Nevertheless, a Friday afternoon rally shielded the major indexes
from their worst declines since late December. The technology-heavy Nasdaq
Composite Index performed worst dipping more than 3% for the week. The Russell
2000 TR Index stood out for being the only major benchmark to temporarily move
into correction territory, down over 10% from its all-time highs approximately
a year ago.
Looking at the various sectors in the S&P 500, information
technology shares performed worst, dragged lower in part by a decline in Apple
(AAPL). Industrials and Materials were also weak as investors worried about
rising trade barriers. The typically defensive Consumer Staples sector held best.
The trading week was also notable for Friday’s initial public offering (IPO) of
Uber (UBER), which valued the ride-sharing company at around $75 billion. The
amount raised by the offering, totaling approximately $8.1 billion, made it one
of the 10 largest IPOs in history and the biggest since Chinese Internet giant
Alibaba’s IPO debut in 2014.
ETFG
Quant Movers –
those ETFs who have had the largest weekly change in their respective, overall
ETFG Quant ratings.
ETFG
Quant Winners: The top five gainers in Quant Total Score in order were Principal
International Multi-Factor Index ETF (PXUS), iShares
U.S. Basic Materials ETF (IYM), Vanguard
Dividend Appreciation ETF (VIG), ETRACS
Alerian MLP Index ETN Series B (AMUB) and Cushing
30 MLP Index ETNs (PPLN). Evident
behavioral factors were the primary drivers for the increased growth (over 10%)
in each fund’s Total Quant Score.
ETFG
Quant Losers: Honorable mentions in the loser category were Barclays Return on
Disability ETN (RODI), Vanguard
US Multifactor ETF (VFMF), Reality
Shares DIVCON Dividend Guard ETF (GARD), IQ 50
Percent Hedged FTSE Japan ETF (HFXJ) and Global
X MSCI China Consumer Discretionary ETF (CHIQ). The
reasons for the ETFG Quant score drop were driven by behavioral and global
factors.
ETFG Weekly Select
List - the five most highly rated ETFs per Sector, Geographic Region
and Strategy as ranked by the ETFG Quant model.
We saw an interesting phenomena in the Strategy portion when
comparing this week’s Select List to last week’s Select List – there was
complete turnover in the Theme category. Pacer Military Times Best Employers
ETF (VETS) snagged first
place, proving that ESG factors, particularly in the S and G category, can perform
well for investors in all market cycles. Global X Conscious Companies ETF (KRMA) claimed second
followed by Legg Mason Global Infrastructure ETF (INFR), iShares MSCI USA ESG
Select ETF (SUSA) and
ARK Genomic Revolution Multi-Sector ETF (ARKG) in order from 3rd
to 5th.
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opinions and estimates constitute our judgment as of the date of this material
and are subject to change without notice.
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