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☆ Column: Zinc treatment charges jump after 2022 smelter bottleneck
  + stars: | 2023-04-12 | by ( Andy Home | Thomson Reuters | Senior Metals Columnist Who Previously Covered Industrial Metals Markets For Metals Week | ) www.reuters.com   time to read: +6 min
LONDON, April 12 (Reuters) - The zinc market was defined by smelter woes last year with global refined metal production dropping by 4.1% relative to 2021, according to the International Lead and Zinc Study Group (ILZSG). But the smelter bottleneck was severe enough to generate a global supply shortfall of more than 300,000 tonnes, according to ILZSG. A sharp rise in the annual benchmark smelter processing fee should incentivise a turnaround in metal production. Annual "benchmark" zinc smelter processing feesOUT-OF-SYNCH SUPPLY CHAINThis year's benchmark treatment charge, the fee a smelter earns for converting mined concentrates into metal, has been set at $274 per tonne, up from $230 in 2022 and $159 in 2021. Global mined and refined zinc production annual changeSMELTER RECOVERY?
☆ Capital Group expands ETF lineup, including two new international funds
  + stars: | 2023-04-11 | by ( Jesse Pound | ) www.cnbc.com   time to read: +3 min
Multi-trillion dollar asset manager Capital Group is expanding its ETF lineup after some of its first funds gained traction last year. The Los Angeles-based firm on Tuesday filed for three new active ETFs — International Equity ETF (CGIE), World Dividend Growers ETF (CGDG) and Core Balanced ETF (CGBL) — under the Capital Group banner. The new funds come a little more than a year after Capital Group — founded in the Depression and known for its American Funds — first dipped its toe into the ETF world. Our new ETF — CGIE — is more of a developed-market focused ETF," Davis said. Meanwhile, the new global dividend fund is in part a response to the success of the U.S.-focused Capital Group Dividend Value ETF (CGDV) , Davis said.
☆ U.S. money market funds see fourth weekly inflow in a row
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Dado Ruvic/Illustration/File PhotoApril 10 (Reuters) - U.S. money market funds drew inflows for a fourth straight week on worries about an economic slowdown after data pointed to slowing production and a cooling labor market. According to Refinitiv Lipper data, U.S. money market funds obtained a net $42.51 billion worth of inflows in the week to April 5. Investors poured $2.81 billion into U.S. general domestic taxable fixed income funds and also received $2.44 billion worth of government bond funds in their eighth week of net buying in a row. Reuters GraphicsMeanwhile, U.S. equity funds recorded $10.34 billion worth of outflows, compared with net selling of $20.75 billion in the previous week. Among sector funds, they exited financial and healthcare funds of $1.2 billion and $694 million, respectively, but tech obtained $566 million worth of inflows.
☆ This portfolio manager’s frugality and eye for income protected her fund from the worst of 2022’s tumult
  + stars: | 2023-04-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +2 min
Amid the tumult, the Fidelity Equity-Income Fund (FEQIX) outperformed the broader market with a total return of -5.07% – the result of portfolio manager Ramona Persaud's search for value and quality. The fund posted 3-year trailing returns of 18.71%, through April 4, according to Morningstar. "She thinks that a portfolio of companies that are inexpensive, high quality dividend paying stocks should outperform on a risk-adjusted basis." "When the market panics, you get this sweeping effect when everything gets sold off," Persaud said. "There's a lot of cyclical tech, things like semiconductors, that sold off really hard because of the fear around long duration.
☆ ETFs are setting the tone for the underlying bond market. Here's why
  + stars: | 2023-04-05 | by ( Kevin Schmidt | ) www.cnbc.com   time to read: +2 min
Concannon said that the digitization of fixed income ETFs across the equity market accelerates the opportunity for investors to trade and hedge in the underlying corporate bond market. "We see that electronic trading is in fact accelerating as more and more people adopt fixed income ETFs," he said. "We saw a super high volatility in both the equity market and the underlying corporate bond market, and all those fixed income ETFs sustained that volatility." Because electronically traded bond ETFs are exchanged instantaneously, the funds are able to lead the underlying bonds. "And so, the underlying corporate bond market is actually following that ETF market."
