Блог IBKR Quant


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Macro

Interactive Brokers - The U.S. Week Ahead (Feb 18-22), Back to the Wall


Although economic releases on the U.S. calendar in the week ahead will be rather light amid the observance Monday in honor of Presidents' Day there will still be several salient data points and corporate events on tap.
 
Monday, February 18
  • Federal Holiday
 
Most government offices, courts and banks will be closed Monday in honor of Presidents' Day. 
Market participants may take this time to reflect on the progress of the current U.S. administration, amid on-going trade negotiations with China, President Donald Trump’s declaration of a national emergency to secure funding for border security, as well as the wind-down of earnings season as retailers get set to announce their results following December’s worst retail sales report in nearly a decade.
 
Briefing.com’s chief market analyst Patrick O’Hare noted that the “worst retail sales report in nearly ten years triggered a decline in the S&P 500 of exactly 7.3 points, or 0.27%.  In other words, that report did almost nothing to upset a market that has surged nearly 400 points, or 16.8%, since its low on December 24.”
 
 
O’Hare said that the market is “enjoying an out-of-body experience right now, where it floats above weak data and downward earnings revisions, supported by reports that the U.S. and China are making progress toward a trade agreement -- or at least progress toward an agreement not to make things worse -- and that the Federal Reserve is progressing toward a more dovish-minded policy stance.”
 
He described the behavior as “a meditative practice that has been a calming influence following the volatility of the fourth quarter, yet the duration of the meditative period makes one wonder just how long it can last.”
 
Tuesday, February 19
  • NAHB Housing Market Index (Feb)
 
The week kicks off in earnest Tuesday with an update on the NAHB/Wells Fargo National and Regional HMI, after January’s data ticked up to 58 from 56 in the prior month – and came in stronger-than-expected. 
 
The latest gauge generally suggested some strengthening in the housing sector following a bout of downbeat sales and construction data, which had signaled a slowdown throughout the fourth quarter of 2018.
 
 
Wednesday, February 20
  • MBA Mortgage Applications
  • Redbook
  • API Crude Oil Stocks
 
Meanwhile, investors will receive mid-week weekly reports on mortgage applications from the Mortgage Bankers Association (MBA), retail sales trends from the Johnson Redbook Index, and regional crude inventories from the American Petroleum Institute (API).
 
Although the cost of crude had been on a steep downward trajectory in the fourth quarter of 2018, it has reversed course somewhat, amid U.S. sanctions on Iran, Venezuelan volatility, as well as supply cuts.
 
Russian Energy Minister Alexander Novak said in late December that oil prices could stabilize in the first half of 2019, following joint efforts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia-led non-OPEC producers to curtail supply. The international oil producing consortiums agreed earlier in December to cut their combined crude output by 1.2 million barrels per day from January.
 
 
 
The cost of crude had bottomed around the time of Novak’s remarks at around US$42.97, according to the IBKR Trader Workstation (TWS). The commodity has since risen about 28.7% from that level but remains around 27.5% off its 52-week high of US$76.25 set in early October.
 
Blue Line Futures president Bill Baruch noted that crude oil “does not seem that it wants to move lower and now we are embarking on a more seasonally bullish time of year. Furthermore, strong technical support has defended what we had believed to be equally strong waves of selling.” 
 
Baruch continued that given Saudi Arabia will reduce production in March and further reduce exports to the U.S., “we imagine that the one-two combination from this and a higher demand season” that crude oil “has the gas to run to $60 over the next couple months.”
 
The active crude oil futures contract was last trading at a little above US$55.30 intraday Friday, a rise of roughly 1.6% on the day. 
 
 
Thursday, February 21
  • Initial Jobless Claims
  • Durable Goods (Dec)
  • Markit Manufacturing PMI (Flash – Feb)
  • Markit Services PMI (Flash – Feb)
  • Existing Home Sales
  • EIA Crude Oil Stocks
 
Elsewhere, economic updates are set to shift into higher gear Thursday, including reports on weekly jobless claims, durable goods for December, flash readings of manufacturing and services PMIs from IHS Markit, existing home sales data, as well as petroleum inventories from the Energy Information Administration (EIA).
 
