{"id":14721,"date":"2011-04-12T00:18:19","date_gmt":"2011-04-12T04:18:19","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14721"},"modified":"2011-04-12T00:18:19","modified_gmt":"2011-04-12T04:18:19","slug":"april-11-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14721","title":{"rendered":"April 11, 2011"},"content":{"rendered":"

Asset Management via mass-customization is attracting attention in the States<\/a>:<\/p>\n

The next thundering herd on Wall Street may be the ranks of low-cost portfolio managers such as MarketRiders and Folio Investing, which cater to self-directed investors like Cohen. Sites that sell prepackaged portfolios have attracted more than $3 billion in assets over the last three years as more investors leave their full-service brokers.<\/p>\n

\u201cIndividual investors have started to realize they can actually do some things as self-directed investors reasonably well, if they\u2019re given a platform that allows them to invest more intelligently,\u201d said Steven Wallman, chief executive officer of Folio Investing, where investors can purchase predesigned and customized index portfolios for $29 a month.<\/p>\n

Some of the firms, such as Flat Fee Portfolios, are too new to have any performance history. MarketRiders can\u2019t track the actual performance of its customers\u2019 accounts, since it doesn\u2019t have custody of their assets. Covestor and Wealthfront Inc., which give users access to third-party investors, publish performance history for the managers they work with on their sites.<\/p><\/blockquote>\n

Of course, the big problem with mass-customization is that the decision makers won’t play golf with you:<\/p>\n

\u201cWho are the people that are advising me when I\u2019m going to a faceless website?\u201d said Chris Walters, head of wealth management for Pasadena, California-based CitizensTrust. He said investors should be concerned by the lack of performance history available from some of the firms.<\/p><\/blockquote>\n

But we’ll cut Mr. Walters some slack, as a reward for mentioning the word “performance”. Of course, I don’t see a prominent link to “Performance” on his website<\/a>.<\/p>\n

So much fuss over the leaders’ election debate<\/a>! It’s a disgrace – the boys have a place to debate each other all the time if they want to … it’s called parliament. But I guess they’re too busy playing thumpy-thumpy on their wickle desks.<\/p>\n

Another unpleasant day for the Canadian preferred share market, with PerpetualDiscounts down 25bp, FixedResets losing 6bp and DeemedRetractibles hit for 14bp. Volatility remained low, with only three entries on the performance highlights table. Volume was a little below average.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0238 %<\/td>\n2,408.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0238 %<\/td>\n3,622.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.50 %<\/td>\n2.27 %<\/td>\n41,892<\/td>\n21.56<\/td>\n4<\/td>\n0.0238 %<\/td>\n2,600.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.93 %<\/td>\n3.57 %<\/td>\n57,051<\/td>\n2.09<\/td>\n8<\/td>\n-0.2024 %<\/td>\n2,407.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.19 %<\/td>\n-2.90 %<\/td>\n117,563<\/td>\n0.67<\/td>\n6<\/td>\n0.0980 %<\/td>\n2,498.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2024 %<\/td>\n2,201.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.80 %<\/td>\n5.69 %<\/td>\n126,420<\/td>\n1.16<\/td>\n8<\/td>\n-0.1043 %<\/td>\n2,049.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.58 %<\/td>\n5.56 %<\/td>\n133,537<\/td>\n14.44<\/td>\n16<\/td>\n-0.2468 %<\/td>\n2,122.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.17 %<\/td>\n3.46 %<\/td>\n203,735<\/td>\n2.95<\/td>\n57<\/td>\n-0.0611 %<\/td>\n2,289.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.24 %<\/td>\n5.16 %<\/td>\n321,075<\/td>\n8.19<\/td>\n53<\/td>\n-0.1384 %<\/td>\n2,086.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.33
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-11
\nMaturity Price : 23.54
\nEvaluated at bid price : 23.83
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.58
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n80,501<\/td>\nRBC crossed blocks of 50,000 and 25,000, both at 24.59.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n57,903<\/td>\nNesbitt crossed two blocks of 25,000 each at 27.10.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.90
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nDeemed-Retractible<\/td>\n56,681<\/td>\nScotia crossed two blocks of 25,000 each, both at 23.75.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.71
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nDeemed-Retractible<\/td>\n52,264<\/td>\nTD crossed 30,000 at 23.86.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.86
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetual-Premium<\/td>\n49,000<\/td>\nTD crossed 45,500 at 25.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n39,920<\/td>\nTD crossed 35.500 at 24.19.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-11
\nMaturity Price : 23.93
\nEvaluated at bid price : 24.19
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
There were 27 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\nQuote: 26.30 – 26.75
\nSpot Rate : 0.4500
\nAverage : 0.2892<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.25 – 25.60
\nSpot Rate : 0.3500
\nAverage : 0.2440<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n

W.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.83 – 24.12
\nSpot Rate : 0.2900
\nAverage : 0.1982<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-11
\nMaturity Price : 23.54
\nEvaluated at bid price : 23.83
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n

TD.PR.G<\/td>\nFixedReset<\/td>\nQuote: 27.00 – 27.24
\nSpot Rate : 0.2400
\nAverage : 0.1510<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.00
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n

IAG.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.80 – 27.15
\nSpot Rate : 0.3500
\nAverage : 0.2698<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.33 – 21.55
\nSpot Rate : 0.2200
\nAverage : 0.1466<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.33
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Asset Management via mass-customization is attracting attention in the States: The next thundering herd on Wall Street may be the ranks of low-cost portfolio managers such as MarketRiders and Folio Investing, which cater to self-directed …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-14721","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14721"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14721\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}