TTFS
AdvisorShares Wilshire Buyback ETFNYSEARCA
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  • Mon, Nov. 21, 5:30 PM
    • S&P 500 firms will spend $2.6T next year, say David Kostin and team, with 52% of that going towards investment (capex, R&D, M&A), and the rest to buybacks and dividends.
    • Cash balances currently stand at $1.6T (ex-financials), or 12% of assets vs. the long-term average of 7%.
    • Buybacks will rise 30% to $780B next year, with much of that growth triggered by corporate tax reform, including easing levies on repatriated overseas cash. Excluding that boost, buybacks will rise just 5%. Dividends are expected to grow 6%.
    • Capex will rise 6% as energy capital spending stabilizes, says Goldman, noting energy accounts for 19% of S&P 500 capex after a 45% plunge since 2014.
    • Buyback ETFs: PKW, SYLD, TTFS, SPYB
    | Mon, Nov. 21, 5:30 PM | 7 Comments
  • Wed, Sep. 28, 3:25 PM
    • S&P 500 companies spent $127.5B buying back stock in Q2 - that's down 21% from Q1 and 3.1% from Q2 one year ago, according to S&P Dow Jones Indices. It's the smallest quarterly amount in two years.
    • A pullback may have only  been natural given the large amount spent in Q1 when stock prices tumbled in the year's first six weeks.
    • Tech companies led the way in Q2, buying back $30.1B of stock, or 24% of total S&P 500 buybacks. Apple was naturally the gorilla, buying back $10.2B of shares.
    • Energy sector buybacks were barely visible - $1.4B in Q2, down from $2.1B in Q1.
    • ETFs: PKW, SYLD, TTFS, SPYB
    | Wed, Sep. 28, 3:25 PM | 5 Comments
  • Wed, Sep. 28, 10:35 AM
    • Back in June, TrimTabs and Charles Bierderman were removed as managers of the TrimTabs Float Shrink ETF (NYSEARCA:TTFS) despite an excellent track record. Moving quickly, TrimTabs filed for a new Float Shrink ETF (BATS:TTAC), and it's begun trading today.
    • The new fund has an expense ratio of 0.59% vs. TTFS at 0.9%.
    | Wed, Sep. 28, 10:35 AM
  • Tue, Aug. 2, 12:55 PM
    • Once thought to be a key driver of the bull market, buybacks are out of favor with investors, according to Goldman Sachs. The stocks of a basket of companies with the highest trailing four-quarter buyback yields underperformed the S&P 500 by a full 280 basis points over the period, according to the bank.
    • At the same time, another basket of names spending the most on capex and R&D has returned 12% this year vs. the S&P 500's 7% advance.
    • In this, Goldman could be talking its book. For some time, the company has urged corporate America to slow stock repurchases (and instead hire its investment bankers to advise on capital raises, capital spending, and M&A?).
    • ETFs: PKW, SYLD, TTFS, SPYB
    | Tue, Aug. 2, 12:55 PM | 7 Comments
  • Wed, Jul. 13, 9:17 AM
    • Shares outstanding in the S&P 500 have fallen from year-ago levels, putting 2016 on track to be the first year since 2011 in which the supply of stock has dipped for the year. Companies in the index bought back $161.39B of stock in Q1, the second-largest quarter ever for repurchases.
    • Source: WSJ
    • Topping the list in Q1 were Gilead Sciences with $8B, and Apple with $6.7B.
    • There's more to come as companies have authorized $357B in buybacks this year, according to Birinyi Associates, though this figure is down 28% from a year ago.
    • Buybacks, of course, aren't the only reason the S&P 500 float is shrinking. Corporations are selling less stock, and M&A is more likely to be funded with cash and borrowings, rather than share issuance.
    • ETFs: PKW, SYLD, TTFS, SPYB
    | Wed, Jul. 13, 9:17 AM
  • Tue, Jun. 21, 9:42 AM
    • Just days after being removed (effective July 1) as the manager of the TrimTabs Float Shrink ETF (NYSEARCA:TTFS), TrimTabs has filed to launch its own clone fund.
    • Like TTFS, companies will be selected from the Russell 3000 based on how much they have seen their leverage and free float shrink, and their free cash flow grow, during the preceding 120-day period.
    • Buyback ETFs: PKW, SYLD, SPYB
    | Tue, Jun. 21, 9:42 AM
  • Mon, Jun. 6, 12:36 PM
    • AdvisorShares is dropping TrimTabs as sub-advisor for the AdvisorShares TrimTabs Float Shrink ETF (NYSEARCA:TTFS), replacing with Wilshire Associates, effective July 1.