☆ Multi-strategy hedge funds had mixed results for a mad March. Here's how Citadel, Millennium, and Point72 did.
  + stars: | 2023-04-04 | by ( Michelle Abrego | ) www.businessinsider.com   time to read: +2 min
Multi-strategy hedge funds had a mixed March after the Silicon Valley Bank collapse put markets on edge. The Citadel Wellington fund ended the month up 1.38%, while Steve Cohen's Point72 was up 1.33%. Equities was up 2.16% in March, bringing year-to-date performance to 4.56%. Its global fixed income fund returned 0.12% in March, bringing year-to-date performance to 1.77%. Hedge fund performance figures are still trickling out, but data and reports suggest that trend-following and macro funds were caught out after the banking crisis rocked markets.
☆ ETF outlook: Why Wall Street strategists aren't chasing a growth stock trade just yet
  + stars: | 2023-04-01 | by ( Jesse Pound | ) www.cnbc.com   time to read: +6 min
The rally in growth and tech stocks in the first quarter caught much of Wall Street off-guard, but many ETF strategists are sticking to their call and not chasing the hot sectors quite yet. The big winners in the stock market during the first quarter were found among growth stocks. QQQ YTD mountain Growth stocks rebounded in the first quarter. One area that is popular among value investors is income funds, which can help investors offset market declines by generating cash. To be sure, the iShares strategy team has an improving view of growth stocks, at least in high quality names.
☆ Bond giants Pimco and Invesco are facing losses of hundreds of millions on rotten Credit Suisse debt
  + stars: | 2023-03-25 | by ( George Glover | ) www.businessinsider.com   time to read: +3 min
Bond giants Pimco and Invesco lost hundreds of millions of dollars, according to data from Bloomberg. They held Credit Suisse's AT1 bonds – which were marked down to zero by the Swiss regulator a week ago. FINMA, which is Switzerland's top financial regulator, marked the value of all Credit Suisse AT1s down to zero when UBS's takeover of the struggling bank was confirmed. Pimco had $807 million worth of Credit Suisse CoCos written off when the bank was rescued, according to Bloomberg – while Invesco held around $370 million worth of AT1 debt at the time of the takeover. Here's what you need to know about AT1 bonds.
☆ This fund manager has never owned a bank stock — and reveals what he looks for instead
  + stars: | 2023-03-24 | by ( Zavier Ong | ) www.cnbc.com   time to read: +3 min
Investors have fled bank stocks in droves since a crisis in the sector broke out earlier this month. Fund manager Ian Mortimer is not a fan — and said he has never owned a banking stock in any of his funds. If you think about that as your starting point, the vast majority in the banking sector do not pass those criteria," he said. "The banking sector has been an area that often pays quite high dividends — sort of attractive from that perspective. So, it's a ... theory that in distress, the banking sector will reduce or potentially cancel their dividends," Mortimer added.
☆ These 10 funds had over $100 million each in Credit Suisse bonds — which are now worth nothing
  + stars: | 2023-03-22 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +2 min
A number of funds could be facing over $100 million in losses on their Credit Suisse investments after the lender's forced merger with its rival UBS . The funds face losses on Credit Suisse's additional tier-1 bonds (AT1), according to CNBC Pro analysis, after Swiss regulators deemed them worthless as part of the emergency merger . The Swiss regulator FINMA saw the merger between Credit Suisse and UBS as a trigger event to write down 16 billion Swiss francs ($17 billion) worth of the bonds. The following table shows the funds that held AT1 bonds with a par amount of at least $100 million each as of Mar. About 80 funds run either directly by PIMCO or one of its affiliates, held Credit Suisse AT 1 bonds, according to CNBC's analysis.
