Equities
| MINTs | |
|---|---|
| JCI(IDN) | +1.19% |
| INMEX(MEX) | -6.09% |
| NGSEINDX(NGA) | -14.70% |
| XU030(TUR) | +3.79% |
| BRICS | |
|---|---|
| IBOV(BRA) | -6.20% |
| SHCOMP(CHN) | -0.75% |
| NIFTY(IND) | +6.35% |
| INDEXCF(RUS) | +17.98% |
| TOP40(ZAF) | +2.60% |
Commodities
| Energy | |
|---|---|
| Heating Oil | -9.59% |
| Brent Crude Oil | -6.64% |
| Ethanol | -15.22% |
| WTI Crude Oil | -9.49% |
| Natural Gas | -9.44% |
| RBOB Gasoline | +2.30% |
| Metals | |
|---|---|
| Copper | -10.92% |
| Gold 100oz | +7.99% |
| Platinum | +2.27% |
| Palladium | -3.38% |
| Silver 5000oz | +9.55% |
Currencies
| MINTs | |
|---|---|
| USDIDR(IDN) | +2.29% |
| USDMXN(MEX) | +1.54% |
| USDNGN(NGA) | +2.25% |
| USDTRY(TUR) | +4.55% |
| BRICS | |
|---|---|
| USDBRL(BRA) | +0.94% |
| USDCNY(CHN) | +0.73% |
| USDINR(IND) | -1.86% |
| USDRUB(RUS) | +19.40% |
| USDZAR(ZAF) | +0.79% |
| Agricultural | |
|---|---|
| Cocoa | -3.55% |
| Coffee (Robusta) | +1.53% |
| Lumber | -2.74% |
| Soybean Meal | -9.07% |
| White Sugar | -2.07% |
| Soybeans | -5.88% |
| Coffee (Arabica) | -4.31% |
| Corn | -7.56% |
| Feeder Cattle | -6.25% |
| Wheat | -14.73% |
| Cattle | -6.55% |
| Cotton | -2.45% |
| Lean Hogs | -17.35% |
| Orange Juice | +0.07% |
| Sugar #11 | +1.44% |
Credit Indices
| Index | Change |
|---|---|
| Markit CDX EM | -2.75% |
| Markit CDX NA HY | -0.52% |
| Markit CDX NA IG | +2.54% |
| Markit iTraxx Asia ex-Japan IG | +5.51% |
| Markit iTraxx Australia | +2.89% |
| Markit iTraxx Europe | -7.13% |
| Markit iTraxx Europe Crossover | -36.06% |
| Markit iTraxx Japan | -2.64% |
| Markit iTraxx SovX Western Europe | -2.88% |
| Markit LCDX (Loan CDS) | +0.24% |
| Markit MCDX (Municipal CDS) | +3.87% |
We certainly started the party with a bang: Euro QE, Swiss abandon, Rajan rate-cut… Oh my!
Index Returns
Sector Performance
Advance Decline
Market Cap Decile Performance
| Decile | Mkt. Cap. | Adv/Decl |
|---|---|---|
| 1 (micro) | -3.90% | 68/66 |
| 2 | +2.62% | 79/54 |
| 3 | +0.33% | 73/60 |
| 4 | +2.82% | 81/52 |
| 5 | +4.56% | 72/61 |
| 6 | +3.52% | 81/52 |
| 7 | +7.85% | 77/56 |
| 8 | +5.76% | 76/57 |
| 9 | +5.68% | 69/64 |
| 10 (mega) | +8.38% | 69/65 |
Large caps did good. Midcaps not so much.
Top Winners and Losers
DLF – looks like the market likes the EMI scheme. M&MFIN and PNB got shellacked because of poor shows at earnings parade. The Adanis continued to entertain…
ETF Performance
| INFRABEES | +7.79% |
| NIFTYBEES | +6.68% |
| BANKBEES | +5.84% |
| JUNIORBEES | +5.46% |
| GOLDBEES | +4.65% |
| CPSEETF | -0.12% |
| PSUBNKBEES | -3.71% |
Had gold found a bottom?
Yield Curve
Bond Indices
| Sub Index | Change in YTM | Total Return(%) |
|---|---|---|
| GSEC TB | -0.33 | +0.74% |
| GSEC SUB 1-3 | -0.92 | +0.94% |
| GSEC SUB 3-8 | -0.18 | +1.48% |
| GSEC SUB 8 | -0.14 | +1.91% |
The long bond was a rock-star.
Investment Theme Performance
| Growth with Moat | +10.36% |
| Efficient Growth | +9.20% |
| Market Elephants | +8.04% |
| Financial Strength Value | +7.70% |
| Balance-sheet Strength | +5.57% |
| CNX 100 50-Day Tactical | +5.37% |
| Auto | +3.66% |
| Quality to Price | +3.53% |
| Market Fliers | +3.06% |
| Magic Formula Investing | +2.85% |
| The Other Value | +2.19% |
| IT 3rd Benchers | +2.10% |
| Old Economy Value | +1.61% |
| Momentum 200 | +1.54% |
| ADAG Mania | +0.25% |
| Enterprise Yield | +0.22% |
| Refract: PPFAS Long Term Value Fund | -1.63% |
| Piotroski ROC Small Caps | -2.80% |
comme ci comme ça…
Equity Mutual Funds
Bond Mutual Funds
Thought to sum up the month
Is there such a thing as a “perfect” value investor? Bob Goldfarb, chief executive of the legendary Sequoia Fund, was asked by Columbia University professor Louis Lowenstein “to select ten dyed-in-the-wool value investors who all followed the essential edicts of Graham and Dodd.”
Goldfarb came up with nine. For a nine-year period from 2006 through 2014, the average return of the eight funds that survived to the end was 6.70% vs. the S&P 500 Index’s 7.99%.
Source: Looking Back at James Montier’s “Perfect” Value Investors