Salient to Investors: Net buying of long-term US equities, notes and bonds totaled $3.3 billion in September versus $90.3 billion in August and versus the median economist estimate of $50 billion. Millan Mulraine at TD Securities said the slowdown was due in part to the improvement in global sentiment towards Europe,
READ MORE... →Salient to Investors: Owi Ruivivar at Goldman Sachs Asset Mgmt said: If surging demand continues for Asian bonds and distorts prices for a long period of time, the likelihood of asset bubbles increases because prices do not fully reflect economic fundamentals. Supply and demand have become the dominant drivers of bond valuations rather
READ MORE... →Salient to Investors: BlackRock’s junk bond ETF reported an outflow of 2.4 million shares yesterday, the biggest daily withdrawal in its five-year history. The five largest junk-bond ETFs have lost $1.97 billion of assets since Sept. 20 as investors sour on a four-year rally in junk debt. Read the full article at
READ MORE... →Salient to Investors: Raymond Key at Deutsche Bank said gold will rise to a record above $2,000 an ounce in 2013 as central banks continue to print money, but don’t expect too much as the rally is maturing. Jeremy East at Standard Chartered said gold will be the best performing metal, driven by the ETF.
READ MORE... →Salient to Investors: Real Capital Analytics said foreigners bought more UK properties worth over $9.5 million than residents for the first time in a decade, and bought 13.5 billion pounds of UK property through Oct. 12, versus 9.3 billion pounds of domestic purchases. Portfolio investments, including equities and debt, showed a 37.6 billion- pound net inflow
READ MORE... →Salient to Investors: Brazilian equities saw the biggest outflows in the past two months since Lehman’s collapse in 2008. EPFR Global said emerging-market equity funds attracted $10 billion during the same period, while Mexican stock funds had inflows of $179 million. Brazil’s domestic stock funds had inflows of $2.5 billion so far in 2012 versus
READ MORE... →Salient to Investors: CTFC said hedge funds et al cut combined net-long positions across 18 U.S. futures and options by the most since June 5 and for the fifth week, the longest slump since April. Gold wagers fell to the lowest since August. Adam De Chiara at CoreCommodity Mgmt said the tailwind
READ MORE... →Salient to Investors: More US ETFs and ETNs are being liquidated than ever before, victims of investor disinterest after their and assets expanded 111 percent versus 11 percent increase for active managers. Competition has squeezed smaller funds after BlackRock cut fees and the five-biggest securities collected 25 percent of the industry’s assets.
READ MORE... →Salient to Investors: So far in 2012, hedge funds’ gains are 1.1 percent, macro funds are down 1.3 percent, multi-strategy funds are down 7.1 percent, long-short equity funds are up 1.5 percent; versus 13 percent for equities worldwide, including dividends. Hedge Fund Research said hedge fund assets grew 3.6 percent to a record $2.19 trillion in
READ MORE... →Salient to Investors: Wilshire Associates said US public pensions ended Q3 with a median gain of 4.67 percent as bond managers bought riskier debt and fixed-income securities with longer maturities. The median public pension was 55.5 percent in stocks, 25.7 percent in bonds, almost 3.7 percent in real estate, and 1.9 percent
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