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The PowerShares Fundamental Pure Small Value Portfolio (Fund) is based on the RAFI® Fundamental Small Value Index (Index). The Fund will invest at least 90% of its total assets in the securities that comprise the Index. The Index is comprised of common stocks of "small value" U.S. companies, including real estate investment trusts (REITs), from a universe comprised of the 2,500 largest U.S. companies.
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Country: United States
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Tuesday, Mar 411:54 AM
Tuesday, Mar 411:54 AM| 12 Comments
- The Dow, S&P 500, and Nasdaq are all ahead about 1.25%, but the small caps are really breaking out, with the Russell 2000 up 2.8%, at an all-time high, and now ahead 4% on the year vs. a 1.4% gain for the S&P 500.
- The index's gain over the last month sums to nearly 11%. Last week, Ryan Detrick noted the Russell was up 14 of the previous 15 sessions for the first time in its history.
- ETFs: IWM, IJS, TZA, TNA, UWM, VB, IJR, SLY, EES, RWJ, VBR, VBK, URTY, SCHA, TWM, IWO, IWN, IJT, RWM, SRTY, DWAS, SAA, JKL, VTWO, SLYG, RZV, SLYV, VIOO, SDD, JKJ, RZG, SBB, RSCO, VTWG, UKK, FYX, TILT, VIOG, XSLV, SKK, VIOV, FYT, FNDA, JKK, PXSV, EWRS, UVT, VTWV, TWOK, SMLV, SJH, FYC, IESM, PXSC, VLU, PXSG
Wednesday, Feb 2612:42 PM
Wednesday, Feb 2612:42 PM| Comment!
- The major averages are posting moderate gains thus far in the session, but it's another big day for the small caps, with the Russell 2000 ahead 1.3%. Off 6% for the year around the start of February and lagging the S&P 500, the small cap gauge is now up 2.3% YTD, at a new all-time high, and ahead of the S&P by 190 basis points thus far in 2014.
- Small cap ETFs: IWM, IJS, TZA, TNA, UWM, VB, IJR, SLY, EES, RWJ, VBR, VBK, URTY, SCHA, TWM, IWN, IWO, IJT, RWM, SRTY, SAA, DWAS, JKL, VTWO, SLYG, RZV, SLYV, VIOO, SDD, JKJ, SBB, RSCO, RZG, VTWG, UKK, TILT, VIOG, FYX, XSLV, VIOV, SKK, FYT, PXSV, FNDA, JKK, EWRS, VTWV, UVT, TWOK, FYC, SMLV, SJH, IESM, PXSC, VLU, PXSG
Monday, Feb 31:24 PM
Monday, Feb 31:24 PM| 1 Comment
- The Russell 2000's (IWM -3.3%) decline is nearly twice that of the S&P 500 and has the small-cap index now underperforming the big-cap gauge YTD (down 5.7% vs. 5.2%). It was little more than a week ago, the Russell 2000 was outperforming by about 300 basis points, and there have been numerous warnings (I, II) in recent weeks about an overvaluation in small-cap stocks that just couldn't last.
- Small-cap ETFs: IJS, IWM, TZA, TNA, UWM, VB, IJR, SLY, EES, RWJ, VBR, VBK, URTY, TWM, SCHA, IWN, IWO, IJT, RWM, SRTY, DWAS, SAA, JKL, SLYG, VTWO, RZV, SLYV, SDD, JKJ, RSCO, SBB, RZG, VIOO, VTWG, UKK, FYX, TILT, VIOG, XSLV, FYT, VIOV, JKK, FNDA, EWRS, SKK, PXSV, UVT, TWOK, VTWV, SMLV, SJH, FYC, IESM, PXSC, VLU, PXSG
Monday, Jan 2712:31 PM
Monday, Jan 2712:31 PM| Comment!
- Once again, it's the Russell 2000 (IWM -1.9%) leading the way as the averages tumble. Green for the year just a few sessions ago, the small cap index is now off 3.6%, though it still hasn't caught up with the Dow's (DIA -0.5%) 4.7% YTD drop.
- Earlier: Small cap biotechs torched.
- Small cap ETFs: IJS, IWM, TZA, TNA, UWM, VB, IJR, SLY, EES, RWJ, VBR, VBK, URTY, TWM, SCHA, IWN, IWO, IJT, RWM, SRTY, DWAS, SAA, JKL, VTWO, SLYG, RZV, SLYV, SDD, JKJ, SBB, RSCO, RZG, VIOO, VTWG, UKK, FYX, TILT, VIOG, XSLV, VIOV, FYT, FNDA, JKK, EWRS, SKK, PXSV, UVT, TWOK, VTWV, SMLV, FYC, SJH, IESM, PXSC, VLU, PXSG
- Apple's higher ahead of earnings this evening, but the broader tech sector (QQQ -1.5%) is also taking a big hit. Excepting Apple, all of the top holdings of the Nasdaq 100 - Google, Microsoft, Amazon, Qualcomm, Gilead, Intel, Cisco, Comcast, and Facebook - are lower.
