioral Factors Improve Tactical Performance?

Can Behavioral Factors Improve Tactical Performance? Can Behavioral Factors Improve Tactical Performance? More and more, Financial Advisors agree that portfolios with a tactical tilt provide increased asset allocation flexibility that can improve returns

More information

SEC File Number Form ADV Part 2A

SEC File Number Form ADV Part 2A SEC File Number 801-28445 Form ADV Part 2A August 31, 2015 Form ADV, Part 2A is our Disclosure Brochure or Brochure as required by the Investment Advisers Act of 1940 and is a very important document to

More information

BROAD COMMODITY INDEX

BROAD COMMODITY INDEX BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS JULY 2018 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) -80.00% ABCERI S&P GSCI ER BCOMM

More information

HEALTH CARE SELECT SECTOR SPDR FUND (XLV)

HEALTH CARE SELECT SECTOR SPDR FUND (XLV) HEALTH CARE SELECT SECTOR SPDR FUND (XLV) $85.30 USD Risk: Med Zacks ETF Rank 3 - Hold Fund Type Issuer Benchmark Index Health Care ETFs STATE STREET GLOBAL ADVISORS HEALTH CARE SELECT SECTOR INDEX XLV

More information

Cash. Period Ending 06/30/2016 Period Ending 3/31/2016. Equity. Fixed Income. Other

Cash. Period Ending 06/30/2016 Period Ending 3/31/2016. Equity. Fixed Income. Other Product Type: Multi-Product Portfolio Headquarters: Austin, TX Total Staff: 46 Geography Focus: Global Year Founded: 1996 Investment Professionals: 16 Type of Portfolio: Balanced Total AUM: $12,046 million

More information

Monthly Investment Compass Charting The Course Of The Markets

Monthly Investment Compass Charting The Course Of The Markets Monthly Investment Compass Charting The Course Of The Markets September 21st, 2017 Monthly Investment Compass 1) Executive Summary: September 21 st, 2017 U.S. Stock Market: Virtually all of our near term

More information

Commentary. Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.

Commentary. Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time. LongRun Monthly Strategy Review May 2018 AR +0.2% AG +1.0% TMG +3.0% SP500 +2.4% GDP +0.7% Commentary Last month s commentary led off with our Absolute Return strategy moving to 100% cash for the month

More information

US Financial Market Update for March Prepared for the Market Technicians Association

US Financial Market Update for March Prepared for the Market Technicians Association US Financial Market Update for March 2016 Prepared for the Market Technicians Association March 16 th, 2016 About Asbury Research Research, Methodology & Clientele Our Research: Asbury Research, established

More information

Capture the Knowledge Effect in your portfolio

Capture the Knowledge Effect in your portfolio Capture the Knowledge Effect in your portfolio Navigating a USD Bear Market with Equity Factors Knowledge Leaders Strategy Mid-Quarter Special Report February 27, 2018 Summary The US Dollar appears to

More information

Schafer Cullen Capital Management High Dividend Value

Schafer Cullen Capital Management High Dividend Value Product Type: Separate Account Manager Headquarters: New York, NY Total Staff: 56 Geography Focus: Domestic Year Founded: 1983 Investment Professionals: 21 Type of Portfolio: Equity Total AUM: $17,896

More information

Independent Study Project

Independent Study Project Independent Study Project A Market-Neutral Strategy Lewis Kaufman, CFA Fuqua School of Business, 03 lewis.kaufman@alumni.duke.edu Faculty Advisor: Campbell R. Harvey May 1, 2003 1 Agenda Annual Returns

More information

BROAD COMMODITY INDEX

BROAD COMMODITY INDEX BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS APRIL 2017 80.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% -80.00% ABCERI S&P GSCI ER BCOMM ER

More information

Investing During The Trump Administration: Opportunity & Danger

Investing During The Trump Administration: Opportunity & Danger Investing During The Trump Administration: Opportunity & Danger Prepared for the Los Angeles Chapter of the American Association of Individual Investors (AAII ) June 17 th, 2017 About Asbury Research John

