Posts Tagged S&P 500
Hedge Funds May 2010
Posted by Oksana Grebenjuk in Investing on Июнь 30th, 2010
The latest hedge fund performance and investor allocation data for May 2010 show that last month indeed was a tough one for hedge funds. The Hedge Fund Aggregate Index was down but did not fall as hard as the S&P 500. Total hedge fund assets fell almost 3% in May.
The HFN Hedge Fund Aggregate Index was -2.86% in May 2010 and +0.89% year-to-date (YTD). The S&P 500 Total Return Index (S&P) was -7.99% in May and -1.51% YTD.
Total industry assets fell an estimated -2.82% to $2.234 trillion in May. Despite performance based asset reductions, net investor flows were positive for the fifth month in a row.
Performance accounted for $66.87 billion of the decrease and investor allocations accounted for a net inflow of $2.13 billion. Net inflows were the lowest since January and the second month in a row of slower rates of increase.
The core rate of growth (% asset change due to investor allocations/redemptions) was an increase of 0.09%, the second slowest rate of increase since HFN began tracking asset flow data in Q4 2003. Read the rest of this entry »
Stock investors ask: What’s the next big thing?
Posted by Oksana Grebenjuk in Fund Markets on Март 11th, 2010
A year after the stock market began its comeback from 12-year lows, investors are looking for the next big thing.
Stocks have lost some of the momentum that propelled the Dow Jones industrial average up 61.4 percent from its close of 6,547 on March 9, 2009. That’s natural — bull markets tend to slow down as they head into their second year. But the lethargic pace of the economic recovery has also been a bit of a drag on stocks. And so investors are waiting for signs that the economy is ready to put up some solid, sustainable growth numbers.
The most likely trigger: job growth. Investors need to see a Labor Department report that says employers are creating more jobs than they’re cutting.
Until then, investors are going to stay cautious. Analysts say the market is likely to move sideways or drift higher, as it’s been doing over the past few weeks. Tuesday’s trading fit the pattern of modest moves. The Dow rose nearly 12 points. The average is up 1.3 percent so far this year.
But that doesn’t mean the market isn’t going to have its fitful moments. And it certainly has volatile industries that are expected to move the rest of the market. On Tuesday, the financial companies that led stocks higher in the past year again drove trading. Analysts said financial shares rallied as investors reacted to rumors that the government might prohibit the trades known as short sales in stocks of companies it owns. The government has large stakes in Citigroup Inc., American International Group Inc. and mortgage companies Fannie Mae and Freddie Mac after bailing them out during the 2008 financial crisis. Read the rest of this entry »
Stocks Climb on Evidence Global Economy Recovering
Posted by Oksana Grebenjuk in Fund Markets on Декабрь 23rd, 2009
Stocks rose around the world, driving Europe’s Dow Jones Stoxx 600 Index to a 14-month high, on evidence that the global economy is recovering from its recession. Oil and copper advanced.
The MSCI World Index of developed-nation shares climbed 0.3 percent at 9:41 a.m. in London. Futures on the Standard & Poor’s 500 Index added 0.3 percent and the MSCI Asia Pacific Index increased 0.5 percent. Oil gained 0.6 percent in New York, while the dollar traded near a three-month high against the euro.
U.S. consumer spending probably rose in November for the sixth time in seven months as households took advantage of holiday discounting, economists said before reports today. China’s growth may surge to as much as 12 percent next year, according to Citic Securities Co., the nation’s biggest listed brokerage. Consumer confidence in Italy unexpectedly rose in December to the highest in more than seven years after Europe’s fourth-biggest economy emerged from a recession.
“The path of least resistance will continue to be to the upside,” Robert Doll, who helps oversee about $3.2 trillion as chief investment officer for global equities at New York-based BlackRock Inc., said in a Bloomberg Television interview. The economic recovery “means earnings should be somewhat better and liquidity should still be plentiful. That’s a recipe for equities moving higher,” Doll said. Read the rest of this entry »
Asian Stocks Fall to Two-Week Low
Posted by Oksana Grebenjuk in Fund Markets on Ноябрь 24th, 2009
Asian stocks fell, dragging the MSCI Asia Pacific Index to a two-week low, amid speculation Japanese and Chinese banks will have to sell shares to replenish capital.
