Julex TrueAlpha Small Cap – PSN “TOP GUNS” RATING For Q4 and 1-Year Performance in the Small Cap Universe

Julex Multi Cap Value – PSN “TOP GUNS” RATING For Q4 and 3-year Performance in the Mid Cap Value Universe

Julex Dynamic Developed Market – PSN “TOP GUNS” RATING For 1-year and 3-year Performance in the ETF International Equity Universe

“We are pleased to be recognized as a ‘Top Guns’ manager by Informa Financial Intelligence,” says Dr. Henry Ma, CFA, President and Chief Investment Officer of Julex Capital. “Concerns about the elevated market valuvation and sustainbility of massive AI spending have driven investors to diversify into small cap, value stocks and international equities. Our strategies focused on stocks with attractive value, strong momentum and high quality offer a robust approach to deliver consistent alpha.”

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Through a combination of Informa Financial Intelligence’s proprietary performance screens, *PSN Top Guns (*free registration to view Top Guns) ranks products in six proprietary categories in over 50 universes. This is a well-respected quarterly ranking and is widely used by institutional asset managers and investors. Informa Financial Intelligence is part of Informa plc, a leading provider of critical decision-making solutions and custom services to financial institutions. The complete list of PSN Top Guns and an overview of the methodology can be located on https://psn.fi.informais.com/ For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com

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Past performance is not indicative of future returns. The risk of loss in investments can be substantial. You should consult your financial advisor and consider carefully whether such investment is suitable for you in light of your financial situation.

About Informa Financial Intelligence’s Zephyr

Financial Intelligence, part of the Informa Intelligence Division of Informa plc, is a leading provider of products and services helping financial institutions around the world cut through the noise and take decisive action. Informa Financial Intelligence’s solutions provide unparalleled insight into market opportunity, competitive performance and customer segment behavioral patterns and performance through specialized industry research, intelligence, and insight. IFI’s Zephyr portfolio supports asset allocation, investment analysis, portfolio construction, and client communications that combine to help advisors and portfolio managers retain and grow client relationships. For more information about IFI, visit https://financialintelligence.informa.com. For more information about Zephyr’s PSN Separately Managed Accounts data, visit https://financialintelligence.informa.com/products-and-services/data-analysis-and-tools/psn-sma 

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Large Cap Plus
PSN “TOP GUNS” RATING
For 3-year Performance in the Large Cap Universes

Dynamic Income
PSN “TOP GUNS” RATING
For Q1, 1-year and 3-year Performance in the Core Fixed Income Universes

“We are pleased to be recognized as a ‘Top Guns’ manager by Informa Financial Intelligence,” says Dr. Henry Ma, CFA, President and Chief Investment Officer of Julex Capital,  “Option overlays are a great way to add excess return and generate income for a portfolio. Using option strategies on top of a large cap ETF helped generate over 6% alpha (annualized) for our Large Cap Plus strategy in last three years. As investors always look for retirement income solutions, our multi-asset income approach in the Dynamic Income portfolio offers a reliable way to achieve higher-than-average income.”

Large Cap Plus is designed to take advantage of the mispricing due to hedging needs and investor behavior biases in the option markets. The demand for protection results in two significant structural inefficiencies in option markets: (1) The option implied volatility is consistently higher than realized volatility; (2) The option markets normally price in more downside risk than realized. We believe that these inefficiencies will persist over time and offer opportunities for us to generate additional income, structure an inexpensive hedge, and add incremental return to any existing portfolios. 

Dynamic Income is a multi-asset high-income strategy that seeks to achieve higher income than the Barclay’s Aggregate U.S. Bond Index with comparable volatility and  peak-to-trough drawdowns. The strategy can include ETF, ETN, or index fund investments in income-producing asset classes including dividend-paying equities, real estate, high-yield bonds, emerging market bonds, and U.S. Treasury bonds. It is a flexible strategy that can be either focused or diversified depending upon the risk environment.

