{"id":2032011,"date":"2015-08-08T12:46:24","date_gmt":"2015-08-08T07:16:24","guid":{"rendered":"http:\/\/stockviz.biz\/index.php\/?p=2032011"},"modified":"2015-08-08T12:46:24","modified_gmt":"2015-08-08T07:16:24","slug":"weekly-recap-benchmark-idolatry","status":"publish","type":"post","link":"https:\/\/stockviz.biz\/index.php\/2015\/08\/08\/weekly-recap-benchmark-idolatry\/","title":{"rendered":"Weekly Recap: Benchmark Idolatry"},"content":{"rendered":"

\"world.2015-07-31.2015-08-07\"<\/p>\n

Equities<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n
Major<\/th>\n<\/tr>\n<\/thead>\n
DAX(DEU)<\/a><\/td>\n+1.61%<\/span><\/td>\n<\/tr>\n
CAC(FRA)<\/a><\/td>\n+1.42%<\/span><\/td>\n<\/tr>\n
UKX(GBR)<\/a><\/td>\n+0.33%<\/span><\/td>\n<\/tr>\n
NKY(JPN)<\/a><\/td>\n+0.68%<\/span><\/td>\n<\/tr>\n
SPX(USA)<\/a><\/td>\n-1.44%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n
MINTs<\/th>\n<\/tr>\n<\/thead>\n
JCI(IDN)<\/a><\/td>\n-0.67%<\/span><\/td>\n<\/tr>\n
INMEX(MEX)<\/a><\/td>\n+0.25%<\/span><\/td>\n<\/tr>\n
NGSEINDX(NGA)<\/a><\/td>\n+4.18%<\/span><\/td>\n<\/tr>\n
XU030(TUR)<\/a><\/td>\n-1.80%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
BRICS<\/th>\n<\/tr>\n<\/thead>\n
IBOV(BRA)<\/a><\/td>\n-4.43%<\/span><\/td>\n<\/tr>\n
SHCOMP(CHN)<\/a><\/td>\n+2.20%<\/span><\/td>\n<\/tr>\n
NIFTY(IND)<\/a><\/td>\n+0.37%<\/span><\/td>\n<\/tr>\n
INDEXCF(RUS)<\/a><\/td>\n+1.28%<\/span><\/td>\n<\/tr>\n
TOP40(ZAF)<\/a><\/td>\n-0.27%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
\n
\n
\n

Commodities<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n
Energy<\/th>\n<\/tr>\n<\/thead>\n
Brent Crude Oil<\/td>\n-7.00%<\/span><\/td>\n<\/tr>\n
Ethanol<\/td>\n-2.60%<\/span><\/td>\n<\/tr>\n
Heating Oil<\/td>\n-2.62%<\/span><\/td>\n<\/tr>\n
WTI Crude Oil<\/td>\n-7.78%<\/span><\/td>\n<\/tr>\n
Natural Gas<\/td>\n+2.80%<\/span><\/td>\n<\/tr>\n
RBOB Gasoline<\/td>\n-11.53%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
Metals<\/th>\n<\/tr>\n<\/thead>\n
Silver 5000oz<\/td>\n-1.34%<\/span><\/td>\n<\/tr>\n
Palladium<\/td>\n-2.32%<\/span><\/td>\n<\/tr>\n
Platinum<\/td>\n-2.49%<\/span><\/td>\n<\/tr>\n
Copper<\/td>\n-1.27%<\/span><\/td>\n<\/tr>\n
Gold 100oz<\/td>\n-0.46%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n
\n

