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Fri, Jul. 25, 2:31 PM
- Hammering away at the misconception that it pays to seek active managers in supposedly "less efficient" sectors like small caps, S&P Dow Jones' Philip Murphy finds - even choosing among the top mutual fund share classes - an alarmingly small number of managers failed to beat the benchmarks.
- Starting at the March 2009 bottom and going out five years, only 9 of 139 share classes beat the S&P SmallCap 600 benchmark (that's 5.9% of the starting set).
- Where alpha might be able to be delivered though, is in choosing which benchmark to track. A fund tracking the S&P SmallCap 600 (IJR, VIOO) would have outperformed one tracking the Russell 2000 (NYSEARCA:IWM) by 23% over the 5-year period.
- ETFs: IWM, TZA, IJS, TNA, IWC, UWM, VB, IJR, SLY, VBR, EES, RWJ, VBK, URTY, SCHA, TWM, IWN, IWO, IJT, RWM, SRTY, DWAS, SAA, VTWO, JKL, RZV, SLYG, SLYV, VIOO, SDD, PZI, RZG, FDM, SBB, RSCO, WMCR, VIOG, JKJ, VTWG, UKK, TILT, VIOV, FNDA, XSLV, FYX, FYT, EWRS, JKK, TWOK, SKK, VTWV, PXSV, SMLV, UVT, SJH, IESM, PXSC, VLU, FYC, PXSG
Thu, Jul. 10, 7:12 AM
- S&P 500 (SPY), Nasdaq 100 (QQQ), and DJIA (DIA) futures are all off about 0.9% and Russell 2000 (IWM) down 2% as trouble brews in the EU periphery.
- Banco Espirito Santo - Portugal's largest listed bank - is off another 16% as its parent reportedly considers bankruptcy protection unless a deal can be worked out with creditors. Portugal broad market is down another 4.1%, bringing its 7-session slump to 11%.
- Previously: Portugal tumbles on bank worry
- Europe's Stoxx 50 (FEZ) is down 2%, led by Italy (EWI) -2.5% and Spain (EWP) -2.6%.
- The 10-year U.S. Treasury yield is down four basis points to 2.51% and gold catches a serious bid, up $20 per ounce to $1,344.
- ETFs: SPY, QQQ, SH, DIA, IWM, TZA, TNA, SSO, SDS, PSQ, VOO, IVV, SPXU, UPRO, IWC, UWM, TQQQ, VB, SPXL, QID, RSP, IJR, SQQQ, DOG, SLY, QLD, DXD, RWJ, RWL, URTY, EPS, UDOW, SCHA, TWM, SDOW, DDM, RWM, SRTY, SAA, BXUB, DWAS, VTWO, QQEW, QQQE, VIOO, SDD, SFLA, PZI, FDM, SPLX, QQXT, SBB, BXUC, WMCR, RSCO, JKJ, FYX, XSLV, EWRS, TWOK, SMLV, SPUU, PXSC
Mon, Jul. 7, 1:45 PM
- "Knowingly overpaying never has made sense to me, which I think people are doing," says small-cap fund manager Eric Cinnamond, notable for being up 14.5% at the midway point in 2009 vs. peers' average loss of 27%, but missing out on the bull market of the last three years thanks to his large cash holdings.
- The small cap stocks on his radar are as "expensive as I have ever seen them," he tells the WSJ. "We're just unwilling to overpay with other people's mooney in high-quality, small-cap stocks."
- ETFs: IWM, IJS, TZA, TNA, IWC, UWM, VB, IJR, SLY, VBR, EES, RWJ, URTY, SCHA, TWM, IWN, RWM, SRTY, SAA, DWAS, VTWO, JKL, RZV, SLYV, VIOO, SDD, PZI, FDM, SBB, RSCO, WMCR, JKJ, TILT, VIOV, XSLV, FYX, FNDA, FYT, EWRS, TWOK, VTWV, SMLV, PXSV, UVT, SJH, IESM, PXSC, VLU
Mon, Feb. 24, 1:08 PM
- Up 2.5% for the year, the Russell Microcap Index - its members' median market value is $221M - is leading the major stock indexes (including a 1.3% gain today, the Russell Microcap Index ETF IWC is up 4% YTD).
- The Russell 2000 small-cap index (median size $699M) is ahead 0.1%. The Russell 1000 (median size $7.4B) is down 0.1%.
- If small is better, than why isn't the Russell 2000 benefitting, and if size is bad, why isn't the Nasdaq 100 (up 2%) lagging?
- Instead microcap outperformance is instead about biotech - think Intercept Phamra up 447% YTD, Ligand up 44%, Keryx up 28%, Sangamo up 45%. Intercept alone accounts for about a quarter of the microcap's index performance this year, according to the team at Citi.
- Related ETFs: IWC, FDM, PZI, WMCR
Nov. 23, 2013, 2:53 PM
- As the taper approaches, it may be time to ring the register and book some gains, Barron's thinks. Add in the fact that the S&P's 26% YTD gain has "likely [left] many investors with a higher mix of stocks than they would prefer," and the issues isn't whether or not to sell, but rather "what to sell and where to put the cash."
- Food for thought from Jack Hough: "The S&P 500 trades above 17 times trailing earnings, versus a historical average of about 15 [and] U.S. shares are 57% more expensive than emerging markets and 67% more expensive than Europe" based on "a long-term average of earnings to adjust for cyclicality."