Through a combination of Informa Financial Intelligence’s proprietary performance screens, *PSN Top Guns (*free registration to view Top Guns) ranks products in six proprietary categories in over 50 universes. This is a well-respected quarterly ranking and is widely used by institutional asset managers and investors. Informa Financial Intelligence is part of Informa plc, a leading provider of critical decision-making solutions and custom services to financial institutions. The complete list of PSN Top Guns and an overview of the methodology can be located on https://psn.fi.informais.com/ For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com

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Past performance is not indicative of future returns. The risk of loss in investments can be substantial. You should consult your financial advisor and consider carefully whether such investment is suitable for you in light of your financial situation.

About Informa Financial Intelligence’s Zephyr

Financial Intelligence, part of the Informa Intelligence Division of Informa plc, is a leading provider of products and services helping financial institutions around the world cut through the noise and take decisive action. Informa Financial Intelligence’s solutions provide unparalleled insight into market opportunity, competitive performance and customer segment behavioral patterns and performance through specialized industry research, intelligence, and insight. IFI’s Zephyr portfolio supports asset allocation, investment analysis, portfolio construction, and client communications that combine to help advisors and portfolio managers retain and grow client relationships. For more information about IFI, visit https://financialintelligence.informa.com. For more information about Zephyr’s PSN Separately Managed Accounts data, visit https://financialintelligence.informa.com/products-and-services/data-analysis-and-tools/psn-sma

The post Julex Capital Awarded Top Guns Designation by Informa Financial Intelligence in Q1 2024 first appeared on Julex Capital Management.

Dynamic Multi Asset
PSN “TOP GUNS” RATING
3-year Performance
in the ETF Global Balanced and Global Balanced Universes

Dynamic Sector
PSN “TOP GUNS” RATING
3-Year Performance
in the ETF US Balanced Universe

Dynamic Income
PSN “TOP GUNS” RATING
For 3-year Performance
in the Core Fixed and ETF US Fixed Income Universes

TrueAlpha Small Cap 
PSN “TOP GUNS” RATING
For Q3 Performance
in the Small Cap Value Universe

“We are pleased to be recognized as a ‘Top Guns’ manager by Informa Financial Intelligence,” says Dr. Henry Ma, CFA, President and Chief Investment Officer of Julex Capital,  “the heightened inflation and possible economic slowdown present headwinds to stock markets, tactical strategies like ours will help investors navigate this uncertain environment. Relative to large cap stocks, small cap companies are cheapest in decades. Our small cap strategy with an emphasis on quality is a great way to add the exposure to the sector. ”

Dynamic Multi Asset is a multi-asset class strategy that seeks to achieve attractive returns regardless of market conditions by tactically positioning in various asset classes. The multi asset class strategy can include ETF, ETN, or index fund investments in U.S. and international developed market stocks and bonds, as well as gold, energy, commodities, emerging market securities, and real estate.

Dynamic Sector is a a tactical US sector allocation strategy that seeks to limit losses during prolonged market downturns and maximize upside potentials in bull markets. The strategy rotates between the S&P industry sectors, styles, and bond investments. It is a flexible strategy that allocates the portfolio between 100% equity and 100% fixed income or cash depending upon the risk environment.

Dynamic Income is a multi-asset high-income strategy that seeks to achieve higher income than the Barclay’s Aggregate U.S. Bond Index with comparable volatility and  peak-to-trough drawdowns. The strategy can include ETF, ETN, or index fund investments in income-producing asset classes including dividend-paying equities, real estate, high-yield bonds, emerging market bonds, and U.S. Treasury bonds. It is a flexible strategy that can be either focused or diversified depending upon the risk environment.

TrueAlpha Small Cap  is a quantitative small cap strategy aiming to deliver “true” stock selection alpha unrelated to risk factors such as value, size or momentum It normally invests in 20-40 undervalued and high-quality stocks with high profitability and safe balance sheets. The strategy strives to outperform the Russel 2000 Index with high active shares and high tracking errors.

Through a combination of Informa Financial Intelligence’s proprietary performance screens, *PSN Top Guns (*free registration to view Top Guns) ranks products in six proprietary categories in over 50 universes. This is a well-respected quarterly ranking and is widely used by institutional asset managers and investors. Informa Financial Intelligence is part of Informa plc, a leading provider of critical decision-making solutions and custom services to financial institutions. The complete list of PSN Top Guns and an overview of the methodology can be located on https://psn.fi.informais.com/ For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com

_____________________________________________________________________________________

Past performance is not indicative of future returns. The risk of loss in investments can be substantial. You should consult your financial advisor and consider carefully whether such investment is suitable for you in light of your financial situation.