Sumitomo Mitsui Financial Group Inc., Japan’s second- largest bank by market value, fell 4.4 percent after the Nikkei newspaper said banks are preparing a new round of share sales. Bank of China Ltd. slumped 4 percent in Hong Kong after saying it’s studying options to raise funds. Suning Appliance Co., China’s biggest home appliance retailer, fell 5.5 percent in Shanghai on valuation concerns.
The MSCI Asia Pacific Index lost 0.9 percent to 116.68 as of 6:02 p.m. in Tokyo, set to close at the lowest level since Nov. 6. The gauge has climbed 65 percent from a more than five- year low on March 9 on signs government stimulus measures are helping revive the world economy. A global rally yesterday drove the MSCI World Index up by the most in two weeks.
“Markets have had a huge run on expectations of a recovery,” said Matt Riordan, who helps manage about $5.1 billion at Paradice Investment Management in Sydney. “We’re in a period now where signals that the recovery has been priced in are coming through. The market is discriminating a lot more in terms of stocks.” Read the rest of this entry »
Euro Advances Against Yen, Dollar on Signs of Economic Recovery
Posted by Oksana Grebenjuk in Currency, Favourites on Ноябрь 2nd, 2009
The euro rose against the yen and the dollar as signs the global economy is recovering trimmed demand for the relative safety of the U.S. and Japanese currencies.
The Australian dollar climbed against all 16 most-traded currencies as Treasurer Wayne Swan said economic growth will be faster than expected and a government report showed house price increases accelerated. Japan’s currency earlier rose to the strongest level in three weeks against the dollar and the euro after New York-based CIT Group Inc. filed for bankruptcy.
“Global data still suggest that the economy is on the mend,” said Minoru Shioiri, chief manager of foreign exchange trading at Mitsubishi UFJ Securities Co. “The underlying need to invest in higher-yielding currencies through carry trades remains intact.”
The euro earlier fell to 131.01 yen, the least since Oct. 9, before trading at 132.91 as of 7:34 a.m. in London from 132.61 in New York on Oct. 30. The yen was little changed at 90.12 per dollar, after touching 89.20, the strongest level since Oct. 14.
Japan’s currency slid to 81.47 per Australian dollar from 81.05 last week, after rising to 79.47, the most since Oct. 8. Australia’s currency fetched 90.42 U.S. cents from 89.97 cents. New Zealand’s dollar was at 72.02 U.S. cents from 71.81 cents last week. Read the rest of this entry »
How to be an emotionless investor
Posted by Oksana Grebenjuk in Investing on Октябрь 30th, 2009
It’s one of the truths of mutual fund investing: You buy the manager as much as the prospectus. So it pays to have someone you trust.
Neil Hennessy, who runs the Hennessy Focus 30 fund (HFTFX), might be someone investors trust for what he does as much as what he doesn’t do. Since its September 2003 launch, the Focus 30 has returned 6.76% annually, beating the S&P 500 by an average of 4.8% a year by following a simple, quantitative strategy. Hennessy only reshuffles the fund’s 30 stocks once a year, usually in the fall. That means two things: He can’t time the market and he can’t let feelings get in the way.
After writing about his flagship fund back in February, we recently checked in with Hennessy. He had just finished rebalancing the Focus 30 in September, which meant screening 10,000 companies to find mid-cap U.S. securities that pass his requirements for price-to-sales ratio, increased annual earnings, and recent rallies. If a company makes it to the top 30, it’s given equal weight: Each stock makes up 3.33% of the fund.
Last year consumer discretionary stocks composed a third of the portfolio. That led to a paltry 0.7% gain for the portfolio in the past year, but it still beats the S&P 500′s (SPX) 5% drop. Read the rest of this entry »
Dollar Falls on Global Recovery
Posted by Oksana Grebenjuk in Currency, Favourites on Октябрь 26th, 2009
The dollar fell and metals rose, driving copper to a 13-month high, as South Korea’s fastest economic growth in seven years and profits that almost doubled at Electrolux AB signaled the global recovery is accelerating.
