Dec. 9, 2014, 4:08 PM
Dec. 4, 2014, 10:19 AM
- In private-equity, Blackstone (BX +1.4%) and KKR & Co. (KKR +0.9%) post gains after being initiated with Overweight ratings, while Carlyle Group (CG -1%) and Oaktree Capital (OAK -0.5%) are started at Equal Weight.
- Moving onto traditional asset managers, Invesco (IVZ -0.5%) is rated Overweight, while T. Rowe Price (TROW -0.3%), Legg Mason (LM -1.5%), Franklin Resources (BEN -0.9%), and BlackRock (BLK -0.2%) are all started at Equal Weight.
Nov. 10, 2014, 2:25 PM
- The PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio (NASDAQ:PDBC) offers broad commodity futures contracts through a Cayman Islands-based unit, which allows its investors to avoid K-1 tax forms.
- This is a key feature to the fund; K-1 forms can be a burden for investors as they potentially delay filings and may require investors to report and pay taxes on gains annually, even if the security has not been sold.
- "PDBC provides broad and efficient exposure to commodities with the added benefit of eliminating Scheduled K-1 requirements," said Lorraine Wang, Invesco PowerShares Head of Global ETF Products & Research, in a press release.
- This is the 4th actively managed ETF from Invesco (NYSE:IVZ), which now offers 165 funds for investors.
- Other broad commodity ETFs: DBC, DJP, GSG, RJI, GCC, USCI, GSP, GSC, RGRC, DJCI, LSC, DEE, FTGC, UCI, CMD, DYY, BCM, DDP, UCD, CMDT, SBV, DPU, COMT, CSCB, CSCR
Oct. 30, 2014, 7:37 AM
Oct. 13, 2014, 11:53 AM
- Net dollar longs at the CME rose to $40.91B in the week ended October 7, according to the latest CFTC data, the eighth straight week net longs in the dollar have been over $30B.
- In the ETF world, the PowerShares (NYSE:IVZ) U.S. Dollar Index Bullish ETF (UUP -0.5%) took in $154.8M in new money, more than quadruple the amount for PowerShares' second-place fund. Total AUM at the UUP have now risen to $882M. The fund is up 6.2% YTD, 160 basis points better than the S&P 500.
- ETFs tracking the euro, yen, loonie, and aussie are lower by an average 6.2% over the last 90 days.
- ETFs: UUP, UDN, FORX, UUPT, UDNT, USDU
Oct. 9, 2014, 4:16 PM| 1 Comment
Sep. 24, 2014, 12:37 PM
- While the probe into whether Pimco juiced the returns of its Total Return ETF highlights the boosted regulatory scrutiny the entire asset management industry faces, it nevertheless offers an opportunity for Pimco's rivals to pick up market share, says Citi's William Katz.
- "First order beneficiaries," says Katz, are BlackRock (BLK +0.6%), AllianceBernstein (AB -0.3%), and Legg Mason (LM -0.1%), followed by Franklin Resources (BEN +0.7%) and Invesco (IVZ). He's quick to point out the gains should be marginal and general industry pressure on fixed income likely looms more important. One who should escape heightened regulatory oversight is WisdomTree (WETF +0.2%) thanks to its minor fixed income business.
Sep. 9, 2014, 3:28 PM
- "We'd like to see more consistent execution before calling for multiple expansion," says Morgan Stanley's Betsy Graseck, keeping her Equal-weight rating on Invesco (IVZ -1.6%) after meeting with management.
- "Current headwinds from Perpetual and IBRA outflows keep us from baking in a higher multiple relative to peers right now." Also to be a big boon for Invesco (along with just about every other financial services company): Higher interest rates.
Aug. 1, 2014, 10:42 AM
- The risk of of major outflows following the departure of a key U.K fund manager has been significantly reduced," says analyst Brian Bedell, noting not much money exited in Q2 and the strong performance thus far of the new fund manager.
- Additionally, organic growth rates are improving across several products and he see a sales mix shift into higher-fee products going into next year. Combined, you've got catalysts for pushing Invesco's (IVZ +1.3%) P/E ratio closer to that of the S&P 500 vs. the current 5-10% discount.
- He upgrades to Buy with price target lifted to $43 from $39.
- Previously: Invesco beats by $0.06, misses on revenue
Jul. 31, 2014, 7:42 AM
Jun. 9, 2014, 10:28 AM
- The ETF price war in Europe looks to escalate even further as U.S. fund managers eye the continent for their own expansion plans. Invesco PowerShares (IVZ) last year picked Bryon Lake to lead its European operations and is now looking to hire sales and marketing staff.
- Privately-owned fast-growing First Trust - with $89B in AUM - has hired two senior executives after entering Europe one year ago. "There is no reason why we cannot repeat our U.S. success in Europe," says the company's Derek Fulton.
- WisdomTree (WETF) sent its Zach Hoscoe to the InsideETFs conference in Amsterdam last week, but he played coy on the company's plans. The current betting, however, says the WisdomTree will launch European products before year's end after February's purchase of London-based Boost.
May 20, 2014, 5:38 PM
May 15, 2014, 4:48 PM
- BlackRock (BLK), says analyst Brian Bedell. starting the stock with a Buy and $358 price target, is best positioned among the large-cap asset managers and has three catalysts over the next year: 1) Rising organic growth, 2) Continued strong execution, 3) The likelihood the company will not be judged a SIFI by regulators.
- T. Rowe Price - also a Buy and with $93 price target - catalysts: 1) Inflection to improved inflows after a rough 2013, 2) Continued traction in target date funds, 3) Continued margin improvement.
- Invesco (IVZ) rates only a Hold and $39 price target, with Bedell saying the risk of elevated outflows in Europe could weigh on the shares and provide a better entry point.
- Also rated a Buy is Affiliated Managers Group (AMG).
May 1, 2014, 7:39 AM
Apr. 14, 2014, 11:12 AM
- A check of some mutual fund managers after TIAA-CREF agrees to buy Nuveen for $6.5B find Janus (JNS +2.9%), Invesco (IVZ +1.2%), Affiliated Managers (AMG +1.4%), and Federated Investors all posting gains. Acquisitions in this industry don't happen too often as key assets - star fund managers - can pick up and leave pretty much when they choose.
- Top tick? Nuveen's P-E owner Madison Dearborn purchased the company for $6.3B in June 2007. TIAA-CREF chief Roger Ferguson's purchase today takes Madison out at near breakeven.
Apr. 11, 2014, 12:46 PM
- Extrapolating JPMorgan's Q1 results to some other banks, KBW sees a modest positive "read-across" to Citigroup (C -0.6%) and a neutral to Goldman Sachs (GS -1.6%) and Morgan Stanley (MS -1.6%).
- As for JPMorgan's results in asset management, KBW says a 9% Q/Q drop in revenues provides a "modestly disappointing," but not "a significant negative" read-across for peers. The team's favorites in the sector remain Affiliated Managers (AMG -0.7%), Invesco (IVZ -0.3%), and BlackRock (BLK -0.1%).
- JPMorgan earnings coverage
IVZ vs. ETF Alternatives
Invesco Ltd is an investment management companyoperating in more than 20 countries. Itprovides retail and institutional clients with an array of investment management capabilities.It has presence inthe institutional and retail markets.
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