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The PowerShares Dynamic Small Cap Portfolio (Fund) is based on the Dynamic Small Cap Intellidex Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to objectively identify those stocks within a particular market segment that have the greatest potential for capital appreciation. The Intellidex methodology thoroughly evaluates the investment merit of the 2,000 largest U.S. companies by analyzing numerous unique financial characteristics from four broad financial perspectives: fundamental, valuation, timeliness and risk.
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Monday, May 202013, 3:11 PMThe Russell 2000 (IWM) cracked 1,000 for the first time this morning, but the small cap sector is far from over-loved by the fund managers who invest in it, according to Credit Suisse's Lori Calvasina - they ended Q1 with cash holdings at a near 10-year high. Indexing (IJR, IWO, IWN XSLV are some others) beats most active management, but Calvasina screened for stocks owned by fewer than 50 small-cap funds with $500M-$1.5B market cap, and with favorable investment ratings. No surprise the answer is heavy on mREITs - MTGE, AMTG, PMT. Also coming up: OMX and WFR. |Monday, May 202013, 3:11 PM| Comment!
Thursday, May 92013, 3:24 PM"Our enthusiasm is clearly a notch below where we were at the beginning of the year," write Credit Suisse analysts, starting to see a bit of froth creep into small caps. At 16.4x earnings, the Russell 2000 (IWM) "has admittedly lost its valuation appeal." For now, they're buyers on dips, but should the index near the 1,000 level, valuation pressure will really start to be felt. |Thursday, May 92013, 3:24 PM| 3 Comments
Friday, Apr 262013, 9:26 AM
Monday, Apr 152013, 12:38 PM
Sunday, Apr 142013, 8:25 AMThe reconstitution of the Russell indexes coming up in June, Credit Suisse aims to anticipate who's in and who's out. The rules-based approach of the Russell 2000 has allowed arbitragers to profit each summer by front-running the moves, making the Russell 2000 ETF (IWM) a poorer play for small cap fans than IJR . Expected among the top 25 adds are ARCP, SRPT, PBYI, ACAD, and WSTC. Among the top 25 deletes: CPST, FCEL, CHKE, OMER, and EML. |Sunday, Apr 142013, 8:25 AM| Comment!
Tuesday, Mar 262013, 1:27 PMSmall-cap stocks are set to outperform, according to Goldman research showing the IWM outperforms the SPY by an annualized 8.1% in quarters following a steep drop in the VIX. The "acute" decline in the VIX YTD "provides a tailwind to small-cap performance in 2Q13." A must-read for small cap index fans is SA author Ploutos' piece suggesting IJR is your best bet. |Tuesday, Mar 262013, 1:27 PM| 3 Comments
Friday, Mar 222013, 12:29 PMLagging the solid rise in stocks today are small caps, the Russell 2000 (IWM) up 0.1% while the S&P 500 and Nasdaq post better than 0.5% gains. Thus far in 2013, IWM is about level with the S&P, but is about 300 bps better on a Y/Y basis. IJR - maybe better for small cap fans - has outperformed both. |Friday, Mar 222013, 12:29 PM| Comment!
Tuesday, Feb 192013, 9:10 AMOwners of the Russell 2000 ETF (IWM) may be able to declare arbitragers as dependents on their tax returns. Sharp traders have been gaming the rules-based rebalancing of the popular small-cap index for sweet profits each summer. Small-cap fans should instead take a look at IJR - it's performed better thanks to inclusion rules that may make more sense and are less likely to be arbitraged. |Tuesday, Feb 192013, 9:10 AM| Comment!
Monday, Jan 72013, 12:47 PMWith U.S. small caps "picked over," some managers are looking overseas for ideas. International valuations are at 13X earnings and dividend yields of 3% vs. domestic at 15X and 2%, according to Mark Bogar, whose firm is allocating 57% of it small cap exposure to foreign holdings, a big jump from a year ago. |Monday, Jan 72013, 12:47 PM| 1 Comment
Friday, Dec 212012, 12:33 PM
Thursday, Dec 62012, 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. |Thursday, Dec 62012, 3:46 PM| 2 Comments
Wednesday, Nov 142012, 11:16 AMMoving mostly in line with the S&P in the selloff since the Fed's mid-September QE∞ announcement, the Russell 2000 (IWM) begins to more sharply underperform over the past session and a half. The Russell's relative strength 2 months ago may have signalled a top. Could its weakness now be the start of a bottom forming? |Wednesday, Nov 142012, 11:16 AM| 1 Comment
Wednesday, Sep 192012, 8:56 AMThe Russell 2000 ETF (IWM) has broken out to an all-time high while the Dow and S&P remain a few percentage points shy of theirs, notes John Spence. Not only have small caps shown relative strength of late, but sizable inflows into their ETFs (IWM AUM +4.5% just yesterday) also suggest a greater appetite for risk-taking among investors. |Wednesday, Sep 192012, 8:56 AM| 3 Comments
Wednesday, Sep 52012, 7:16 AMWaiting for a rally in small caps as a sign the broader market is ready to break out to new highs? You've gotten it - the Russell 2000 (IWM) is up 6.6% since August 1 vs. SPY +2.2%. Small caps are often viewed as needing to outperform during uptrends to confirm investor appetite to take on risk. |Wednesday, Sep 52012, 7:16 AM| 1 Comment
Wednesday, Aug 292012, 11:43 AMA rally in small-caps could be given further momentum should the Fed - instead of QE - announce a program of incentives to juice bank lending, says RiverFront's Mike Jones. The boosted funding, he argues, might find its way into M&A, rather than plant and equipment. |Wednesday, Aug 292012, 11:43 AM| 3 Comments
Thursday, Aug 22012, 3:30 PMIf it's a healthy sign when small caps (IWM) lead large caps (SPY) during a rally, then the recent move higher should come with a warning. Small caps failed to take out their July 19 high and instead made a series of lower highs that month, writes Joe Bell. Actually, the S&P outperformance has been going on for longer than 4 weeks. |Thursday, Aug 22012, 3:30 PM| 5 Comments