☆ CNBC Pro Talks: Dividends or growth stocks? Fund manager Ian Mortimer has strategies for both
  + stars: | 2023-03-21 | by ( Cnbc.Com Staff | ) www.cnbc.com   time to read: +2 min
Fund manager Ian Mortimer will explain how he selects high-yielding companies and identifies growth stocks while avoiding the hype. He joined Guinness Global Investors in 2006 and manages the Guinness Global Equity Income Fund and the Guinness Global Innovators Fund. Join CNBC Pro Talks on Wednesday, March 22 at 6:30 a.m. GMT / 2:30 p.m. SGT / 2:30 a.m. He joined Guinness Global Investors in 2006 and manages the Guinness Global Equity Income Fund and the Guinness Global Innovators Fund. Join CNBC Pro Talks on Wednesday, March 22 at 6:30 a.m. GMT / 2:30 p.m. SGT / 2:30 a.m.
☆ India's 1-yr, 10-yr yield curve briefly inverts for first time in nearly eight years
  + stars: | 2023-03-08 | by ( Dharamraj Dhutia | ) www.reuters.com   time to read: +2 min
The 1-year bond yield, that trades close to the 364-day treasury bill yield, briefly rose to 7.4750% earlier in the day, while the 10-year benchmark 7.26% 2032 bond yield was at 7.4728%. The 1-year note last traded above the 10-year bond in May 2015, according to Refinitiv data. The 1-year yield eased to 7.43%, while the 10-year benchmark was at 7.46% as of 4:20 p.m. IST. On Feb. 28, Reuters reported that India's bond yield curve is likely to invert on the back of worsening liquidity deficit in India's banking system and bets of continued rate hikes. Reuters GraphicsThe benchmark 2032 bond yield has risen only 12 bps during the same period, leading to spread compression and ultimately inversion.
☆ How an ETF with an 11% yield shows a growing use case for active strategies
  + stars: | 2023-03-08 | by ( Jesse Pound | ) www.cnbc.com   time to read: +4 min
The JPMorgan Premium Equity ETF (JEPI) has a 12-month rolling dividend yield over 11%, and its 30-day SEC yield was just under that mark as of the end of February. The biggest funds in the market track indexes, like the S & P 500, and give investors market returns minus fees. But 2022 was a surprisingly good year for active managers , and active ETFs gained some share against their passive counterparts. The JPMorgan Ultra-Short Income ETF (JPST) has also been popular this year, with $1 billion of inflows and a 30-day SEC yield above 4%. Among the firm's smaller active fixed income funds, the Core Plus Bond ETF (JCPB) has a roughly similar yield, while the Income ETF (JPIE) yields above 6%.
☆ Wall Street pros name the biggest risk to stock markets — and how to trade it
  + stars: | 2023-03-06 | by ( Zavier Ong | ) www.cnbc.com   time to read: +3 min
Top of mind, however, is undoubtedly the path of interest rate hikes, with market pros nervously looking to the Federal Reserve's next rate decision on Mar. Anastasia Amoroso, chief investment strategist at iCapital, believes the "biggest market risk" right now is the Fed raising the terminal rate to a range of 6% to 6.5%. One obvious area fixed income, with Ma Yung-Yu, chief investment strategist at BMO Wealth Management, calling the asset class a "welcome relief and benefit to the portfolio." David Dietze, managing principal at Peapack Private Wealth Management, believes investors should "stay the course" in stocks. He noted that stock prices are "off their highs" — and the market has never failed to rebound to new highs.
☆ Stock pickers reckon it's time to move on from central banks
  + stars: | 2023-03-06 | by ( Naomi Rovnick | ) www.reuters.com   time to read: +5 min
LONDON, March 6 (Reuters) - Stock market investors are calling time on the idea that the Federal Reserve, and other major central banks, have their back. The Nasdaq (.IXIC) is still up about 12% year-to-date and a sub-index of European tech stocks has gained 15% (.SX8P). A Reuters poll of 300 global asset managers last month showed 70% of those surveyed believed these so-called value stocks would outperform this year. Another sign investors are turning towards value shares is the reduced premium they are paying for growth stocks. "Central banks will keep rates high."
