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Result of Japan's Upper House Election
by Team of Nomura Asset Management,
The ruling Liberal Democratic Party (LDP) and New Komeito coalition have secured an upper house majority by winning 76 seats in the July 21st House of Councilors election to reach the total of 135 seats together with the seats that were not contested this time (out of a total 242 seats). This has ended the state of a divided National Diet, allowing more stable management by the Prime Minister Shinzo Abe cabinet and the ruling coalition parties.
Emerging Markets Equity Commentary June 2013
by Team of Thomas White International,
Emerging market equity prices declined appreciably on heightened investor concerns over an early withdrawal of the monetary stimulus measures in the developed world. The most recent policy statement issued by the U.S. Federal Reserve, which was more optimistic about the growth prospects for the U.S. economy, and comments by Fed officials seemed to suggest that the central bank is preparing to wind down its bond purchase program.
Economic Value Approach to ROIC May Unearth Hidden Value
by Team of Jacob Asset Management,
Equity mutual fund managers employ a wide variety of investing approaches in an attempt to outperform the market, but very few stand out from the crowd. The approaches that do work over the long term tend to be very distinctive, focusing consistently on a specific methodology that is executed regardless of the market environment.
Retirement: The Vacation of a Lifetime
Most of us plan for our vacations with giddy anticipation. We pore over glossy travel magazines and surf web sites for the perfect place to pursue our passions, or to just put our feet up and relax. And, if were responsible, we save our pennies, sometimes years in advance, to make our dream a reality. But when it comes to the ultimate vacation retirement many people are far less prepared. You probably have a good idea of how to finance a weeks vacation, but do you have a viable plan for a vacation that can last decades?
Weekly Market Commentary
by Team of Tuttle Tactical Management,
Stocks continued to move up this week as money still has no other place to go. However, the rate of incline has slowed quite a bit causing the rally to look a little bit tired leaving the market vulnerable to a correction. That applies to a "normal" market, with "normal" asset classes, and places for traders to put money if they pull it out of stocks. One of the consequences of QE is we no longer have a "normal" market and there is nowhere else to go.
Emerging Europe: Regional Economic Review Q2 2013
by Team of Thomas White International,
Trimming its forecast for global growth, the International Monetary Funds mid-year assessment of the world economy highlighted the slowdown in emerging economies such as Russia and recessionary conditions in the Euro-zone. Still, the recent surge in factory production and rise in new orders brought a whiff of optimism to emerging European markets such as Poland, the Czech Republic, and Hungary, which have been reeling under a prolonged downturn due to weak demand from the Euro-zone.
Middle East/Africa: Regional Economic Review Q2 2013
by Team of Thomas White International,
Moderate growth is anticipated in Middle-East and North Africa (MENA) region as the International Monetary Fund (IMF) notes that economic expansion in the oil exporting countries has slowed down due to subdued global oil demand. While oil importing countries are expected to make a slight recovery, nations in transition are facing complex socio-political issues, which could further delay their recovery.
Fixed Income Outlook
by Team of Osterweis Capital Management,
The question we keep asking is Will the real Fed mandate, please stand up? The Federal Reserve (the Fed) traditionally is charged with keeping inflation in check, but it also has a second mandate to ensure full employment. This dual mandate can occasionally create general confusion as to what is the best policy at a given time and which policy goal the Fed is trying to achieve. Today, we are at a juncture where the Feds mandates may not clearly align with stated future monetary actions.
Opportunity in Europe
by Team of Neuberger Berman,
A striking feature of this years global stock market rally is that international markets have significantly trailed U.S. stocks. Nevertheless, Neuberger Bermans Asset Allocation Committee (AAC) recently made the contrarian call of upgrading its view for international developed markets, particularly Europe. In this Strategic Spotlight, we provide an update on the European economy and lay out some reasons for optimism despite the dour growth outlook.
High Yield Market Overview June 2013
by Team of Nomura Asset Management,
The high yield market, as measured by the Bank of America Merrill Lynch High Yield Master II Constrained Index (the Index), was down 2.64% for the month of June. Yields moved sharply higher during the month as the high yield market experienced record retail outflows, quickly adjusting expectations around the Treasury market, and increased equity price volatility. Volatility spiked after a more hawkish message emanated from the Fed after the Federal Open Market Committee (FOMC) meeting on June 19th.
