+

Are Hedge Fund ETFs Working?

Are hedge fund-oriented strategies, as implemented by exchange-traded funds (ETF), attractive? To investigate, we consider six ETFs, all currently available (in order of decreasing assets): IQ Hedge Multi-Strategy Tracker (QAI) – seeks to track, before fees and expenses, risk-adjusted returns of a collection of long/short equity, global macro, market neutral, event-driven, fixed income arbitrage and emerging markets hedge More

Stock Trkr
Small Cap Value Report (Fri 20 Oct 2017) – REC, ESG

Good morning!
Graham here.
It’s been suggested that we insert a standard disclaimer/information notice for new readers, so here goes:
Please note that these reports are just our opinions, and do not constitute investment advice.
We are particularly open to suggestions to cover stocks with market cap of less than &Pound;500 million. We cover a range of industries but tend not to cover Oil, mining or other natural resources, REITs, investment vehicles, and the like.
Best wishes,
Graham

Record (LON:REC)
Share price: 45p (-5%)No. of shares: 199.1 millionMarket cap: £90 millionSecond Quarter Trading Update
This is a currency asset manager which I last covered in April.
AUME (assets under management equivalent) started the year at $56.6 million, and are now at $61.2 million, after another quarterly increase.

As you can see, the vast majority of the AUM is in hedging products. This is either a cheap passive hedge or in a momentum-oriented “dynamic” hedge which tries to maximise the client’s exposure to currencies which are strengthening.
Despite the increased size of the business, the flows were disappointing. There was a net withdrawal by clients of $1 billion, offset by market/exchange rate…

Stock Trkr
Small Cap Value Report (Fri 20 Oct 2017) – REC, ESG, BOOT

Good morning!
Graham here.
It’s been suggested that we insert a standard disclaimer/information notice for new readers, so here goes:
Please note that these reports are just our opinions, and do not constitute investment advice.
We are particularly open to suggestions to cover stocks with market cap of less than &Pound;500 million. We cover a range of industries but tend not to cover Oil, mining or other natural resources, REITs, investment vehicles, and the like.
Best wishes,
Graham

Record (LON:REC)
Share price: 45p (-5%)No. of shares: 199.1 millionMarket cap: £90 millionSecond Quarter Trading Update
This is a currency asset manager which I last covered in April.
AUME (assets under management equivalent) started the year at $56.6 billion, and are now at $61.2 billion, after another quarterly increase.

As you can see, the vast majority of the AUM is in hedging products. This is either a cheap passive hedge or in a momentum-oriented “dynamic” hedge which tries to maximise the client’s exposure to currencies which are strengthening.
Despite the increased size of the business, the flows were disappointing. There was a net withdrawal by clients of $1 billion, offset by market/exchange rate…

Stock Trkr
Small Cap Value Report (Fri 20 Oct 2017) –

Good evening/morning!
Graham here.
This is a placeholder article for comments and suggestions until this report begins in earnest tomorrow morning.
It’s been suggested that we insert a standard disclaimer/information notice for new readers, so here goes:Please note that these reports are just our opinions, and do not constitute investment advice.
We are particularly open to suggestions to cover stocks with market cap of less than &Pound;500 million. We cover a range of industries but tend not to cover Oil, mining or other natural resources, REITs, investment vehicles, and the like.
Best wishes,
Graham

Stock Trkr
Small Cap Value Report (Fri 20 Oct 2017) – REC

Good morning!
Graham here.
It’s been suggested that we insert a standard disclaimer/information notice for new readers, so here goes:
Please note that these reports are just our opinions, and do not constitute investment advice.
We are particularly open to suggestions to cover stocks with market cap of less than &Pound;500 million. We cover a range of industries but tend not to cover Oil, mining or other natural resources, REITs, investment vehicles, and the like.
Best wishes,
Graham
Record (LON:REC)Share price: 45p (-5%)No. of shares: 199.1 millionMarket cap: £90 millionSecond Quarter Trading UpdateThis is a currency asset manager which I last covered in April.AUME (assets under management equivalent) started the year at $56.6 million, and are now at $61.2 million, after another quarterly increase.As you can see, the vast majority of the AUM is in hedging products. This is either a cheap passive hedge or in a momentum-oriented “dynamic” hedge which tries to maximise the client’s exposure to currencies which are strengthening.Despite the increased size of the business, the flows were disappointing. There was a net withdrawal by clients of $1 billion, offset by market/exchange rate gains of…