On the manufacturing front, IHS Markit said it observed overall improvements in operating conditions across the sector in January, buttressed by faster expansions in output and new orders. Domestic demand had driven new business growth, as new export orders rose only slightly and at the weakest rate since last October. 
 
 
 
The seasonally adjusted IHS Markit final U.S. Manufacturing Purchasing Managers’ Index (PMI) posted 54.9 in January, up from 53.8 in December. The increase had signaled strong and faster improvement in the overall health of the sector and was above the long-run series average.
 
Chris Williamson, chief business economist at IHS Markit, said that the “upturn in business activity in January helped lift confidence in the outlook, though many companies clearly remain concerned about the impact of trade wars and rising protectionism.” 
 
Williamson continued that domestic markets “provided the main source of new work for manufacturers, offsetting a near-stalling of export trade, the latter linked to subdued demand for US goods in foreign markets. 
 
“Although higher than December, the overall rise in new orders was the second-lowest since last August, hinting at a slight cooling of demand growth in recent months which served to keep the headline PMI below the average recorded last year.”
 
 
Friday, February 22
  • Baker Hughes Oil Rig Count
 
Investors focusing on oil will be looking to the Baker Hughes Rig Count for further color on the drilling industry and its suppliers. 
 
The prior count on February 8 saw a pick-up of 4 rigs for a total of 1,049 in the U.S. To date in 2019, rigs have expanded by nearly 75 year-on-year compared to a drop of 85 in Canada and an increase of 63 internationally. 
 
Baker Hughes notes that when drilling rigs are active, they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.
 
 
Corporate Events
Consume, Consume, Consume
 
CAGNY Conference 2019
February 18–22 • Boca Raton, FL
 
Consumer businesses and analysts will descend on Boca Raton, Florida starting Monday, for the Consumer Analyst Group of New York’s (CAGNY) annual conference.
 
The five-day event should prove interesting to those investors paying attention to industry transformations, including U.S.-based alcoholic beverage maker Constellation Brands’ (NYSE:STZ) recent US$4bn investment in Canada’s cannabis producer Canopy Growth (TSX:WEED, NYSE:CGC), as well as Altria’s (NYSE: MO) recent US$11.5bn corporate debt sale to help fuel its US$12.8bn purchase of e-cigarette maker JUUL.
 
Among the long list of attendees, the conference is slated to include Altria, Canopy Growth, Constellation Brands, Procter & Gamble (NYSE: PG), The Coca-Cola Company (NYSE: KO) and Tyson Foods (NYSE: TSN).
 
 
Earnings
 
Walmart (NYSE: WMT) is on the radar Tuesday to announce its fourth quarter earnings results before the market opens.
 
Walmart’s stock has been on the climb recently after plunging from its latest 52-week high in early November 2018. Shares have recovered roughly 15.7% of those losses and stand about 5.35% away from that high.
 
 
In intraday trading action Friday, Walmart’s stock was up around 0.85% to US$99.36.
 
Indeed, as Briefing.com’s O’Hare observed, it appears the dismal December retail sales figures have done little to dampen shareholder sentiment.
 
In the meantime, select the Event Calendar option in the IBKR Trader Workstation for a full list of U.S. and global corporate events and earnings, dividend schedules, economic data, IPOs and more.
 --
The author does not hold any positions in the financial instruments referenced in the materials provided.

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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акции

Schroders - Sugar in 2019: Current State of Play - By Elly Irving


Sugar is moving up social and political agendas, handing an advantage to those companies that are already adapting to a more sugar-constrained industry.

Sugar has become an increasingly important driver of the food and beverage industry since we first explored the topic in 2015. Below we look at the original risks we identified in 2015 and provide an update on how the industry is responding, and what we’re doing at Schroders to incorporate this risk into our investment processes.

 

Part 1: Sugar is a key strategic issue for the sector

The three catalysts we identified in 2015 have continued to build, pointing to tougher action and bigger impacts on the industry in the future.

 

Catalyst 1: Increasing awareness among consumers and public health bodies

Increasing awareness of the health effects of sugar is leading to volume and price growth declines across the consumer staples sector, partly as a result of tougher regulations. While soft drinks have shouldered the bulk of this burden, food producers are next in the firing line.