Investment Bulletin: Global Equity Strategy July
by Team of Bedlam Asset Management,
For the first half of the year, the 17.7% gain by the portfolio was 390 basis points better than the index; during June, market panic over potential changes in Fed policy resulted in a 3.0% fall in the index, with the portfolio down by a similar amount. US bond funds suffered a record $58 billion outflow during the month, 2%of their assets.
Investment Bulletin: Emerging Markets Equity
by Team of Bedlam Asset Management,
For the half year to end June the index was buffeted, falling 3.1%. In contrast, the portfolio managed a gain of 8.3%, more than 1,000 basis points better. During the month of June, the Emerging Market index was whacked by 6.4%; the portfolios value also fell, but by a lesser 6.2%. The relative year-to-date and longer term falls in some of the regional indices have been grim (Chart 1, p.4): for example, in the first six months of 2013, EM equities underperformed those in developed markets on a total return basis by 16%, and by 14% over the last 12 months.
Pacific Basin Market Overview June 2013
by Team of Nomura Asset Management,
Equity markets in Asia ended generally lower in the second quarter of 2013 due to concerns over the U.S. Federal Reserves apparent shift towards a more balanced monetary policy stance following Chairman Bernankes statements suggesting a tapering of its asset purchase program.
Weekly Market Review Notes
by Team of Tuttle Tactical Management,
The Bulls returned to stocks this week and bonds got crushed again. Comments out of the ECB, strong data out of Japan, and a good jobs number contributed to the rally, but at the end of the day the market had gotten a bit oversold. Bernanke is scheduled to speak today so if past history repeats itself things could get interesting again. Next week we will get a bunch of Q2 corporate earnings to that could also have quite an impact on the market either way.
Safeguarding Leveraged Credit Portfolios Amid Heightened Interest-Rate Volatility
by Team of Guggenheim Investments,
While rapidly deteriorating credit quality and excessive market leverage were the chief culprits behind the end of the previous credit rally in 2007, neither factor is currently a significant concern in the leveraged credit market. Interest-rate risk, specifically the markets uncertainty regarding future monetary policy, precipitated the recent market sell-off and will likely continue to shape the performance of high yield bonds and bank loans in the near term.
Widening the Search for Income: Beyond Traditional Bonds
by Team of Forward Management,
Multisector bond market strategies may provide an opportunity to capitalize on differences in relative value. A more refined and global approach may generate yield with dividend-paying stocks. Emerging market (EM) corporate bonds feature attractive fundamentals and have increased in popularity as an asset class.
Investment Bulletin: Emerging Markets Equity
by Team of Bedlam Asset Management,
The portfolio performed very well in May, taking the year to date net gain to 15.0%, vs. 3.5% for the index. There were two causes for the good numbers: stock selection i.e. ignoring index weightings - and the avoidance of countries with deteriorating balance of payments and budget deficits, and with high government debt to GDP ratios, such as Hungary, Poland, India, Turkey and South Africa.
Weekly Market Review Notes
by Team of Tuttle Tactical Management,
Last month was the first down month for the market this year. The next few weeks ought to be interesting, we have the monthly jobs number on July 5th when most people are probably on vacation and then corporate earnings start in two weeks. No telling at this point about whether the market will want good news or more of the Goldilocks, not to hot, not too cold, news that could keep Quantitative Easing going. Going forward investors will continue to analyze anything the Fed says for clues.
Investment Bulletin: Global Equity Strategy
by Team of Bedlam Asset Management,
For the first five months of the year the global portfolio enjoyed a net gain of 21.0%, 350 basis points better than the index, edging ahead further in May. Recent smoke signals from the Federal Reserve Bank implying - subject to a wide range of get-out clauses that less money might be put into the system, have caused market hysterics. Bond investors have rightly been stampeding out, ending a 32-year old bull market. Its longevity had caused dangerous complacency and overexposure, especially to illiquid and expensive emerging market debt through open-ended vehicles.
China's Near-Term Macro Outlook
by Team of Nomura Asset Management,
The key message from the recent Shibor volatility is that the Chinese government is now willing to tolerate slower near-term growth while carrying out reform to rebalance the economy for long term sustainable growth. The diminishing demographic dividend as a result of the aging population and One-Child Policy will result in slower potential growth for the economy.
AdvisorShares Weekly Market Review
by Team of AdvisorShares,
Once again, US stock indexes declined last week based on investors fears of rising interest rates. While markets were rising at the beginning of the week, on Wednesday, Federal Open Market Committee Chairman Ben Bernanke said that if the economy continued on its current growth path, the Fed would scale back on asset purchases by the end of the year and attempt to end the extraordinary measures by the middle of 2014.