More information

3 questions you need to answer when choosing factor-based products

3 questions you need to answer when choosing factor-based products 3 questions you need to answer when choosing factor-based products March 5, 2018 by Vanguard Advisors are interested in using factors. But it takes a lot of due diligence to choose among the many products

More information

BUSINESS CYCLES, MARKET CYCLES, AND STOCK SECTORS

BUSINESS CYCLES, MARKET CYCLES, AND STOCK SECTORS WELCOME! BUSINESS CYCLES, MARKET CYCLES, AND STOCK SECTORS George Dagnino, PhD The Peter Dag Portfolio www.peterdag.com peterdag.blogspot.com OUTLINE BUSINESS CYCLE OUTLOOK SECTORS FOR A STRONG AND WEAK

More information

Enhancing equity portfolio diversification with fundamentally weighted strategies.

Enhancing equity portfolio diversification with fundamentally weighted strategies. Enhancing equity portfolio diversification with fundamentally weighted strategies. This is the second update to a paper originally published in October, 2014. In this second revision, we have included

More information

VANECK VECTORS BIOTECH ETF (BBH)

VANECK VECTORS BIOTECH ETF (BBH) VANECK VECTORS BIOTECH ETF (BBH) $132.32 USD Risk: High Zacks ETF Rank 1 - Strong Buy Fund Type Issuer Benchmark Index Health Care ETFs VAN ECK MVIS US LISTED BIOTECH 25 INDEX BBH Sector Weights Date of

More information

IEO Sector Weights. Price Chart

IEO Sector Weights. Price Chart December 02, 2016 ISHARES US OIL-GAS EXPLORATION- PRODUCTN (IEO) $65.87 Risk: High Zacks ETF Rank 3 - Hold 3 Fund Type Issuer Energy - Exploration BLACKROCK IEO Sector Weights Benchmark Index DJ US SELECT

More information

SPDR S&P DIVIDEND ETF (SDY)

SPDR S&P DIVIDEND ETF (SDY) SPDR S&P DIVIDEND ETF (SDY) $96.36 USD Risk: Med Zacks ETF Rank 3 - Hold Fund Type Issuer Benchmark Index Large Cap ETFs STATE STREET GLOBAL ADVISORS S&P HIGH YIELD DIVIDEND ARISTOCRATS INDE SDY Sector

More information

Monthly Investment Compass Charting The Course Of The Markets

Monthly Investment Compass Charting The Course Of The Markets Monthly Investment Compass Charting The Course Of The Markets April 22 nd, 2016 Monthly Investment Compass Executive Summary: April 22 nd 2016 U.S. Stock Market: The most important takeaway from the latest

More information

SPDR S&P 500 ETF (SPY)

SPDR S&P 500 ETF (SPY) SPDR S&P 500 ETF (SPY) $276.18 USD Risk: Med Zacks ETF Rank 2 - Buy Fund Type Issuer Benchmark Index Large Cap ETFs STATE STREET GLOBAL ADVISORS S&P 500 INDEX SPY Sector Weights Date of Inception 01/29/1993

More information

INSIGHTS. The Factor Landscape. August rocaton.com. 2017, Rocaton Investment Advisors, LLC

INSIGHTS. The Factor Landscape. August rocaton.com. 2017, Rocaton Investment Advisors, LLC INSIGHTS The Factor Landscape August 2017 203.621.1700 2017, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY Institutional investors have shown an increased interest in factor investing. Much of the

More information

DIVERSIFYING VALUE: THINKING OUTSIDE THE BOX

DIVERSIFYING VALUE: THINKING OUTSIDE THE BOX Legg Mason Thought Leadership DIVERSIFYING VALUE: THINKING OUTSIDE THE BOX Michael J. LaBella, CFA Portfolio Manager Smart beta can be utilized within the traditional style box framework to help investors