Stock Trkr
Get your investing questions answered by Paul and Graham…

Paul and Graham – the writers of the superb Small Cap Value Report – are joining us in Oxford next week. While they’re here we figured it would be a great chance to ask them the investing questions that their readers have never quite had a chance to ask themselves.
So if there’s something you’d like to ask – whether it’s something general or something you never quite understood or can’t work out… this is your chance.
Feel free to post your questions below or PM them to me through the site.
One way or another we’ll wrap them all up into an interview and get it published here.
Thanks!

Stock Trkr
Small Cap Value Report (Thu 19 Oct 2017) – ZYT, IRV, GAW, TSTL, OMG

Good morning, it’s Paul here.
This is a placeholder article, for readers to post your comments amp; reader requests (small caps please!) from 7am. Then I will be updating the article throughout the morning amp; early afternoon.
Good morning properly! Thanks for your comments posted so far today. I’ll have a look through those in a moment, and make a list of the small cap shares that readers want me to look at. I see that Interserve (LON:IRV) has dropped 31% on another profit warning, so that’s already on my list of things to look at.
Here’s the link to yesterday’s report, in case you missed my afternoon updates on Foxtons (LON:FOXT) and Flybe (LON:FLYB) .

Zytronic (LON:ZYT)
Share price: 577.5p (down 4.2% today)No. shares: 16.0mMarket cap: &Pound;92.4m
Trading update – this is a pre-close update for the year ended 30 Sep 2017.
Zytronic is a UK manufacturer of bespoke amp; innovative touch screens, for e.g. cashpoint, gaming, and vending machines.
Revenues have continued to show good progress over the prior…

Stock Trkr
Turn of the Year and Size in U.S. Equities

Is there a reliable and material market capitalization (size) effect among U.S. stocks around the turn-of-the-year (TOTY)? To check, we track cumulative returns from 20 trading days before through 20 trading days after the end of the calendar year for the Russell 2000 Index, the S&P 500 Index and the DOW Jones Industrial Average (DJIA) More

Stock Trkr
Heart, Club, Diamond, Spade – what type of investor are you?

There are many ways to reach success in the stock market… but just like in politics, other people’s methods are often disregarded at best, and attacked at worst. Traders think Investors are boring old stiffs while Investors think Traders are mindless morons. You often see different classes of investors mocking each other’s blogs – Technical Analysis articles attracting the wrath of the ‘serious investor’ while intelligent stock pitches often just plain ignored by the trading community.
I’ve long felt that this dichotomous labelling of “investors vs traders” is counter productive. It’s just like trying to shoe-horn everyone’s political views into the ‘left vs right’ political spectrum. The reality is that people’s behaviour is much more nuanced than this and it’s time we found a better lens.
So in this article I’m going to propose a more unified understanding of investor archetypes that I hope helps bridge the divide.
The Four Investor Suits
I once spent six months as a professional poker player, mostly online, but with regular excursions into real world tournaments. Multi-tabling at poker quickly becomes a grind which is why I moved on but this love of gaming has been with me throughout my life and informs my view of markets.
It…

Stock Trkr
Stock in Focus: Why screen watchers should step carefully with Barclays

Taking a break from the stock market can be a useful reminder that for much of the time, successful investing is about patience. I’ve just taken a couple of weeks off, during which I’ve paid very little attention to the SIF portfolio or my personal shareholdings.
As someone who follows the market quite closely, this neglect requires some adjustment. But as usual, reassuringly little has happened in my absence, despite a slew of positive updates from portfolio stocks Air Partner, Fulcrum Utility Services, Sirius Real Estate and Flowtech Fluidpower.
Happily, the portfolio has stayed ahead of the wider market while I’ve been away. SIF has gained 6.4% since my last column was published, versus a market gain of 3.3%: SIF performance so far in 2017.
Of course, these are short-term movements against the backdrop of a bull market. A correction could soon change the picture.
The reality is that most worthwhile investment gains are measured in months and years, not weeks. So this week I’m going to take a look at a stock I hold in my personal portfolio, which  made a surprise…

