Power … Consolidation? Grab? When all headlines pointed North Korea’s way, all of a sudden, Saudi Arabia grabbed them… Now, following a purge instituted by new ruler Crown Prince Mohammed bin Salman, the question, whether we are looking a consolidation or grab, is what are the implication for the region, as rising tensions including with Iran present significant risks.
As for Oil prices … up, up and away if OPEC gets its wishes (they next meet November 30th in Vienna … and failure on their part otherwise risks a sharp pullback…)
- Junk Bonds – not faring all that well recently, with meaningful outflows witnessed South-side
- Trump’s Asian Trip – Headlined USD 250 Billion of deals with China. Good headline, to be sure, but apparently under the surface, not all that much substance – which … a year after the Elections, seems to be a good overall description: underwhelming
- China – Leader of the free World? Leading in terms of supporting Global trade and Climate Emission initiatives? Yep – Get an insular/Protectionist US President, and boom … How do you like them apples – a Centrally driven, Communist country trying to lay claim to the top dog spot … WOW
- GE – CEO addresses what the future might look like for the Conglomerate post its 2017 >USD100 Billion of market cap losses … The dividend could be a goner … as likely will a lot of jobs. AND (last week) … former CEO Jeffrey Immelt quipped in an interview that it is easier following in the footsteps of a bum than in Jack Welch’s … (Really, Jeffrey – that’s supposed to make shareholders feel better?)
- Russia – President Trump stays the course of “it is better to have Russia as a friend than an enemy”. Fair enough – BUT how much interference was there in the US elections … AND isn’t that a bit of an issue – still?
- Gluskin Sheff’s David Rosenberg – sees signs of decay beneath the surface for this market … => Click HERE!
- BREXIT / NAFTA – next rounds underway shortly … Neither looking particularly positive …
Latest market numbers as seen through ETFs providing exposure to the most commonly referred to benchmarks:
|XIU||S&P/TSX 60||0.21%||PXG||RAFI Global Fundamental||-1.13%||VCN||FTSE Canada All Cap Index ETF||0.09%|
|XIC||S&P/TSX Capped Composite||0.08%||PXS||RAFI US Fundamental Index||-0.99%||VCE||FTSE Canada Index ETF||0.15%|
|CRQ||RAFI CDN Fundamental||0.70%||QQC/F||NASDAQ 100 CAD Hedged||0.26%||VUN||CRSP US Total Market Index Unhedged||-0.91%|
|XSP||S&P 500 CAD Hedged||-0.17%||PZC||RAFI CDN Small-Mid Fundam||0.00%||VSP||S&P 500 CAD Hedged||-0.13%|
|XUS||S&P500||-0.75%||VXC||FTSE All-World Ex Canada Index ETF||-1.16%|
|XMU||MSCI Min Vol US||-0.34%||XXM/b||Morningstar US Value (Unh)||-2.03%||VEF||FTSE Developed ex North-Am CAD H||-1.17%|
|CLU||RAFI US Fund 1000 CAD H||-0.40%||YXM/b||Morningstar US Momentum (Unh)||0.17%||VDU||FTSE Developed ex North-America||-1.29%|
|XSU||Russell 2000 CAD Hedged||-1.32%||FXM||Morningstar CDN Value||-0.13%||VE||FTSE Developed Europe||-2.21%|
|XIN||MSCI EAFE CAD Hedged||-1.30%||WXM||Morningstar CDN Momentum||-0.75%||VA||FTSE Developed Asia Pacific||-0.78%|
|XEH||MSCI Europe IMI CAD H||-1.93%||VXM/b||Morningstar Intl Value (Unh)||-1.86%||VEE||FTSE Emerging Mkts||-0.67%|
|XEC||MSCI EM IMI||-0.68%||ZXM/b||Morningstar Intl Momentum (Unh)||-1.67%||HAZ||Active Global Dividends||-1.00%|
|XMM||MSCI Min Vol Emerging||-0.18%||RWE||MSCI Europe Low Risk Weighted (H)||-1.09%||HHF||Morningstar Hedge Fund Index||0.00%|
|CWO||RAFI Broad Emerging||-1.15%||HMF||Auspice Managed Futures||0.85%|