 

Catalyst 2: Rising healthcare costs

Sugar is adding to governments’ increasingly burdensome healthcare bills, thanks to the part it plays in the global prevalence of obesity, diabetes and non-communicable diseases. Governments around the world have reacted by introducing sugar taxes, raising revenue and making products more expensive for consumers. Those companies that have already reformulated their ranges or have less exposed portfolios should benefit relative to slower peers.

 

Catalyst 3: Increased possibility of large-scale litigation

Litigation risk remains material. Despite challenges quantifying and attributing the damages caused by sugar consumption, we estimate the impact could be over 1% of the consumer staples sector’s current earnings. Companies with portfolios which are structurally less exposed to sugar are in the strongest positions.

 

Part 2: The industry is responding

M&A, divestment and the threat from activist investors

Since 2015, we’ve seen the continued rise of smaller challenger brands creating a wide range of M&A opportunities for the food majors. We have also seen the food majors themselves become a target of activism regarding their commitment to R&D into healthier products. 

 

Reformulation, reducing portion sizes and product innovation

Food and beverage majors are also reformulating existing product portfolios to respond to consumer demand and the threat of sugar taxes. But the results of their efforts have been mixed; reformulation can be costly and can damage the brand if it doesn’t meet consumer expectations.

 

Increase in advertising spend

Another response we’ve seen is an increase in advertising to help offset the move to healthier alternatives.

 

Part 3: We’re taking steps to mitigate sugar risk

Engaging for better disclosure

We have seen an improvement in corporate disclosure with greater coverage of the issues around sugar since the publication of our Investor Expectations: Sugar, Obesity and Non-communicable Diseases. Our research provides a framework for company disclosure and has been distributed to over 40 global food and beverage companies.

 

Company research and stock recommendations

Our proprietary research platform at Schroders includes over 40 instances of analysts factoring sugar risk into their recommendations, research or company discussions. There are over 50 references to sugar taxes alone.

 

Portfolio construction

That analysis is feeding into portfolio decisions across Schroders, with teams adjusting their sector exposure to mitigate potential balance sheet risk faced by the food and beverages sector.

 

Conclusion

The majority of the risks identified in our original research piece in 2015 have risen. We believe that trends such as the implementation of sugar taxes, regulations regarding advertising and selling practices, and ongoing changes in consumer tastes will continue to create headwinds for the food and beverages sector. Food companies now face greater pressure to reformulate and innovate to protect future earnings. Improved corporate disclosure has helped us to more effectively identify industry leaders and laggards but we will continue to engage and monitor emerging best practices.

 

Elly Irving is a Sustainable Investment Analyst within the Schroders Sustainability strategic capability. Read more of our Sustainability insights

--

Please remember past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change.  To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 31 Gresham Street, London, EC2V 7QA. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Schroders and is being posted with Schroders’ permission. The views expressed in this material are solely those of the author and/or Schroders and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Macro

Morningstar - 3 Strategies for Generating Cash Flow in Retirement


Host Christine Benz discusses three approaches to consider for retirement.

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Originally Posted on February 13, 2019

Morningstar provides a constant source for investment ideas with our comprehensive analyst reports on equities, ETFs, and credit ratings from more than 100 analysts. U.S. Interactive Brokers clients can sign up for a free trial of these reports in Account Management.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal, or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

 

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Morningstar and is being posted with Morningstar's permission. The information provided in this material is from Morningstar and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Macro

Real Vision - Hedge Funds Are Under Intense Pressure (w/ Christian Alexander)


Christian Alexander, founder of Macro Link Agency, discusses business model performance, central banks, and activity in the industry.

 

Originally Posted on February 12, 2019

Real Vision is a subscription-based video channel (SVOD) helping you invest like a pro. 

Most of the content is long form (30-90 minutes) and includes exclusive in-depth interviews, macro-theme documentaries and deep dive analysis from the world's smartest hedge fund managers, geopolitical analysts and investors. There is also a mix of shorter content (10-15 minutes) which features fully explained trade ideas from the smartest professionals on Wall Street.

www.realvision.com

Real Vision has carved out a reputation for delivering deep-dive analysis and expert opinion from the world’s leading experts in their fields - helping it achieve a ‘World Class’ NPS score of 63 and a rating of ‘5 Star Excellent’ on Trust Pilot..

