BOND (PIMCO Total Return ETF, Expense Ratio 0.55%) was approaching fresh new all-time high yesterday on heavy trading volume before regressing a bit this morning. The fund, which debuted in March of 2012 has grown to a $3.3 billion name in terms of its asset size, still has seen net outflows year to date ($>-240 million) despite the recent positive run in performance. How is this Total Bond Market ETF positioned in terms of its exposure at the moment? We see the largest fund position in U.S. Treasury TIPS (9.27% of portfolio), with other top end positions in local authority bonds from the Province of Ontario, U.S.
SPDR S&P InternationalTechnology Sector ETF (IPK) was also flat. Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) andSemiconductor Sector Index Fund (SOXX) are unchanged, after closinghigher on Thursday. In corporate news, TETRA Technologies (TTI) has reported anadjusted Q1 2014 loss of $0.04 per share, down from income of $0.06per share in Q1 2013 and missing analyst estimates of a profit of$0.05. Total revenues were $212.85 million, up from $208.55 millionin Q1 2013 but missing analyst projections of $217.56 million. Theshares are down 2% pre-market.
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RPVs heavier emphasis on value stocks has been a winning strategy so far. Year-to-date, RPV has been outperformed, rising 5.3%, compared to the S&P 500 indexs 2.2% gain. IVE is up 3.1% year-to-date. Moreoever, RPV has provided a sterling long-term performance record.
If trends incurrency ETFs continue, this would be the third consecutive yearof outflows. Foreign-exchange ETFs invest in a single currency or basketof currencies. The funds aim to replicate price movements in theforeign-exchange market by holding currencies either directly orthrough currency-denominated short-term debt instruments. Currency ETFs are all about the needs of the end users,and make sense for investors who have a currency bet, but dontwant to deal with the relative hassle of being in the spotmarket , Reggie Browne, the head of ETF trading at CantorFitzgerald LP in New York , said in an April 29 phone interview.Everyone doesnt have easy access to regular currencyvehicles, and ETFs offer the tactically oriented, with a veryspecific call, to execute relatively easily. Smallest Class The $3.5 billion held by currency ETFs is the smallest forany class. While assets have more than doubled since 2007,thats about half the 245 percent growth rate of the $1.8trillion U.S. ETF market since the financial crisis erupted in2007.