    • TrimTabs uses a rules-based formula to rank stocks by buybacks, debt, and cash flow. Wilshire has a new quantitative process screening for reduction of shares, free cash flow, and no increase to leverage. The fund's management fee will slip to 0.9% from 0.99%.
    • TTFS has done will, with a five-star rating from Morningstar and outperformance over the S&P 500 by 100 basis points annually over the past three years.
    • TrimTabs founder Charles Biederman isn't pleased, noting shareholders will now have to accept a different strategy than what they thought they originally purchased.
    • Buyback ETFs: PKW, SYLD, TTFS, SPYB
    | Mon, Jun. 6, 12:36 PM
  • Thu, Apr. 21, 3:43 PM
    • The majority of corporate buybacks in recent years have been "purely an exercise in financial engineering with very little fundamental foundation,” says Ted Theodore, portfolio manager of the TrimTabs Float Shrink ETF (NYSEARCA:TTFS).
    • There are exceptions though, and he points to those companies using free cash flow rather than debt to finance repurchases.
    • Overall, he says, buybacks have had "some modest artificial positive effect" on stock prices. What about rate hikes? Those firms using debt to fund repurchases will suffer the most. As for his fund, it focuses on companies using free cash flow for buybacks, so bring on higher rates.
    • Of his fund's holdings, cyclicals with large domestic exposure are favorites: Packaging Corp. of America (PKG +1.8%), Sealed Air (SEE -1.2%), and UPS (UPS -1.1%).
    • Buyback ETFs: PKW, SYLD, TTFS, SPYB
    | Thu, Apr. 21, 3:43 PM | 4 Comments
  • Tue, Mar. 22, 7:37 AM
    • Last week, BAML clients were net sellers of U.S. stocks for the eight straight week, with the amount totaling $1.4B. It's the longest selling streak since late 2010, when clients sold for 12 straight weeks.
    • Net sales last week were mostly in large caps, while small caps saw inflows. Buybacks slipped a bit last week, but on a four-week average basis, buyback activity is tracking at its highest levels in two years, and up 45% from a year ago.
    • ETFs: PKW, SYLD, TTFS, SPYB
    | Tue, Mar. 22, 7:37 AM | 1 Comment
  • Mon, Mar. 14, 7:57 AM
    • ETFs and mutual funds have pulled $40B out of S&P 500 companies since January. On the flip side, the companies themselves are poised to buy back an astonishing $165B of their own shares.
    • If the divergence continues through end of month, outflows would hit $60B, implying a gap of $225B - the largest on record.
    • "While past deviations haven’t spelled doom for equities, the impact has rarely been as stark as in the last two months, when American shares lurched to the worst start to a year on record as companies stepped away from the market while reporting earnings."
    • “Anytime when you’re relying solely on one thing to happen to keep the market going is a dangerous situation,” one portfolio manager says. “Over time, you come to the realization, ‘Look, these companies can’t grow. Borrowing money to buy back stocks is going to come to an end.”’
    • Source: Bloomberg
    • ETFs: PKW, SYLD, TTFS, FYLD, IPKW, SPYB, FCFI
    | Mon, Mar. 14, 7:57 AM | 21 Comments
  • Mar. 3, 2015, 1:03 PM
    • Corporate chiefs announced $104.3B in planned buybacks in February, the most since TrimTabs started tracking the data in 1995, and nearly double the $55B from a year earlier.
    • It's bullish or bearish depending on your point of view, but it can't be denied that the feverish pace of repurchases is occurring at valuations more stretched than they've been in a number of years. “If you’re a contrarian, this level of buyback activity spooks you a little bit because the track record is not impressive in terms of companies’ ability to buy stock at the right price at the right time," says Todd Lowenstein.
    • The last time buybacks hit a monthly record was July 2006 at $99.8B. Over the next 14 months, the S&P advanced 23%. After that ... let's not go there.
    • Two buyback ETFs continue to beat the S&P 500, with the PKW up 4.2% over the last three months, and the TTFS up 3.2%. The S&P 500 is ahead 1.2%. State Street has a new entry, the SPDR S&P 500 Buyback ETF (NYSEARCA:SPYB).
    | Mar. 3, 2015, 1:03 PM | 12 Comments
  • Jan. 8, 2014, 2:41 PM
    • State Street Global Advisors, the industry giant behind popular SPDR funds such as SPY and GLD, will laund the SPDR MFS Systematic Core Equity ETF (SYE), Growth Equity ETF (SYG), and Value Equity ETF (SYV) on January 9th.