About Informa Financial Intelligence’s Zephyr

Financial Intelligence, part of the Informa Intelligence Division of Informa plc, is a leading provider of products and services helping financial institutions around the world cut through the noise and take decisive action. Informa Financial Intelligence’s solutions provide unparalleled insight into market opportunity, competitive performance and customer segment behavioral patterns and performance through specialized industry research, intelligence, and insight. IFI’s Zephyr portfolio supports asset allocation, investment analysis, portfolio construction, and client communications that combine to help advisors and portfolio managers retain and grow client relationships. For more information about IFI, visit https://financialintelligence.informa.com. For more information about Zephyr’s PSN Separately Managed Accounts data, visit https://financialintelligence.informa.com/products-and-services/data-analysis-and-tools/psn-sma

The post Julex Capital Awarded Top Guns Designation by Informa Financial Intelligence in Q3 2023 first appeared on Julex Capital Management.

Earnings Reports

Nvidia shares spiked 7% after a quarter in which the chip-maker generated $13.51 billion in revenue, a year over year increase of 101%.  Additionally, the company’s Q3 forecast also greatly beat expectations, with a projected $16 billion in sales, a 170% year over year jump.  Much of the growth came from its  highly profitable data center business whose customers include tech giants such as Alphabet and Meta.  The adjusted gross margin jumped 25.3% to 71.2%.  These extraordinary results are largely driven by the demand for AI-focus chips. 

Nvidia’s astronomical earnings had a large ripple effect.  Many big tech companies who have a partnership with Nvidia also benefited.  Alphabet shares jumped to the highest  since April 2022 due to Nvidia’s partnership with Google Cloud.  In contrast, some competitors saw losses.  Advanced Micro Devices(AMD) dropped up to 8%, ending the week down 3.71%.  

Peloton shares tanked 22% after the fitness company lost $242 million, far more than expected.  Although the revenue slightly exceeded projections, the seasonality of the business led to lower revenue in the quarter. The number of subscribers fell by 29,000.  A recall of bike seat posts in May also led to $40 million in losses as well as a loss in free cash flow.  The company barely reached positive free cash flow during the quarter, but expects to go negative over the next two quarters.  

Retail Earnings Disappointed

Numerous retailers reported their earnings this week. Many of them reported significant losses in unexplained inventory shrink possibly due to theft.  This follows earlier trends from other retailers such as Target and Home Depot.  The increase in theft is believed to stem from a worsening economy, as well as lax law-enforcement.  Additionally, there continues to be sector-wide concerns about an economic slowdown.  Many companies may have to cut the prices of discretionary items  due to lower demand.  

Dick’s Sporting Goods shares plummeted 22% as the company reported net income of $244 million, down 23% year over year and below analysts’ expectation. .  The sports retailer attributed about a third of the merchandise margin decline to inventory shrink.  Additionally, the company cut prices on many products amid a decrease in demand for outdoors products.  Dick’s also cut yearly guidance.  

Foot Locker stock plunged 28% after the sporting goods retailer saw a 9.9% dip in sales during Q2, and a net loss of $5 million.  Additionally, the company will halt quarterly dividend payouts beyond October in an effort to conserve cash.  Similar to rival Dick’s, much of the loss was blamed on inventory shrink, and the retailer also cut yearly guidance.  

Macy’s shares lost 14%. The legacy retailer beat revenue and net income expectations, but warned of a strained consumer base through the rest of the year. Higher interest rates and the resumption of student loan payments are likely to hurt the consumptions.  Macy’s stock is down almost 40% YTD in 2023.

Dollar Tree shares dropped over 12% as the discount retailer reported a weaker-than-expected Q3 outlook, largely because of consumers shifting away from discretionary items and an increase in inventory shrink.  The company has announced measures to stop theft. The CEO, Jeff Davis, does not see “any trouble getting to more realistic margin levels.”  

