Arthur Moran

This is the best summary / decision tree for #directindexing, I've ever seen. One use case that's missing though, is the correction for concentrated positions, e.g. in the case of stock options of people working for large corporates. Another one is faith-based investing, since most ESG funds are not sufficiently covering that topic - Taber Johnson and Reid J. Steadman can tell you more!

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In case you missed it, KCP content is now available on the Bloomberg Terminal. For 10 years, #CMBS and CRE #investors have relied on #KCP to provide objective, thoughtful, and comprehensive #creditanalysis. Each month, KCP's team of 40+ analysts publishes deal- and loan-level valuations, loss projections, and detailed commentary on over 1,300 transactions and thousands of #loans. The continued adoption of KCP into third-party platforms provides CMBS investors with increased efficiency, which is crucial during this time of continued volatility in #CRE credit. Mutual clients of #Bloomberg and KCP can now run cash flows and price bonds using any of the six KCP loss scenarios on the Super Yield Table (SYT) screen, as well as review KCP loan analysis on the various Loan Description (#LDES) displays. Please join KCP's Steve Kuritz, Mike Brotschol, and Marc Iadonisi, along with Bloomberg's Cheryl Lopez-Collins and Robert Pratt, for a webinar on April 16 and see the integration in action. Register for the webinar today: https://lnkd.in/gurdUSnP | #KBRAAnalytics Client testimonials:

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📣40 is the new 60 for MPS costs 📣 For the first time the MPS research has leveraged ISS MI’s Simfund Fee and Expense data to highlight the cost profile of funds used within model portfolios. Considering all fund sales through MPS programs led to a sales weighted ongoing charge figure (OCF) of 41 bps. A figure that aligns to the underlying fund cost seen with many of today’s blended MPS programs. Fund sales, however, were widely distributed with many passive funds sales occurring at an OCF below 15bps and much of the active fund sales activity, particularly equity, in funds well above the 60bps level. Don't miss out on the latest insights from ISS Market Intelligence's UK Model Portfolio Sales Report: https://hubs.li/Q02WgBLX0 Connect with Benjamin Reed-Hurwitz, CFA for more information. #ModelPortfolioSales #UKAssetManagement #MPS #ModelPortfolioProvider

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Safety and liquidity, core attributes identified by Alexander Hamilton more than two centuries ago when he created a plan for the nation's debt, remain critical elements of today's U.S. Treasury market. In the latest analysis, BNY experts explore supporting data and how these core attributes remain a driving force in charting the path forward for the world's most important bond market. Read more: https://lnkd.in/eBw5wNkq #BondMarket #Treasurys

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In this commentary written for #MarketVoice, Jo Burnham from OpenGamma describes four examples of spikes in margin requirements in the commodity futures markets and outlines some reasons for the increases. ➡ https://lnkd.in/efTd3Fvu ICE | European Energy Exchange AG | Nodal Exchange | CME Group

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The FOMC decision largely met our “What’s Expected” scenario analysis as the FOMC cut rates by 50 basis points and the median dots signaled 100 bps of cuts between now and year-end (two more 25 bps cuts, one in November and one in December). What’s left now is growth, and growth will determine whether the Fed has played this perfectly or if it will make the second policy mistake in three years. Looking ahead, we’ll continue to monitor the critical economic that data gives us the answer to the question of “Did the Fed cut in time,” because one way or the other it will have a significant impact on stocks. #FOMC #Fed #Rates #Finance #Growth #Economy

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Read The Global Treasurer's article where Tarek Elyafi discusses the success strategies for keeping the treasury function competitive and well governed: https://lnkd.in/gfCTUY4w #Treasury #Success

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One of my go-to technical indicators, MACD, is currently signaling that this rally has potential for further upside. When viewed across broader timeframes, such as weekly and monthly charts, the bullish momentum becomes even more pronounced. #MACD #MarketMomentum #TechnicalAnalysis #LongTermInvesting #StrategicTrading

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The US economy has been surprisingly strong, but a number of indicators, including the LEI and yield curves, continue to suggest a recession is around the corner. In the Multi-Asset team’s Market Matters blog, Portfolio Manager Joel Kallman, CFA explores what the LEI and yield curves have been signaling about the likelihood of a recession. Read the new blog: https://on.pru/4ccbLwo