|CJP||RAFI Fundam Japan CAD H||-1.21%||ZDJ||Dow Jones CAD Hedged||-0.27%||HAC||Seasonal Rotation||-0.64%|
|CDZ||CDN Div Aristocrats||-0.37%||ZEQ||MSCI Europe High Quality CAD H||-2.27%||HPR||Active Preferred Shares||0.10%|
|week of:||Nov 6-10, 2017||OVERALL||Source:||ETFinsight/Bloomberg|
Respectively through available “FACTORS” (Smart or Strategic Beta) ETFs:
|CRQ||RAFI CDN Fundamental||0.70%||VXM/b||Morningstar Intl Value (Unh)||-1.86%||CDZ||iShares S&P/TSX Canadian Dividend Aristocrats Index ETF||-0.37%|
|CLU||RAFI US Fund 1000 CAD H||-0.40%||XXM/b||Morningstar US Value (Unh)||-2.03%||XHU||iShares US High Dividend Equity Index ETF||-0.80%|
|CJP||RAFI Fundam Japan CAD H||-1.21%||FXM||Morningstar CDN Value||-0.13%||VGG||Vanguard US Dividend Appreciation Index ETF||-0.76%|
|CWO||RAFI Broad Emerging||-1.15%||XCV||iShares Canadian Value Index ETF||-0.07%||CUD||iShares US Dividend Growers Index ETF CAD-Hedged||0.08%|
|PXG||RAFI Global Fundamental||-1.13%||VVL||Vanguard Global Value Factor Etf||-1.74%|
|PZC||RAFI CDN Small-Mid Fundam||0.00%||Momentum:|
|YXM/b||Morningstar US Momentum (Unh)||0.17%|
|Min Vol:||ZXM/b||Morningstar Intl Momentum (Unh)||-1.67%|
|VVO||Vanguard Global Minimum Volatility Etf||-0.60%||WXM||Morningstar CDN Momentum||-0.75%||Multi-Factors:|
|XMW||MSCI Min Vol World||-0.56%||VMO||Vanguard Global Momentum Factor Etf||-1.53%||XFC||iShares Edge MSCI Multifactor Canada Index ETF||-0.67%|
|XMI||MSCI Min Vol EAFE||-0.74%||Liquidity:||XFS||iShares Edge MSCI Multifactor USA Index ETF||-0.82%|
|XMM||MSCI Min Vol Emerging||-0.18%||VLQ||Vanguard Global Liquidity Factor Etf||-1.26%||XFI||iShares Edge MSCI Multifactor EAFE Index ETF||-1.94%|
|XMU||MSCI Min Vol US||-0.34%||Quality:||Low Risk Weighted:|
|XMV||MSCI Min Vol Canada||0.13%||ZEQ||BMO MSCI Europe High Quality Hedged To CAD Index ETF||-2.27%||RWE||First Asset MSCI Europe Low Risk Weighted ETF||-1.09%|
|week of:||Nov 6-10, 2017||FACTORS / SMART BETA / STRATEGIC BETA||Source:||ETFinsight/Bloomberg|
Factors, Factors, and more Factors – including Multi Factors, and Single Factors on a Global basis.
Active, you say? – See below, which captures weekly performance for ETFs managed by Strategists, or wraps incorporating several ETFs into one to solve for Conservative, Balanced, or Growth objectives:
|HGM||Horizons Managed Global Opportunities ETF||-1.44%|
|EXGG||Excel Global Growth Asset Allocation Etf||-0.12%||HAC||Horizons Seasonal Rotation ETF||-0.64%|
|EXGB||Excel Global Balanced Asset Allocation Etf||-0.33%||HRA||Horizons Global Risk Parity ETF||-0.49%|
|HHF||Horizons Morningstar Hedge Fund Index ETF||0.00%|
|DWG||PowerShares DWA Global Momentum Index ETF||-0.96%|
|XTR||iShares Diversified Monthly Income ETF||0.00%|
|FIE||iShares Canadian Financial Monthly Income ETF||-0.92%|
|ZMI||BMO Monthly Income ETF||-0.37%|
|CBD||iShares Balanced Income CorePortfolio Index ETF||0.18%||FUT||First Asset US Tactical Sector Allocation Index ETF||-0.22%|
|ETP||First Trust Global Risk Managed Income Index ETF||-0.56%||PRP||#N/A||#N/A|
|CBN||iShares Balanced Growth CorePortfolio Index ETF||-0.38%|
|week of:||Nov 6-10, 2017||ETF Strategists & ETFs of ETFs||Source:||ETFinsight/Bloomberg|
Brought to you by:
iShares – Lipper Awards winners = view all: Click HERE!
Vanguard – 53: Age at which financial capability peaks => click HERE!
(Funny side bar here: a) I am not very far from that number … b) isn’t that pretty close to the age of the “average” Investment Advisor?
