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Wed, Apr. 23, 12:51 PM
- The iShares Yield Optimized Bond ETF (BYLD) will give investors to a broad array of fixed income securities listed in the U.S.
- Unlike its wildly popular Core Total U.S. Bond Market ETF (AGG), according to the recently updated SEC filing BLYD will offer exposure to both investment grade and non-investment grade securities.
- Other total U.S. bond ETFs: BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, ISTB, GBF, GVI, MINC, FWDB, GIY
Wed, Apr. 2, 2:55 PM
- "The reported 'great rotation' out of fixed-income seems to have been short-lived," writes Brian Rehling, chief fixed-income strategist at Wells Fargo Advisors. Short of an inflation scare - not on the horizon at the moment - he doesn't see investors exiting the sector en masse in the coming years.
- Worried about volatility and the fact that most bond funds and ETFs never mature (target-date ones don't)? Rehling suggests buying high-quality paper directly and creating bond ladders which allow cash to be received and then put back to work at potentially higher rates.
- ETFs: AGG, BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, GVI, GBF, ISTB, MINC, FWDB, GIY
Wed, Apr. 2, 10:53 AM
- Investors pulled $3.1B from Pimco's Total Return Fund in March, the 11th straight month of outflows, and bringing exits YTD up to $8.2B for the mutual fund now with AUM of $232B. The far-smaller ETF version is BOND.
- The outflows come as Gross' cold hand continues, with Total Return trailing 95% of peers by losing 0.57% in March. The benchmark Barclays Aggregate Bond Index (AGG) lost 0.17%. Over longer time frames, however, Gross' fund remains the standard.
- Pimco parent Allianz (AZSEY -0.1%)
Tue, Apr. 1, 12:21 PM| Comment!
Fri, Mar. 28, 12:07 PM
- The world's biggest bond mutual fund (ETF version: BOND) had a YTD total return of 1.28% through Thursday, according to Morningstar, trailing 87% of its peers. The benchmark Barclays U.S. Aggregate Bond Index (ETF: AGG) returned 2.03%.
- Already keeping a close eye on Gross' performance following 2013's 1.92% loss - the worst performance since 1994 - investors have been shaken by the ugly divorce between Pimco and Mohamed El-Erian.
- Longer-term: Total Return has averaged a total return of 6.91% over the past five years, beating 55% of peers and the benchmark return of 4.89%. Its 6.6% average return over the past 15 years beat 96% of peers.
- The Total Return Fund had $41B of outflows in 2013, with investors pulling another $5.1B in this year's first two months. Pimco parent Allianz (AZSEY -0.7%) continues to struggle alongside its cash cow. It's off 7.6% YTD.
Wed, Mar. 26, 3:06 PM
- Private pension funds and insurance companies - their equity exposure rising along with stock market - have returned to the long end of the curve this year to rebalance their portfolios, says JPMorgan Private Bank CIO Richard Madigan, helping to support prices as Fed dials back QE.
- Madigan didn't and doesn't expect a "great rotation" from fixed income to equities, instead arguing the boost in equity inflows has come and will come at the expense of too-high cash balances. Why own fixed income? Bonds continue in their role of buffering other investment risk in portfolios.
- "In the middle of everything lies opportunity," said Einstein. We're mid-cycle in the global recovery, says Madigan, maybe frustrating those late to invest, but still offering plenty of opportunity.
- ETFs: AGG, BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, DI, GVI, ISTB, GBF, LDUR, MINC, FWDB, AGND, GIY, AGZD
Wed, Mar. 19, 7:26 AM
- Barclays (BCS) began weighing its options on the unit - Index Portfolio and Risk Solutions - after being approached late last year by MSCI, reports Bloomberg. Expected to make an offer is CME Group, which has also approached the bank about IPRS.
- The Aggregate Bond Index (ETF: AGG) may be the best known benchmark managed by IPRS, which also has a set of indexes acquired as part of Barclays' purchase of assets from Lehman after the collapse.
- The business could fetch around $400M, say Bloomberg's sources.
Thu, Mar. 6, 3:08 PM
- Typically making up 20-25% of Berkshire Hathaway's (BRK.A, BRK.B) insurance units' investment holdings ($186.8B AUM), fixed-income assets dropped to just 14% as of the end of the year. Stocks account for $114.8B of the holdings. Cash of $48.2B is up from $47B a year ago and $30.6B at the end of 2009, and of the fixed-income the units do hold, there's a decided tilt away from duration.
- Investment income in the insurance units was $3.7B in 2013, but this could drop as nice-yielding deals with Mars, Inc, Swiss Re, Goldman, and GE wound down and Buffett has only been able to replace a portion of that money with equally lucrative plays (i.e., Heinz). “Investment opportunities currently available will likely generate considerably lower yields ... We continue to hold significant cash and cash equivalents earning very low yields.”