- Investors might want to consider putting small companies on the chopping block first, as they have outperformed their larger cap counterparts this year and their P/E premium to large caps has stretched well beyond its historical average.
- Small/Micro Cap ETFs: IWM, TZA, TNA, IWC, UWM, VB, IJR, SLY, RWJ, URTY, TWM, SCHA, RWM, SRTY, SAA, DWAS, VTWO, SBB, SDD, RSCO, JKJ, FDM, PZI, XSLV, WMCR, FYX, VIOO, EWRS, TWOK, SMLV, PXSC
- Large Cap U.S. ETFs: SPY, QQQ, SH, DIA, SSO, SDS, PSQ, IVV, SPXU, UPRO, SPLV, VOO, QID, PRF, SPXS, SPXL, TQQQ, DOG, RSP, SQQQ, DXD, QLD, RWL, EPS, UDOW, SDOW, DDM, VV, SCHX, IWB, SPHB, NY, BXUB, QQEW, QQQE, JKD, VONE, EQL, TRND, ROLA, SFLA, BXUC, QQXT, EEH, ONEK, SPXH, TRSK, BXDB, PXLC, FSU, FSE, EWRI, FWDD, TNDQ, LGLV, ALTL
Oct. 9, 2013, 11:27 AM
- If small caps are "under-researched," then what does that say about micro-caps, writes Alpha Vulture. They're clearly even more "under-researched" and even less efficiently priced.
- This, of course, is not new information, but the individual investor doesn't have to worry about a client pulling funds and the necessity of exiting a barely-traded stock at exactly the wrong time. Investing in micro-caps with a long-enough time horizon enables the individual to capture this liquidity discount.
- Relevant ETFs: IWC, FDM, WMCR, PZI.
Jul. 10, 2013, 12:03 PMPublic Enemy #1 for microcap (IWC) investors is dilution, writes Ian Cassel, so take extra caution investing in capital-intensive groups like mining, energy, and biotech - institutions just short the stock waiting for the next capital raise and the shares can never seem to get out of their own way. Serial money raisers can naturally be found in all industries so be wary of unprofitable companies. When management says it has enough cash to become profitable, don't believe them. | Comment!
May. 29, 2013, 12:41 PMKevin Shea offers up 5 microcap (IWC) ideas based on how they've dealt with or are about to deal with "crossing the chasm" - their customer base moving from early adopters to early mainstream. Power Solutions (PSIX) long-ago passed the chasm, MiMdex Group (MDXG) just exited, AxoGen (AXGN) is just entering, and Charles & Colvard (CTHR) has new management hoping to push the company out. | Comment!
Mar. 25, 2013, 9:26 AMThere's a "chasm of untold and historic proportions" in microcaps (IWC), writes Marc Robins, making the case for the sector. "The market has worked for over 3 decades crowding-out any interest, support or ownership of the tertiary issues," he says, excited over the number of low-risk 3-10 baggers out there right now. | 1 Comment
Dec. 6, 2012, 3:46 PMJohn Bogle's never bought the idea that small caps outperform large caps over time, but his assertion is based on the removal from the 20th century a decade of particular small cap outperformance starting in 1973. Without it, he says, large caps have actually done better. Is this fair? What if we remove a decade of large cap dominance? In 2012, microcaps (IWC) have gained 15%, vs. 11.6% for the Russel 2000 (IWM), and 13.6% for the SPY. | 2 Comments
Nov. 19, 2012, 1:25 PM
Sep. 14, 2012, 3:01 PMMaybe signalling the risk appetite needed for further gains (or a sign of froth), microcaps join small caps in leading the equity rally over the past month. Up 8.9%, the Russell Microcap Index (IWC) has outperformed the S&P 500 by 540 basis points, and taken the lead YTD by 290 basis points. | Comment!
Aug. 1, 2012, 12:02 PM
Jun. 14, 2012, 7:03 AM
WMCR vs. ETF Alternatives
"The Wilshire Micro-Cap ETF* (NYSE: WMCR), (the ""Fund""), seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the Wilshire US Micro-Cap IndexSM (the “Wilshire Micro-Cap” or the “Index”). The Wilshire Micro-Cap is a rules-based index comprised of, as of July 31, 2010, approximately 1,597 securities of micro-capitalization companies, as defined by Wilshire Associates Incorporated (“Wilshire” or the “Index Provider”). The Wilshire Micro-Cap is designed to represent micro-sized companies and is a subset of the Wilshire 5000 Total Market IndexSM (the “Wilshire 5000”). The Wilshire Micro-Cap represents a float-adjusted, market capitalization-weighted index of the issues ranked below 2500 by market capitalization of the Wilshire 5000. Under normal conditions, the Fund will invest at least 80% of its assets in securities of micro-capitalization companies. In addition, the Fund will normally invest at least 80% of its total assets in equity securities that comprise the Index. *Prior to August 20, 2010, the Fund's name was Guggenheim/Sabrient Stealth ETF and the Fund sought to replicate an index called the Sabrient Stealth Index." *Prior to August 20, 2010, the Fund's name was Claymore/Sabrient Stealth ETF and the Fund sought to replicate an index called the Sabrient Stealth Index.
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