Currencies<\/h3>\n

USDEUR<\/a>:+0.22% <\/span> USDJPY<\/a>:+0.27% <\/span><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
MINTs<\/th>\n<\/tr>\n<\/thead>\n
USDIDR(IDN)<\/a><\/td>\n+0.01%<\/span><\/td>\n<\/tr>\n
USDMXN(MEX)<\/a><\/td>\n+0.24%<\/span><\/td>\n<\/tr>\n
USDNGN(NGA)<\/a><\/td>\n+0.10%<\/span><\/td>\n<\/tr>\n
USDTRY(TUR)<\/a><\/td>\n+0.31%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
BRICS<\/th>\n<\/tr>\n<\/thead>\n
USDBRL(BRA)<\/a><\/td>\n+2.32%<\/span><\/td>\n<\/tr>\n
USDCNY(CHN)<\/a><\/td>\n+0.00%<\/span><\/td>\n<\/tr>\n
USDINR(IND)<\/a><\/td>\n-0.50%<\/span><\/td>\n<\/tr>\n
USDRUB(RUS)<\/a><\/td>\n+4.30%<\/span><\/td>\n<\/tr>\n
USDZAR(ZAF)<\/a><\/td>\n-0.40%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Agricultural<\/th>\n<\/tr>\n<\/thead>\n
Coffee (Arabica)<\/td>\n+0.95%<\/span><\/td>\n<\/tr>\n
Coffee (Robusta)<\/td>\n-6.71%<\/span><\/td>\n<\/tr>\n
Cattle<\/td>\n+2.50%<\/span><\/td>\n<\/tr>\n
Corn<\/td>\n+0.47%<\/span><\/td>\n<\/tr>\n
Cotton<\/td>\n-2.50%<\/span><\/td>\n<\/tr>\n
Orange Juice<\/td>\n+7.82%<\/span><\/td>\n<\/tr>\n
Sugar #11<\/td>\n-4.39%<\/span><\/td>\n<\/tr>\n
Lean Hogs<\/td>\n-1.34%<\/span><\/td>\n<\/tr>\n
White Sugar<\/td>\n-1.26%<\/span><\/td>\n<\/tr>\n
Cocoa<\/td>\n-2.49%<\/span><\/td>\n<\/tr>\n
Feeder Cattle<\/td>\n+1.54%<\/span><\/td>\n<\/tr>\n
Lumber<\/td>\n+3.33%<\/span><\/td>\n<\/tr>\n
Soybean Meal<\/td>\n-0.76%<\/span><\/td>\n<\/tr>\n
Soybeans<\/td>\n+3.17%<\/span><\/td>\n<\/tr>\n
Wheat<\/td>\n+2.46%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Credit Indices<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Index<\/th>\nChange<\/th>\n<\/tr>\n<\/thead>\n
Markit CDX EM<\/td>\n-0.45%<\/span><\/td>\n<\/tr>\n
Markit CDX NA HY<\/td>\n-0.03%<\/span><\/td>\n<\/tr>\n
Markit CDX NA IG<\/td>\n+0.86%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Asia ex-Japan IG<\/td>\n+1.78%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Australia<\/td>\n+2.72%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Europe<\/td>\n-0.84%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Europe Crossover<\/td>\n+1.87%<\/span><\/td>\n<\/tr>\n
Markit iTraxx Japan<\/td>\n+1.18%<\/span><\/td>\n<\/tr>\n
Markit iTraxx SovX Western Europe<\/td>\n-1.67%<\/span><\/td>\n<\/tr>\n
Markit LCDX (Loan CDS)<\/td>\n-0.04%<\/span><\/td>\n<\/tr>\n
Markit MCDX (Municipal CDS)<\/td>\n-0.98%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\nAnother bad week for commodities with the S&P flirting with red for the year. The energy and precious metals complex resumed their collapse. The Nifty barely made it to the green. INR appreciated against the USD but the USD appreciated against other major currencies.\n<\/div>\n<\/div>\n

Nifty Heatmap<\/h3>\n

\"CNX<\/a><\/p>\n

Index Returns<\/h3>\n

For a deeper dive into indices, check out our weekly Index Update<\/a>.
\n\"index.performance.2015-07-31.2015-08-07\"<\/a><\/p>\n