The dollar declined against 13 of the 16 most-traded currencies tracked by Bloomberg as of 11:20 a.m. in London. Copper climbed as much as 1.2 percent to $6,728 a metric ton in London, while zinc rallied for a ninth day. South Korea’s Kospi Index advanced 1 percent and futures on the Standard & Poor’s 500 Index added 0.2 percent.
South Korea’s gross domestic product increased 2.9 percent in the third quarter from the previous three months, beating the 1.9 percent median estimate of economists surveyed by Bloomberg. Copper rose to the highest level since September 2008 after refined imports by China expanded for the first time in three months. Electrolux, the world’s second-biggest household appliance maker, topped analysts’ profit estimates as sales of consumer products in North America climbed.
“Risk appetite is increasing and we can expect more earnings surprises,” said Beat Siegenthaler, chief emerging- market strategist at TD Securities Ltd. in London. “That’s bad for the dollar.”
The dollar fell as low as $1.5063 per euro, the weakest level since August 2008. The U.S. currency also slid to 91.78 yen from 92.06 yen, helping send IntercontinentalExchange Inc.’s Dollar Index 0.2 percent lower to 75.32. Read the rest of this entry »
Futures Fall Ahead of Data Deluge
Posted by Oksana Grebenjuk in Fund Markets on Октябрь 1st, 2009
U.S. stocks futures are indicating a lower open Thursday as investors paused for breath ahead of a flood of economic data.
Less than two hours before the start of trading, Dow Jones Industrial Average futures were 46 points lower at 9607. The S&P 500 futures slipped 5.4 to 1047.5, and Nasdaq 100 futures lost 8.75 to 1708.75. Changes in futures do not always accurately predict early market moves after the opening bell.
U.S. stocks weakened Wednesday on the final day of the third quarter, with the Dow Jones Industrial Average retreating 30 points, the Nasdaq Composite losing 2 points and the S&P 500 slipping 4 points. Weak economic data on jobs and a Chicago-area poll contributed to the bearish tone.
However, the stock market ended near its highs for the year, with many of the riskiest stocks leading the charge.
As the curtain goes up on the fourth quarter Thursday, investors are bracing for a deluge of economic releases. The Labor Department has its weekly jobless claims report and the National Association of Realtors has pending home sales figures. Personal income and the related PCE deflation inflation gauge for August, the Institute for Supply Management’s manufacturing gauge for September, construction spending for August and car sales data for September are also expected. Read the rest of this entry »
US Stocks Slide As US-China Trade Relations Hit A Rough Patch
Posted by Oksana Grebenjuk in Fund Markets on Сентябрь 14th, 2009
U.S. stocks fell as trade relations between the U.S. and China turned rockier, with the energy and financial sectors under pressure.
Shortly after the opening bell, the Dow Jones Industrial Average was lower by about 62 points. The S&P 500 was down about 0.6%. The Nasdaq Composite Index slipped 0.4%.
Escalating trade tensions between the U.S. and China rattled overseas markets. The U.S. over the weekend imposed tariffs on Chinese-made tires, while China said it planned an antidumping investigation into U.S. sales of chicken and auto products.
In Asia, most markets lost ground. The Nikkei tumbled 2.3% on concerns that the strengthened yen could put a dent in exporters’ earnings. Hong Kong’s Hang Seng ended 1.1% lower at 20932.20, while Australia’s S&P/ASX 200 fell 1.4% and South Korea’s Kospi dropped 1%. Major benchmarks in Europe also fell. Read the rest of this entry »
Stocks look to jobs report
Posted by Oksana Grebenjuk in Favourites, Fund Markets on Сентябрь 4th, 2009
U.S. stocks were poised to open higher Friday, although the mood on Wall Street could change once the government releases its monthly jobs report.
At 7 a.m. ET, Dow Jones industrial average, Nasdaq 100 and Standard & Poor’s 500 futures were up.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Futures appeared to get a lift from the wave of optimism that swept markets in the previous session. Wall Street staged a late-session rally Thursday after three straight days of losses.
Peter Cardillo, chief market economist for Avalon Partners, said that Friday’s volume will be light ahead of the Labor Day weekend — and that trading will be all about the monthly employment report, scheduled before the bell.
Economy: All eyes are on the August report from the Labor Department, which is due out at 8:30 a.m. ET. Read the rest of this entry »
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