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The Market Lens

3.2.2021

T+1 Settlement: The Difference A Day Makes

Over the past few weeks, trade settlement time has become a hot topic of conversation.

It all started on Feb. 18, when Robinhood CEO Vlad Tenev argued before Congress that settlement inefficiencies were the real reason the brokerage had to halt trading in GameStop (GME); and that investors would be better served by moving to real-time settlement instead.

Then, last week, the DTCC announced that within two years, it planned to cut equity settlement times in half, from two days after a trade is placed (T+2) down to one day (T+1).

Speeding up settlement times is a welcome move, one that will significantly boost market efficiency and reduce systemic and operational risks. But is Tenev right? If T+1 is good, wouldn't instantaneous settlement be even better?

 

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In The News

3.2.2021

Daily review of stock specific news including ETFs w/ greatest exposure, curated links and look at performance results for the previous trading session.

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 U.S. Factor Playbook

3.2.2021

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

  • Dividend factor ETFs lead in net inflows (+796 million) over the week while large outflows mount for low volatility ETFs (3 month net flows = -$7 billion)
  • Value leads all factors during the week (SPVU +1.52%), now up 35.48% over last six months (page 5)
  • Momentum factor valuation quickly moving away from expensive levels over last month (page 9)
  • Size factor still maintains highest estimated 2021 EPS growth (page 10)

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Daily Note

3.2.2021

Breakdown of the previous day's market action through the lens of ETFs

  • Small-caps lead (IJR +3.09%) as domestic equities bounce to open the week, SPY rises 2.42%
  • Energy sector (XLE) within 1.77% of 52-week high; Utilities lone sector that is still over 10% away
  • Australia (EWA +3.51%) tops develeoped ex-U.S. countries yesterday but only up ~6% YTD
  • Dollar (UUP) gains 0.08% and still remains in narrow range since beginning of the year

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Monday Morning QB - March 1, 2021

3.1.2021


Last week's markets through the lens of ETFs. Topics included:

  • Winners & Losers: Valuation Reset
  • Follow the Flows: Cyclical Rotation
  • Under the Radar ETFs: Utilities + Clean Energy
  • The Weekly Rant: ARK Invest ETFs - The Good (people, process & performance), The Bad (mind boggling flows), The Ugly (jealousy & haters)
  • Questions & Answers?

In The News

3.1.2021

Daily review of stock specific news including ETFs w/ greatest exposure, curated links and look at performance results for the previous trading session.

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 Global Thematic AIM Positioning Guide

3.1.2021

Global Thematic AIM Portfolio returned -8.13% last week, underperforming the MSCI ACWI (ACWI) by 4.67%

  • Top Performers: GRID -1.86%, SRVR -3.21%, IBUY -5.20%
  • Bottom Performers: ARKK -14.58%, WCLD -11.11%, PBW -10.14%
  • Since Inception Performance: +65.60% outpacing MSCI ACWI (ACWI) by 41.23%

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 U.S. Sector Playbook

3.1.2021

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

  • Financial sector sees more net inflows as yields make new 52-week highs
  • February net inflows to sector ETFs largest since April 2020 (page 3)
  • Energy lone sector to gain over the week (XLE +4.27%) while SPY falls 2.48% (page 5)
  • Consumer staples sector now most attractive relative to its 5-year average and relative to SPY (page 8)

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 Macro Brief: ISM Manufacturing

3.1.2021

Economic activity in the manufacturing sector grew in February for the ninth consecutive month (ISM PMI)

  • ISM PMI rises 2.1 points to 60.8, slightly ahead of consensus estimates (68.9) 
  • New orders, production and employment growing
  • Backlog growing as supplier deliveries slowing at a quicker pace
  • Prices continue to grow at a faster pace marking an nine month trend

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 Macroeconomic Review

2.28.2021

Major macroeconomic releases for the prior and upcoming weeks accompanied by historical macroeconomic data and chart books

  • January personal incomes rise 10% month/month after only marginal growth in December
  • Weekly initial jobless claims drop dramatically below 800K
  • January New Home Saleshit three month high; rise above December levels and come in above consensus estimates
  • Consumer confidence rises from January levels and comes in above consensus estimates
  • Macroeconomic releases in the week ahead: ISM PMI data, Public Debt Outstanding and more Unemployment reports

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