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ETF portfolio manager tied to selloff

May 20, 2014 4:37 PM ETSPY, IEF, IJR, IVV, IWM, IJT, IJS, ISCV, IWN, VB, SLYG, SLYV, VBK, VBR, ISCB, ISCG, IWO, UST, SSO, SBB, RZG, RZV, UWM, SAA, RWM, SDD, TWM, UKK, SKK-OLD, UVT, SJH, EES, RSCO, FYX, RWJ, TNA, TZA, SCHA, URTY, SRTY, VIOO, VIOV, VIOG, VTWO, VTWG, VTWV, EWSC, FYT, XSVM, PXSC, TILT, DWAS, XSLV, SMLV, FNDA, IESM, SPSMBy: Stephen Alpher, SA News Editor3 Comments
  • Chicago-based Good Harbor Financial is among the largest ETF portfolio managers and the company in May began to rebalance its $11B U.S. Tactical Core Strategy twice a month instead of once - today marks the first mid-month trade for the portfolio, reports the WSJ.
  • Good Harbor's main strategy today, says the Journal, looked to be selling small caps as well as two ETFs tied to the S&P 500 (SPY -0.7%), and volume spiked in the iShares Russell 2000 ETF (IWM -1.6%), the ProShares Ultra Russell 2000 (UWM -3%), the iShares Core S&P 500 ETF (IVV -0.7%) and the ProShares Ultra S&P 500 (SSO -1.5%).
  • Good Harbors was the largest single holder of three of those funds as of the end of March, and the 2nd largest holder of the fourth.
  • As it sold the equity ETFs, Good Harbors appeared to be buying two mid-to-long-dated Treasury bond ETFs, the iShares 7-10 Year Treasury Bond Fund (IEF +0.3%) and the ProShares Ultra 7-10 Year Treasury ETF (UST +0.7%), with both having volumes many multiples higher than normal.
  • Good Harbors was also a seller of small caps and a buyer of Treasurys in early May, says the Journal, which earlier this year reported traders growing accustomed to waiting for the firm's monthly rebalance.
  • ETFs: IWM, IJS, TZA, TNA, UWM, VB, IJR, SLY, EES, VBR, RWJ, VBK, URTY, SCHA, TWM, IWO, IWN, IJT, RWM, SRTY, DWAS, SAA, VTWO, JKL, RZV, SLYG, SLYV, VIOO, SDD, SBB, RZG, JKJ, RSCO, VTWG, UKK, VIOG, TILT, FYX, FNDA, VIOV, XSLV, FYT, SKK, JKK, EWRS, TWOK, PXSV, VTWV, SMLV, UVT, SJH, PXSC, IESM, FYC, VLU, PXSG

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