More information

Smart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance Factor performance diverged across regions in Q2. In the US, all factors with the exception of underperformed broad US equities. As volatility in

More information

Case Study Alaska Permanent Fund Asset Allocation to Risk Allocation

Case Study Alaska Permanent Fund Asset Allocation to Risk Allocation Case Study Alaska Permanent Fund Asset Allocation to Risk Allocation Jeffrey C. Scott, CFA Chief Investment Officer SEATTLE 999 Third Avenue Suite 4200 Seattle, Washington 98104 206.622.3700 tel 206.622.0548

More information

WisdomTree International Multifactor Fund WisdomTree Emerging Markets Multifactor Fund

WisdomTree International Multifactor Fund WisdomTree Emerging Markets Multifactor Fund WisdomTree International Multifactor Fund WisdomTree Emerging Markets Multifactor Fund DWMF/ EMMF THE CASE FOR INTERNATIONAL AND EMERGING MARKETS MULTIFACTOR FUNDS WisdomTree aspires to be at the forefront

More information

DIVIDEND STRATEGY SERIES:

DIVIDEND STRATEGY SERIES: DIVIDEND STRATEGY SERIES: The Power of Dividend Investing Q1 2019 60 State Street Boston, MA 02109 info@oshares.com // THE POWER OF DIVIDEND INVESTING Dividends 04 The Most Powerful Force in the Universe?

More information

Quality Value Momentum Strategy

Quality Value Momentum Strategy Quality Value Momentum Strategy Ford Equity Research 11722 Sorrento Valley Road, Suite I San Diego, CA 92121 800.842.0207 (USA) 858.455.6316 Fax www.fordequity.com Background Can a low-turnover portfolio

More information

Financial Markets Management 183 Economics 173A. Equity Valuation. Updated 5/13/17

Financial Markets Management 183 Economics 173A. Equity Valuation. Updated 5/13/17 Financial Markets Management 183 Economics 173A Equity Valuation Updated 5/13/17 Perspective and Objective 1. Diversification: Risk reduction. 2. Speculation: I ve got a feeling. 3. Long term: Buy & Hold.

More information

Aspiriant Risk-Managed Equity Allocation Fund RMEAX Q4 2018

Aspiriant Risk-Managed Equity Allocation Fund RMEAX Q4 2018 Aspiriant Risk-Managed Equity Allocation Fund Q4 2018 Investment Objective Description The Aspiriant Risk-Managed Equity Allocation Fund ( or the Fund ) seeks to achieve long-term capital appreciation

More information

High Dividend Value Equity Q Commentary. Market Review:

High Dividend Value Equity Q Commentary. Market Review: S C H A F E R C U L L E N High Dividend Value Equity Q3 2016 Commentary Market Review: C A P I T A L M A N A G E M E N T In the third quarter of 2016, the S&P 500 and Russell 1000 Value returned 3.9% and

More information

Global Investment Committee Themes

Global Investment Committee Themes Global Investment Committee Themes The Global Investment Committee (GIC), which meets monthly to review the economic and political environment and asset allocation models for Morgan Stanley Wealth Management

More information

Batseta Seminar. Understanding risk April 2016

Batseta Seminar. Understanding risk April 2016 Batseta Seminar Understanding risk April 2016 $350bn Global ETP cumulative flow The global ETP inflow 2015 Source: BlackRock ETP Landscape The global ETP inflow by asset class & exposure 2015 The SATRIX

More information

Commentary. If you are the smartest person in the room, then you are in the wrong room. Attributed to Confucius

Commentary. If you are the smartest person in the room, then you are in the wrong room. Attributed to Confucius LongRun Monthly Strategy Review Jun 2018 AR +0.9% AG +1.0% TMG -0.5% SP500 +0.6% GDP -0.8% Commentary June brought mixed messages from the markets. Worries about the Trump/Kim summit and Federal Reserve

More information

Oppenheimer Capital Appreciation Fund/VA Non-Service Shares

Oppenheimer Capital Appreciation Fund/VA Non-Service Shares Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal

More information

Commentary. Forecasts usually tell us more about the forecaster than about the future. - Warren Buffett

Commentary. Forecasts usually tell us more about the forecaster than about the future. - Warren Buffett LongRun Monthly Strategy Review Nov 2016 AR +1.70% AG +2.07% TMG +1.16% SP500 +3.68% R2000 +11.08% GDP +1.35% Commentary Forecasters and pollsters are having a rough year. First Brexit and now the US presidential

More information

Selective Opportunistic Portfolios December 20, 2016

Selective Opportunistic Portfolios December 20, 2016 Selective Opportunistic Portfolios December 20, 2016 Prepared by Morningstar Investment Management LLC on behalf of TD Ameritrade Investment Management, LLC. Economic & Investment Outlook As the S&P 500

More information

Market Insights. The Benefits of Integrating Fundamental and Quantitative Research to Deliver Outcome-Oriented Equity Solutions.

Market Insights. The Benefits of Integrating Fundamental and Quantitative Research to Deliver Outcome-Oriented Equity Solutions. Market Insights The Benefits of Integrating Fundamental and Quantitative Research to Deliver Outcome-Oriented Equity Solutions Vincent Costa, CFA Head of Global Equities Peg DiOrio, CFA Head of Global

More information

How to evaluate factor-based investment strategies

How to evaluate factor-based investment strategies A feature article from our U.S. partners INSIGHTS SEPTEMBER 2018 How to evaluate factor-based investment strategies Due diligence on smart beta strategies should be anything but passive Original publication

More information

Active vs. Passive Investing

Active vs. Passive Investing Winter 2018 trustmarkinvestmentsadvisors.com Active vs. Passive Investing Index (Passive) investing has produced multiple benefits for investors The growth of index-tracking funds and exchange-traded funds

More information

Calamos Phineus Long/Short Fund

Calamos Phineus Long/Short Fund Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle

More information

TRADING ADDICTS. Lesson 2: Stock and Option Selection. Selecting a Stock. Copyright 2010, Trading Addicts, LLC. All Rights Reserved

TRADING ADDICTS. Lesson 2: Stock and Option Selection. Selecting a Stock. Copyright 2010, Trading Addicts, LLC. All Rights Reserved Lesson 2: Stock and Option Selection In this chapter, we will be focusing on the process of selecting a stock. The most important part of any Covered Call strategy will be the underlying stock you choose

More information

An Introduction to Factor Investing: Understanding the increasingly popular strategy

An Introduction to Factor Investing: Understanding the increasingly popular strategy A quarterly publication of CLS Investments FALL 2015 An Introduction to Factor Investing: Understanding the increasingly popular strategy Factors have engrossed the investing world in recent years. Strategies

More information

Minimum Variance and Tracking Error: Combining Absolute and Relative Risk in a Single Strategy

Minimum Variance and Tracking Error: Combining Absolute and Relative Risk in a Single Strategy White Paper Minimum Variance and Tracking Error: Combining Absolute and Relative Risk in a Single Strategy Matthew Van Der Weide Minimum Variance and Tracking Error: Combining Absolute and Relative Risk

More information

SPDR S&P 400 Mid Cap Growth ETF

SPDR S&P 400 Mid Cap Growth ETF SPDR S&P 400 Mid Cap Growth ETF Summary Prospectus-October 31, 2017 MDYG (NYSE Ticker) Before you invest in the SPDR S&P 400 Mid Cap Growth ETF (the Fund ), you may want to review the Fund's prospectus

More information

MOMENTUM (IS NOT ENOUGH)

MOMENTUM (IS NOT ENOUGH) MOMENTUM (IS NOT ENOUGH) IN PRACTICE IT WORKS. IN THEORY IT DOESN T OBJECTIVES: (building blocks) MARKET REGIME STOCK BASKETS MOMENTUM (selection & management) DIVERSIFICATION LIMITED TRADING FOR TAX EFFICIENCY

More information