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Real Vision and is being posted with Real Vision’s permission. The views expressed in this material are solely those of the author and/or Real Vision and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22781




Macro

Krane Funds Advisors LLC - Optimizing Exposure to the Emerging Market Rebalance


Emerging markets are back in focus. So far in 2019, investors reallocated $7.4 billion into US-listed emerging market (EM) equity ETFs1. At the same time, both developed market and US equity ETFs lost a combined $27.6 billion2. These asset flows are indicating a shift in investor preference that may be the beginning of a longer trend. However, we believe that simply moving into a general, broad-based emerging market ETF may not be the most optimal approach. Emerging market portfolios could benefit from greater exposure to the following specific growth drivers:

  • Urbanization
  • Middle-class consumption
  • Rapid adoption of mobile technology

Five years ago, we launched the KraneShares CSI China Internet ETF (ticker: KWEB) in an attempt to capture a concentrated exposure to consumer technology in China. We believe the success of KWEB in recent years underscores how growth sectors can potentially benefit portfolios. We subsequently launched the KraneShares Emerging Markets Consumer Technology ETF (ticker: KEMQ) in an attempt to deliver a similar exposure across emerging markets. Adding KEMQ to a broader emerging market portfolio may provide more growth-oriented sector exposure.

Several factors have influenced investors to move towards emerging market equities in recent months. First, the US stock market experienced high volatility in 2018, creating skepticism about the continued rise of the US bull market. The CBOE Volatility Index (VIX), which measures the US market’s expectation of future volatility, had a daily average of 16.6 in 2018 as opposed to 11.1 in 2017, an increase of 50% year-over-year3. This high volatility seems to have caused many investors to sell US equities in search of other opportunities.

The valuation gap between US stocks and emerging market stocks make EM look attractive on both a relative and historical basis. At the end of January, the forward Price-to-Earnings ratio (forward P/E) of the MSCI Emerging Market Index was 11.44 versus 15.96 for the MSCI US Index. The MSCI All China Index, which is comprised of Chinese stocks listed across all stock exchanges was also particularly attractive with a forward P/E of 10.654.

While valuations outside the US look compelling, the rising US interest rate environment of 2018 promoted a strong US dollar, which tempered enthusiasm for non-US equities. After the US stock market stumbled through its worst December in decades, the Federal Reserve (Fed) decided on January 30, 2019 to leave its benchmark interest rate unchanged. More surprisingly, the Fed also indicated that rates may remain unchanged for some time. We believe this creates a supportive environment for emerging market stocks due to compelling valuations and a weaker US dollar.

We believe the greatest potential growth in EM could come from emerging market consumer technology. Two critical catalysts for this trend are rising urbanization and middle-class consumption. When people move from rural areas into cities, their standard of living and income generally rise. This is occurring rapidly in emerging markets where, over the past 15 years, the total population living in urban areas has increased by more than 400 million people, and average GDP per capita has more than doubled5.

Urbanization in emerging markets has also been accompanied by a rise in household consumption, and increasingly, EM consumers are using mobile technology to purchase goods and services. From 2000 to 2017, household consumption in emerging markets grew by 60%5, and across the same time period, mobile phone subscriptions saw average growth of 50x6. This, in turn, caused an explosion of e-commerce and mobile payments in countries like China, which had $1.34 trillion in retail web sales in 20187.

While the proliferation of emerging market consumer technology has been significant in recent years, we believe this growth trend could continue over the next decade. The McKinsey Global Institute estimates that consumers living in emerging market cities will contribute 56% of global consumption growth from 2015-20308. This coupled with the fact that the average internet penetration rate of emerging market countries is 59% as compared to 89% in the United States9, means that consumer technology in emerging markets could still have significant room to grow.