Weekly Market Review Notes
by Team of Tuttle Tactical Management,
This has been a rough week for the markets. It started when Bernanke spoke (if this keeps up we will have to buy protection before he speaks the next time) and continued with bad economic news out of China. The selloff after Bernankes speech looked like a buy on the rumor, sell on the fact event. The selloff after weak China data came out was a good, old fashioned sell off.
Canadian National Railway Co: Fundamental Stock Research Analysis
by Team of F.A.S.T. Graphs,
This article will reveal the business prospects of Canadian National Railway Co (CNI) through the lens of FAST Graphs fundamentals analyzer software tool.Therefore, it is offered as the first step before a more comprehensive research effort.Our objective is to provide companies that have excellent historical records and appear reasonably priced based on past, present and future data and expectations.
AdvisorShares Weekly Market Review
by Team of AdvisorShares,
The major indexes finished lower after experienced another volatile week. While no major statements came out of the Federal Reserve, speculation about what the Fed chairman might after say its next meeting ends on June 19 drove a lot of market price movements early in the week.
Weekly Economic Commentary
by Team of Northern Trust,
Today, the relative health of banks around the world goes a long way toward explaining differences in economic fortunes. As policy-makers seek ways to improve growth, addressing structural issues in their financial systems may be more effective than monetary or fiscal stimulus.
Active ETF Market Share Update
by Team of AdvisorShares,
Total AUM in all active ETFs fell from $14.552 billion to $14.416 billion over the course of the week. Just like the previous week, ETFs with longer term fixed income investments are facing redemptions, while Short-Term Bond ETFs are rapidly expanding their asset base. AUM for active ETFs in the Global Bond category fell below the $5 billion dollar level.
Why Wellness Matters: The Real Cost to Employers of Unhealthy Employee Behaviors
by Team of Manning & Napier,
It is no secret that health care costs have ranked among the top concerns of employers for much of the last decade. There is good reason for this concern, as health care costs have outpaced inflation for years, and employers often bear the brunt of these costs for their employees and dependents. Employers looking for ways to stem the tide of runaway health plan expenses should investigate wellness programs designed to impact the source of the costs unhealthy behaviors.
Weekly Market Review Notes
by Team of Tuttle Tactical Management,
The near term is going to be all about the Fed and what they say about tapering their bond buying. In anticipation the market has rallied from the low it set on June 5th. Markets were oversold but they also seem to be interpreting the Feds message as QE is somewhat irrelevant because they will maintain a zero interest rate policy until the unemployment rate hits 6.5%, which isnt going to happen anytime soon. It also looks like the market doesnt mind talk about Ben Bernanke leaving in January as he would probably be replaced by Janet Yellin who seems to espouse all the same
Emerging Markets: Reasons for Optimism
by Team of Janus Henderson Investors,
Emerging market equities are lagging developed markets this year. However, the underperformance creates an opportunity in our view, and does little to change our long-term outlook for emerging markets, where we believe some of the strongest growth opportunities lie.
High Yield Market Overview May 2013
by Team of Nomura Asset Management,
The high yield market, as measured by the Bank of America Merrill Lynch High Yield Master II Constrained Index (the Index), was down 0.53% for the month of May, as fears of eventual Fed tapering dominated investor sentiment and put upward pressure on Treasury yields. The end result was the most substantial setback in a year for the high yield market. Despite the fears of rising rates, mildly improving economic conditions, healthy corporate earnings/balance sheets, and reduced tail risks and stagnant global growth/low inflation continue to benefit the high yield market.
American Eagle Outfitters Inc: Fundamental Stock Research Analysis
by Team of F.A.S.T. Graphs,
This article will reveal the business prospects of American Eagle Outfitters Inc through the lens of FAST Graphs fundamentals analyzer software tool. Therefore, it is offered as the first step before a more comprehensive research effort. Our objective is to provide companies that have excellent historical records and appear reasonably priced based on past, present and future data and expectations.
Recent Volatility in the Foreign Exchange Market and the Strengthening Yen
by Team of Nomura Asset Management,
There are two issues underlying the increased currency market volatility; depreciation of the Yen may have resulted in worldwide competitive devaluation and concern about early tapering of quantitative easing (QE) in the U.S. appears to have triggered currency depreciation for countries that are running current account deficits.