Lowe’s exceeded expectations in net income, but missed revenue expectations.  Similar to rival Home Depot, Lowe’s has seen decreases in demand and net sales from a pandemic-era boom, and is now warning of further slowdowns amid high interest rates and decreasing consumer confidence.  This also entails a decline in the purchases of big ticket items, with home improvement projects becoming smaller.  

S&P Global Downgrades Some Bank Ratings

Similarly to fellow rating agency Moody’s recent downgrades, the moves in part concern higher interest rates, as well as the commercial real estate (CRE) exposures of these firms, as CRE assets are particularly vulnerable to a recession.  While the downgrades mainly concerned regional lenders such as Associated Banc, Valley National, and Comercia, larger banks saw ripple effects in share prices.  

Boeing Reports 737 Max Defect

The plane-manufacturer found improperly drilled holes in the aft pressure bulkhead, resulting from a quality issue with fuselage-supplier Spirit AeroSystems.  This comes after Boeing reported that Spirit had improperly installed brackets between the fuselage and the tail in April.  Spirit stated that it will continue supplying Boeing, and that the issue is only related to some aircrafts.  Although it does not affect flight safety,  the issue will impact near-term deliveries amid a travel boom.  Boeing is unsure about its year-long forecast, but the defect will at least delay an August 28th delivery to Malaysian Airlines.  Boeing shares fell 2.7%, while Spirit AeroSystems tumbled 6.1%.  

Fed Chairman Powell Speech

In his speech Friday, Federal Reserve chairman Jerome Powell reiterated the need to reduce inflation, although not with the same hawkish sentiment as a year prior.  His speech invoked many to predict a further rate hike this year, as the continued economic growth despite high rates “could warrant further tightening of monetary policy.” He emphasized this point by stating “it is the Fed’s job to bring inflation down to our 2% goal, and we will do so.”  

Powell did not mention the possibility of a rate cut like others at the conference, stating his intent to “hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”  Many economists now believe a possible rate cut would not occur until at least mid 2024.  

Many still believe it is unlikely that the Fed will increase rates at the September meeting, though a rate hike this year is seen as probable. All three major indexes finished the day up.  

United Auto Workers’ Union Authorizes Strike

97% of voting members supported a strike authorization, which involves the September 14th conclusion of a four-year contract between the union and the Detroit Three automakers: General Motors, Ford, and Stellantis.  Union demands include a 46% wage hike, equal wages, cost-of-living adjustments, and defined-benefit pension plans for new hires.  Union president Shawn Fain has stated no plans for an extension to the September 14th deadline.  The Detroit Three have stated their desire for a fair deal that allows them flexibility to manufacture less labor-intensive electric cars.  

Next Week

Earnings reports will include Best Buy, UBS, Lululemon Athletica, Dell Technologies, Dollar General, and Campbell Soup.

The August nonfarm payrolls report will be released Friday-the unemployment rate is expected to remain at 3.5%.  

The post Julex Weekly Market Review – August 25, 2023 first appeared on Julex Capital Management.

Earnings Reports

Walmart shares jumped 2% as the retailer exceeded investor expectations in both revenue and earnings per share in Q2, partly because of  a 24% increase in E-commerce sales.  The company also raised its full-year forecasts in net sales and earnings, as it expects to benefit from stronger consumer spending amid lowering inflation rates.  The inventory also dropped 5% year over year after Walmart previously struggled to clear excess merchandise.  

Target’s sales  dropped 5% during Q2, marking the first decline since 2017.  This was in part driven by concerns about inflation, as well as a boycott against the retailer’s Pride merchandise.  With the majority of sales coming from discretionary items instead of groceries, Target is more susceptible than rivals such as Walmart to changes in spending habits of consumers.  Additionally, high interest rates bring more hesitancy to buying items that would require credit, such as electronics.  Despite these factors, the company exceeded expectations in net profit in Q2 while cutting its year-long profit projections.  Shares rose 3% following the report.

Home Depot reported $42.9 billion in sales during Q2, down 2% from 2022 but still exceeding analyst expectations.  However, similarly to other retailers selling discretionary products, high interest rates and concerns about inflation have increased hesitancy in purchasing big-ticket items; transactions exceeding $1000 decreased 5.5% from Q1.  Additionally, high mortgage rates have led to lowered sentiment among home-builders, which is causing a 1.8% decrease in furniture sales.  