Market Cap Decile Performance<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Decile<\/th>\nMkt. Cap.<\/th>\nAdv\/Decl<\/th>\n<\/tr>\n<\/thead>\n
1 (micro)<\/td>\n+8.49%<\/span><\/td>\n79\/58<\/td>\n<\/tr>\n
2<\/td>\n+4.50%<\/span><\/td>\n77\/58<\/td>\n<\/tr>\n
3<\/td>\n+5.13%<\/span><\/td>\n71\/66<\/td>\n<\/tr>\n
4<\/td>\n+5.36%<\/span><\/td>\n74\/62<\/td>\n<\/tr>\n
5<\/td>\n+4.19%<\/span><\/td>\n76\/60<\/td>\n<\/tr>\n
6<\/td>\n+4.87%<\/span><\/td>\n76\/60<\/td>\n<\/tr>\n
7<\/td>\n+4.28%<\/span><\/td>\n77\/59<\/td>\n<\/tr>\n
8<\/td>\n+3.92%<\/span><\/td>\n78\/59<\/td>\n<\/tr>\n
9<\/td>\n+3.89%<\/span><\/td>\n75\/61<\/td>\n<\/tr>\n
10 (mega)<\/td>\n+2.36%<\/span><\/td>\n73\/64<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\nMidcaps out-performed large caps…\n<\/div>\n<\/div>\n

Top Winners and Losers<\/h3>\n
\n
\n\n\n\n\n\n\n\n
CANBK<\/a><\/td>\n+11.59%<\/span><\/td>\n<\/tr>\n
UNIONBANK<\/a><\/td>\n+17.03%<\/span><\/td>\n<\/tr>\n
CUMMINSIND<\/a><\/td>\n+18.95%<\/span><\/td>\n<\/tr>\n
HCLTECH<\/a><\/td>\n-5.90%<\/span><\/td>\n<\/tr>\n
COALINDIA<\/a><\/td>\n-5.55%<\/span><\/td>\n<\/tr>\n
BHEL<\/a><\/td>\n-4.38%<\/span><\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\nAfter spending the longest time in the doldrums, Cummins jolted up after its Q1 results.\n<\/div>\n<\/div>\n

ETF Performance<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n
PSUBNKBEES<\/a><\/td>\n+5.28%<\/span><\/td>\n<\/tr>\n
JUNIORBEES<\/a><\/td>\n+3.05%<\/span><\/td>\n<\/tr>\n
INFRABEES<\/a><\/td>\n+0.52%<\/span><\/td>\n<\/tr>\n
NIFTYBEES<\/a><\/td>\n+0.33%<\/span><\/td>\n<\/tr>\n
BANKBEES<\/a><\/td>\n+0.33%<\/span><\/td>\n<\/tr>\n
GOLDBEES<\/a><\/td>\n-0.38%<\/span><\/td>\n<\/tr>\n
CPSEETF<\/a><\/td>\n-1.18%<\/span><\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\nPSU banks continued to rally on the promise of free money.\n<\/div>\n<\/div>\n

Yield Curve<\/h3>\n

\"yield<\/a><\/p>\n

Bond Indices<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n
Sub Index<\/th>\nChange in YTM<\/th>\nTotal Return(%)<\/th>\n<\/tr>\n<\/thead>\n
0 5<\/td>\n+0.03<\/span><\/td>\n+0.11%<\/span><\/td>\n<\/tr>\n
5 10<\/td>\n+0.01<\/span><\/td>\n+0.08%<\/span><\/td>\n<\/tr>\n
10 15<\/td>\n-0.03<\/span><\/td>\n+0.33%<\/span><\/td>\n<\/tr>\n
15 20<\/td>\n-0.02<\/span><\/td>\n+0.33%<\/span><\/td>\n<\/tr>\n
20 30<\/td>\n-0.02<\/span><\/td>\n+0.30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\nThe Gilt market ended flat…\n<\/div>\n<\/div>\n

