Equities
| MINTs | |
|---|---|
| JCI(IDN) | -0.45% |
| INMEX(MEX) | +1.43% |
| NGSEINDX(NGA) | +1.17% |
| XU030(TUR) | -5.02% |
| BRICS | |
|---|---|
| IBOV(BRA) | -3.26% |
| SHCOMP(CHN) | +3.83% |
| NIFTY(IND) | -3.24% |
| INDEXCF(RUS) | -7.54% |
| TOP40(ZAF) | -2.62% |
Commodities
| Energy | |
|---|---|
| Heating Oil | -9.11% |
| RBOB Gasoline | -6.43% |
| WTI Crude Oil | -12.16% |
| Brent Crude Oil | -10.01% |
| Ethanol | -5.40% |
| Natural Gas | -3.75% |
| Metals | |
|---|---|
| Gold 100oz | -4.17% |
| Palladium | -3.70% |
| Platinum | -5.31% |
| Copper | +0.75% |
| Silver 5000oz | -3.70% |
Currencies
| MINTs | |
|---|---|
| USDIDR(IDN) | +1.66% |
| USDMXN(MEX) | +1.68% |
| USDNGN(NGA) | -0.06% |
| USDTRY(TUR) | +0.99% |
| BRICS | |
|---|---|
| USDBRL(BRA) | +7.61% |
| USDCNY(CHN) | -0.12% |
| USDINR(IND) | +1.28% |
| USDRUB(RUS) | +2.23% |
| USDZAR(ZAF) | +5.29% |
| Agricultural | |
|---|---|
| Coffee (Robusta) | -9.60% |
| Cotton | -4.92% |
| Soybean Meal | +0.75% |
| Soybeans | -0.77% |
| Cattle | -0.03% |
| Lumber | -5.63% |
| Orange Juice | -3.39% |
| Sugar #11 | -4.84% |
| Wheat | +5.67% |
| Coffee (Arabica) | -3.41% |
| Lean Hogs | -7.64% |
| Cocoa | -2.97% |
| Corn | -2.21% |
| Feeder Cattle | +3.22% |
| White Sugar | -2.66% |
Credit Indices
| Index | Change |
|---|---|
| Markit CDX EM | -1.16% |
| Markit CDX NA HY | -0.13% |
| Markit CDX NA IG | +3.42% |
| Markit iTraxx Asia ex-Japan IG | +6.08% |
| Markit iTraxx Australia | +1.60% |
| Markit iTraxx Europe | -0.90% |
| Markit iTraxx Europe Crossover | -9.29% |
| Markit iTraxx Japan | -0.06% |
| Markit iTraxx SovX Western Europe | -2.06% |
| Markit LCDX (Loan CDS) | -0.02% |
| Markit MCDX (Municipal CDS) | +2.18% |
The markets threw a taper tantrum with rising rates in the US almost a certainty this year.
QE pushed the Euro down to ~parity vs. the US Dollar.
It was a bad week for the commodity complex as well as the rise in USD pummeled pretty much everything.
QE pushed the Euro down to ~parity vs. the US Dollar.
It was a bad week for the commodity complex as well as the rise in USD pummeled pretty much everything.
Nifty Heatmap
Index Returns
Sector Performance
Advance Decline
Market Cap Decile Performance
| Decile | Mkt. Cap. | Adv/Decl |
|---|---|---|
| 1 (micro) | -4.85% | 66/68 |
| 2 | -2.91% | 61/72 |
| 3 | -1.30% | 64/69 |
| 4 | -0.80% | 67/67 |
| 5 | +0.51% | 64/69 |
| 6 | -0.18% | 62/71 |
| 7 | +1.14% | 68/66 |
| 8 | +0.52% | 69/64 |
| 9 | +0.37% | 66/67 |
| 10 (mega) | -1.01% | 62/72 |
A bit of green in the belly of the beast but red in the large- and small-cap zones.
Top Winners and Losers
Not a good week for high-beta. Telecom stocks rallied…
ETF Performance
| INFRABEES | +3.79% |
| JUNIORBEES | -0.43% |
| CPSEETF | -1.34% |
| GOLDBEES | -2.67% |
| NIFTYBEES | -3.13% |
| PSUBNKBEES | -3.71% |
| BANKBEES | -4.79% |
Banks and financials got beat up pretty bad…
Yield Curve
Bond Indices
| Sub Index | Change in YTM | Total Return(%) |
|---|---|---|
| GSEC TB | -0.05 | +0.19% |
| GSEC SUB 1-3 | +0.20 | +0.04% |
| GSEC SUB 3-8 | +0.27 | -0.76% |
| GSEC SUB 8 | +0.18 | -1.32% |
The long-end of the curve wilted – given the rate of revisions in GDP estimates, our policy makers are more or less flying blind. Not a comforting thought if you are a bond investor.
Investment Theme Performance
| CNX 100 Enterprise Yield | +0.15% |
| Momentum | +0.08% |
| Low Volatility | +0.05% |
| Financial Strength Value | -0.34% |
| Textile, Metals, Chemicals, Paper and Energy Quality to Price | -0.54% |
| Next Trillion | -0.86% |
| ASK Life | -0.92% |
| Magic Formula | -1.16% |
| Auto and Consumer Goods Quality to Price | -1.22% |
| Media, Health, IT, Telecom, Services, Pharma Quality To Price | -1.36% |
| Quality to Price | -1.64% |
| Tactical CNX 100 | -1.78% |
| ADAG stocks | -2.27% |
| PPFAS Long Term Value | -2.29% |
| Long Term Equity | -3.36% |
| NSE & BSE Mix | -3.92% |
| Balance Sheet Strength | -4.40% |
| High Beta | -6.53% |
Momentum barely held on, but most investment strategies got beat up…
Equity Mutual Funds
| Worst | |
|---|---|
| HSBC Equity Fund – Growth | -3.65% |
| Sundaram Select Focus-Inst Growth | -3.74% |
| Sundaram Select Focus-Growth | -3.75% |
| Principal Growth Fund-Growth Option | -3.78% |
| Reliance Quant Plus Fund -Growth Option | -3.93% |
| Indiabulls Blue Chip Fund – Growth Option | -3.97% |
| Religare Invesco AGILE Fund – Growth Option | -4.47% |
Bond Mutual Funds
Thought for the weekend
Human leadership is almost entirely leadering. It is:
90% flying starling bullshit that just looks meaningful,
9% poorly calibrated goose-like navigational inertia reflecting ancient realities that have almost certainly shifted, and
1% lion-like roaring and posturing by a charismatic few.
Leaders like to call the three elements agility, mission and vision.
Source: The Art of Agile Leadership