Stock Trkr
Small Cap Value Report (Wed 18 Oct 2017) – to follow, depending on RNSs

Good morning!At the suggestion of a reader, we’re trying out a new system. Either me or Graham will put up a “placeholder” article in the evening, for the next day’s news – trading updates amp; results statements, as usual.The idea is that there’s then a place for readers to post your comments on interesting RNSs from 7am onwards. In particular, if you would like me (Tue-Thu) or Graham (Mon amp; Fri) to cover a particular stock, then you can put in a request early on in the comments section, and if other people could click on thumbs up, then we’ll focus on the requests which have the most thumbs ups. Ideally let’s try to focus on the most interesting RNSs, not just humdrum results that are in line with expectations, as they’re so boring for me amp; Graham to write-up. We like profit warnings, or excellent results where there could be good money to be made.Also, it would be great for readers to post your own thoughts on particular results amp; trading updates. Especially if you know the company well, and can draw out points which the rest of us might miss.So let’s give this a try. If it works, and…

Stock Trkr
Small Cap Value Report (Wed 18 Oct 2017) – RBG, FLYB, FOXT

Good morning!
At the suggestion of a reader, we’re trying out a new system. Either me or Graham will put up a “placeholder” article in the evening, for the next day’s news – trading updates amp; results statements, as usual.
The idea is that there’s then a place for readers to post your comments on interesting RNSs from 7am onwards. In particular, if you would like me (Tue-Thu) or Graham (Mon amp; Fri) to cover a particular stock, then you can put in a request early on in the comments section, and if other people could click on thumbs up, then we’ll focus on the requests which have the most thumbs ups. Ideally let’s try to focus on the most interesting RNSs, not just humdrum results that are in line with expectations, as they’re so boring for me amp; Graham to write-up. We like profit warnings, or excellent results where there could be good money to be made.
Also, it would be great for readers to post your own thoughts on particular results amp; trading updates. Especially if you know the company well, and can draw out points which the rest of us might miss.
So let’s give this a try. If it works, and…

Stock Trkr
Small Cap Value Report (Tue 17 Oct 2017) – RBG, CALL

Good afternoon, it’s Paul here!
As is often the case, I’m running late today, so this article will be updated througout the afternoon.
To get you started though, here is the link to yesterday’s report. I added some additiona;l comments on FootAsylum amp; a new section on Revolution Bars (LON:RBG) to Graham’s report. Although that has since been overtaken by events today (more on that below).

Revolution Bars (LON:RBG)
Share price: 177.5p (down 5.1% today)No. shares: 50.0mMarket cap: &Pound;88.8m
(at the time of writing, I hold a long position in this share)
Results of Court amp; General Meeting – the 203p cash offer from Stonegate has lapsed, due to inadequate support from RBG shareholders.
 I’m struggling to get my head around the 2 tables provided in the announcement today. One is for the court meeting, and the other is for the company general meeting. There’s a large difference between the votes, which I don’t understand. Have any readers worked out what’s going on?
Anyway, it doesn’t really matter, because the overall result is that shareholders have not supported the takeover scheme of arrangement to anything like the…

Stock Trkr
Small Cap Value Report (Tue 17 Oct 2017) – RBG, CALL, DOTD

Good afternoon, it’s Paul here!
As is often the case, I’m running late today, so this article will be updated througout the afternoon.
To get you started though, here is the link to yesterday’s report. I added some additiona;l comments on FootAsylum amp; a new section on Revolution Bars (LON:RBG) to Graham’s report. Although that has since been overtaken by events today (more on that below).