Investment Theme Performance<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Next Trillion<\/a><\/td>\n+6.89%<\/span><\/td>\n<\/tr>\n
Financial Strength Value<\/a><\/td>\n+6.74%<\/span><\/td>\n<\/tr>\n
High Beta<\/a><\/td>\n+5.45%<\/span><\/td>\n<\/tr>\n
Magic Formula<\/a><\/td>\n+5.26%<\/span><\/td>\n<\/tr>\n
Quality to Price<\/a><\/td>\n+4.94%<\/span><\/td>\n<\/tr>\n
Low Volatility<\/a><\/td>\n+2.85%<\/span><\/td>\n<\/tr>\n
Balance Sheet Strength<\/a><\/td>\n+2.57%<\/span><\/td>\n<\/tr>\n
PPFAS Long Term Value<\/a><\/td>\n+2.52%<\/span><\/td>\n<\/tr>\n
ASK Life<\/a><\/td>\n+2.31%<\/span><\/td>\n<\/tr>\n
Tactical CNX 100<\/a><\/td>\n+1.72%<\/span><\/td>\n<\/tr>\n
CNX 100 Enterprise Yield<\/a><\/td>\n+1.10%<\/span><\/td>\n<\/tr>\n
The RBI Restricted List<\/a><\/td>\n+0.90%<\/span><\/td>\n<\/tr>\n
ADAG stocks<\/a><\/td>\n+0.85%<\/span><\/td>\n<\/tr>\n
Momentum<\/a><\/td>\n+0.66%<\/span><\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\nWas a good week for most investment strategies…\n<\/div>\n<\/div>\n