- Broad tech ETFs: XLK, VGT, TECL, IYW, ROM, TDIV, TECS, IGM, RYT, QTEC, PSCT, FTEC, FXL, REW, MTK, PTF
Friday, Jan 242:29 PM
Friday, Jan 242:29 PM| 10 Comments
- "Investors should prepare for a bout of significant Russell 2000 underperformance," presciently wrote Michael O'Rourke of Jones Trading last night, noting how unusual it was to see the DJIA off 2.3% YTD, but the Russell up 1%. Look for that performance gap to close, he said.
- Closing it is today, with the small-cap index off 2.5%, about 1% worse than the Dow, S&P 500, and Nasdaq. The iShares Russell 2000 Index ETF (IWM) -2.7%.
- Small-cap ETFs: IJS, IWM, TZA, TNA, UWM, VB, IJR, SLY, EES, RWJ, VBR, VBK, URTY, TWM, SCHA, IWN, IWO, IJT, RWM, SRTY, DWAS, SAA, JKL, VTWO, SLYG, RZV, SLYV, SDD, JKJ, SBB, RSCO, VIOO, RZG, VTWG, FYX, UKK, TILT, VIOG, XSLV, VIOV, FYT, FNDA, JKK, EWRS, SKK, UVT, PXSV, TWOK, VTWV, SMLV, FYC, SJH, IESM, PXSC, VLU, PXSG
Monday, Dec 92013, 12:00 PM
Monday, Dec 92013, 12:00 PM| Comment!
- December is the new January as far as small caps are concerned, with Arthur Hill pointing out it's actually the year's last month when small caps are most likely to outperform the market - they do it 74% of the time vs. 50% in January (and a range of 40-60% for the rest of the year).
- The Russell 2000 (IWM -0.2%) is off today as the S&P 500 (SPY +0.3%) rises, and thus far this month the S&P 500 - is ahead of the Russell by 140 basis points.
- Small cap ETFs: IJS, IWM, TZA, TNA, UWM, VB, IJR, SLY, EES, RWJ, VBR, VBK, URTY, TWM, IWN, SCHA, IWO, IJT, RWM, SRTY, SAA, JKL, DWAS, VTWO, SLYG, RZV, SLYV, SBB, SDD, JKJ, RSCO, RZG, TILT, UKK, XSLV, FYX, VTWG, VIOO, JKK, SKK, FYT, VIOG, EWRS, UVT, VIOV, PXSV, TWOK, VTWV, SMLV, SJH, FNDA, FYC, IESM, VLU, PXSG, PXSC
Tuesday, Jul 92013, 3:11 PMState Street (STT) is competing aggressively on price with the launch of its Russell 2000 ETF (TWOK) - the fund will have an expense ratio of 0.12% vs. iShares' (BLK) IWM with expenses of 0.24%, and Vanguard's VTWO at 0.21%. In addition, SSgA is relaunching 3 existing ETFs after refitting them to Russell indexes. The SPDR Russell 3000 ETF (THRK) replaces the SPDR Dow Jones Total Market ETF (TMW), with expense ratio halved to 0.10%. The SPDR Russell 1000 ETF (ONEK) replaces the SPDR Dow Jones Large Cap ETF (ELR), with expense ratio halved to 0.10%. The SPDR Russell Small Cap Completeness ETF (RSCO) replaces the SPDR Dow Jones Mid Cap ETF (EMM) with expense ratio falling to 0.10% from 0.25%. |Tuesday, Jul 92013, 3:11 PM| Comment!
Monday, Jul 82013, 3:54 PMState Street (STT) looks to take on iShares' (BLK) dominant small cap ETF (IWM) with the Tuesday launch of the SPDR Russell 2000 ETF (TWOK). IWM currently has $23.3B in AUM and an expense ratio of 0.24%. This compares to other far smaller competitors like Schwab's SCHA at 0.08% and Vanguard's VB at 0.10%. Previous: Small cap stocks outpace the S&P 500. Other reasonably popular ETFs: IJS, IJR.
|Monday, Jul 82013, 3:54 PM| 4 Comments
Tuesday, Jun 42013, 10:51 AMBNP's "Love-Panic Index" signals a correction ahead as it crossed into "love" territory a few weeks back. Past experience says to brace for an average 12% decline in the S&P (SPY) over the next 6 months. The biggest drivers of the recent move into "love" have been State Street's Investor Confidence, the CFTC's COT report, falling short interest, rising Nasdaq to NYSE trading volume, and small caps (IWM) outperformance over large caps (IWB). |Tuesday, Jun 42013, 10:51 AM| 14 Comments
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!