Cisco Systems reported $15.2 billion in revenue during the quarter, almost a 14% jump from 2022.  AI-related orders accounted for $500 million. The company, and CFO Scott Herren see the field as an area of potential growth.  Additionally, the revenue from its software sector grew 17%  year over year.  This expanded software business should help Cisco’ smooth its earnings. .  Despite these factors, the company forecasts relatively slow growth in fiscal 2024.  After an initial fall, shares are up 2.32% this week.  

H&R Block soared 11.7% this week after the tax-preparer exceeded revenue and earnings estimates and raised dividends by 10.3% to $0.32 per share.  This brings the dividend yield up to 3.2%, above industry average.  Analysts believe these dividend  payments are covered by cash flow and earnings, and are therefore sustainable. 

July Retail Sales Report

Retail sales were stronger than expected in July, potentially indicating a “soft landing” instead of a recession.  The Commerce Department reported a seasonally adjusted increase of 0.7% during the month, above expectations and the best figure since January.  Most categories saw increases in sales, with the notable exceptions of furniture, electronics, appliances, and motor vehicles.  Import prices were largely unchanged except for fuel, which rose 3.6%.  Export prices increased 0.7%, but remained down 7.9% from the previous year.  Overall, consumers continued to spend despite high interest rates and inflation.  

Federal Reserve Meeting Minutes 

The Fed meeting minutes reinforced investor perceptions about the stance of the Fed.  During the July meeting, in which the Fed unanimously voted to hike interest rates, a “couple” of members voiced objections fearing a recession.  This largely reinforced beliefs that  the Fed will keep the rates steady during the September meeting, as it appears that hawkish sentiment within the Fed may be moderating.  Analysts put a nearly 90% chance on the Fed maintaining current rates at the September meeting, according to Reuters.  

However, strong economic indicators may prompt further future rate hikes.  The July sales report indicated continued spending by consumers, and some models like GDPNow from the Atlanta Fed project a 5.8% annualized rate of growth in the US economy in Q3.  Fed members remain steadfast in their commitment to containing inflation and raising rates further if this spending and growth continues.  Many investors have been moving money into US treasury bonds as the 10-year yield rose to its highest point since October 2022.  

Blue Shield California Ends CVS Partnership

CVS Health shares fell around 10% after insurer Blue Shield California ended their partnership in favor of competitors such as Amazon Pharmacy and Mark Cuban Cost Plus Drug Company.  CVS had been Blue Shield California’s pharmacy benefit manager, but the insurer expects up to $500 million in savings with the new arrangement.  CVS stock had already lost over 21% this year due to concerns about competition from companies such as Amazon Pharmacy.  

Next Week

Companies reporting earnings next week will include retailers Lowe’s, BJ’s, Macy’s, Nvidia, Kohl’s, Gap, Nordstrom, Urban Outfitters, Dick’s and Dollar Tree, and some other firms like Nvidia, Zoom, Peloton, and TD Bank.  

The National Association of Realtors will release a report on existing home sales Tuesday.  

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Moody’s Downgrades 10 Banks’ Credit Ratings

The banks downgraded by the rating agency were primarily small to mid-sized banks, including M&T, Webster, and Pinnacle.  Six other banks were placed under review for a potential future downgrade.  Eleven banks’ outlooks were also changed from stable to negative.  

Moody’s emphasized the continued danger of a mass-withdrawal from banks similar to the earlier banking crisis, which affected firms such as First Republic following the collapse of Silicon Valley Bank, especially if they have significant unrealized losses.  

Furthermore, the agency is also concerned about a decrease in profitability, as investments made with lower interest rates continue to lose value.  Additionally the value of bank assets, especially commercial real estate portfolios, may decline if the economy enters into a recession next year.  

The share prices  of banks whose ratings were cut declined  as a result.  For example, M&T dropped over 3% this week.   