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As quoted today by Financial Planning: Robinhood will now compete one-on-one with the likes of #Schwab, #Pershing, #Ameriprise, #LPL and #Fidelity at the institutional level, said Michael Ashley Schulman, founding partner and chief investment officer at Running Point Capital Advisors in El Segundo, California. "Historically, #Robinhood has always targeted the individual or retail do-it-yourself #investor, but with this acquisition, they will now also target professional #financialadvisors and #wealth management firms, as their clients," he said. "This elevates Robinhood to a whole new level and opens up fresh revenue possibilities." ~~ Running Point, “we are your family office”™️ #taxplanning #estateplanning #assetmanagement #future #investing #taxes #wealthmanagement #economy ~~ Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. This is not investment advice and this is not a recommendation to buy or sell a security. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-24-191

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Are you getting the most out of your collateral? My colleague, Ryan Bond, CFA, MBA, PMP, explores ways to do just that in his latest article. #Investmentmanagement #Assetmanagement #InvestmentOperations #collateral

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Our latest #MultiAssetEssentials is out | ‘It’s all relative'  • US Treasury spreads looking extended This week’s focus is on relative plays across government bonds, US credit & FX. In bonds, UST 10Y yields are stretched vs. many others including Bunds, according to our SBIs. Leading indicators caution against extrapolating some recent trends. • Duration dominating credit risk In credit, US High Yield returns hit ‘stretched optimism’ vs. Investment Grade on the same macro data mix that’s allowed equities to beat long UST with both down. Still waiting for sub-trend nominal growth that could pose more problems for HY. • CNY/JPY and AUD/NZD reach ‘stretched optimism’ zone In FX, CNY/JPY is extended in SBI terms. We wouldn’t chase the rally as it’s not backed by real yield trends or policy biases. First ‘overbought’ SBI signal for 18m in AUD/NZD, where range-trading history has often favoured mean-reversion plays. ASR clients can read this report in full here: https://buff.ly/3xFklEq If you are not already a client and are interested in a free trial of our award-winning research, please see: https://lnkd.in/drYZWGy #multiasset #equities #sentiment #bonds #yields #stocks #assets #investment #macro #research 

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What’s Next for the Bond Market? Over the past week, we've had intense debates about our position in fixed income. These conversations, while routine, highlighted familiar themes that I believe are crucial to consider. The chart below shows State Street's PriceStats monthly inflation, measured daily, capturing inflation momentum effectively. Over the past year, we've seen four distinct phases:. 1.) Concerns about 6%+ Yields in Fall 2023 2.) Exuberance of Rate Cut Fantasies in Early 2024 3.) Resurfacing Rate Hike Worries in April 2024 4.) Return to Massive Rate Cut Fantasies Now Each phase, while unique, shares common threads, highlighting the cyclical nature of market sentiment. Instead of dissecting each phase, focusing on the April time-frame, when US 10-year yields hit 4.70%, effectively illustrates the point. In the first quarter, we witnessed three consecutive months of inflation surprises on the upside, accompanied by a narrative of an exceptionally resilient US economy. This period saw strong negative momentum in bonds, with growing concerns about further rising yields. Discussions focused on the possibility that the Fed might need to remind the market that raising rates is still part of their toolkit, not just the elusive prospect of rate cuts. Fast forward to today, yields are 50 basis points lower, and inflation has surprised on the downside for three consecutive months in Q2. Surprise indicators are at their most negative in years, suggesting at least a "soft patch" for the US economy. The market is now pricing in over 140 basis points of rate cuts (almost six 25bps cuts) over the next 12 months, similar to January's outlook. Sentiment has shifted towards being long bonds, almost perfectly reversing the position from three months ago. The key question is: Are we still within a range, or are we about to break out? While my initial lean has been towards a range-bound market, the team has presented strong arguments for a continuation of the trend. A key factor is the outlook for the US economy. Critically also, strong retail sales data from earlier this week, which "should have" sparked a moderate sell-off in bonds, saw US yields remain steady. This somewhat unexpected stability suggests there are more buyers ready to step in, indicating that the bond market may be primed for a continuation of the recent trend. Although my team and I still lean towards expecting lower rates, we are closely monitoring developments. As the rationale for being long rates evolves, so does our narrative and strategy. #bonds #fixedincome #Fed #inflation

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The SBL Prepayment Report leverages our own data and focuses on the voluntary prepayment activity of our SB-Deals® over the past six months. Read the report: https://lnkd.in/eAbqss5K

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