☆ Ken Griffin’s hedge fund Citadel is up again in 2023 following a record year
  + stars: | 2023-03-03 | by ( Yun Li | ) www.cnbc.com   time to read: +2 min
Billionaire investor Ken Griffin's flagship hedge fund matched the broader market's performance in the beginning of 2023 following a record year, according to a person familiar with the returns. Citadel's multi-strategy flagship Wellington fund gained 0.7% last month, bringing its 2023 performance to 2.8% through February, the person said. This year's gain comes after a stellar year for the hedge fund, which soared 38% in 2022, marking the firm's best year ever and outperforming its largest competitor, Millennium, by more than 3 to 1. Hedge funds aim to offer downside protection during market turmoil, and Citadel managed to shine during the worst chaos in the market in years. Citadel's equities fund, which uses a long/short strategy, is up 2.4% this year, while its global fixed income fund is higher by 1.6% so far in 2023, the person said.
☆ U.S. equity funds post biggest weekly outflow in eight weeks
  + stars: | 2023-03-03 | by ( ) www.reuters.com   time to read: +1 min
Refinitiv Lipper data showed investors offloaded a net $12.9 billion worth of U.S. equity funds, booking their biggest weekly disposal since Jan. 4. Fund flows: US equities, bonds and money market fundsMeanwhile, money market funds drew a net $64.86 billion, the biggest weekly inflow in eight weeks, amid a risk-off mood among investors. U.S. large- and mid-cap equity funds faced $6.27 billion and $267 million worth of outflows, while investors drew $1.32 billion out of the small cap funds, snapping a four-week-long buying streak. Fund flows: US equity sector fundsMeanwhile, U.S. bond funds obtained $2.79 billion in inflows after witnessing two weeks of net selling. Investors purchased U.S. short/intermediate government & treasury funds of $4.75 billion, while general domestic taxable fixed-income funds attracted $1.9 billion worth of inflows.
☆ Get income and feel good about it: ESG-focused bond funds saw greater inflows than stock funds last year
  + stars: | 2023-03-01 | by ( Alex Harring | ) www.cnbc.com   time to read: +3 min
Socially conscious investors favored bond funds more than stocks for the first time, new Morningstar data shows. Sustainable bond funds amounted to three-fourths of overall net flows within sustainable funds, up from 16% in 2021. That jump helped fixed income funds overtake equity-focused peers in holding the lion's share of net inflows last year. Sustainable bond funds posted a $2.4 billion net annual inflow, compared with a loss of $335 billion seen among non-sustainable taxable- and municipal-bond funds. Still, the top fixed sustainable income funds held up better than the broader stock market last year.
☆ These are the most popular ETFs among investors heading into March
  + stars: | 2023-02-28 | by ( Jesse Pound | ) www.cnbc.com   time to read: +2 min
February's reversal for stocks and renewed climb higher in benchmark interest rates resulted in more cautious investors, as shown by some of the month's most popular ETFs. The list of the most popular equity ETFs for the past month, measured by net inflows, shows a defensive tilt and suggests investors 'appetite for income funds remains strong. The next two funds on the list are from JPMorgan, including one red hot income fund. Other popular income funds include the Schwab US Dividend Equity ETF (SCHD) and the Pacer US Cash Cows 100 ETF (COWZ) . Outside of equity funds, the hunt for yield showed up in demand for short-term bond ETFs .
☆ Brazil's central govt tops expectations with record January budget surplus
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +1 min
BRASILIA, Feb 27 (Reuters) - Brazil's central government posted a better-than-expected primary budget surplus in January on the back of record tax revenues, Treasury data showed on Monday, although the outlook for the year is for a large deficit. The central government, comprised of the Treasury, central bank and social security, reported a primary budget surplus of 78.3 billion reais ($15 billion) in January, above the median forecast of a 60.9 billion reais surplus in a Reuters poll. After pushing its benchmark rate from a record-low of 2% in March 2021, the central bank paused its tightening cycle in September, holding it at 13.75%. Although the central government's primary surplus reached 54.5 billion reais in 12 months, the primary deficit in this year's budget, the first under President Luiz Inacio Lula da Silva, had been forecast at 231.6 billion reais after Congress approval for a multi-billion spending package to increase expenses and meet campaign promises. ($1 = 5.2054 reais)Reporting by Marcela Ayres; Editing by Mark Porter and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.
