Fund Library News Wire
| Thursday, March 29, 2018
By Mike Keerma
The major North American stock market indices rallied on Friday, the last
day of the month and the quarter, boosting weekly returns into positive
territory. The S&P 500 Composite Index posted a strong 2.0% weekly
return with the help of investment managers’ “window dressing” portfolios
to goose quarterly return numbers. Even the tech-weighted
Nasdaq Composite Index, which had seen a steady slide through March arising from security and
privacy concerns at social media giant
Facebook Inc. (NASDAQ: FB), gained 1.0% on the week. The
S&P 500 Composite Index doubled that gain, advancing 2.0% on the week. And Toronto’s benchmark
S&P/TSX Composite Index
benefitted from a rally in energy and materials stocks, rallying 1.0% on
the week. Both
crude oil and
gold posted weekly losses, but remained ahead for both the month and the year to
Nasdaq Composite remained down 2.9% for the month, as tech bellwether Facebook came under
fire for allowing U.K.-based data mining company Cambridge Analytica access
to data from 50 million targeted Facebook users during the last U.S.
presidential election. The company has lost over $100 billion in market
value and is no longer among the top five most valuable companies in the
world. Still, the Nasdaq index managed to post its seventh consecutive
quarterly gain, with a 2.3% advance in the first three months of the year.
S&P 500 Composite likewise posted a 2.7% loss in March, for a year-to-date retreat of 1.2%.
S&P/TSX Composite remained just a hair under water in March, with a 0.5% loss in the month,
but posted a significant 5.2% year-to-date loss, despite a 7.5% quarterly
Despite the rise of geopolitical tensions in the first few months of the
year, including trade tensions fomented by U.S. President Donald Trump,
renewed Russian thuggery abroad with the assassination of a former spy in
the U.K., and the resurgence of volatility in stock markets,
gold remained subdued with only a 2.3% gain in the quarter.
* Dynamic and BlackRock team up with a new bond ETF.
and BlackRock Asset Management
Dynamic iShares Active Investment Grade Floating Rate ETF (TSX:
which aims for a floating rate of interest income and capital preservation.
It invests primarily in Canadian investment-grade corporate bonds and uses
interest rate derivatives that seek to mitigate the effects of interest
rate fluctuations. The ETF will provide exposure to an active investment
strategy managed by Marc-André Gaudreau.
* Harvest debuts banks ’n’ buildings ETF.
Harvest Portfolios Group
announced its new
Harvest Banks & Buildings Leaders Income ETF (TSX: HCBB) commenced trading Friday. The ETF aims to generate monthly income and
maximize total returns by investing in a portfolio of North American
exchange-listed banking, financial, and real estate companies. The fund is
managed by a team led by Paul Macdonald and James Learmonth.
* First Asset terminates two ETFs and one mutual fund.
First Asset Investment Management Inc. announced that on or about June 11, it’s shutting down its
First Asset U.S. Equity Multi-Factor Index ETF (TSX: FUM), with $2.4 million in assets, and the
First Asset Canadian Dividend Low Volatility Index ETF (TSX: FDL), with $2.0 million in assets. The company also announced that on June 8 it
will terminate its
First Asset Global Dividend Fund, with $7.8 million in assets.
Check Fund Library’s
Market Activity page regularly for active updates on key market indexes and commodities.
@FundLibrary – Follow Fund Library on
Twitter for daily information and updates.
© 2018 by Fund Library. All rights reserved. Reproduction in whole or in
part by any means without prior written permission is prohibited.
The foregoing is for general information purposes only and is the opinion
of the writer. No guarantee of investment performance is made or implied.
It is not intended to provide specific personalized advice including,
without limitation, investment, financial, legal, accounting or tax advice.