BMO ETFs: Tomorrow’s ETF Essentials “event” ion Toronto => Click HERE!
Lipper Awards: click HERE!
Horizons – Lipper Awards winners: HAC; HPR; HOG => click HERE!
ETFinsight – November 2017 Perspectives: All Treats, No Tricks
Industry AUM reach CAD 141.3Billion, pace of AUM growth picks up, bolstered by strong markets backdrop and continued strong issuance…
Leo Awakened => Including RBC GAM enjoying record net issuance in October => Click HERE! underpinned by significant broadening of product offering in Aug/Sept…
RBC GAM ETF = Lipper Winner: Bond Category
PowerShares = Lipper Winner: Equity Category
ExcelFunds – Notification re: Termination of Sub-Advisory agreement => Click HERE!
MFDA Channel – Here we come … VEXO announces partnership with JustWealth! => Click HERE!
Weekly Volumes History to November 10, 2017:
Top and Bottom performing ETFs for the week of November 6-10, 2017:
|Ticker||Name||% Change||Avg Price||Weekly Volume||$ Volume traded|
|Top Performers||week of||Nov 6-10, 2017|
|HMMJ CN Equity||Horizons Marijuana Life Sciences Index ETF||12.88%||$11.35||5,092,006||$58,182,292|
|HNY CN Equity||Horizons Natural Gas Yield ETF||6.56%||$12.30||44,729||$550,693|
|HUN CN Equity||Horizons Natural Gas ETF||5.94%||$6.31||74,184||$459,643|
|HUC CN Equity||Horizons Crude Oil ETF||3.56%||$11.81||106,135||$1,249,973|
|HUV CN Equity||BetaPro S&P 500 VIX Short-Term Futures ETF||3.05%||$5.93||88,792||$533,194|
|ZEO CN Equity||BMO Equal Weight Oil & Gas Index ETF||2.86%||$11.48||4,661,446||$53,519,943|
|HXE CN Equity||Horizons S&P/TSX Capped Energy Index ETF||2.71%||$21.13||97,252||$2,066,197|
|HEE CN Equity||Horizons Enhanced Income Energy ETF||2.30%||$12.88||68,470||$882,677|
|XST CN Equity||iShares S&P/TSX Capped Consumer Staples Index ETF||2.11%||$54.95||77,196||$4,226,381|
|XEG CN Equity||iShares S&P/TSX Capped Energy Index ETF||2.07%||$12.80||26,106,214||$333,992,290|
|HBG CN Equity||Hamilton Capital Global Bank ETF||-2.33%||$21.60||107,579||$2,327,672|
|SHE CN Equity||Sphere FTSE Europe Sustainable Yield Index ETF||-2.38%||$11.64||22,544||$263,917|
|BANK CN Equity||BMO Global Bank Hedged to CAD Index ETF||-2.39%||$21.06||61,192||$1,273,677|
|EHE CN Equity||Wisdomtree Europe Hedged Equity Index ETF||-2.59%||$26.29||31,229||$810,757|
|HFMU/U CN Equity||Hamilton Capital US Mid-Cap Financials ETF||-2.62%||$16.97||41,186||$692,950|
|HXX CN Equity||Horizons Euro Stoxx 50 R Index Etf||-2.78%||$31.26||136,470||$4,301,802|
|XID CN Equity||iShares India Index ETF||-2.80%||$35.18||39,340||$1,387,288|
|EHE/B CN Equity||Wisdomtree Europe Hedged Equity Index ETF||-3.32%||$25.84||28,150||$726,678|
|ZUB CN Equity||BMO Equal Weight US Banks Hedged to CAD Index ETF||-4.64%||$27.74||2,551,904||$70,409,722|
|ZBK CN Equity||BMO Equal Weight US Banks Index ETF||-5.41%||$24.96||847,920||$21,119,285|
Top Performing ETFs – Energy Energy Energy … oh, and Pot, as well as Volatility (the latter being a rare sight, generally)!
Bottom Performing ETFs – US Banks (ZBK; ZUB) after recent strong performance … just a pause? Probably … although in part, the fact that the new Head of the FED come Feb is perceived as just as dovish as his predecessor … presumably takes a little bit off the table as far as outlook for rates …. and outlook, however, which continues to have several hikes penciled in … no matter who is at the helm…
Last week’s Sector Performance:
HMMJ – continued strength with ETF seeing new … Highs (!)
Otherwise – Energy – on significant volumes … Further strength into year-end? Or … risk of sizable pullback – for now probably the former…