PowerShares Fundamental Emerging Markets Local Debt Portfolio ETF (PFEM) - NYSEARCA
PFEM is defunct since March 18, 2016. Closed due to lack of investor interest
  • Aug. 15, 2013, 11:12 AM
    • Anything paying income is again being particularly hard hit by the rise in Treasury yields (the 10-year now at a 2-year high of 2.8%).
    • Selections in mREITs (REM -2.1%), (MORT -1.9%) include RAIT Financial Trust (RAS -4.1%) - whose IRT had an ill-timed IPO yesterday and Ellington Residential (EARN -4.8%) - the market not caring about reasonable Q2 performance, a hefty discount to book, and the launch of a repurchase program. Other mREITs: CYS Investments (CYS -3.6%), Apollo (AMTG -3%), Newcastle (NCT -5%), Invesco (IVR -2.7%), Arlington Asset (AI -1.2%). A leveraged ETF play: MORL.
    • Hanging in there relatively well are the BDCs: Fifth Street (FSC -1.3%), Triangle (TCAP -1%), MCG (MCGC -1.2%), Hercules (HTGC -1.2%), Ares (ARCC -0.3%).
    • In emerging markets fixed income, a trader takes note of EDD,  a closed-end fund now trading at more than a 15% discount to NAV.
    • Emerging market bond ETFs: EMB, LEMB, PCY, EMLC, ELD, PFEM, EBND, VWOB.
    | Aug. 15, 2013, 11:12 AM | 13 Comments
PFEM Description
The PowerShares Fundamental Emerging Markets Local Debt Portfolio (Fund) is based on the Citi RAFI Bonds Sovereign Emerging Markets Extended Local Currency Index (Index). The Fund generally will invest at least 80% of its total assets in the bonds issued by the national governments of emerging market countries that comprise the Index. The Index measures the potential return of a portfolio of bonds issued by the national governments of 18 emerging market countries, all in the respective local currency. To be included in the Index, countries must have a domestic sovereign debt rating of at least CC by Standard & Poor’s (S&P) and Ca by Moody’s Investors Service, Inc. (Moody’s). The Fund and the Index are rebalanced and reconstituted quarterly in January, April, July and October.
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