ETF Action Research

 Latin America Playbook

11.30.2020

An overview of the Latin America  ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • $79 million in net outflows for Mexico; Brazil still seeing net outflows (-$199MM out over last three months) (page 2)
  • Region rises 5.20% (ILF) over the week but still down 19.78% YTD (page 3)
  • Argentina offering largest discount to average historical valuation (page 5)

 U.S. Sector Playbook

11.30.2020

An overview of the U.S. Sector ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • Flows favor cyclical sectors; Financials  see net inflows of $758 million while Utilities see $168 million out (page 2)
  • S&P 500 gains during the week (SPY +2.35%) while all sectors rise with exception to Real Estate (XLRE -0.32%) (page 3)
  • Energy quickly rises above 5-year average price/earnings ratio
  • Financial sector now in overbought territory (page 9)

 U.S. Size & Style Playbook

11.30.2020

An overview of the broad U.S. Size & Style ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • Nearly $3 billion in net inflows to broad small-cap ETFs over last week; huge inflows for equity ETFs in November (page 2)
  • U.S. total market advances 2.70% (ITOT) while small-cap value leads (IJS 4.46%)
  • 2020E earnings estimates accelerating higher for small-caps and large-growth (page 6)

 Europe Playbook

11.30.2020

An overview of the European ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • U.K. leads net inflows (+$97 million) during the week followed by Spain (+$58MM) and Russia (+$42MM) (page 2)
  • 18 of 19 countries advance during the week, Developed Europe (IEV) finishes up 1.87% (page 3)
  • Majority of European nations have expanding manufacturing PMI; Denmark (PMI at 61.7) and Germany lead (PMI at 57.9) (page 17)

 Fixed Income Playbook

11.30.2020

An overview of the Fixed Income ETF landscape - Performance, Flows, Rates, Spreads, and the Fed.

  • 10-year treasury yield largely unchanged at 0.84% (page 3)
  • US Aggregate (AGG) falls 0.03% over the week, Bank Loan ETFs lead (BKLN +0.74%) (page 3)
  • $670 million in net inflows to investment grade corporate ETFs, $1.8 billion out of treasury ETFs (page 2)
  • Fed balance sheet assets rising past summer high, nearing $7.3 billion

 Global Thematic AIM Positioning Guide

11.29.2020

Global Thematic AIM Portfolio returned +5.88% last week, outperforming the MSCI ACWI (ACWI) by 3.49%

  • Top Performers: PBW +12.54%, REMX +7.74%, IBUY +7.27%
  • Bottom Performers: ESPO +2.50%, SBIO +2.64%, FINX +3.83%
  • Since Inception Performance: +41.04% outpacing MSCI ACWI (ACWI) by 23.10%

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