A Taste of Rising Rates
by Team of Neuberger Berman,
The mantra "sell in May and go away" has taken on a new twist this year. Equity markets saw mixed returns last month but bonds took a beating, with losses materializing in nearly every fixed income segment. The reason? Interest rates rose significantlyand rather unexpectedlyover the course of the month. What implications would rising rates have for the market? We consider whats ahead.
AdvisorShares Active ETF Market Share Update
by Team of AdvisorShares,
So far this month, money has flown into short-term bond active ETFs and funds in the alternative income category. There has also been a shift out of funds investing in longer-term bonds and emerging market debt, probably in response to rising interest rates and a strengthening US dollar. There was also a big increase in the smallest category of sustainable active ETFs, which is comprised of funds investing in companies that make efforts to improve their impact on the environment.
Securing a Lasting Economic Recovery
by Team of Northern Trust,
According to the National Bureau of Economic Research, business expansions have averaged 59 months in the past 11 business cycles. June 2013 marks the fourth birthday of the current U.S. economic recovery, and this one seems very likely to be above average on this score.
Pacific Basin Market Overview May 2013
by Team of Nomura Asset Management,
After a positive start, many Pacific Basin Markets ended the month lower amid concerns that the Federal Reserve (Fed) will soon begin to gradually scale back its quantitative easing measures by reducing the pace of central bank asset purchases. The MSCI AC Asia Pacific Free Index including Japan decreased by 4.8% while the MSCI AC Asia Pacific ex Japan Free Index closed 4.3% lower in May. (All performance figures are based on MSCI indices in U.S. dollar terms with dividends included unless otherwise stated.)
Curtiss-Wright Corp: Fundamental Stock Research Analysis
by Team of F.A.S.T. Graphs,
Curtiss-Wright Corp (CW) is an innovative engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and surface treatment technologies to the defense, energy and commercial/industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of design and manufacturing innovation and prides itself on long-standing customer relationships.
Weekly Market Commentary
by Team of Tuttle Tactical Management,
This past week has been volatile. Fridays jobs number ended up being perfect, not to good, not too bad, causing a big market rally. It has to be noted that the two day rally also came when the market was oversold and was a bounce off of the S&P 500s 50 day moving average.
More Than a Feeling
by Team of AdvisorShares,
Tangible signs of fundamental weakness are appearing everywhere, yet financial market participants are simply choosing to ignore these signs. There remains a significant disconnect between the real economy and financial markets. Read this paper by Peritus Asset Management to learn how to navigate the weak fundamental picture in what they believe to be the beginning of a 15-20 year positive technical backdrop, which will put yield generating assets, such as high yield bonds, in the sweet spot.
Weekly Market Commentary
by Team of Tuttle Tactical Management,
Yesterday ended the streak of up Tuesdays in the market while last week saw an acceleration in the the "crush anything that pays any sort of yield" theme. Treasuries, high yield bonds, preferred shares, Utilities, REITs, etc. all got killed. At this point this just seems like the weird type of dislocation that happens sometimes in markets where money just doesnt want to go anywhere except under a mattress.
Qualcomm Inc: Fundamental Stock Research Analysis
by Team of F.A.S.T. Graphs,
This article will reveal the business prospects of Qualcomm Inc through the lens of FAST Graphs fundamentals analyzer software tool. Therefore, it is offered as the first step before a more comprehensive research effort. Our objective is to provide companies that have excellent historical records and appear reasonably priced based on past, present and future data and expectations.
Weekly Market Commentary
by Team of Tuttle Tactical Management,
Last week we talked about the market being overbought in the short term, so the three day selloff (Wednesday-Friday) was to be expected. The media will blame the Fed but they didnt tell us anything we didnt already know. Bottom line, when the market gets extremely overbought traders will use anything and everything as an excuse to take profits. Interestingly, last week was the first streak of three down days this year. The S&P 500 seemed to find some support at 1640.
Outlook on the Japanese Equity Market
by Team of Nomura Asset Management,
The Nikkei Stock Average closed 128 points higher, or 0.9%, to close the week at 14,612 following the dramatic 7.3% sell-off on Thursday, May 23, 2013. The Tokyo Stock Price Index (TOPIX) also added 6 points, or 0.5%, to 1,194, following a 6.9% sell-off on Thursday, May 23rd.
Results 1,751–1,800
of 2,793 found.