Equity Mutual Funds<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
Best<\/th>\n<\/tr>\n<\/thead>\n
Reliance Small Cap Fund – Growth Plan – Growth Option<\/a><\/td>\n+4.09%<\/span><\/td>\n<\/tr>\n
UTI Mid Cap Fund-Growth Option<\/a><\/td>\n+3.56%<\/span><\/td>\n<\/tr>\n
IDBI Nifty Junior Index Fund Growth<\/a><\/td>\n+3.44%<\/span><\/td>\n<\/tr>\n
ICICI Prudential Nifty Junior Index Fund – Regular Plan – Growth<\/a><\/td>\n+3.43%<\/span><\/td>\n<\/tr>\n
IDBI Equity Advantage Fund – Growth Regular<\/a><\/td>\n+3.19%<\/span><\/td>\n<\/tr>\n
L&T India Value Fund-Growth Option<\/a><\/td>\n+3.04%<\/span><\/td>\n<\/tr>\n
Union KBC Small and Midcap Fund – Regular Plan – Growth Option<\/a><\/td>\n+2.98%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n
Worst<\/th>\n<\/tr>\n<\/thead>\n
Escorts High Yield Equity Plan – Growth Option<\/a><\/td>\n-0.79%<\/span><\/td>\n<\/tr>\n
Franklin Asian Equity Fund – Growth Plan<\/a><\/td>\n-0.90%<\/span><\/td>\n<\/tr>\n
Reliance Japan Equity Fund- Growth Plan- Growth Option<\/a><\/td>\n-0.94%<\/span><\/td>\n<\/tr>\n
Principal Global Opportunities Fund-Growth Option<\/a><\/td>\n-0.97%<\/span><\/td>\n<\/tr>\n
Franklin India Feeder – Franklin European Growth Fund – Growth<\/a><\/td>\n-1.41%<\/span><\/td>\n<\/tr>\n
Mirae Asset Global Commodity Stocks – Growth Option<\/a><\/td>\n-1.72%<\/span><\/td>\n<\/tr>\n
Franklin India Feeder – Franklin U.S. Opportunities Fund – Growth<\/a><\/td>\n-1.90%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Bond Mutual Funds<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
Best<\/th>\n<\/tr>\n<\/thead>\n
ICICI Prudential Constant Maturity Gilt Fund – Regular Plan – Growth<\/a><\/td>\n+0.28%<\/span><\/td>\n<\/tr>\n
Baroda Pioneer Credit Opportunities Fund -Plan B-Growth Option<\/a><\/td>\n+0.23%<\/span><\/td>\n<\/tr>\n
Sundaram Flexible Fund -Flexible Income Plan Regular – Growth<\/a><\/td>\n+0.21%<\/span><\/td>\n<\/tr>\n
Baroda Pioneer Credit Opportunities Fund -Plan A -Growth Option<\/a><\/td>\n+0.21%<\/span><\/td>\n<\/tr>\n
JPMorgan India Corporate Debt Opportunities Fund – Regular Plan – Growth Option<\/a><\/td>\n+0.19%<\/span><\/td>\n<\/tr>\n
JPMorgan India Active Bond Fund – Retail Plan – Growth Option<\/a><\/td>\n+0.18%<\/span><\/td>\n<\/tr>\n
ICICI Prudential Income Opportunities Fund – Regular Plan – Growth<\/a><\/td>\n+0.18%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n
Worst<\/th>\n<\/tr>\n<\/thead>\n
L&T Triple Ace Bond Fund-Growth Plan<\/a><\/td>\n+0.05%<\/span><\/td>\n<\/tr>\n
Canara Robeco Income – Regular Plan – Growth<\/a><\/td>\n+0.04%<\/span><\/td>\n<\/tr>\n
Kotak Gilt-Investment Provident Fund and Trust-Growth<\/a><\/td>\n+0.04%<\/span><\/td>\n<\/tr>\n
Kotak Gilt-Investment Regular-Growth<\/a><\/td>\n+0.03%<\/span><\/td>\n<\/tr>\n
Canara Robeco Dynamic Bond Fund – Regular Plan – Growth<\/a><\/td>\n+0.00%<\/span><\/td>\n<\/tr>\n
IIFL Dynamic Bond Fund – Regular Plan – Growth Option<\/a><\/td>\n-0.01%<\/span><\/td>\n<\/tr>\n
Reliance Corporate Bond Fund – Growth Option<\/a><\/td>\n-0.01%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Thought for the weekend<\/h3>\n

The benchmark tail wags the portfolio management dog. Benchmarks were supposed to be the foundation for understanding a portfolio manager\u2019s performance after the fact. Instead the investment industry evolved so that benchmarks are now the navigational compass for investment managers before the fact.<\/p>\n

Only way to remedy this is to earn AUM through performance, not marketing. A majority of an asset manager’s time should be spent on research, not giving presentations to third parties.<\/p>\n

Source: Alpha Wounds: Benchmark Tail Wags the Portfolio Management Dog<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Equities Major DAX(DEU) +1.61% CAC(FRA) +1.42% UKX(GBR) +0.33% NKY(JPN) +0.68% SPX(USA) -1.44% MINTs JCI(IDN) -0.67% INMEX(MEX) +0.25% NGSEINDX(NGA) +4.18% XU030(TUR) -1.80% BRICS IBOV(BRA) -4.43% SHCOMP(CHN) +2.20% NIFTY(IND) +0.37% INDEXCF(RUS) +1.28% TOP40(ZAF) -0.27% Commodities Energy Brent Crude Oil -7.00% Ethanol -2.60% Heating Oil -2.62% WTI Crude Oil -7.78% Natural Gas +2.80% RBOB Gasoline -11.53% Metals Silver … <\/p>\n","protected":false},"author":2,"featured_media":2032021,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[987],"class_list":["post-2032011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-money","tag-weekly","entry"],"_links":{"self":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/2032011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/comments?post=2032011"}],"version-history":[{"count":0,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/2032011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/media\/2032021"}],"wp:attachment":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/media?parent=2032011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/categories?post=2032011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/tags?post=2032011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}