Revolution Bars (LON:RBG)
Share price: 177.5p (down 5.1% today)No. shares: 50.0mMarket cap: &Pound;88.8m
(at the time of writing, I hold a long position in this share)
Results of Court amp; General Meeting – the 203p cash offer from Stonegate has lapsed, due to inadequate support from RBG shareholders.
 I’m struggling to get my head around the 2 tables provided in the announcement today. One is for the court meeting, and the other is for the company general meeting. There’s a large difference between the votes, which I don’t understand. Have any readers worked out what’s going on?
Anyway, it doesn’t really matter, because the overall result is that shareholders have not supported the takeover scheme of arrangement to anything like the…

Stock Trkr
Factor Overoptimism? [PREMIUM]

How efficiently do mutual funds capture factor premiums? In their April 2017 paper entitled “The Incredible Shrinking Factor Return”, Robert Arnott, Vitali Kalesnik and Lillian Wu investigate whether factor tilts employed by mutual fund managers deliver the alpha found in empirical research. They focus on four factors most widely used by mutual fund managers: market, size, value and momentum. More

Stock Trkr
Small Cap Value Report (Mon 16 Oct 2017) – Footasylum, SYS1

Good morning!
I’m writing from my underground bunker in advance of the post-tropical rain which is about to strike Ireland.
There’s an eerie silence outside, unusual cloud formations have appeared, and the animals are acting strangely.
All in all, thes…

Stock Trkr
Small Cap Value Report (Mon 16 Oct 2017) – Footasylum, SYS1, BVXP

Good morning!
I’m writing from my underground bunker in advance of the post-tropical rain which is about to strike Ireland.
There’s an eerie silence outside, unusual cloud formations have appeared, and the animals are acting strangely.
All in all, thes…

Stock Trkr
Small Cap Value Report (Mon 16 Oct 2017) – Footasylum, SYS1, BVXP, SPSY

Good morning!
I’m writing from my underground bunker in advance of the post-tropical rain which is about to strike Ireland.
There’s an eerie silence outside, unusual cloud formations have appeared, and the animals are acting strangely.
All in all, thes…

Stock Trkr
Predicted Factor/Smart Beta Alphas [PREMIUM]

Which equity factors have high and low expected returns? In their February 2017 paper entitled “Forecasting Factor and Smart Beta Returns (Hint: History Is Worse than Useless)”, Robert Arnott, Noah Beck and Vitali Kalesnik evaluate attractiveness of eight widely used stock factors. They measure alpha for each factor conventionally via a portfolio that is long (short) More

Stock Trkr
Weekly Summary of Research Findings: 10/9/17 – 10/13/17 [PREMIUM]

Below is a weekly summary of our research findings for 10/9/17 through 10/13/17. These summaries give you a quick snapshot of our content the past week so that you can quickly decide what’s relevant to your investing needs. Subscribers: To receive these weekly digests via email, click here to sign up for our mailing list. More

Stock Trkr
Inflation Forecast Update

The Inflation Forecast now incorporates actual total and core Consumer Price Index (CPI) data for September 2017. The actual total (core) inflation rate for September is higher than (slightly lower than) forecasted.

Stock Trkr
Are U.S. Equity Momentum ETFs Working?

Are U.S. stock and sector momentum strategies, as implemented by exchange-traded funds (ETF), attractive? To investigate, we consider five momentum-oriented U.S. equity ETFs with assets over $100 million, all currently available (in order of decreasing assets): iShares Edge MSCI USA Momentum Factor (MTUM) –  holds U.S. large-capitalization and mid-capitalization stocks with relatively high momentum. First More

Stock Trkr
Small Cap Value Report (Fri 13 Oct 2017) – PFG, DNLM, FLO

Happy Friday 13th everyone!
I see very few updates on the RNS this morning that are of relevance to usual coverage here, so I thought I’d throw open the comments thread straight away for suggestions. Maybe there are stocks which could have been covered earlier in the week, which you’d like me to catch up on now? Let me know.
Best wishes,
Graham

Provident Financial (LON:PFG)
Share price: 869p (+10%)No. of shares: 148 millionMarket cap: &Pound;1,288 millionTrading Statement
One of the interesting stories which did come out today was this trading statement from Provident Financial.
Provident is a Yorkshire-based “doorstop lender” which also offers subprime credit cards, subprime vehicle finance, and short-term loans.
The share price crashed in August when it was revealed that changes it made to its sales force had effectively resulted in chaos, with both employees and customers jumping ship as a result.
Today’s update has been well-received. I’ll quickly summarise what it says:
Consumer credit division is still heading for an £80 million – £120 million loss before exceptions.This is the problem division. A former MD has returned to head up this division, the operating model has been fixed to give back some…