July Inflation Report

The Consumer Price Index(CPI) increased 3.2% in the year through July, up from 3% in the year since June.  This marks the first acceleration of the CPI  in 13 months.  However, the core inflation index-which excludes food and fuel, increased 4.7% in the year through July, a decrease from 4.8% in June.  The results were largely expected, and many analysts believe the slowing core inflation numbers among other factors may keep the Fed from hiking rates again in the September meeting.  Markets rose initially upon the release before ending the day mixed.  

Earnings Reports

Paramount shares increased 4% in extended trading after the company reduced its streaming losses from $511 million in Q1 to $424 million in Q2.  The media giant also stated the streaming losses will peak in 2023.  However, linear ad revenue decreased 10% year over year amid a TV-ad slump, better than the 11% drop in Q1.  Both total revenue and earnings per share exceeded expectations, but are still down from a year earlier.  

Lyft shares initially rocketed up 14% after earnings per share was reported to greatly exceed expectations, but  fell 7% subsequently in after-hours trading as further metrics discouraged investors.  The company’s revenue grew a mere 2% in Q2, and analysts project further single-digit percent growth through Q4.  Additionally, as the ride-sharing app tries to compete in price with rival Uber, revenue per active user fell by 5%. 

Disney stock rose 4% with strong earnings per share of $1.03 compared to the projected $0.95.  However, the media giant failed to meet revenue expectations.   There were significant losses in streaming as the platform Disney+ lost 7.4% of its subscribers.  To reduce losses, the corporation plans to crack down on password-sharing, and increase the price of the ad-free Disney+ tier.  The attendance and hotel-room purchases also slowed down in domestic Disney parks, particularly at Disneyland in Florida, but the attendance in the international parks  gained 13% during the quarter. 

Alibaba shares initially rose 4% as the Chinese e-commerce brand beatrevenue expectations with $32.29 billion in Q2.  The stock is up 14% from the previous year when  pandemic restrictions were in place.  However, the company faces concerns about the health of the Chinese economy which struggles with slowdown and deflation.  Additionally, Alibaba also faces increased competition from firms such as  PDD Holdings and Douyin.  Overall, the stock price dropped 2.11% on the week.  

United Parcel Service(UPS) shares dropped 3.14% this week as the company reduced the revenue target from $97 billion to $93 billion and profit margin goal from 12.8% to 11.8% for the year.  The company lost about 1 million shipments per day to rivals and around $200 million in the wake of a potential strike as customers tried to guarantee their delivery. .  Although it signed a tentative deal to prevent the strike, the package-delivery giant now has to attempt to reclaim its market share and deal with higher labor costs.  In Q2, UPS exceeded estimates in earnings per share due to cost-cutting measures, but missed revenue projections.

Biden Restricts Tech Investments Into China

Biden signed an executive order to ban certain US investments into semiconductors,  microelectronics, quantum information technologies, and sensitive AI systems in China.  The measure aims to hinder Chinese military development, which many believe to have been aided by American investment.  The Chinese foreign ministry “resolutely opposes” the order and reserves the right to retaliate.  Many Republicans believe the scope of the order is too narrow and it has many loopholes.   

Other News

Disney-owned sports broadcaster ESPN and the casino operator Penn Entertainment agreed to a $2 billion deal to create a new online betting platform, ESPN Bet.  The partnership hopes to use the ESPN platform to promote ESPN Bet, especially to a younger audience.  Similar previous partnerships such as the one between PointBets and NBC have failed to capture a large number of customers.

A survey conducted by Fannie Mae reports the number of consumers who believe it is a bad time to buy a house increased by 4% to 82%, the highest since Fannie Mae started the survey.  Only 17% believe housing prices will increase in the next year.  

Paramount will sell book publisher Simon & Schuster to private equity firm KKR & Co. for $1.62 billion.  This deal comes after a judge blocked a previous sale of Simon & Schuster, to Penguin Random House.  

Next Week

Earnings reports next week include Home Depot, H&R Block, Target, Cisco Systems, Wynn Resorts, Walmart, and Wendy’s.  

The Census Bureau will release data about nationwide retail sales on Tuesday.  The Federal Reserve will provide meeting minutes from the July meeting on Wednesday, potentially providing projections about future rate hikes.  

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