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2021-11-18

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Investors Pull $520 Million From BlackRock's Big Momentum ETF

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ETF surfing the momentum of financial markets has just been hit by a near-$520 ","content":"<p>A big BlackRock Inc. ETF surfing the momentum of financial markets has just been hit by a near-$520 million outflow ahead of a major rebalancing of the quant strategy this month.</p>\n<p>Investors on Wednesday pulled the most cash since July from the iShares MSCI USA Momentum Factor exchange-traded fund (ticker MTUM), according to data compiled by Bloomberg.</p>\n<p>Wall Street analysts project that another significant makeover is on the way for the $16.4 billion fund within the next two weeks, so that it buys recent stock-market winners and dumps the losers.</p>\n<p>At the last semi-annual rebalance in May, an estimated 68% of holdings were changed to align with its trend-following goals.</p>\n<p>“Investors are getting ahead of the pending rebalance,” said Todd Rosenbluth, head of ETF and mutual fund research at CFRA. “That is likely to result in the ETF reducing exposure to industrials stocks and adding stakes in energy and real estate companies that have demonstrated relative strength in 2021.”</p>\n<p>Momentum strategies have been a hot topic on Wall Street lately after a period of improving performance, with a market-neutral version of the strategy up about 11% since June. MTUM hit a record this month following a 9% jump in October, its best month in almost a year.</p>\n<p>MTUM is part of a breed of ETFs known as smart-beta funds, a $1.6 trillion industry whose philosophy is mostly to pick stocks by some quantifiable characteristic.</p>\n<p>The ETF tracks an MSCI Inc. index that ranks stocks by their returns over a six month- and one-year horizon, and rebalances semiannually -- less frequent than most factor quants. In fast-moving, post-pandemic markets, a lot can happen between adjustments.</p>\n<p>The May rebalance saw it switch into financial stocks and ditch big tech. A period of underperformance followed before the ETF bounced back to a record.</p>\n<p>Berkshire Hathaway Inc., Walt Disney Co. and PayPal Holdings are among stocks at risk of being dumped by the ETF, Rosenbluth wrote in a report this month. ConocoPhillips and Exxon Mobil Corp. are among potential additions, he said.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investors Pull $520 Million From BlackRock's Big Momentum ETF</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestors Pull $520 Million From BlackRock's Big Momentum ETF\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-18 23:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/investors-pull-520-million-blackrocks-141555950.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A big BlackRock Inc. ETF surfing the momentum of financial markets has just been hit by a near-$520 million outflow ahead of a major rebalancing of the quant strategy this month.\nInvestors on ...</p>\n\n<a href=\"https://finance.yahoo.com/news/investors-pull-520-million-blackrocks-141555950.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BX":"黑石"},"source_url":"https://finance.yahoo.com/news/investors-pull-520-million-blackrocks-141555950.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183718414","content_text":"A big BlackRock Inc. ETF surfing the momentum of financial markets has just been hit by a near-$520 million outflow ahead of a major rebalancing of the quant strategy this month.\nInvestors on Wednesday pulled the most cash since July from the iShares MSCI USA Momentum Factor exchange-traded fund (ticker MTUM), according to data compiled by Bloomberg.\nWall Street analysts project that another significant makeover is on the way for the $16.4 billion fund within the next two weeks, so that it buys recent stock-market winners and dumps the losers.\nAt the last semi-annual rebalance in May, an estimated 68% of holdings were changed to align with its trend-following goals.\n“Investors are getting ahead of the pending rebalance,” said Todd Rosenbluth, head of ETF and mutual fund research at CFRA. “That is likely to result in the ETF reducing exposure to industrials stocks and adding stakes in energy and real estate companies that have demonstrated relative strength in 2021.”\nMomentum strategies have been a hot topic on Wall Street lately after a period of improving performance, with a market-neutral version of the strategy up about 11% since June. MTUM hit a record this month following a 9% jump in October, its best month in almost a year.\nMTUM is part of a breed of ETFs known as smart-beta funds, a $1.6 trillion industry whose philosophy is mostly to pick stocks by some quantifiable characteristic.\nThe ETF tracks an MSCI Inc. index that ranks stocks by their returns over a six month- and one-year horizon, and rebalances semiannually -- less frequent than most factor quants. In fast-moving, post-pandemic markets, a lot can happen between adjustments.\nThe May rebalance saw it switch into financial stocks and ditch big tech. A period of underperformance followed before the ETF bounced back to a record.\nBerkshire Hathaway Inc., Walt Disney Co. and PayPal Holdings are among stocks at risk of being dumped by the ETF, Rosenbluth wrote in a report this month. ConocoPhillips and Exxon Mobil Corp. are among potential additions, he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":73,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/876923624"}