- Broad fixed-income ETFs: AGG, BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, GVI, ISTB, GBF, DI, LDUR, MINC, FWDB, GIY, AGND, AGZD
Tue, Mar. 4, 8:21 AM
- Permanently on the whiteboard of Pimco's Investment Committee boardroom is its concentric circles of asset classes, with the Fed Funds rate occupying the center and stocks and real estate far on the outside. "Change the price of credit at the center and you change the price of assets at the outer extremities," writes Bill Gross.
- Risk assets may be high-priced, but they're not necessarily mis-priced as long as ZIRP continues. Key, says Gross, drawing on Yeats' "Second Coming," is whether the center holds, i.e. can investors be convinced of the Fed's credibility as it shifts from a quantitative to qualitative assessment of whether to tighten policy.
- "Artificial prices will not be mis-priced if circling falcons can be convinced of the efficacy of qualitative forward guidance. We believe that will be the case. Carry trades, then, in numerous forms should be profitable."
- Redemptions from Gross' Total Return Fund (ETF version: BOND) slowed to $1.6B in February, the slowest pace of outflows since the bond market blew up last May.
- Broad fixed-income ETFs: AGG, BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, GVI, ISTB, GBF, MINC, FWDB, GIY, AGND, AGZD
Mon, Mar. 3, 11:44 AM| Comment!
Thu, Feb. 13, 1:54 PM
- The Guggenheim Enhanced Core Bond ETF (GIY) is scheduled to close on March 7th after 4 years of trading.
- Competing with the iShares Core Total U.S. Bond Market ETF (AGG) and Vanguard's Total Bond Market ETF (BND) has proven an uphill climb; both have accumulated $15 billion and $19 billion in assets respectively while GIY has only $5 million.
- Other broad Bond ETFs: BOND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, GVI, ISTB, GBF, MINC, FWDB
Tue, Feb. 4, 1:14 PM
- The bounce in fixed-income had investors pulling out the smallest amount of money from Bill Gross' Total Return Fund (ETF version: BOND) since May, but they were outflows nonetheless to the tune of $3.5B (AUM is $237B). The outflows come as the fund retuned 1.35% in January, 13 basis points shy of the benchmark U.S. Aggregate Bond Index (ETF: AGG). For 2013, the fund posted a total return of negative 1.92%, the worst performance since 1994.
- Pimco's upper ranks have been shaken up since the start of the year, with Mohamed El-Erian announcing his retirement and Gross promoting a younger cadre of fund managers to more senior positions.
Mon, Feb. 3, 2:29 PM| Comment!
Thu, Jan. 16, 3:14 PM
- "We actually saw institutions selling equities and buying bonds, especially the long end of the curve," says BlackRock (BLK +1.7%) CEO Larry Fink, making the rounds after a big earnings report this morning. Institutions with big profits in stocks are asking themselves if they need such large exposure to equities, he continues. "The answer was that they need to be a little more balanced."
- Fink's comments square with other reports of a rotation back into fixed income as corporations all of a sudden find their pension funds fully funded thanks to the market rally.
- Within fixed income, Fink sees another rotation - and that's out of paper pegged to something like the Aggregate Bond Index (AGG +0.2%) and into "unconstrained" bond funds - not tied to the long end, but instead trying to grab yield without adding duration.
- Related ETFs: AGG, BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, ISTB, GVI, GBF, FWDB, MINC, HOLD, GIY, AGND, AGZD
- BlackRock earnings coverage
Mon, Jan. 13, 5:48 PM
- Active ETF sponsor, AdvisorShares, announced today that the Sage Core Reserves ETF (HOLD) will be open for trading Wednesday morning.
- HOLD will be invested in a broad base of high quality, fixed-income securities, in an effort to not only maintain steady income, but to manage risk and duration.
- “We believe HOLD delivers a compelling investment solution with the benefits of a liquid, transparent and efficient actively managed ETF by leveraging Sage’s well-established track record and expertise as a fixed income manager” said Noah Hamman, chief executive officer of AdvisorShares in an earlier statement.
- Other total market fixed income ETFs: AGG, BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, GVI, GBF, ISTB, FWDB, MINC, GIY
Mon, Jan. 13, 12:34 PM
- Maybe supportive of fixed income this year are pension plans - which find themselves as fully funded as they've been in a long time - shifted money out of stocks and into bonds in Q3 at the fastest pace since 2008.
- Ford was among those locking in equity gains, boosting its debt investments to 70% last year from 55% in 2012, and is now looking to raise the level to 80%. Ryder System is increasing its debt allocation to 45% from 30%, says Treasurer Dan Susik. "Pension plans don’t want to give back the gains that essentially took over five years to accumulate," says Millman's Zorast Wadia.
- Treasurys are having another good day, the yield on the 10-year off 2 bps to 2.84%.
- Broad fixed-income ETFs: AGG, BOND, BND, BSV, BIV, BLV, SCHZ, LAG, SAGG, ILTB, ISTB, GVI, GBF, FWDB, MINC, GIY, AGND, AGZD
AGG vs. ETF Alternatives
The iShares Core Total U.S. Bond Market ETF (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Aggregate Bond Index.
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