Broad-based EM indexes often have greater weights to sectors such as financials and commodities while underweighting growth sectors, such as consumer technology. Despite the recent expansion of technology and e-commerce in emerging markets, the largest sector by weight of the top 5 US-listed emerging market ETFs is financials with a median weight of 25%10. Discerning investors may consider adding KEMQ to their current emerging market allocation in an attempt to achieve optimal sector exposure to match their specific risk/growth appetite.

We believe that the recent shift in US investor preference towards emerging markets reflects a potentially attractive relative value opportunity. Additionally, companies geared toward EM consumer technology trends may provide greater long-term growth potential than broad-based emerging markets due to the proliferation of technology in EM countries. KEMQ has a differentiated sector exposure compared to traditional emerging market funds and may be suitable for investors looking to diversify their US holdings.


  • The MSCI Emerging Markets Index captures large and mid-cap representation across 23 Emerging Market countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. (Start Date: Jan 1 2001)
  • The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the US. (Start Date: Mar 31, 1986)
  • MSCI China All Shares Index captures large-and mid-cap representation across China Ashares, Bshares, Hshares, Redchips, P chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included.

 

  • Volatility is a statistical measure of the dispersion of returns for a given security or market index.
  • Price-Earnings Ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings.
  • Forward Price-to-Earnings (P/E) is a current stock’s price over its estimated earnings per share.
  • Forward Price-to-Booking (P/B) compares a firm’s market to book value by dividing price per share by book value per share.
  • Forward Price/Earnings to Growth (PEG) a stock’s price-to-earnings (P/E) ratio divided by the growth rate of its earnings for a specified time period.

  1. Data from Bloomberg as of 1/31/2019
  2. Data from Bloomberg as of 1/31/2019
  3. Data from Bloomberg as of 12/31/2018, retrieved 1/31/2019.
  4. Data from Bloomberg as of 1/31/2019
  5. Data from the World Bank as of 12/31/2017, retrieved 1/31/2019.
  6. International Telecommunications Union statistics database as of 12/31/2017, retrieved 1/31/2019.
  7. National Bureau of Statistics in China, “Total Retail Sales of Consumer Goods in December 2018” Retrieved 1/31/2019. Note: Figures converted from Chinese Renminbi to USD
  8. McKinsey Global Institute, “Urban World: The Global Consumers to Watch”, 2016, retrieved 1/31/2019.
  9. Internetlivestats.com as of 12/31/2016, retrieved on 1/31/2019.
  10. Data from Bloomberg as of 12/31/2018, retrieved 1/31/2019. The top 5 emerging market ETFs calculated by total Fund Assets as of 12/31/2018.

This material represents the managers opinion. It should not be regarded as investment advice or recommendation of specific securities.

The KraneShares ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Fund. Additional information about SIDCO is available on FINRA’s BrokerCheck.

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Originally Posted on February 14, 2019

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Krane Funds Advisors, LLC and is being posted with Krane Funds Advisors, LLC permission. The views expressed in this material are solely those of the author and/or Krane Funds Advisors, LLC and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


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Уведомления

Нам важно ваше мнение. С любыми вопросами и комментариями, касающимися блога IBKR Quant, обращайтесь по адресу ibkrquant@ibkr.com.

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Ценные бумаги и прочие финансовые инструменты, упомянутые в публикуемых материалах, подходят не всем инвесторам. В публикуемых материалах не учитываются ваши инвестиционные намерения, финансовые обстоятельства или потребности, и их целью не является рекомендация каких-либо бумаг, инструментов или стратегий. Прежде чем совершать вклады или сделки, убедитесь, что они целесообразны в вашей ситуации, и при необходимости обратитесь за мнением профессионала. Результаты прошлой деятельности не являются гарантией эффективности в будущем.

Сведения, предоставленные третьими лицами, были получены из источников, которые считаются достоверными и точными; однако IB не гарантирует их корректность и не несет ответственность за какие-либо ошибки или упущения.

Все данные, опубликованные сотрудниками IB или аффилированной организацией, основываются на информации, которая считается достоверной. Однако ни IB, ни аффилированные лица компании не отвечают за их точность, полноту или корректность. IB не дает никаких гарантий касательно прошлой или будущей эффективности финансовых инструментов. Публикуя материалы в IB Quant, IB не утверждает, что упомянутые инструменты или торговые стратегии вам подойдут.