☆ Buy these 7 value stocks to help your portfolio thrive during 'economic purgatory,' according to the manager of a $17 billion fund
  + stars: | 2023-02-25 | by ( James Faris | ) www.businessinsider.com   time to read: +3 min
Detailed below are seven top stocks to buy now, according to the $17.5 billion value fund manager. The silver lining is that most Wall Street firms think the economy will experience a soft landing, which would be characterized by a mild downturn. This means buying value stocks that will both succeed amid a soft landing, as well as those poised to benefit from the more extreme event of a full-blown recession. Overall, he sees the group as attractively valued, especially in a soft landing scenario. Below are seven of Linehan's favorite value stocks to own in this environment along with the ticker, market capitalization, sector, and thesis for each.
☆ Here's what's next for income ETFs after yields surged last year
  + stars: | 2023-02-16 | by ( Jesse Pound | ) www.cnbc.com   time to read: +4 min
International income One area where investors may look next for income is the international market, which has outperformed the U.S. in the opening weeks of 2023. Both Amplify and Schwab offer international versions of their yield funds — Amplify International Enhanced Dividend Income ETF (IDVO) and Schwab International Dividend Equity ETF (SCHY). Fixed income funds Another area that could pay off for investors is fixed income. "This is a once in many, many year opportunity to de-risk, rebalance, get back into fixed income," said Stephen Laipply, US Head of iShares Fixed Income ETFs. The fixed income ETF market is much smaller than the equity ETF market, and 2023 could see a continued growth in new categories.
☆ Bond ETFs are bouncing back this year. Here’s why
  + stars: | 2023-02-15 | by ( Kevin Schmidt | ) www.cnbc.com   time to read: +4 min
After a dismal 2022 for fixed income funds, bonds are steadily regaining steam in the new year thanks in part to an inverted yield curve. "There's now income within the fixed income ETFs that are available," Todd Rosenbluth, head of research at VettaFi, told Mike Santoli on CNBC's "ETF Edge" on Monday. We've seen high-yield fixed income ETFs see inflows this year, as well as some of the safer products." Given the inverted shape of the yield curve, JPMorgan Ultra-Short Income ETF (JPST) offers a portfolio comprised of short-term, investment-grade bonds. "It's really too early to declare and wave a victory flag with regard to the soft landing," Schneider said in the same segment on Monday.
☆ Here are 5 ETFs that offer more than 10% yield right now to beat inflation
  + stars: | 2023-02-13 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +3 min
JPMorgan Equity Premium Income ETF (Ticker: JEPI) The ETFs that showed up on the screen included JPMorgan's actively managed equity and equity derivative ETF , known by its ticker JEPI. The 30-day SEC yield shows the dividends and interest earned after expenses. VanEck Mortgage REIT Income ETF (Ticker: MORT) The rise in risk-free rates led to the dramatic re-rating of real estate investment trusts in 2022. The ETF tracks the ICE BofA CCC and Lower U.S. High Yield Constrained Index and currently offers a 30-day SEC yield of 13.26%. JPMorgan Nasdaq Equity Premium Income ETF (Ticker: JEPQ) The JPMorgan Nasdaq Equity Premium Income ETF appears to be a riskier alternative to the defensive-leaning JEPI.
☆ Why Investors Are Piling Into Funds That Promise Not to Beat the Stock Market
  + stars: | 2023-02-11 | by ( Jason Zweig | ) www.wsj.com   time to read: 1 min
Finally, you can earn income of 4% or more on cash and bonds. What if you could earn monthly dividends on stocks at an annual rate of at least 11%? That’s the pitch for exchange-traded funds that are generating eye-popping yields by selling options contracts. These ETFs, known as covered-call or option-income funds, also shielded investors from some of the pounding that stocks took last year.
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