    • Each employing different size and style specific strategies, these new funds will appeal to investors looking for capital appreciation and agility in the markets.
    • The addition of 3 active ETFs is a large step for State Street, as there are currently only 5 ETFs in their portfolio that employ an active strategy: GAL, RLY, INKM, ULST, SRLN
    • Other actively managed equity ETFs: SYLD, TTFS, HDGE, IELG, FWDD, ACCU, FWDI, HUSE, RWG, ONEF, IESM, GVT, RPX
    | Jan. 8, 2014, 2:41 PM
  • Dec. 4, 2013, 3:08 PM
    | Dec. 4, 2013, 3:08 PM
  • Oct. 13, 2013, 9:01 AM
    • ETFs which have expanded their view of "yield" to include shareholder-friendly activity such as buybacks and paying down debt continue to outperform the general dividend universe as well as the broader market.
    • Mebane Faber's 5-month old $122M Cambria Shareholder Yield ETF (SYLD) has a forward dividend yield of 2.9% - slightly higher than VIG or SDY, and a bit less than DVY - but what Faber calls "a net buyback yield" of 5.6%. It's up 9.2% in its short history vs. 2% or less for the other funds and 3% for the S&P 500.
    • TrimTabs' Float Shrink ETF (TTFS) goes even further - disregarding dividends entirely to pick 100 of the Russell 3000 companies rapidly reducing outstanding shares while also screening for profitability and low debt. And reducing shares doesn't just mean buybacks: Carl Icahn's Herbalife investment put more than 15% of the stock outside of the free float according to TTFS' managers, thus allowing its inclusion in the fund. Sirius XM Radio was added after Liberty Media's decision to convert its preferred stake into common. The fund's nimbleness makes it pricey with a 0.99% expense ratio. It's ahead of the S&P 500 by more than 1000 bps YTD.
    • See also: PowerShares' Buyback Achievers Fund (PKW), the oldest and largest of the group, and ahead of the S&P by 1300 basis points this year.
    • Dividend ETFs: FDL, FVD, MDIV, QDF, QDYN, QDEF, DIV, CVY, DVY, HDV, IYLD, PEY, PFM, SCHD, SDY, SDYL, DVYL, VYM, DHS, DTD, SYLD, KBWD, SPHD, DLN, DON, HILO.
    | Oct. 13, 2013, 9:01 AM
  • Aug. 21, 2013, 8:47 AM
    • Investors have been overpaying for dividend stocks while undervaluing those firms buying back shares, Oakmark's Bill Nygren tells the crew at Fast Money. Investors should treat both the same, but the stocks of repurchasers aren't as expensive, he says.
    • Previous: Buyback ETFs outpacing market and dividend funds.
    • Among his favorite picks are Bank of America (BAC) and JPMorgan (JPM). "What we see here is really low P/Es relative to the market and relative to their own history ... These companies sell at about 8x the level that we think they'll earn after the legacy mortgage costs stop going through the income statement."
    • Other top picks are Apache (APA) - selling assets for close to full value and buying back shares - Haliburton (HAL) - which has tendered to repurchase 4-5% of its shares - and DirecTV (DTV) - also buying back stock.
    • Buyback ETFs: PKW, TTFS.
    • Dividend ETFs: FDL, FVD, MDIV, QDF, QDYN, QDEF, DIV, CVY, DVY, HDV, IYLD, PEY, PFM, SCHD, SDY, SDYL, DVYL, VYM, DHS, DTD, SYLD, KBWD, SPHD, DLN, DON, HILO.
    | Aug. 21, 2013, 8:47 AM | 8 Comments
  • Aug. 19, 2013, 1:06 PM
    • Dividend ETFs may be more popular, but funds focused on companies returning capital to shareholders via buybacks are among the top performers of 2013. Among the group is the PowerShares Buyback Achievers ETF (PKW), and AdvisorShares TrimTabs Float Shrink ETF (TTFS).
    • PKW - with expenses of 0.71% after a fee waiver - only buys companies who have repurchased at least 5% or more of its outstanding shares in the past year. TTFS - with expense ratio of 0.99% - too focuses on smaller floats and adds profitability and balance sheet strength to its algorithm. The two have outperformed the DVY by more than 1000 bps YTD.
    • Dividend ETFs: FDL, FVD, MDIV, QDF, QDYN, QDEF, DIV, CVY, DVY, HDV, IYLD, PEY, PFM, SCHD, SDY, SDYL, DVYL, VYM, DHS, DTD, SYLD, KBWD, SPHD, DLN, DON, HILO.
    | Aug. 19, 2013, 1:06 PM | 3 Comments
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