Stock Trkr
Small Cap Value Report (Fri 13 Oct 2017) – PFG, DNLM, FLO, BWNG

Happy Friday 13th everyone!
I see very few updates on the RNS this morning that are of relevance to usual coverage here, so I thought I’d throw open the comments thread straight away for suggestions. Maybe there are stocks which could have been covered earlier in the week, which you’d like me to catch up on now? Let me know.
Best wishes,
Graham

Provident Financial (LON:PFG)
Share price: 869p (+10%)No. of shares: 148 millionMarket cap: &Pound;1,288 millionTrading Statement
One of the interesting stories which did come out today was this trading statement from Provident Financial.
Provident is a Yorkshire-based “doorstop lender” which also offers subprime credit cards, subprime vehicle finance, and short-term loans.
The share price crashed in August when it was revealed that changes it made to its sales force had effectively resulted in chaos, with both employees and customers jumping ship as a result.
Today’s update has been well-received. I’ll quickly summarise what it says:
Consumer credit division is still heading for an £80 million – £120 million loss before exceptions.This is the problem division. A former MD has returned to head up this division, the operating model has been fixed to give back some…

Stock Trkr
Small Cap Value Report (Fri 13 Oct 2017) –

Happy Friday 13th everyone!I see very few updates on the RNS this morning that are of relevance to usual coverage here, so I thought I’d throw open the comments thread straight away for suggestions. Maybe there are stocks which could have been covered …

Stock Trkr
Small Cap Value Report (Fri 13 Oct 2017) – PFG

Happy Friday 13th everyone!
I see very few updates on the RNS this morning that are of relevance to usual coverage here, so I thought I’d throw open the comments thread straight away for suggestions. Maybe there are stocks which could have been covered earlier in the week, which you’d like me to catch up on now? Let me know.
Best wishes,
GrahamProvident Financial (LON:PFG)Share price: 869p (+10%)No. of shares: 148 millionMarket cap: &Pound;1,288 millionTrading StatementOne of the interesting stories which did come out today was this trading statement from Provident Financial.Provident is a Yorkshire-based “doorstop lender” which also offers subprime credit cards, subprime vehicle finance, and short-term loans.The share price crashed in August when it was revealed that changes it made to its sales force had effectively resulted in chaos, with both employees and customers jumping ship as a result.Today’s update has been well-received. I’ll quickly summarise what it says:Consumer credit division is still heading for an £80 million – £120 million loss before exceptions.This is the problem division. A former MD has returned to head up this division, the operating model has been fixed to give back some of…

Stock Trkr
Small Cap Value Report (Fri 13 Oct 2017) – PFG, DNLM

Happy Friday 13th everyone!
I see very few updates on the RNS this morning that are of relevance to usual coverage here, so I thought I’d throw open the comments thread straight away for suggestions. Maybe there are stocks which could have been covered earlier in the week, which you’d like me to catch up on now? Let me know.
Best wishes,
Graham

Provident Financial (LON:PFG)
Share price: 869p (+10%)No. of shares: 148 millionMarket cap: &Pound;1,288 millionTrading Statement
One of the interesting stories which did come out today was this trading statement from Provident Financial.
Provident is a Yorkshire-based “doorstop lender” which also offers subprime credit cards, subprime vehicle finance, and short-term loans.
The share price crashed in August when it was revealed that changes it made to its sales force had effectively resulted in chaos, with both employees and customers jumping ship as a result.
Today’s update has been well-received. I’ll quickly summarise what it says:
Consumer credit division is still heading for an £80 million – £120 million loss before exceptions.This is the problem division. A former MD has returned to head up this division, the operating model has been fixed to give back some…

Stock Trkr
Factor/Smart Beta Portfolio Implementation Details [PREMIUM]

How should factor-based (style) investors proceed after picking a factor to exploit? In their September 2017 paper entitled “Craftsmanship Alpha: An Application to Style Investing”, Ronen Israel, Sarah Jiang and Adrienne Ross survey style portfolio implementation options. They start with a brief discussion of style portfolios types and then focus on portfolio design and implementation. They note trade-offs associated More

Stock Trkr

Plus500

Plus500

Social Counters
/ Free WordPress Plugins and WordPress Themes by Silicon Themes. Join us right now!

Send this to friend