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Eric Balchunas

2 Dec, 4 tweets, 3 min read

@tpsarofagis

HEADS UP: Check out BI's Financial Sector Outlook webinar today at 11am covering US and Europe ensemble-style feat myself & @tpsarofagis on ETFs/MFs as well as BI's banking, PE and ESG analysts. Sign up here: onlinexperiences.com/scripts/Server…

@AEWilliamsNYC

Here's one of the charts that will be in today's webinar that my colleague @AEWilliamsNYC upkeeps (that I'm jealous of) showing the relationship bt flows and asset growth via mkt returns both historically by fund type. Mind melting..

@JSeyff

We have somewhat similar chart we'll be feat as well, albeit only flows and by year instead of decade. Takeaway for 2020: the trend remains strong except ETFs have had to carried all the passive weight this year thx to some internal migration at Vgrd, via @JSeyff

While the passive and low cost migration remains strong af, there was a slight reversal in our Cost Obsession Thermometer (% of net passive flows going into products charging 20bps or less) which cooled to 'only' 80% as 3x, themes, gold & Cathie Wood over-achieved this year..

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Eric Balchunas

@EricBalchunas

12 Aug

HOLY CRAP: Unless I'm missing something the ballpark $15m that is curr held short in $DGAZF now owes like $300m thx to some ppl (who tho, I'm not sure) manipulating the price up 1,900% in 3 days. I've never seen a gap that wide bt assets and mkt cap, just wow.

Never seen an HP screen like this either. If you are short this thing (as some actual real ppl are) this table must look like a scene from The Exorcist. Altho I can't imagine the regulators don't step in and short this out.

Not sure who behind that if you look at the longs (the ppl who would benefit the most from short squeeze) it's basically Credit Suisse, who last I heard is also lending out the shares for a fee as well. If the call isn't coming from inside the house it def looks that way..

Read 4 tweets

Eric Balchunas

@EricBalchunas

15 Jan

SOMETHING TO WATCH: $SDY may be forced to sell 22% of Tanger Factory Outlet's (SKT) total shares outstanding in one shot at the end of the month in the ann reconstitution since the stock's market cap fell below the $1.5b eligibility req on the ref date..

How did one ETF get to own 22% of one company? Low rates attracted investors to the $20b ETF, which (this is key) weights by yield, giving Tanger's high yield an unusually large weighting for such a small stock. Mewnwhile, active players have been selling the stock bc Amazon.

This gets messier bc $SKT currently has a record 57% of its shares shorted rn. Is likely State State was caught by surprise a little and may have lent shares out it will have to call back soon in order to do reconstitution. Maybe they will buy SKT to minimize impact not sure tho

Read 9 tweets

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